Downtown office market set to shift as firms rethink space
A Salesforce decision to permit employees to work remotely even once the pandemic subsides could have long-lasting effects on the downtown office market.
Commercial Real Estate
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Children’s Museum lawsuit over Drake moves ahead amid talks with developer
An effort by the Children’s Museum of Indianapolis’ to overturn the city’s designation of the Drake apartment building as a historic property has been transferred to federal court—even as the organization continues working with city officials on a plan to salvage the building.
Kite Realty reports better-than-expected 4Q results
Indianapolis-based Kite Realty Group Trust beat analyst expectations with its financial performance in the fourth quarter despite a decline in revenue and funds from operations.
IBJ Podcast: Turner Woodard talks saving the Stutz—and then selling the majority share
Woodard talked to host Mason King about his adventure restoring the Stutz Business and Arts Center, about his decision to sell a majority share in the complex and what the new owners have in store for the buildings.
Turner Woodard sells majority stake in historic Stutz property
The new majority owner says it plans to retain the Stutz property’s historic character but isn’t yet revealing details about its plans for the 110-year-old downtown complex.
Developer buys former HHGregg headquarters campus for $14M
The sprawling site includes more than 400,000 square feet of office, industrial and showroom space that was vacated after the consumer electronics retailer ceased operations in 2017.
Chicago-style pizza chain Lou Malnati’s confirms 86th Street location
The 86th Street location, the chain’s second Indianapolis-area store, is set to open this spring. Lou Malnati’s confirmed the location last year but until now had not specified when it planned to open.
Real Estate Weekly: News Notes 01/12/20
These news notes appeared in Real Estate Weekly on Jan. 12, 2020:
Food manufacturer plans $100M plant, 115 jobs in Indianapolis
It’s unclear what the announcement means for Greenleaf’s previously announced plans to build a $310 million plant in Shelbyville.
INCog BioPharma Services selects site, expands plans for Fishers manufacturing facility
INCog BioPharma Services has purchased 16 acres of undeveloped land in Fishers for its planned new biopharmaceutical manufacturing facility. The $60 million project has grown in size.
Work under way on at least three major downtown construction projects
The Tribute and Aloft hotels—both of which were announced before the pandemic began—are among the few downtown lodging projects that are continuing to make progress.
Lafayette Square Mall sold to local real estate firm
Indianapolis-based Perez Realty Group acquired the 113-acre retail property on Dec. 18 for a yet-undisclosed price.
Fishers firm to redevelop part of 96th Street Marsh into new headquarters
Memory Ventures, a local media digitization company, is taking over the redevelopment of a former Marsh Supermarket in Fishers. The site previously slated for partial demolition will now be turned into the growing company’s new headquarters.
IndyGo purchases former Celadon offices for $3M
The east-side site, at 9503 E. 33rd St., will serve as an additional location for IndyGo, which has outgrown its current West Washington Street headquarters.
Kroger to build $20 million store in Brownsburg
Kroger, which anchors one end of the Brownsburg Square shopping center, will tear down the former Kmart at the other end of the plaza and build a new grocery store there. Plans call for several small retailers to backfill the existing Kroger store once the grocer moves to the new spot.
Whitestown distribution centers acquired in $62 million deal
Chicago-based JLL Income Property Trust closed on the purchase of the 440,000-square-foot and 280,000-square-foot buildings on Dec. 11.
Warehouses luring more cash than offices in pandemic-fueled flip
Investors have poured money into industrial properties in 2020, spending more on U.S. warehouses than office buildings for the first time as social-distancing pushes even more consumers to e-commerce.
Vaccines herald return to offices, but most workers don’t want to go
More than half of U.S. employees currently working from home say they’d like to keep their remote arrangements beyond the pandemic, according to a Pew Research Center survey released Wednesday.
Major downtown office users reevaluating space needs, but pandemic’s impact still hard to gauge
Big tenants such as Rolls-Royce and Salesforce say they’re reevaluating their space needs as most of their local employees work remotely. Real estate experts say they’re unlikely to make decisions until after the pandemic subsides.
Current, former owners of Moe & Johnny’s embroiled in dueling lawsuits
The longtime Meridian-Kessler sports bar and restaurant that announced last month it was closing “until further notice” is at the center of an ongoing legal dispute between the original owner and the new owner, who now wants out of the deal to buy the business.