Simon buying General Growth debt for possible takeover
The Indianapolis-based shopping mall owner is facing competition for General Growth from Toronto-based Brookfield Asset Management Inc., which also has been buying up General Growth’s debt.
Commercial Real Estate
Articles
General Growth’s refinancing plan could thwart Simon
General Growth Properties Inc., the nation’s second-largest shopping mall operator, said lenders have agreed
to restructure about $9.7 billion in debt. The agreements could put a damper on the acquisition aspirations of rival Simon
Property Group Inc.
Builder looks to cold storage for steady work in a weak economy
Cold storage might become a hot business for a building contractor.
Indiana Ice plan to build $12 million hockey facility
Ice Sports and Entertainment, the owner of the Indiana Ice hockey team, announced Wednesday afternoon that it plans to
build a complex that could contain up to four skating rinks and house the Indiana/World Skating Academy.
Report: Simon considers sale of European properties
Simon Property Group Inc. may sell several of its properties in Europe to help raise funds for a possible bid for bankrupt
rival General Growth Properties.
Rich flocking to real estate
A survey shows wealthy investors are targeting real estate. But what about Indianapolis?
Topping off planned for JW Marriott hotel
The 34-story hotel, the city’s largest, is scheduled to open in 2011.
Downtown life sciences corridor flagged for development
A new task force is charged with making recommendations for development of the city’s downtown certified technology
park.
Neighborhood revitalization group calling it quits
BOS Community Development Corp., created in 1982 to revitalize the Indiana Avenue and Midtown area, says its mission is accomplished.
Research lab could replace ATA headquarters
Paul Kite Co. has applied for a rezoning of the 16.5-acre site to allow for
non-airport uses.
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.
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.