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Real Estate & Retail

Coastal is in the name, central Indiana is its game: California-based firm cultivating its local operations

Despite its name, Coastal Partners LLC is firmly entrenched in the heartland. Most of its current projects are in central Indiana, as are about half its employees. In August, the Sacramento-based firm hired Tom Ott to oversee its central Indiana operations and new development. Ott, a respected 10-year veteran of the local office of Los Angeles-based CB Richard Ellis, plans to continue his relationships in the local brokerage community to further Coastal Partners' presence in the area. Although the name...
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South-side exit finally sparking development: Wal-Mart might by key to I-65/County Line interchange meeting expectations

An interchange linking Interstate 65 and County Line Road completed six years ago is finally helping attract large commercial development to a busy Johnson County corridor. While Greenwood city officials are pleased by the amount of activity occurring there, they question why it took so long. "We thought it would take off much sooner than it did," said Ed Ferguson, Greenwood's director of planning, zoning and economic development. "We still have several hundred acres available in what we call the...
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Apartment industry embracing Ball State graduates: Program makes property management a career goal

During the 1990s, a booming Indianapolis apartment market was becoming increasingly competitive. About 10,000 units were added to the market in the second half of the decade and professional, well-educated managers to run them were in short supply. Enter the Apartment Association of Indiana, which figured the best way to find the professionals apartment owners needed was to grow their own, so to speak, by creating a post-secondary education degree program for the industry. At that time, Virginia Tech was...
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Bye-bye blight?: Developers grabbing parcels east of Circle Centre mall

Several groups are floating plans and crunching numbers for downtown hotel or condo projects east of Circle Centre mall, an area that has been largely passed over for new developments in recent years. One of the more imminent projects is a large mixed-use development for the quarter-block at Maryland and Pennsylvania streets, now occupied by surface parking lots and a 9,000-squarefoot office building. A group that includes local developer J. Greg Allen has four separate parcels at the corner under...
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VOICES FROM THE INDUSTRY: Bubble won't burst on commercial real estate investors

Winding down his remarkable tenure as chairman of the Federal Reserve, Alan Greenspan seems to have chosen "real estate bubble" as one of the themes of his swan song. And with housing prices in some cities soaring, the rest of us as mere mortals can reasonably wonder how long it will be before the bubble bursts and what will be the fallout if and when that happens. Many private equity investors with holdings in commercial real estate are beginning to...
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Browning launching $10 million equity fund: Firm seeking investors for local industrial properties

After 28 years in the real estate development business, Browning Investments Inc. is inviting investors to take a cut of some of its deals. The locally based firm plans to launch a private investment fund to buy properties, mostly central Indiana industrial buildings. Browning officials are working on raising $10 million in equity for a fund that will leverage debt to acquire $30 million to $40 million in properties. They hope the fund will be the first of several. The...
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Herron-Morton planning grows beyond art campus: Foundation hopes to redevelop 3 nearby buildings

Members of Herron-Morton Place Foundation Inc. are ecstatic that city planners chose their proposal to rehabilitate three vacant buildings as part of a larger redevelopment of the former Herron School of Art campus. The dilapidated structures, known as the Foundry buildings, are a block east of the campus. Under the foundation's plan, they will be transformed into retail shops and should benefit from the foot traffic generated by the revitalization of the Herron property on 16th Street. But now comes...
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BEHIND THE NEWS: Is exec a fraud or just bad at business? A jury will decide

Forget Disneyworld. The real excitement in Orlando, Fla., this fall likely will be in a federal courtroom, where Carmel native James T. O'Neal Jr. is scheduled to stand trial on charges he swindled millions of dollars from the rich and famous, including high-profile Indianapolis businesspeople. A federal grand jury indicted O'Neal a year ago on 82 felony counts of money laundering, mail fraud and filing false tax returns. If the 12-person jury finds the 60-year-old Orlando resident guilty, he could...
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VOICES FROM THE INDUSTRY: Charitable trusts: Creating gifts that keep on giving

For people who are looking to help a worthy cause, and provide an income stream from a valuable asset, creating a charitable trust may be a good solution. There are various options for the creation of charitable trusts. At most university and charity Web sites, you'll see a reference to them. They've become a popular way for organizations to build their endowment. Charitable remainder trusts With a charitable remainder trust, an individual places assets in the trust-stock, real estate, bonds,...
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Coming changes keep downtown a dining hub: Au Bon Pain coming to Circle, Noble Roman's returns

Downtown is still sizzling for national restaurants looking to expand, based on recent deals. Au Bon Pain is cooking up a 2,200-square-foot Monument Circle store, taking over a recently closed Roly Poly Sandwiches shop and the Hardwickes Pipe & Tobacco that has entertained passersby for decades with its caricature statues. The Boston-based chain's arrival in early 2006 will mark one of several dining changes near the Circle and one of the final steps in a tenant retooling of the Guaranty...
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