Buyers edging back into Indianapolis commercial real estate
Most buyers are bottom-fishers, investors looking for better returns or companies wanting their own building.
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Articles
Valuing ExactTarget a hit-or-miss exercise
Appraisals of private companies are inherently dicey, especially if they're not making money.
2011 NEWSMAKER: Simon collects big raise, takes on Amazon.com
Simon Property Group Inc. signed an employment agreement with CEO David Simon that will keep him as head of the Indianapolis-based company the next eight years.
City backs string of high-profile real estate projects
The administration of Mayor Greg Ballard found its stride in the final year of its first four-year term, at least when it comes to major publicly supported real estate projects.
Manning’s neck injury sends Colts into tailspin
The Indianapolis Colts won their first game of the 2011 season on Dec. 18—nearly an entire year after they racked up their last victory.
Real estate meltdown leaves developers reeling
It was another rough year for the real estate sector in 2011, as the homebuilder Estridge filed for bankruptcy, strip-center specialist Broadbent struggled to hold onto its headquarters, and Centre Properties faced a $43 million foreclosure suit.
Spate of Indiana firms lines up for IPOs
The highest-profile Hoosier initial public offering was staged by Angie’s List Inc., the online provider of consumer reviews. The Indianapolis-based company raised $76 million by selling new shares, and existing stockholders raked in another $31 million by selling some of their holdings.
Rolls-Royce relocates 2,500 jobs to downtown
The aircraft-engine maker will occupy Eli Lilly and Co.’s former Faris Campus on South Meridian Street, which is being renamed the Rolls-Royce Meridian Center.
Openings launch new era for Indianapolis tourism
The $275 million Indiana Convention Center expansion was completed in January, and the 1,005-room JW Marriott opened the following month.
Las Vegas calamity saps IndyCar momentum
IndyCar Series CEO Randy Bernard racked up a number of accomplishments early in 2011 but was buffeted by challenges late in the year—most notably a crash at a Las Vegas race in October that left one driver dead and the future of the series mired in uncertainty.
State’s economy still stuck in neutral
The year started with a sense that slowly—not fast enough for anyone’s liking—but steadily, Indiana’s economy was coming back. But then a spike in gas prices and the never-ending sovereign debt crisis in Europe created a summer of setbacks.
Indictment: Durham looted Fair Finance
Indianapolis financier Tim Durham was indicted on wire and securities fraud charges in March—the culmination of a federal probe that began in 2009.
New renderings: CityWay’s hotel dubbed The Alexander
Buckingham Cos. and Dolce Hotels and Resorts plan to name their hotel in CityWay The Alexander in honor of the man who developed the original city plan for Indianapolis, Alexander Ralston.
Feds take over SCB Bank in Shelbyville
Muncie-based First Merchants Bank will assume the deposits and some of the loans of SCB, the third Hoosier bank to fail since the banking crisis began three years ago.
It’s back: Bank hopes to salvage Di Rimini project
The bank that now owns the troubled Di Rimini apartment project wants to repair the building in an attempt to recoup some of the millions it stands to lose on the deal.
Company news
Eli Lilly and Co.’s osteoporosis drug Forteo was used in the first successful human trial of an implantable device that delivers injectable drugs—showing promise for eliminating the need for regular shots. Massachusetts-based MicroCHIPS Inc. implanted wirelessly controlled drug-delivery devices in women with osteoporosis. The devices delivered daily doses of Forteo into the women’s bloodstreams. The device could be helpful for Lilly and its peers, who are trying to develop more biotech drugs like Forteo. Such drugs are typically made up of large proteins, which cannot be reduced to pill form and must instead be injected. Many patients resist taking injectable drugs and many do not fully comply with their prescribed regimens.
A Cicero-based developer plans to build a $15.7 million senior health care center at 16th Street and Arlington Avenue on Indianapolis’ east side. The city’s Metropolitan Development Commission approved the project Wednesday after accepting Mainstreet Property Group LLC’s offer to purchase the property for $912,500. Mainstreet plans to begin construction in July and finish by June 2013. The facility would include 100 beds for skilled care, short-term rehabilitation and assisted-living patients. The facility is expected to create up to 150 jobs, said Zeke Turner, Mainstreet’s CEO. Overall, the company owns or co-owns 13 senior health care centers in Indiana, Illinois and Ohio, and has six more under development. It plans to break ground on as many as 12 centers by the end of the year, including a $13.3 million facility in Westfield, Turner said.
Marian University is looking to hire as many as 25 professors to help launch its College of Osteopathic Medicine, which is slated to open in August 2013. The school, which would be Indiana’s second medical school, would train 150 physicians each year. Marian, a small Catholic university in Indianapolis, wants to hire as many as three professors in each of seven disciplines: anatomy, biochemistry, microbiology, immunology, physiology, pharmacology and pathology.
Foreclosures surge in most states, including Indiana
Indiana saw default notices climb 37 percent in February compared to February 2011. Scheduled home auctions were up 92 percent from the previous year.
Duke Realty’s quarterly results in line with expectations
Indianapolis-based Duke Realty Corp.’s financial performance in the first quarter met analyst expectations even though the company suffered a $36 million loss and saw revenue decline by $65 million.
Growth tear swells Simon Property Group
Simon Property Group Inc. this year joined the Standard & Poor’s 100 Index, a listing of the nation’s largest and most established companies including Apple, Coca-Cola and McDonald’s. The Indianapolis-based company is the only real estate company on the list and is now the largest real estate company in the world.
Retail lineup taking shape for CityWay project
CityWay has landed a fine dining restaurant, a mixology bar, a Qdoba and a frozen yogurt shop as developer Buckingham Cos. turns its attention to the retail portion of the $155 million mixed-use project.