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BEHIND THE NEWS: Why diner chain whets the appetite of the buyout crowd

The Steak n Shake Co. may not be delighting diners these days, if slumping sales are any indication. But you can bet the privateequity crowd is salivating. Investment pros say the Dallas-based investment group that recently amassed a big stake in Steak n Shake surely isn’t alone in hungering to take the Indianapolis-based diner chain private. “Some … funds make their money by identifying underperforming companies that have intrinsic value which can be unlocked,” Motley Fool columnist Timothy Otte wrote…

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SPORTS: Tennis tourney healthy but needs a new home

A significant Indianapolis sporting event with international appeal is preparing to celebrate its 100th anniversary in 2011. The Indianapolis 500? Well, yes, that too. Far less-wellknown and recognized is that the origins of elite-level competitive tennis in Indianapolis also date back to just after the turn of the century … the last century, that is. Records show that the Western Tennis Championships, which led to the U.S. Clay Court Championships, which led to the U.S. Hardcourt Tennis Championships, which led…

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Take a tour of Glendale

Property Lines recently took a tour of the Glendale Mall construction site and got an update on progress. Check out a photo gallery of the tour and the latest rendering

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2 local businesses bid farewell

A couple of prominent local businesses have shut down in recent weeks. Corner Gourmet at 1474 W. 86th St. apparently has closed. The phone numbers for both the shop and owner…

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Developer offers big bucks for homes

A developer is negotiating individually with 77 condo owners to buy a community called Lakes at the Crossing that sits near the Fashion Mall. Gershman Brown & Associates has…

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Thoughts on KB’s exit?

More bad news on the housing front, as KB Home says it’s bailing on Indianapolis. How big of a loss is it? KB entered the market in 2004 with…

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Consolidated sale put on hold

The vacant 15-story Consolidated Building at 115 N. Pennsylvania St. was listed for sale with a $6.5-million pricetag yesterday until the owners pulled it off the market, ostensibly to focus on trying…

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New name for tower: M&I

Milwaukee-based M&I Bank has no plans to vacate a 31-story skyscraper in downtown Indianapolis after acquiring its namesake, First Indiana Bank, the CEOs of both companies said today. First Indiana recently renewed…

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SPORTS: Pan Am Games was ‘coming out’ party for city

Twenty years ago, Indianapolis was preparing to take on the world. Or at least half of it. It was a month before the 10th Pan American Games. In my lifetime, I do not recall many times-if any-when there was such a feeling of collective effort. This wasn’t a city rooting for a team, like the Pacers or the Colts. This was a city rooting for itself to pull off this mammoth undertaking, to show not just the country, but the…

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Circle Centre doing well except for 4th level

Excluding the fourth floor, Circle Centre mall’s 11th full year of operation was a big success. Profit in 2006 increased nearly
18 percent to $9.3 million, according to an annual report filed with the city. But on the top floor, abandoned bar stools
have now collected four years of dust in the former home of a nightclub complex.

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Condo owners in quandary over developer’s offer

The questions these days among residents of Lakes at the Crossing, a quiet community of 77 condos tucked behind a strip center
and an office park along 86th Street at Keystone Avenue, are: Who will sell, and for how much?

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Bose move to Chase Tower is official

The long-rumored move for Indianapolis law firm Bose McKinney & Evans is a done deal. The firm plans to take 111,000 square feet of space in Chase Tower, a big expansion over its current 80,000-square-foot space in First Indiana Plaza….

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Hurry up and wait for MSA

City officials gave developers a tight, two-month time frame to come up with a second round of proposals to redevelop the Market Square Arena site. The RFP was issued Feb. 21, and…

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Furniture chain eyes 3 Indy stores

A Chicago-based furniture store is planning three new locations in Indianapolis. Harlem Furniture has 16 stores in Chicago and Northwest Indiana. The first central Indiana store, in Greenwood, replaces the old Frank’s…

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In the market for a gas station?

OK, probably not. But you may be interested to know that local BP stations will be getting a new name soon. BP is selling 28 Indianapolis franchise locations, each of which will be…

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Get out your checkbooks

As first reported in Property Lines on May 2, the owners of First Indiana Plaza are considering a sale of the struggling 31-story skyscraper. Who do you think will…

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north of South Street between Meridian and Pennsylvania streets.

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Developer envisions Penn Centre

Plans are taking shape for a major hotel, residential and restaurant development across from Conseco Fieldhouse. South-side developer J. Greg Allen is proposing a project that would stretch from Maryland Street to…

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