Prolific Fletcher Place developer tackling another project
Demand for office space in the neighborhood is driving Deylen Realty’s $1.2 million redevelopment of a building on South College Avenue that originally housed a bowling alley.
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Herman & Kittle plans $28M downtown apartment project
The Indianapolis developer plans to build 211 units at the southeast corner of College and Maryland Street. Meanwhile, the owner of a building across the street that last housed a sporting goods store is accepting bids on the property.
Commercial blitz may follow Westfield’s housing boom
Poised for a development boom in those heady days before the real estate market collapsed, Westfield appears back on track for growth. Residential activity never stopped, but builders are picking up the pace in response to increasing demand. If history holds true, a commercial construction blitz will come next.
Developer seeks tax break on $16.2M apartment project
Indianapolis-based Herman & Kittle Properties Inc. would save $452,000 in property taxes on the development, slated for 22.5 acres on the southwest side.
Leases/leasing contracts
-Herman & Kittle leased 21,954 square feet Four Parkwood Crossing, 500 E. 96th St. The lease was a renewal with a 7,718-square-foot expansion The tenant was represented by Jon Jessup and Matt Waggoner of Summit Realty Group. The landlord, Duke Realty, was represented by Duke's Adam Seger.
-Nexus Academy Blended Learning Schools leased 10,008 square feet at Glendale Town Center, 6101 N. Keystone Ave. The tenant was represented by Lynelle Noll and Nick Arterburn of CBRE. The landlord, Glendale Centre LLC, was represented by Andrew Hasbrook of Kite Realty Group.
-A&P Ventures LLC renewed its lease for 6,000 square feet of industrial space at 9319 9341 Castlegate Drive. The tenant was represented by Bryan Poynter of Cassidy Turley. The landlord, First Industrial Realty Trust, represented itself.
-J.Allan Hall & Associates Inc. leased 5,250 square feet at Circle Tower, 55 Monument Circle. The landlord, Ambrose Property Group LLC, was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group. The tenant represented itself.
-Woodhouse Day Spa leased 4,955 square feet at Geist Pavilion, 11501 Geist Pavilion Drive, Suite 118, Fishers. The tenant was represented by Jenna Barnett of Newmark Knight Frank Halakar. The landlord, 116th & Olio LLC, was represented by Andrew Hasbrook of Kite Realty Group.
-Revolution X leased 4,267 square feet of flex space at 12800 Ford Drive. The tenant was represented by Spero Pulos of Lee & Associates. The landlord, Mahi Development Co., was represented by Brad Williams of Summit Realty.
-Westbridge Investments leased 3,580 square feet of retail space at Rangeline Road and City Center Drive, Carmel. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, Carmel City Center LLC, was represented by Melissa Averitt of Pedcor Companies.
-National Permit Services Inc. leased 3,300 square feet of industrial space at 3250 N. Post Road. The tenant was represented by Fritz Kauffman of Cassidy Turley. The landlord, Iron Point Titan Asset Management LLC, was represented by Bryan Poynter of Cassidy Turley.
-Qdoba Mexican Grill leased 3,138 square feet at Traders Point II, 5650 E. 86th St. The tenant was represented by Steve Delaney of Sitehawk Retail Real Estate. The landlord, Kite West 86th Street II LLC, was represented by Andrew Hasbrook of Kite Realty Group.
-Cycle Gear Inc. leased 3,100 square feet at Castleton Shoppes, 6024 E. 82nd St. The tenant was represented by Mark Perlstein of Sitehawk Retail Real Estate. The landlord, Castleton Shoppes LLP, represented itself.
-Accelerated Health Systems, LLC leased 2,400 square feet of retail space in Scatterfield Shoppes, 4299 S. Scatterfield Road, Anderson. The tenant was represented by Jonathan Sharp of Sharp Commercial. The landlord, McCardwell Inc., was represented by Scot Courtney and Bart Jackson of Lee & Associates.-Red Sake leased 2,250 square feet of retail space in Fall Creek Harbour, 11228 Fall Creek Road, Fishers. The tenant and landlord, FCH Associates LLC, were represented by Cindy Hoskinson of Lee & Associates.
