General Growth Properties, the Chicago mall owner that Indianapolis-based Simon Property Group Inc. is interested in buying, said the company will consider all offers and may sell shares to the public to raise capital.
Locally based Brightpoint Inc. has closed on a $31 million deal to purchase its 495,000-square-foot distribution facility
in Plainfield.
Adding the 22-mall portfolio of Baltimore-based Prime Outlets will give Simon a total of 63 outlet malls with more than 25
million square feet of space.
Simon Property Group Inc. is doubling down on outlet malls with an agreement to buy Baltimore-based Prime Outlets, a
privately held firm that owns 22 of the giant properties.
The Indianapolis-based shopping mall owner is facing competition for General Growth from Toronto-based Brookfield Asset Management Inc., which also has been buying up General Growth’s debt.
Visions for the empty historic building
range from offices to a museum. Two developers propose a boutique hotel on an adjacent parking
lot. Video bonus: Tour the landmark’s interior.
General Growth Properties Inc., the nation’s second-largest shopping mall operator, said lenders have agreed
to restructure about $9.7 billion in debt. The agreements could put a damper on the acquisition aspirations of rival Simon
Property Group Inc.
Simon Property Group Inc. may sell several of its properties in Europe to help raise funds for a possible bid for bankrupt
rival General Growth Properties.
Paul Kite Co. has applied for a rezoning of the 16.5-acre site to allow for
non-airport uses.
CB Richard Ellis recently began marketing the most prominent of Premier Properties’ local properties, Metropolis. The
Venu site
at the southwest corner of East 86th Street and Keystone Avenue also is up for grabs.
An IBJ review of hundreds of pages of public records shows Christopher P. White and his Premier
Properties USA Inc. are facing major financial and legal challenges. The most glaring signs of trouble: Contractors have filed
more than $3.5 million in liens against Premier’s retail properties in Plainfield; the state of Indiana is trying to
recover $375,000 in sales taxes on White’s airplane; and the contractor who renovated his Lake Clearwater mansion
is suing him to recover more than $600,000 in unpaid bills.
General Growth is the second-largest U.S. mall owner, trailing only Indianapolis-based Simon Property Group, with more than
200 regional malls in 44 states.
The Indiana State Teachers’ Retirement Fund is negotiating to buy a 12-story office building across from the
Statehouse in what could be the year’s largest downtown office transaction.
Locally based Duke Realty Corp. netted more than $1 million during a Tuesday auction of surplus development parcels in Indianapolis,
Fishers, Plainfield and Lebanon.
Van Rooy Properties plans to spend $5.5 million renovating a 277-unit west side apartment complex that it acquired a month
ago in an unusual deal.
Just about every player in the real estate business—whether individual investor, private-equity fund or publicly
traded company—is trying to raise capital to take advantage of what they see as an inevitable shakeout in commercial
property.
A California water bottler has purchased a Plainfield distribution building for its first Midwestern outpost.
The developer of the proposed $80 million project is facing foreclosure on the property at the same time adjoining land critical
to the project’s development has been scheduled for liquidation by a lender.
Indianapolis-based Hat World Inc. said Monday that its Impact Sports division has acquired Great Plains Sports in St. Paul,
Minn.
Two Anderson siblings are buying the city’s Mounds Mall from the Florida-based company that has owned it for the past six
years.
