Duke Realty renews credit agreement
The renewed credit deal was extended for two years and includes an option to boost the value to $1.05 billion.
Commercial Real Estate
Articles
Falling property prices fuel new wave of bank woes
The second and third quarters were brutal for Indiana banks, as they set aside big reserves to cover losses on commercial
real estate loans.
Remnants of failed Premier Properties finally hit market
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.
Pizza restaurants in works; wine shop heading to Fishers
Hot Box Pizza plans to open a downtown location in the Harness Factory Lofts building, and WineTyme, a new local shop selling
wines, craft beers and gourmet food, is coming to Fishers.
Indianapolis looks to Cleveland, Philadelphia for City Market examples
The troubled Indianapolis City Market is looking East for a new direction. This summer, its executive director, Jim Reilly,
visited Philadelphia and Cleveland to observe their successful urban markets and seek pointers that might be applied here.
Premier lays off workers as lawsuits, debt pile up
Premier Properties USA Inc. has eliminated about half its headquarters staff—more than 40 employees—as banks seize
several of its properties and CEO Christopher P. White faces a barrage of new lawsuits alleging unpaid bills, defaulted loans,
illegally redirected rent payments and check fraud.
Memo: Unpaid contractors demanding payment from Premier Properties
Premier Properties USA Inc. is scrambling to keep up with bills for basic services including snow removal,
security and interior design—more signs of financial troubles for the developer of Metropolis in
Plainfield and the proposed Venu project in Indianapolis.
SPECIAL REPORT: Financial travails dog ‘mystery man’ at helm of Premier Properties
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.
Speedway breaks ground on redevelopment project
Speedway officials broke ground Thursday morning on the first phase of a $500 million redevelopment project they hope will transform the small town into a year-round racing-themed destination.
RELLER: Refinancings likely to undermine prices for commercial real estate
Buyers armed with cash stand to snap up distressed properties for 40 percent less than their 2008 appraised values.
Fledgling technology park is development bright spot
WestGate@Crane Technology Park is adding office buildings for defense contractors next to the secretive Naval Surface Warfare
Center at Crane.
Premier Properties founder gets home detention for fraud
A judge on Wednesday afternoon sentenced Christopher P. White to one year on home detention and three years of probation in
connection with a $500,000 bad check he wrote last year as he tried to save his real estate development firm, Premier Properties
USA Inc.
Simon exploring bid to purchase rival General Growth
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.
Locals expect few bright spots in 2010
Senior real estate executives remain pessimistic about the prospects for the Indiana market in 2010, although they see signs
of improvement in the investment and residential sectors. That’s according to a survey of leaders of the local real
estate community that the Urban Land Institute plans to unveil Thursday.
Duke Realty land auction nets $1M; pricier properties go unsold
Locally based Duke Realty Corp. netted more than $1 million during a Tuesday auction of surplus development parcels in Indianapolis,
Fishers, Plainfield and Lebanon.
Duke Realty’s chief operating officer resigns
Indianapolis-based Duke Realty Corp. announced Monday that its chief operating officer will leave the company at the end of
the year.
Van Rooy scoops up troubled complex
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.
WOODS: Too many contractors misleading prospects
Some contractors, many of whom are desperate to replenish backlogs decimated by the recession, are not telling prospective
clients the whole story about exit strategies.
Bloomington chamber weighs in on chain-store ban
The Greater Bloomington Chamber of Commerce is opposing Mayor Mark Kruzan’s proposal to restrict chain stores and
restaurants downtown.
City Market board sought 3-year closure for redevelopment
Board president says he quit after Indianapolis Mayor Greg Ballard declined proposal to shut down historic landmark until
2013 for major renovation.