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Veritas Realty owner sells stake to partner

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Veteran developer Danny Marr has sold his stake in Indianapolis-based Veritas Realty to a partner and plans to work as a residential real estate agent in Florida.

Marr, who co-founded the development, brokerage and property management firm in 2001 with partner Bill Stoops, still is an owner in 13 shopping centers the firm developed or acquired over the years, mostly in central Indiana. Stoops bought out Marr's stake in the company, which now has Kyle T. Hughes as its principal broker.

Marr, 56, said in an email exchange that he wanted to return to his residential real estate roots in Sarasota, Fla., an area where he and his wife have owned a home for years. He'll be selling waterfront homes for Michael Saunders & Co.

Veritas, which is based in Broad Ripple, manages more than 3 million square feet of mostly retail space in seven states, including Markland Mall in Kokomo and Fair Oaks Mall in Columbus.

Among the local properties Veritas owns: Chapel Hill Shopping Center along West 10th Street; a former Movie Gallery at 52nd Street and College Avenue where the restaurant Calle 52 is planned; and a couple of small retail centers along 96th Street east of Interstate 69 in Fishers.

Hughes, who represents tenants including Starbucks and Cardinal Fitness, said Veritas will keep its name. The firm has about 10 employees, about half of whom are commercial real estate brokers, he said.

Marr began his real estate career selling residential properties for F.C. Tucker Co. in 1977, before joining Duke Realty Corp. as an office leasing agent in 1984. He launched Olympia Partners in 1990. Last year, NAI Olympia shut down after a 20-year run.

When Marr left Olympia to start Veritas, Stoops joined him to lead the firm's property-management efforts.

Marr and Stoops had been partners in one form or another since 1990, when they founded retail developer Glendale Partners. Over the years, they developed 49 projects worth about $200 million, Marr said, including multitenant retail buildings, four Walgreens locations, two self-storage facilities and an apartment complex at 75th Street and Shadeland Avenue.

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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.

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