IEDC paying premium for farmland for Boone County tech district
The quasi-government entity has secured roughly 9,000 acres of land in Boone County for its LEAP Lebanon Innovation and Research District.
Real estate deals
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Downtown’s Allen Plaza sold to local investment group
The building’s 58,800 square feet of office and retail space is now mostly vacant, following exits in recent years by Scotty’s Brewhouse, HomeAdvisor and third-party logistics company Backhaul Direct.
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Ohio firm acquires The Coil apartments in Broad Ripple for $57M
The purchase comes just three years after the 151-unit complex on the Central Canal was sold for $40.7 million to Chicago-based Promus Holdings LLC.
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Developer buys Diamond Chain site for Indy Eleven soccer stadium, mixed-use district
The redevelopment of what is now an 18-acre manufacturing site downtown is expected to include apartments, a hotel, an office building and retail space—in addition to a 20,000-seat stadium. Keystone Corp. CEO Ersal Ozdemir said the project’s cost will likely top $1 billion.
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Home furnishings retailer plans to turn DeHaan estate into giant showroom, restaurant
National retailer RH is teaming with a developer to take over Linden House—the 152-acre Indianapolis estate of late businesswoman and philanthropist Christel DeHaan—and turn it into a huge home furnishings showroom, interior design gallery, upscale restaurant, wine bar and outdoor furniture gallery.
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Articles
Local firm acquires $104M industrial building on south side
While it’s not clear what the new owner plans to do with the building, the name of the holding company indicates uses as a cold-storage or pharmaceutical facility—or both.
Vast portfolio of Indy-area commercial buildings sells for $98M
A pair of Southern California firms bought the properties—which total just over 1.1 million square feet—in a deal with Indianapolis-based Mann Properties LP that quietly closed in late 2021.
Fishers shopping center sold for $7.5M to out-of-state firm
The buyer, who is based in Houston, has had multiple restaurants in downtown Indianapolis, including a Mo’s, A Place for Steaks, along with Nook and most recently Pomodoro.
IPS hopes to turn former high school into community hub
The Indianapolis Public Schools Board of Commissioners approved a plan Thursday to sell the John Marshall school building to a yet to be determined not-for-profit organization for $725,000.
Glick philanthropy buys 7 affordable-housing projects for $56M
In addition to two Indianapolis communities, the acquisition involved properties in Bedford, Bloomington, Lebanon, New Albany and Shelbyville.
Indy Parks set to add 90 acres of green space
That’s nearly three times the acreage purchased in the two decades prior, and a major expansion for a municipal parks agency with no land-acquisition budget.
Apartment building on North Meridan sells for $11.4M
The 195-unit Meridian Towers Apartments on the near-north side of Indianapolis has been sold to an out-of-state development partnership that plans to renovate the property.
Indy Parks committee advances plans to buy 50 acres
The Indianapolis City-County Council’s Parks and Recreation Committee on Thursday unanimously advanced a plan to acquire four plots of land adjacent to existing parks.
Developer puts Mass Ave office building across from Bottleworks under contract
Indianapolis-based Landmark Properties plans to buy the five-story Center Township Trustee’s building, with an eye toward office and first-floor retail uses.
Pyramid Place shopping center changes hands for $10.6M
Chicago-based Cloverleaf Group now owns three retail plazas in the Indianapolis area. Pyramid Place boasts a high density of nearby homes, offices, industrial sites, health-care facilities and highway traffic.
UPDATE: Kite Realty to acquire Illinois-based REIT for about $2.8B
The combination of Indianapolis-based Kite Realty Group Trust and Oak Brook, Illinois-based Retail Properties of America Inc. will create a company worth $7.5 billion that will continue to operate under the Kite name.
Charter school buys former Tindley buildings on east side for $5M
The Indianapolis-based GEO Foundation will make one building the new home of its Next Generation High School and lease the other to elementary charter school Indy STEAM.
In Nora standoff, Crew Carwash battling Steak n Shake over corner property
Crew recently bought the property that contains the steakburger chain’s location on East 86th Street with plans to build a new carwash. But it contends in a lawsuit that Steak n Shake has refused to leave.
Former Chevrolet plant site in Muncie eyed for solar farm
RACER Trust and Muncie officials said they have reached an agreement for the city to purchase the 53-acre main parcel of the former property.
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.
IndyGo purchasing Haughville properties for paratransit operations
IndyGo has purchased one parcel and is working to purchase an adjacent one for its Open Door paratransit service, which is now housed on the city’s northeast side.
Downtown’s Salesforce Tower sold for $192.5 million
The 1.1 million-square-foot tower is arguably the most prestigious office address in the city, but the pandemic has exacerbated already-pressing questions about the future of traditional office space.
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.
Elanco HQ expected to anchor new development, park expansion on former GM site
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.