Broadbent spins off construction business
Beleaguered local developer The Broadbent Co. plans to spin out its construction arm as an independent company as of Jan. 1.
Commercial Real Estate
Articles
Weak real estate market slams developers, banks
One local developer emerged from bankruptcy and another fought off growing financial woes as the commercial real estate market remained challenging.
Analysts: Simon unlikely to buy Capital Shopping
Simon Property Group Inc. is unlikely to buy Capital Shopping Centres Group Plc because it will take too long for rents to rise enough to justify a price its U.K. counterpart would accept, according to Barclays Capital real estate analysts.
Duke Realty planning $967M in property deals
The Indianapolis-based real estate investment trust said it will sell 3.1 million square feet of suburban office space for $516.7 million and buy 4.9 million square feet of mostly industrial space for $450 million.
Simon Property likely to continue pursuit of British mall owner
In rejecting Simon’s offer, London-based Capital Shopping Centres Group said the cash bid “very substantially undervalues the company and its prospects."
Retailers scout new Indy-area locations
Several restaurants, including three pizza chains, and an adult-oriented retail store are planning new locations around the city.
State pushing to keep building-review wait times down
Wait times in the plan-review process for non-residential projects increased dramatically this year, creating a backlog of cases.
North of South project clears rezoning hurdle
The Metropolitan Development Commission agreed to rezone 14 acres of land, which houses a parking lot north of South Street between Delaware Street and Virginia Avenue downtown, to accommodate the $155 million mixed-use project.
Judge removes Bren Simon as trustee over late husband’s estate
A series of questionable decisions by Bren Simon in recent months appear to have paved the way for a Hamilton County judge’s order this week removing Bren as interim trustee over Simon Property Group co-founder Melvin Simon’s estate.
Simon bids $4.6B for U.K.’s Capital Shopping
Indianapolis-based Simon Property Group Inc., the largest U.S. mall owner, made an offer for Capital Shopping Centres Group Plc that values the U.K. company at $4.6 billion.
NAI Olympia brokerage firm closing after 20-year run
The principals of NAI Olympia Partners have decided to shut down the firm after 20 years in business, leaving its competitors to pick from more than 20 veteran office, industrial and retail brokers.
Simon’s options for Capital Shopping takeover dwindling
Simon Property Group Inc. may be running out of options in its quest to take over Capital Shopping Centres Group Plc and become the largest mall owner in the United Kingdom.
British mall owner rejects Simon financing plan
Capital Shopping Centres Group Plc, Britain’s biggest shopping-mall owner, rejected a financing plan that would have given potential suitor Simon Property Group Inc. a larger stake in the company.
CB Richard Ellis names new managing director
The local office of the commercial real estate brokerage has named firm veteran John Merrill as its new managing director. He replaces David Reed, who left in late August.
$7.5M Fletcher Arts project gets back on track
Developer and architect Craig Von Deylen is finalizing plans for a mixed-use project just west of the intersection of Virginia Avenue and East McCarty Street.
Lender seeking to foreclose on northwest-side hotel
Colfin NW Funding LLC claims in a court filing that it is owed $6.4 million by the borrower that operates the Courtyard By Marriott Hotel Northwest under Indianapolis-based Schahet Hotels Inc.
Accounting change could have huge impact on real estate leasing
Proposal requires companies to book leases as assets, and stands to shift the momentum to purchases.
Summit Realty plans to grow into new headquarters
Summit Realty Group is building out a new headquarters in a historic downtown building as its principals embark on an aggressive growth plan for the privately held company.
Cosmopolitan apartment fire prompts lawsuit
The insurer for Indiana Landmarks is suing developer Flaherty & Collins, claiming negligence in a blaze that partially destroyed the apartment project and damaged the not-for-profit’s adjacent headquarters.
Builders of faulty Indiana bridge face state-work ban
A committee has recommended that the state highway department stop hiring Gary-based Superior Construction Co. and Indianapolis-based bridge designer RQAW Corp. over a northwestern Indiana highway that has been closed because of safety concerns.