The Precedent Cos.—the local developer of The Precedent Office Park, Mount Comfort Commercial Park and several upscale residential communities in Hamilton and Johnson counties—is winding down operations in an out-of-court restructuring.
Huntington National Bank and PNC Bank claim they are owed roughly $25 million on loans related to Broadbent Co.’s purchase and renovation of a building on East Washington Street downtown.
The Indianapolis-based real estate investment trust said it lost $29 million in its latest quarter, compared with a loss of $42.4 million in the same time frame a year earlier.
Indianapolis-based Simon Property Group Inc. said funds from operations rose 20 percent in the second quarter as rents and occupancies increased. The company raised its forecast for the year.
Brokers expect strong demand from other retailers, in part because the failed bookstore chain carefully chose its real estate, opting for locations near concentrations of affluent and educated consumers.
Borders Group Inc.’s proposed liquidation will increase available U.S. retail space by about 6.3 million square feet as the industry struggles with near-record vacancy rates and stagnant rents.
The Irvington retail trade area stands to get a big boost from two projects set to begin this fall: Ossip Optometry’s renovation of a historic building and a $2.9M makeover of East Washington Street designed to make the business district a draw for pedestrians.
An unidentified restaurant and bar is set to sign a lease by Sept. 1 to assume the Meridian Street space Jillian’s has agreed to relinquish as part of a lease dispute with its landlord. The entertainment complex will continue to operate on the second and third floors.
An investment group has acquired the Golf Club of Indiana in southern Boone County near Zionsville and is planning improvements to the 175-acre property.
Property that houses Indianapolis Fire Department facilities on North New Jersey Street, bordering Massachusetts Avenue, could be sold to private developers. In turn, city police and fire services could be better connected.
Developer George P. Broadbent sold The Broadbent Co. to his wife for $50,000 in March 2010 as he faced a barrage of lawsuits threatening his control over the real estate company he co-founded in 1972. He has also transferred several properties to her.
The florist is moving from the Broad Ripple retail space it has occupied since 1954. Local developer Buckingham Cos., which purchased the property in 2000, is preparing for the redevelopment of Monon Place.
M&I Bank filed the suit against J. Greg Allen, charging he defaulted on two loans he took out to buy 73 acres of land on the northeast corner of Emerson Avenue and County Line Road on Indianapolis’ south side.
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.
Indianapolis-based Buckingham Cos. is expected to start construction this summer on an $18 million, 146-unit apartment building in downtown Columbus.
The main entrance is getting a $1 million makeover as the 28-story building prepares to welcome two new restaurant tenants.
Richmond, Va.-based McCann Realty Partners LLC bought the 166-unit complex with a $9.25 million loan. The sale marks the second time Quail Run has changed ownership in the past two years.
The project includes renovations to the 15-story apartment building in downtown Indianapolis, as well as the construction of two mixed-income buildings containing a total of 74 units at its base.
Tanger Factory Outlet Centers Inc. said Tuesday it bought an Ohio outlet shopping center from Indianapolis-based Simon Property Group Inc. for $134 million.
The pending sale of two historic buildings and a vacant lot just south of Massachusetts Avenue is the first of what could be several deals in the area as one of its largest property owners begins to divest its holdings.
