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St. Louis firm pursuing local retail, industrial properties

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An acquisition-minded St. Louis real estate company has purchased its fourth Indianapolis property in less than five years and is pursuing more deals here.

Bianco Properties closed Dec. 30 on Fishers Gateway Shops, a 21,330-square-foot retail property at 116th Street at I-69. The center's tenants include Starbucks, Old National Bank, Qdoba and The Running Company.

The company, which was founded in 1956, identified Indianapolis as a target market about five years ago, said Dan Wolk, Bianco’s senior vice president in charge of acquisitions. The company manages its own properties and likes to expand in markets with good air connections to St. Louis, Wolk said.

In July 2006 it bought North by Northeast Shopping Center, a 56,560-square-foot retail property at the northeast corner of 96th Street and I-69. Less than a year later it bought Westpoint Commons Shopping Center, a 90,000-square-foot retail center at 8150 Rockville Road. And in December 2007 Bianco bought Northwest Business Park, a two-building, 343,200-square-foot light industrial complex at I-465 and West 86th Street, from First Industrial Realty Trust.

All four of its Indianapolis properties are substantially full, although there is space available in North by Northeast and in the Northwest Business Park.

Wolk said the company’s goal is to make $100 million in acquisitions in the next 12 months. The firm is interested primarily in high-quality retail and industrial properties in markets where it already owns property. Besides Indianapolis, the firm has holdings in St. Louis, Dallas, Tulsa and Seattle. It bought $33 million in property last year, including two retail centers in Dallas.

Though the depressed commercial real estate market has produced bargains for companies that have cash to spend, like Bianco, the downturn hasn’t been much of a factor in Bianco’s purchases, Wolk said.

The firm holds its properties for an average of more than 20 years. Though its website says it is in the market for raw land, Wolk said Bianco is more interested in property that has already been improved—unless land becomes available adjacent to properties in its portfolio.

Bianco’s Indianapolis retail centers are among 14 it owns and operates. They range in size from 13,000 square feet to 135,000 square feet. It also owns three industrial properties, including its local property. The firm has seven apartment properties containing about 1,375 units, primarily in the Seattle area, and some undeveloped land in St. Louis. The firm values its total portfolio at $260 million.
 

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

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  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

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