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Sales/acquisitions

January 29, 2013
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-QuinnCo LLC bought an 11,655-square-foot office building at 374 Meridian Parke Lane, Greenwood. The buyer was represented by Andrew Follman of NAI Meridian Real Estate Services. The seller, Republic Financial Corp., was represented by Andrew Martin and Bennett Williams of Cassidy Turley.

-The Gene B. Glick Family Housing Foundation bought the 200-unit Hunt Club Apartments at East 56th Street and Interstate 465. The property was listed for $7.95 million. The sale price wasn't disclosed. The buyer and seller, Eli Stefansky dba Hunt Club Apartments LLC, were represented by Tikijian Associates.
    
-An affiliate of Bickford Senior Living bought 8.88 acres of retail land in Northern Beach Park, 5829 E. 116th St., Carmel. The seller, Mansion Real Estate, was represented by Stan Elser of Lee & Associates. The buyer represented itself.

-Denny’s Excavating bought a 90,123-square-foot building at 1329-1340 W. 29th St. The seller, D-A Lubricant Co. Inc., was represented by Steven Schaub of Summit Realty Group. The buyer represented itself.                

-Butler Automotive Group bought 19.1 acres at 4200 East 96th Street. The property was listed for $4.9 million. The sale price wasn't disclosed. The buyer and seller, John P. Tyner Revocable Stewardship Trust, were represented by Michael P. Sloan of The Broadbent Group.

-Drew Investments LLC bought a 6,250-square-foot office building at 7160 Graham Road. The buyer was represented by Tom Frank of Summit Realty. The seller, 7160 Graham Road LLC, was represented by Paul Dick and Kevin Dick of Colliers International.

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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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