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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe following items were included in the Sept. 3, 2024, edition of IBJ’s Real Estate Weekly e-newsletter.
Notes
— The former lead on the redevelopment of the Bottleworks District in downtown Indianapolis has started a new role with the operator of the most popular shopping complex in Columbus, Ohio. Gavin Thomas, who oversaw the development of Bottleworks for Beloit, Wisconsin-based Hendricks Commercial Properties from late 2019 until earlier this year, is now executive vice president of development for Steiner + Associates, which runs the 1.7-million-square-foot Easton Town Center on the northwest side of Columbus. Thomas is expected to help Steiner + Associates expand its development business and project portfolio in his new role. Prior to joining Hendricks, he was a development executive for Indianapolis-based Kite Realty Group Trust.
— Indianapolis-based Teagen Development said Tuesday it has rebranded the Circle City Industrial Complex along Brookside and Massachusetts avenues to the Factory Arts District. The former home of the Schweitzer manufacturing facility, the property has been known as Circle City Industrial Complex since the 1990s. Teagan purchased the 16-acre site in 2015 and has built a roster of more than 150 tenants, with another 30 expected to come later this fall with the opening of a new section at 1011 Massachusetts Ave., which will be known as Factory Arts South. The northern portion of the campus, bearing the address 1125 Brookside Ave., will be known as Factory Arts North. More information about the rebrand can be found at FactoryArts.com/rebrand.
Sales
6833 LLC acquired a 40,440-square-foot building at 6833 Massachusetts Ave. The seller, JCH Realty Corp, was represented by Tom Osborne, Kim Hartman, JoLynn Wright and Phillip Cosmas of Bradley Company. The buyer was represented by Kimmie Chang of Best Value Realty.
Leases
Amundsen Davis LLC renewed its lease for 17,333 square feet of office space at Capital Center, 201 N. Illinois St. The landlord, Zeller, was represented by Nick Trimpe and Tristan Glover. The tenant was represented by John Crisp and Spud Dick with Cushman & Wakefield.
Construction
Charles Brandt Construction recently completed a 1,100-square-foot restroom renovation project for Purdue University’s Rack & Roll Building, 101 S. Grant St., West Lafayette.
Capitol Construction completed an 1,100-square-foot buildout for The Soap Factory at 13185 Harrell Parkway, Noblesville.
Capitol Construction completed a 2,315-square-foot buildout for Starbucks at 4007 S. 600 West, New Palestine.
Capitol Construction completed a 2,475-square-foot restaurant buildout for Bibibop at 8603 Emerson Ave.
Capitol Construction completed a 21,250-square-foot office buildout for LHD Benefits at 401 Pennsylvania Parkway.
Rates
The average rate for 30-year mortgages fell from 6.46% to 6.35% in the week ended Aug. 29, according to FreddieMac. The rate for 15-year mortgages dropped from 5.62% to 5.51%.
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