The two Class A office buildings totaling 348,000 square feet are close to being sold after falling into foreclosure during the implosion of defunct local developer Premier Properties USA Inc.
The city hopes to seek bids to redevelop land along East Washington Street that is part of the four-acre P.R. Mallory industrial complex. Real estate experts say an affordable housing project might make the most sense.
The roughly one-acre properties at 625 E. 11th St. and 602 E. 10th St. encompass an entire city block.
The owners of the buildings, about three dozen entities and individuals, owe $16.6 million, or the entire balance of the loan they received in 2006 to purchase the properties, according to court documents.
Downtown’s vacancy rate continues to hover around 20 percent, according to mid-year market reports, with more space becoming available than was leased. Meanwhile, the northern suburban market is showing the most improvement.
The three buildings near I-465 and North Meridian Street that make up Meridian Corporate Plaza were lost by Lauth Investment Properties LLC in its bankruptcy reorganization.
Sourwine Real Estate Services expects to have its $12 million, 80,700-square-foot project finished later this month in one of the city’s hottest north-side development areas.
St. Vincent Sports Performance will occupy a building in Clay Terrace originally occupied by Circuit City.
The departure of trucking and auto fleet insurer Baldwin & Lyons Inc. from downtown's Landmark Center to The Congressional in Carmel is a blow for the central business district and a bonanza for Lauth Property Group.
During three hours of closing arguments Wednesday in the federal fraud trial of real estate broker John M. Bales and William E. Spencer, a federal prosecutor and two top-tier Indianapolis defense attorneys delivered a series of memorable one-liners and rhetorical flourishes designed to stick with jurors.
The legal team representing real estate broker John M. Bales and partner William E. Spencer haven't called their first witness and already they're putting up a spirited fight as federal prosecutors seek to prove 13 charges including bank, mail and wire fraud.
Attorney and developer Paul J. Page is no longer a co-defendant in the fraud trial of real estate broker John M. Bales and partner Bill Spencer. But you wouldn’t know it from the action Tuesday in U.S. District Court. Only now, rather than federal prosecutors, it’s defense attorneys for Bales and Spencer who are targeting Page.
The city's largest real estate brokerage expects the industrial and housing markets to boom in 2013, but offers a more cautious view on the office and retail sectors, predicting that uncertainty caused by political gridlock could hamper an already sluggish recovery.
Indianapolis attorney and developer Paul J. Page has agreed to cooperate with federal prosecutors in an investigation that targets former Marion County Prosecutor Carl Brizzi.