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.
More industrial construction is going on in Indiana than in any nearby state.
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.
HHGregg Inc. had been in business nearly a half century when it hit the 50-store mark in 2004. It plans to open nearly
that number within the next year.
In a move not necessarily stranger than fiction, Herb Simon has bought Kirkus Reviews, the venerable journal of prepublication
book reviews. The owner of the Indiana Pacers co-owns an independent bookstore in California and is described as a voracious
reader.
Kmart’s announcement that it will close its store in Connersville in May will put 59 employees out of work. Fayette County,
where the city is located, already is strapped by steep job losses.
Sen. Patricia Miller will put on hold a bill that would have have stripped the Indianapolis Historic Preservation
Commission
of much of its authority. The bill was
prompted by incidents including a dispute over St. John United Church of Christ.
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.
The law firm Plews Shadley Racher & Braun LLP has spent more than $1 million to add the 1871 Eden-Talbott house to its
campus in the Old Northside Historic District.
Pharmacy giant CVS will pay $1.95 million and verify that all of its pharmacists are licensed in Indiana to settle a state
complaint that pharmacists with expired licenses dispensed prescriptions for several years at two of its drugstores.
The City of Franklin is offering two vacant buildings for sale, including the 1936 post office that served as Franklin’s City
Hall from the early 1980s until 2008.
The City of Franklin is offering two vacant buildings for sale, including the 1936 post office that served as Franklin’s City
Hall from the early 1980s until 2008.
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.
The Steak n Shake Co. updated its Web site this week to reflect a new corporate headquarters address in San Antonio, confirming
a story in IBJ‘s Feb. 8 print edition.
Check out a roundup of restaurant and retail news, including a new bakery in Irvington, a replacement for a Starbucks in Indianapolis
and a new pizza joint in Franklin.
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.
