A consortium led by Indianapolis-based mall giant Simon Property Group Inc. and rival General Growth Properties Inc. has won an auction for the assets of Aeropostale Inc., with a plan to keep open at least 229 of the bankrupt teen retailer’s stores.
Without the rescue, it appears the teen fashion retailer’s remaining stores are heading for liquidation, an event that will put about 10,000 people out of work. Aeropostale has five Indianapolis-area stores.
The latest local example of the sizzling market is the three-story Community Health Pavilion, which sold last week for $286 a square foot—far more than the per-square-foot price in two recent office complex transactions.
The four-building acquisition by Hertz Investment Group includes the tallest office tower in Indiana and the fourth-largest office complex in downtown Indianapolis.
A growing number of pricey new homes are cropping up in the historic Herron-Morton neighborhood, bolstered by the strength of the downtown housing market and the rejuvenation of East 16th Street.
A partnership involving a local firm has acquired the eight-building complex from Duke Realty Corp., and is planning an amenity center for dining, fitness, conferences and workplace collaboration.
The Indy area’s largest florist has completed moving its headquarters and distribution operations from Fishers to an area near downtown in need of revitalization.
Kite Realty Group Trust has built an admirable record of picking winning locations for its centers and keeping them vibrant with tens of millions of dollars in upgrades.
Traders Point Christian Church has acquired a 104-year-old building at the corner of 12th and Delaware streets and plans to spend $2 million to renovate it.
A developer is poised to tackle the remaining vacant commercial property in the heart of Carmel’s Village of West Clay.
In a development deal with Fishers, Indianapolis-based Citimark plans to purchase the 23-acre site that includes the long-vacant former Charles Schwab regional client center and the building that houses Launch Fishers.
Several residents of the historic downtown neighborhood fear the center will bring excessive noise and trash to the area, in addition to creating more parking problems.
City Councilors soon will weigh tighter rules for stores and restaurants along I-69 to streamline the "hodgepodge" of development standards and give them greater say over new projects.
Still under construction, PK Partners’ 102,000-square-foot office building near The Fashion Mall is already entirely pre-leased. Its performance further juices the area’s in-demand office sector.
Kite Realty Group Trust lost money in the second quarter but beat analyst expectations when it came to revenue and funds from operations.
The Indianapolis-based company spent $2.8 million in the second quarter on a potential purchase it ultimately decided not to pursue.
Duke Realty Corp. on Wednesday reported a smaller profit on slightly more revenue in the second quarter, along with key performance results that met analyst expectations.
Simon executives told analysts during a conference call Wednesday that the company has added 200 restaurants to its tenant mix in the past five years, 53 of which should open either this year or in 2017.
The mall owner said funds from operations, a key performance measure, remained flat, but they beat analyst estimates by a penny.
The 84-year-old building at 56th and Illinois streets is expected to draw plenty of interest from restaurateurs due to its proximity to the neighborhood’s prime commercial corner.
