IBJNews

St. Louis firm pursuing local retail, industrial properties

Back to TopCommentsE-mailPrintBookmark and Share

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.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. If what you stated is true, then this article is entirely inaccurate. "State sells bonds" is same as "State borrows money". Supposedly the company will "pay for them". But since we are paying the company, we are still paying for this road with borrowed money, even though the state has $2 billion in the bank.

  2. Andrew hit the nail on the head. AMTRAK provides terrible service and that is why the state has found a contractor to improve the service. More trips, on-time performance, better times, cleanliness and adequate or better restrooms. WI-FI and food service will also be provided. Transit from outlying areas will also be provided. I wouldn't take it the way it is but with the above services and marketing of the service,ridership will improve and more folks will explore Indy and may even want to move here.

  3. They could take the property using eminent domain and save money by not paying the church or building a soccer field and a new driveway. Ctrwd has monthly meetings open to all customers of the district. The meetings are listed and if the customers really cared that much they would show. Ctrwd works hard in every way they can to make sure the customer is put first. Overflows damage the surrounding environment and cost a lot of money every year. There have been many upgrades done through the years to help not send flow to Carmel. Even with the upgrades ctrwd cannot always keep up. I understand how a storage tank could be an eye sore, but has anyone thought to look at other lift stations or storage tanks. Most lift stations are right in the middle of neighborhoods. Some close to schools and soccer fields, and some right in back yards, or at least next to a back yard. We all have to work together to come up with a proper solution. The proposed solution by ctrwd is the best one offered so far.

  4. Fox has comments from several people that seem to have some inside information. I would refer to their website. Changed my whole opionion of this story.

  5. This place is great! I'm piggy backing and saying the Cobb salad is great. But the ribs are awesome. $6.49 for ribs and 2 sides?! They're delicious. If you work downtown, head over there.

ADVERTISEMENT