The shopping center—the 10th-largest in the Indianapolis area, at 600,200 square feet—was repossessed by its lender in October, after Memphis-based owner Poag Shopping Centers LLC defaulted on a $29.9 million loan balance in June. It’s the second foreclosure for the property, which used to be called Metropolis.
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A local entrepreneur plans to redevelop the former Broad Ripple Steakhouse restaurant site and an adjacent property into a multi-tenant dining concept and outdoor recreation area. The development would utilize numerous shipping containers in its design.
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Indianapolis-based Deem LLC wanted to use the 28.6-acre campus on East 96th Street for its corporate offices and those of several affiliate companies.
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Substantially all of J.C. Penney’s retail and operating assets will be acquired by Indianapolis-based Simon Property Group and Brookfield Asset Management Inc. and through a combination of cash and new term-loan debt.
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Beyond the public company’s $100 million headquarters campus, city and state leaders expect 26 acres to be used for an expansion of White River State Park and new projects potentially with residential, retail and office uses.
According to Ambrose, the sale resolves the year-long legal dispute between the developer and the city of Indianapolis that started after the company withdrew from the $1.4 billion Waterside development agreement involving the 103-acre property west of downtown.
Jeff Korzenik, chief investment strategist at Fifth Third Bank, said Thursday that homeowners and businesses have become more interested in locating in suburbs and mid-sized cities—a trend that could benefit the Indianapolis area.
Office space, the largest single slice of the commercial real estate sector, already is seeing rents fall as vacancies rise. Property values eventually could plummet 20% to 35%, according to a recent Barclays report. Hotels and retail properties have been hit even harder.
Updated plans for Tremont Town Center call for nine buildings (compared to the original 14) with about 450,000 square feet of office and retail space, plus senior housing, market-rate apartments and row houses.
The closure of so many mall stores will be a blow to Indianapolis-based shopping center giant Simon Property Group. Gap Inc. has more than 390 stores at Simon’s malls, including its namesake brand, Old Navy and Banana Republic.
IndyGo has been evaluating possible expansion sites around the city in recent months because it has run out of room at its West Washington Street headquarters.
The owner of a 60-acre commercial development that recently took shape on former farmland in Franklin Township is planning a few new components, with long-term plans for at least a dozen more buildings.
A planned two-building office headquarters in Broad Ripple for staffing company Eight Eleven Group is another step closer to approval.
U.S. tax law has long been kind to big real estate developers. It allows them myriad legal loopholes and breaks that can significantly shrink their tax bills.
In particular, vacant spaces in higher-population suburbs should have no trouble finding new tenants, brokers say.
Tools like Zoom, WebEx and Google Drive have enabled businesses to stay afloat during the pandemic, but for many, remote work really isn’t sustainable. Unproductive virtual meetings, the desire for interaction and the immense benefits of a traditional office are steadfast.
Indianapolis-based Cityscape Residential’s plans to ask the city for an $8 million TIF bond to help support its 287-unit luxury apartment complex. The project is also slated to feature a potential three-story, 30,000-square-foot office building.
Developers remain optimistic about multifamily developments in general across the city, but some believe additional affordable housing—and associated incentive deals—is needed.
The proposed project includes 234 multifamily units in the 2100 block of Central Avenue, along with nearly 12,000 square feet of new or redeveloped commercial space.
Indianapolis-based Cityscape Residential LLC is working with Noblesville to develop an apartment and office complex on the west side of the White River, along River Road and State Road 32.
Just 12 years after opening to great fanfare, the future of the $150 million center, a partnership between the Indiana University School of Medicine and Indiana University Health, is full of questions.
The deal likely would make South Bend-based Bradley Co. the second-largest commercial real estate brokerage in central Indiana.
Overall attendance at Indiana Convention Center events has stagnated, but annual major conventions have seen explosive growth.
The 110,000-square-foot hotel is situated between the Monon Trail and Veterans Way in Carmel, just south of City Center Drive.
