Simon Property accepts $2.3B of notes in offer
Simon will fund the purchase with available cash plus proceeds from the sale of $2.25 billion in senior unsecured notes.
Real Estate
Articles
Affordable-housing group goes on apartment-buying binge
Partners in Housing Development seized on a weak real estate market to acquire three urban apartment communities in the last
18 months.
Farmland once targeted for housing still being plowed
Farmers who might have worried about losing their livelihood
to new homes or retail have gotten a little breather.
Rising credit card fees eroding retailers’ profits
Businesses say the money they must pay to provide customers the convenience to use plastic adds up. For example, Ricker Oil
Co. paid a whopping $3.9 million in 2009, according President Jay Ricker.
Salvation Army draws scrutiny for supplying homes to officers
In Indiana, the Salvation Army owns 34 residences, including 10 in Indianapolis with a combined value of $1.6 million.
One exec pays off risky loan, another pays a big price
Emmis’ Jeff Smulyan paid off a loan collateralized by nearly all his Emmis stock. Retired Duke Realty Chairman John Wynne is facing new fallout from his margin loan, with the lender on his Williams Creek home pursuing foreclosure.
Indianapolis Conrad hotel nabs top honor
Conrad Indianapolis and West Baden Springs Hotel have been named to Condé Nast Traveler’s
Gold List 2010.
Simon says husband’s shrinking fortune spurred new will
Bren Simon says in a new court filing that her billionaire husband Mel Simon granted her a bigger share of his fortune in
the last year of his life because of alarm over Simon Property Group’s plunging stock price and a sharp cut in its cash
dividend.
Finish Line forfeits incentive deal
Mall retailer The Finish Line Inc. has agreed to forfeit a potentially lucrative tax-abatement deal because it won’t be able
to meet a 2008 promise to create almost 200 jobs and invest $24 million at its Indianapolis headquarters.
Simon Property Group rolls out $2.25B offering
Proceeds from the offering will be used for general corporate purposes and to fund the purchase of senior notes.
Outlook remains grim for commercial real estate
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.
Pioneering automobile dealer Lockhart dies
Freda Lockhart was the first woman to open dealerships for Cadillac and Saturn automobiles.
F.C. Tucker predicts modest rally for residential market
Central Indiana’s housing market is on track to notch gains in the number of homes sold and the average sales price in 2010.
City’s industrial market fared better than most in 2009
The Indianapolis industrial real estate market didn’t escape the recession unscathed, but the sector outperformed most other
cities and took less of a hit than in the last recession.
City Market proposals: Microbrewery, bicycle hub, agriculture showcase
Six groups are vying to lead a redevelopment effort for the struggling Indianapolis City Market. Check out summaries of each
of the proposals.
City Market redevelopment hopefuls have ambitious plans
City Market’s board president warns financing will challenge any of the six groups that responded to Mayor Greg Ballard’s
request for business ideas.
Around town roundup: Red Lion, Pat-A-Cakes, Firehouse
A new English-style pub and restaurant is planned for Fountain Square, a new bakery is coming to Fishers and Firehouse Subs plans to open its second Indianapolis-area location near 86th Street and Michigan Road.
Indiana beverage retailers want permits frozen
An Indiana liquor store trade group wants a court to freeze state alcohol permits until a judge can clarify quota laws on
the number of permits allowed.
Shiel Sexton plans $50M project near Methodist Hospital
The local construction company is drawing up plans for a mixed-use project with offices, a parking garage and retail space
on several parcels it owns near Capitol Avenue and 16th Street.
Lender alleges Lauth insiders backdated loan documents
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.