Articles

Anderson apartments rescued by new owner-WEB ONLY

A 132-unit apartment complex in Anderson that became mired in an alleged $225 million Ponzi scheme last year has a new owner. Bloomfield, Ind.-based Renewing Properties LLC has purchased the Hilltop Apartments at 4529 Columbus Ave. for a “little below $2 million,” said George Tikijian of Tikijian Associates, which brokered the deal. The complex fell […]

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What’s a property worth?-WEB ONLY

Few commercial real estate properties are changing hands in the Indianapolis area these days, creating challenges for brokers who say it’s becoming increasingly difficult to determine the value of properties. With the economy in turmoil, and the acquisitions market at a virtual standstill, only a handful of recent sales can be used to guide appraisers […]

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Binford medical complex takes another punch

The anchor tenant in the Binford Medical-Professional Office Complex at the corner of 65th Street and Binford Boulevard has closed temporarily, citing a lack of other tenants in the high-profile medical building. The shut-down is the latest in a string of setbacks for what was to have been a five-building, $29 million development. The Binford […]

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Industry bracing for commercial foreclosures-WEB ONLY

The crush of residential property foreclosures may be slowing, but local brokers say they’re expecting a wave of retail, office and industrial property defaults in the coming months. “We’ve only just started,” said John Robinson, a principle in the local office of Jones Lang LaSalle. Many of the foreclosures are expected to come in the […]

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Commercial tenants requesting discounts-WEB ONLY

It’s not just residential home sellers facing increasingly brazen buyers these days. As the economy recedes, commercial brokers say a growing number of office, industrial and retail tenants are requesting steep rent reductions to cope with losses. “They’re in trouble and you feel for them,” said Danny Marr, a partner and principle broker with Veritas […]

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In recession, homebuyers’ attitudes shifting-WEB ONLY

The spring selling season is traditionally one of the busiest for area real estate agents, but this year brokers say they’re confronting a new challenge: buyers’ emotions. With the economy in a slump, agents say today’s homebuyers are often protracting negotiations, making extreme low-ball bids and pushing for major repairs and improvements before they’ll sign […]

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Investors developing ‘smart’ condos-WEB ONLY

A pair of Carmel-based investors are planning to redevelop a three-story historic apartment building into upscale, high-tech condominiums at the corner of 22nd and Delaware streets downtown. The structure, dubbed the “Smart Building at Delaware,” will contain 12 one-bedroom, one-bathroom condominiums priced between $119,900 and $164,900. Developers say the relatively low price point, combined with […]

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Home sales fall, but inventory improves-WEB ONLY

Central Indiana pending home sales dropped 2.7 percent in March compared to the same period last year, according to the latest statistics from the F.C. Tucker Co., yet brokers say they remain optimistic as the inventory of available homes begins to balance out. Overall, the number of pending home sales in the nine-county Indianapolis area […]

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Office vacancy rates continue to climb-WEB ONLY

Office vacancy rates increased for the fifth consecutive quarter both downtown and in the suburbs, according to the latest statistics from CB Richard Ellis, a sign that the economy continues to take its toll on the local market. The suburban office vacancy rate jumped to 20.27 percent in the first quarter, from 19.52 percent in […]

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Southside competitors come together-WEB ONLY

A coalition of local brokers and real estate companies are joining forces on the south side to promote the new federal tax credit for first-time homeowners in an attempt to stimulate the sluggish real estate market. The Southside Housing Alliance, comprised of about 20 brokers and lenders, is blanketing the area with signs and advertisements […]

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California investor snapping up local properties-WEB ONLY

A California-based investor has purchased an 88-unit apartment complex in Brownsburg, his latest in a series of multi-family housing acquisitions in the area. Michael James of Walnut Creek, Calif.-based James Multi-family Group bought the Dublin Glen apartment building at 510 N. Enderly Ave. near I-74 for $3.4 million. Steve LaMotte, Amy Burmeister and Dane Wilson […]

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‘Green’ community planned for Zionsville-WEB ONLY

A local homebuilder is pressing forward with plans to build a “green” residential development in Zionsville, despite the troubled economy. Kai Yu of Kai Yu Home Builders LLC is planning to build 22 custom, single-family homes priced between $500,000 and $1 million on nearly 18 acres of land along Turkey Foot Road, five miles north […]

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Brooklyn firm buys local apartments for $55M-WEB ONLY

A Brooklyn-based real estate investment firm is spending $55 million to purchase a local apartment portfolio from one of the country’s largest owners of multi-family housing. Hampshire Properties LLC purchased six apartment communities from Denver-based Apartment Investment & Management Co., known as AIMCO. The sale totals more than 2,100 units, including the Westlake and Wind […]

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Argyle on Mass Ave changes hands-WEB ONLY

An iconic pie-shaped building on Massachusetts Avenue downtown has a new owner nearly three years after the property first went on the market. Larry Browning of Shelbyville-based Evergreen Investment Corp. purchased the historic three-story Argyle on Mass Ave building at the corner of East Street and Massachusetts Avenue for $3.2 million. He plans to spend […]

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Crematorium wins approval-WEB ONLY

The city’s Metropolitan Development Commission voted unanimously, 8 to 0, last week to allow a crematorium to be built near the corner of Allisonville Road and 82nd Street. Harry W. Moore Funeral Care will now go ahead with plans to build the one-story, 1,600-square-foot crematory, said David L. Ring, who owns the funeral home. The […]

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High-profile Carmel property for sale-WEB ONLY

A prominent 11-acre site near I-465 and U.S. 31 in Carmel is now on the market for $16.7 million, a price that equates to around $1.5 million an acre. Listing agent Michael B. Drew of Colliers Turley Martin Tucker said the prime piece of property near the intersection of 96th Street and U.S. 31 could […]

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Foreclosure bill stirring controversy-WEB ONLY

Real estate industry interests are concerned about a bill making its way through the Indiana General Assembly that would give tenants of residential and commercial property the right to terminate their leases without penalty if a property goes into foreclosure. Critics say Senate Bill 225, introduced by Republican Sen. Theresa Lubbers of Indianapolis, would make […]

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