Sandor plans HQ move from midtown Indy to Carmel

February 17, 2010
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Strip-center specialist Sandor Development Co. is moving its headquarters to Hamilton County after almost 50 years in Indianapolis. Sandor bought the 56,000-square-foot Standard Management Building at 10689 N. Pennsylvania St. in December. The company plans to move its 35-employee operation to the first floor of the three-story building within six months, IBJ reported in the Feb. 15 print edition. The privately held company had drawn up plans for a new headquarters on a vacant lot just north of its 22,000-square-foot offices at 2220 N. Meridian St., but the real estate downturn made building an office less economical than buying a quality existing building at a distressed price. Near North Development Corp. officials hope to find a company or companies interested in developing or reusing a cluster of Sandor-owned properties northwest of 22nd and Meridian streets. The company owns a vacant lot north of its office building and a retail structure to the south that has tax preparation firm Jackson Hewitt as a tenant. Any ideas for what would work here? Here's the full story: Sandor leaving midtown for Carmel. (Subscription required: You can get one year of the print edition, everything online and the book of lists for only $69.)

  • Sign
    They just placed a new sign on the empty lot with a picture of the proposed building. Maybe they're still going to build it and lease it out?
  • So...
    Suburban strip mall developer moves to suburbs. Not a surprise. But with 20%+ suburban office vacancy rate, I hope they're not counting on getting tenants to make the payments on the new place anytime soon.
    • Agree
      Thundermutt, I believe your statement is true for urban or suburban markets. Hopefully as we come out of this economy we get quality rather than quantity. With Sandor being in Carmel they will see first hand daily the beginnings of "New Urbanism" and that it does have a place in the burbs
    • Sign
      Shane: They're offering both the lot and the plans for sale. I wouldn't expect them to go ahead and build unless they have a signed lease with a new tenant.
    • Tsk, tsk.
      Gee, I'd like to help Sid Eskanazi out but there are a few more properties in the area I'm more concerned about, like the former Winona Memorial Hospital for one. Who's working on that?
    • okay, but....
      since they are moving, does that mean they are hiring?
      • working at Sandor
        Trust me -- you don't want to work there! If you do, don't say I didn't warn you.

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      1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

      2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

      3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

      4. If you only knew....

      5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.