Weak real estate market slams developers, banks
One local developer emerged from bankruptcy and another fought off growing financial woes as the commercial real estate market remained challenging.
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2010 NEWSMAKER: Lucas lands Hilbert mansion
Lucas Oil Products Inc. owners Forrest and Charlotte Lucas in October purchased the 25,000-square-foot Carmel mansion built by Conseco Inc. co-founder Stephen Hilbert.
Glick partnership buys Maxwell apartment building
Gene B. Glick Co. and Milhaus Development LLC have purchased The Maxwell from Star Financial Bank. Located at 530 E. Ohio St., the project originally was developed as condos by Kosene & Kosene.
Residential
-On a seasonally adjusted basis, the pace of mortgage loan activity fell 2.3 percent for the week ended Dec. 10, according to the Mortgage Bankers Association. The rate for 30-year mortgages increased to 4.84 percent from 4.66 percent the previous week. The rate for 15-year mortgages increased to 4.21 percent from 3.98 percent.
-Coldwell Banker Alliance real estate, with offices in Avon and Carmel, has merged with Prudential Indiana Realty Group. The merged organization will operate under the Prudential Indiana brand name.
Prudential Indiana adds two Coldwell Banker offices
Bringing Carmel and Avon offices under the Prudential brand should help the agency increase its presence in the metropolitan area, particularly on the west side.
Performing-arts groups stretch to cover rent at Palladium
Carmel is building a dream home for the performing arts. Now those groups planning to move into it just have to figure out how to pay their share of the mortgage.
Commuter bus might be saved
Routes to Carmel and Fishers that were to be discontinued at the end of the year are on the verge of being rescued.
Retailers scout new Indy-area locations
Several restaurants, including three pizza chains, and an adult-oriented retail store are planning new locations around the city.
Basiles donate to new Wishard Hospital
$300,000 from the local philanthropists is the hospital’s first naming-rights gift.
Roundup: Urban Element, Lovers Lane, Jets Pizza, IHOP, Taco Bell, Music Mill
Urban Element reopens under new ownership and several pizza chains plan new stores.
Lost funding puts brakes on commuter buses
The expiration of a federal grant will halt a popular suburban commuter bus service at year’s end, but central Indiana transit advocates say it may be just a temporary stoppage.
Longtime local Cadillac dealer loses fight to sell car
Tutwiler Cadillac, which has sold Cadillacs in the Indianapolis area for almost five decades, has lost its franchise despite a long battle with General Motors.
Leasing/leasing contracts
-Orchard Software leased 40,694 square feet at 701 Congressional Blvd., Carmel. The tenant was represented by John Vandenbark of CB Richard Ellis. The landlord, Technology Center Associates LP, was represented by Mike Napariu of REI Real Estate Services.
-DuCharme McMillen and Associates extended and expanded its lease to 17,499 square feet at Lake Point II, 8440 Allison Pointe Blvd. The tenant was represented by Steve Beals of Lee & Associates Commercial Real Estate Services. The landlord, TIC Properties Management LLC, was represented by Bryan Miller of Cassidy Turley.
-Signworks Inc. leased 10,800 square feet of industrial space at 5343-5351 W. 86th St. The tenant was represented by Kelly Williams of Cassidy Turley. The landlord, Indy Flex Investors, was represented by Bryan Poynter and Kyle Powell of Cassidy Turley.
-Quadel Consulting Corp. leased 9,297 square feet of office space in Market Tower, 10 W. Market St. The tenant was represented by Tom Hadley of Summit Realty Group. The landlord, MT Acquisitions LLC, was represented by David A. Moore and Darrin L. Boyd of Cassidy Turley.
-Church of Iron leased 7,650 square feet of industrial space at 5120 E. 64th St. The tenant was represented by Kevin Kempf and Patrick Lindley of Cassidy Turley. The landlord, Orthopros LLC, was represented by Stan Elser of Lee & Associates.
-That’s Good HR Inc. leased 6,403 square feet of office space at 8440 Woodfield Crossing Blvd. The tenant was represented by Graham Summers and Adam Broderick of Jones Lang LaSalle. The landlord, Cassidy Turley Midwest Inc., was represented by Darrin L. Boyd and David A. Moore of Cassidy Turley.
-Pete And D's Corp. leased a 5,642-square-foot former Denny's restaurant at 4902 S. East St. The tenant was represented by David Simons of Velocity Commercial Real Estate. The landlord, National Retail Properties, represented itself.
-West Racing Team leased 5,063 square feet of industrial space in Crosspoint II, 9900 Westpoint Drive. The tenant was represented by Conrad Jacobs of Halakar Real Estate. The landlord, LIT Industrial Limited Partnership, was represented by Fritz Kauffman and Bryan Poynter of Cassidy Turley.
-Hair Club for Men extended and expanded its lease to 4,865 square feet at Woodland I, 8275 Allison Pointe Trail. The tenant was represented by John Crisp of Cassidy Turley. The landlord, TIC Properties Management LLC, was represented by Bryan Miller of Cassidy Turley.
-Dyslexia Institute of Indiana Inc. leased 3,345 square feet of office space at 8395 Keystone Crossing. The tenant was represented by Timothy O’Brien of Colliers International. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin of Cassidy Turley.
-New Balance Shoe Store leased 3,147 square feet of retail space at West Carmel Marketplace, 9893 N. Michigan Road. The tenant, Brad Stout, was represented by Tom Megenhardt. The landlord, CASTO, was represented by John Byrne and Jacque Haynes of Cassidy Turley.
-Decatur Vein Clinic leased 2,000 square feet of retail space at 105 S. Raceway Road. The tenant was represented by Richard King III of Hokanson Cos. The landlord, Ossip Real Estate, was represented by Jacque Haynes of Cassidy Turley.
-Crosspoint Communications leased 1,747 square feet of industrial space at 9855 Crosspoint Blvd. The landlord, LIT Industrial Limited Partnership, was represented by Fritz Kauffman and Bryan Poynter of Cassidy Turley. The tenant represented itself.
-Enterprise Roofing Contractors of Indiana Inc. renewed its lease of 650 square feet in Greenwood Oaks Business Centre, 500 S. Polk St., Greenwood. The tenant and landlord, Greenwood Oaks Investments LLC, were represented by Cathy Richards of Lee & Associates.
Zionsville galleries team up, commit to expand hours
The joint marketing effort is, in part, an effort to counter Carmel’s Art & Design District.
ITT Educational, for-profit peers reaped $521M from military
Twenty for-profit colleges—led by Carmel-based ITT Educational Services—reaped $521 million in U.S. taxpayer funds in 2010 by recruiting armed-services members and veterans through misleading marketing, according to a Congressional report released Thursday.
Lender seeking to foreclose on northwest-side hotel
Colfin NW Funding LLC claims in a court filing that it is owed $6.4 million by the borrower that operates the Courtyard By Marriott Hotel Northwest under Indianapolis-based Schahet Hotels Inc.
Clarian Health looks to scoop up White County hospital
The Indianapolis-based hospital system’s board of directors could vote to acquire the 25-bed hospital as early as next week, but might put off a decision till February.
CNO Financial plans $300 million sale of debt
Carmel-based CNO Financial Group Inc., the insurer formerly known as Conseco Inc., plans to sell $300 million of seven-year senior-secured notes, according to a company statement.