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Sales/acquisitions

August 28, 2012
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-PP Indy 5 LLC bought the 252-unit LaCasa Apartments at 1368 N. Arlington Ave.  The property was listed for $2.25 million. The purchase price was not disclosed. The buyer and seller, GRE A/B LLC, were represented by Michael Wernke of Marcus & Millichap in Indianapolis and Jake Steele and Andy Glinksi of Marcus & Millichap’s Denver office.

-The ELK Family Trust bought the 23,627-square-foot Tractor Supply Co. building on 4.88 acres at 8135 Brookville Road. The property was listed for $3.7 million. The purchase price wasn’t disclosed. The buyer was represented by Michael Wernke of Marcus & Millichap. The seller, Spencer Family Trust, was represented by Len Jarrott of Jarrott & Co.

-Clover Creek Commons LLC bought the 14,000-square-foot Clover Creek Commons retail center at 17160 Dragon Fly Drive, Noblesville. The seller, The National Bank of Indianapolis, was represented by Ralph Balber and Ashley Bussell of Newmark Knight Frank Halakar. The buyer, a development company, represented itself.

-8510 LLC bought an 18,000-square-foot building at 8510 Pendleton Pike. The buyer was represented by Matthew Broderick of Acorn Group. The seller, H&B Industries, was represented by Brian Buschuk and Jake Sturman of Jones Lang LaSalle.
 

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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