-Jimmy Johns Gourmet Sandwiches leased 1,780 square feet of retail space in Emerson Shoppes, 4914 S. Emerson Ave. The tenant was represented by Jeff Daniel of Valenti Real Estate Services Inc. The landlord, KLC Realty LLC, was represent by Greg Smith of Colliers International.-Marco’s Pizza leased 1,600 square feet of retail space in Stop 11 Crossing, 7930 S. Emerson Ave. The tenant was represented by Andrew Clifford of 7D Commercial Real Estate. The landlord, LOR Corp., was represented by Brett Burch and Jeff Daniel of Valenti Real Estate Services Inc.
-TCBY leased 1,504 square feet at Rangeline Crossing, 116th Street and Rangeline Road, Carmel. The tenant was represented by Bill French of Cassidy Turley. The landlord, KRG Centre LLC, was represented by Andrew Hasbrook of Kite Realty Group.
-Next Level Nutrition leased 1,000 square feet at Cool Creek Commons, 2456 E. 146th St., Carmel. The tenant was represented by Marilyn Farley of ReMax Select Inc. The landlord, Westfield One LLC, was represented by Andrew Hasbrook of Kite Realty Group.
Sales/acquisitions
-Passco Cos. bought the 280-unit Autumn Breeze apartments at 14901 Beauty Berry Lane, Noblesville. The seller, Herman & Kittle Properties, was represented by Steve LaMotte and Dane Wilson of CBRE's Indianapolis-Cincinnati Multi-Housing Group. The buyer represented itself.
-Barkefellers bought 4.718 acres of land at 9400 Corporation Drive. The buyer was represented by Steve Beals and Richard R. King III of Lee & Associates. The seller, Ridley USA Inc., was represented by Brian Dell and Stephen Daum of Summit Realty Group.
-Olive Garden Restaurant bought 3.5 acres at 10222 N. Michigan Road. The buyer was represented by Steve Delaney of Sitehawk Retail Real Estate. The seller, Ed Coverdale, was represented by Scott Langdon of Langdon Real Estate Services.
Is Carmel’s Midtown delay necessary or NIMBY?
Carmel city councilors say their refusal to rubber stamp a state tax credit application paving the way for a $100 million redevelopment project downtown is the result of fiscal caution, not a rejection of low-income housing in the affluent suburb.
Not-for-profit building affordable housing in Brownsburg
Sycamore Services Inc., which serves people with disabilities, has closed on $8 million in financing to build a 72-unit apartment community in Brownsburg.
Senior housing project replacing retail center
A run-down former retail plaza along Lafayette Road south of 30th Street will be torn down to make way for a senior housing development.
Meridian Street buildings to get facelift
A not-for-profit is partnering with a locally based developer to renovate two vacant apartment buildings near Meridian and 38th streets into specialized affordable housing.
Nonprofit group plans renovation of 2 vacant apartment buildings
A not-for-profit group is partnering with a locally based developer to renovate two vacant apartment buildings near Meridian and 38th streets into affordable and supportive housing.
Trail Side project faces another hurdle
A $10 million apartment and retail building planned for 875 Massachusetts Ave. was supposed to have broken ground by now. But difficulty in closing the sale of tax credits that will be used to finance the project could cause the deal to unravel.
Julian Center opens apartments for victims of domestic abuse
34 North, an apartment complex for victims of domestic abuse, opened in August at 34th and Meridian streets.
Mass Ave project works toward April approval
Trail Side on Mass Ave would include 69 one-bedroom apartments and about 23,000 square feet of ground-level retail space.
Affordable-housing group goes on apartment-buying binge
Partners in Housing Development seized on a weak real estate market to acquire three urban apartment communities in the last
18 months.Construction
-Herman & Kittle Properties has started construction of Lynhurst Park II, the second and final phase of an apartment complex at 3215 Joey Way, on the southwest side. Construction of the 62-unit project began following the purchase of tax credits by Wells Fargo Community Lending and Investments. Completion is scheduled for late summer or early fall of 2010.
-Shamrock Builders-Commercial completed a 6,612-square-foot office for Phillip Montefalco DDS at 8445 S. Emerson Ave., Suite 100.
-Shamrock Builders-Commercial completed a 2,520-square-foot tenant build-out for Bradley Consulting Inc. at 1620 W. Oak St., Suite 200, Zionsville.
Affordable housing developers struggle as key funding source disappears
Affordable
housing developers nationwide are facing a drastically weaker market for tax credits.New developments coming soon
Seen one of these signs? There are plenty around town. Here are a few notable projects slated for Metropolitan Development Commission hearings: Locally based Herman & Kittle Properties Inc. is proposing…