The city’s largest real estate brokerage predicts that 2014 will mark the first year the economy feels like it’s actually recovering, as all sectors of the commercial real estate market continue to improve.
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.
Michigan City-based Horizon Bank bought the two-story building at 302 N. Alabama St. for $1.5 million and is embarking on a “substantial” investment in the property.
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 has more speculative industrial space under construction than any other market in the Midwest as developers try to capitalize on about four million square feet of tenant interest in the market.
Class B admirers are benefiting from low prices and lending rates, and turning the buildings into apartment and company headquarters.
The never-occupied 781,500-square-foot facility is on the market for $39.5 million, a steep discount from the original cost of roughly $100 million. The plant was built to manufacture auto transmissions. A plan to make solar panels at the site also collapsed.
Hohmann has been involved in numerous high-profile real estate deals over the years, including the transaction that resulted in development of Intech Park and assembling about 60 acres for Clay Terrace in Carmel.
Net absorption was the highest in five years, chipping away at what has been a chronically high vacancy rate.
Last year wasn’t a great one for the Indianapolis-area commercial real estate market, but it wasn’t a particularly bad one, either, according to a report by Cassidy Turley to be released Thursday.
Through the first eight months of this year, there were at least seven sales of large industrial properties in the market, compared with zero last year.
Marsh Supermarkets is reoccupying a portion of its long-vacant headquarters building and has snagged a plum tenant to sublease most of the rest of the space.
Cassidy Turley's research director said the pace of leasing activity is the best he’s seen in 18 to 24 months.