The 18.1-acre parcel is one of the few remaining undeveloped sites of significant size on Indianapolis’ northern edge. Although it’s bordered by homes, local brokers foresee commercial development.
George Tikijian, who founded the company in 2005, said the deal was finalized Thursday following several months of internal deliberation.
The city’s largest commercial brokerage has called downtown home for more than 35 years. It’s heading north to accommodate employees and consolidate offices.
Indianapolis officials have triggered a wide-scale review of the need for big municipal buildings downtown. Real estate executives are intrigued by the 28-story City-County Building’s potential for private redevelopment.
The local Halakar real estate firm no longer is affiliated with Newmark Knight Frank, which has poached a former Halakar co-owner to start an Indianapolis office.
The 17.5-acre campus on East Washington Street is made up of 41 parcels with 25 buildings, 1,000 parking spaces and 190,000 square feet of office space. Parent company ANGI Homeservices would like to sell it to a single buyer if possible.
The local office of Lee & Associates plans to more than double the number of brokers it devotes to the sector, as industrial vacancy remains solidly in the single digits.
A New York firm bought downtown’s Station Place office building at Georgia and Meridian streets for just under the asking price.
David Garden was sentenced to six years in prison Wednesday after being found guilty last month of defrauding homeowners and renters on the city’s south side who were having financial difficulties.
Research from one brokerage shows office vacancy in the metro area dipping to 15.6 percent last quarter, the lowest rate since 2008.
The Indianapolis area’s largest commercial real estate brokerage is searching for a new director with the departure of John Merrill to co-lead the local office of Holliday Fenoglio Fowler LP.
Real estate firm Colliers International upped its stake in the Indianapolis market by acquiring locally owned Summit Realty Group. At the same time, former Colliers affiliate Resource Commercial Real Estate has reverted to its original name.
After becoming managing director in 2010 of the local CBRE office, John Merrill knew he needed to do something to improve the firm’s retail services. He soon set his sights on market leader Sitehawk.
A veteran Duke Realty Corp. executive is assuming leadership from Jeffrey L. Henry, who has led the office 15 years, a span that included a series of name changes.
Sitehawk, whose roots date back to 1982 as The Linder Co., has been a leading retail brokerage in Indiana for several years. CBRE had been pursuing Sitehawk on and off for years, real estate sources said.
The downtown submarket recorded its strongest quarter since late 2011 by absorbing about 110,500 square feet of space, which lowered vacancy to 18.8 percent, CBRE statistics show.
Rival brokerage Summit Realty Group has been using the Cushman name through its participation in the Cushman alliance. But it has agreed to terminate that affiliation.
Ambrose Property Group LLC is spinning off its property management division to DTZ, one of the largest real estate firms in the city.
Bradley Co. has entered the market by bringing on board David Reed, who launched another firm’s office in Indianapolis before it became part of a large multi-brokerage acquisition.
Bill Ehret, who co-founded the largest commercial real estate brokerage in Indianapolis, has left the company to open a local office for global firm Avison Young Inc.