Simon Property Group Inc. will have to wait in line with other potential bidders and raise its offer if it wants to land bankrupt
rival General Growth Properties Inc., the Chicago-based company said in a letter late Tuesday.
Wall Street today is cheering Simon Property Group Inc.’s giant bet on the future of retail real estate, a sector that
appeared left for dead just months ago. The nation’s largest mall owner has offered $10 billion to take over its
nearest rival, Chicago-based General Growth Properties Inc., which is in bankruptcy.
Deal to acquire competitor would be largest ever for Simon Property Group, already the nation’s largest mall operator.
Resource Commercial Real Estate is one of a handful of local real estate brokerage firms angling to take over an affiliation
with Colliers International.
Locally based Broadbent Co.’s legal battles with lenders have escalated, pushing one of its 34 strip malls into bankruptcy
and prompting Huntington National Bank and PNC Bank to sue to collect principal owed on loans tied to four more.
Bids for one or both of the properties will be accepted from Feb. 17 through March 16 at the Clerk-Treasurer’s Office
at 70 E. Monroe St.
Strip-center owner and developer Sandor Development Co. is moving its headquarters to Hamilton County after almost 50 years
in Indianapolis.
The 1,000-room J.W. Marriott isn’t even finished and support already is emerging for a second downtown hotel that
would rival it in size.
Health care real estate has survived the nation’s weak economy better than most sectors, and some owners and developers
think it’s positioned to thrive.
A Ball State architect thinks Indianapolis residents will like what they see in the new J.W. Marriott hotel downtown and beat
drums for more interesting buildings.
The company raised its average rent per square foot at both regional malls and outlet centers even as U.S. consumer spending
flagged.
Quarterly revenue remained flat at about $1 billion, but profit fell 41 percent, from $196.4 million to $115.9 million.
Unibail-Rodamco SE, Europe’s biggest shopping-center owner, has agreed to pay Simon Property Group and Ivanhoe Cambridge Inc.
$981 million for stakes in seven malls in France and Poland.
The Fairfield Inn & Suites on West Washington Street downtown will open Wednesday. The hotel is the first of four comprising
the 1,600-room Marriott Place project to welcome guests.
Clarian Health Partners is considering converting a long-vacant, 180,000-square-foot Levitz furniture store on East Washington
Street into a center for home-health and pharmacy services.
The North by Northwest Business Park near 86th Street and Georgetown Road has been sold to firms in Minneapolis
and Baltimore for $29.6 million.
Simon will fund the purchase with available cash plus proceeds from the sale of $2.25 billion in senior unsecured notes.
Proceeds from the offering will be used for general corporate purposes and to fund the purchase of senior notes.
Expect another year of rising vacancies, declining property values and distressed sales in the central Indiana commercial
real estate
market. That’s the message from Colliers Turley Martin Tucker in its annual State of Real Estate report.
The largest creditor for Lauth Group Inc. has asked a bankruptcy judge to appoint a trustee after evidence in a related case
suggested Lauth insiders may have backdated documents to thwart creditors.
