North-side office buildings sell for $25 million
Cincinnati-based Neyer Properties has made its first foray into the Indianapolis market by purchasing two buildings near Keystone at the Crossing. A $2 million renovation is in the works.
Commercial Real Estate
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Local attorney, developer Page files bankruptcy
Paul J. Page was one of four principals of troubled Indianapolis-based condo firm Page Development, which spearheaded the Villagio at Page Pointe project at the south edge of downtown.
Greenwood firm buys building near Lucas Oil Stadium
The Alderson Commercial Group of Greenwood bought the building at 425 W. South St. late last year and plans to move into it in April. It last housed the Super Bowl Host Committee.
Simon amends plan for CEO’s controversial $154M bonus
Simon Property Group has tied CEO David Simon’s $154 million retention bonus to the financial performance of the company, but plaintiffs in a related legal action are not satisfied.
Circle Centre nears deals for Burger Palace, Yard House, LA Fitness
Three prominent restaurant chains, including one developed by Bobby Flay, and a health club franchise are eying the vacant space formerly occupied by Nordstrom in Circle Centre.
Century-old Mass Ave landmark changes hands
The Marott Center was built in 1906 as one of the first multi-level department stores in Indiana and is listed on the National Register of Historic Places.
Whole Foods-anchored project causes stir in Broad Ripple
A local developer’s plan to build a $25 million mixed-use project in Broad Ripple anchored by a Whole Foods grocery met fierce resistance from neighborhood residents opposed to its size.
Group plans $2.8B mall buy from firm with heavy Simon ownership
Carrefour SA joined a group of institutional investors to buy 127 European shopping malls in a $2.75 billion deal with Klepierre SA, which is 29-percent owned by Simon Property Group.
Owners of Regions Tower putting building on the market
Office brokers say the 662,000-square-foot-building, downtown’s third largest, could fetch more than $60 million, or about $100 a square foot.
Simon plans for spinoff get warm reception from Wall Street
After recently stalling on the stock market, shares of Simon Property Group perked up in trading Friday after the massive local firm announced plans to spin off nearly 100 retail centers into a new firm. Analysts approved of the move.
Indy-based Simon spinoff will include 13 Indiana centers
The locally based retail giant confirmed Friday morning that its new spinoff will be headquartered in Indianapolis. Several of Simon’s properties in the area will be among the new portfolio, including Clay Terrace in Carmel.
Simon to spin off smaller properties into new public company
The as-yet-unnamed new company will have a separate management team. The company initially will own 54 strip centers and 44 malls.
Commercial blitz may follow Westfield’s housing boom
Poised for a development boom in those heady days before the real estate market collapsed, Westfield appears back on track for growth. Residential activity never stopped, but builders are picking up the pace in response to increasing demand. If history holds true, a commercial construction blitz will come next.
Activity at AmeriPlex gaining steam
The west-side industrial park, one of the city’s largest, is experiencing robust construction activity that includes more than just distribution centers.
Meridian corridor office complex sells for close to $43 million
The buyer, Equus Capital Partners, has made a habit of purchasing large-scale, Class A office properties on the north side of the city.
Barron’s says Simon stock among best for 2014
The owner of hundreds of retail properties landed on the Barron’s list of top stock picks for 2014, with the financial publication citing an improved outlook and an analyst upgrade.
Final piece of city land-swap deal almost done
Indianapolis Fire Department Credit Union officials are set to sign off on a deal with the city to build a facility downtown near College Avenue. That would clear the way for a $43 million project on the credit union’s current Mass Ave site.
Indy firm proposes redevelopment of ISU towers
Indiana State University is putting on hold its plans to demolish two 15-story former residence halls on the Terre Haute campus after an Indianapolis-based developer proposed taking them over.
StreetLinks plans to move 200 employees downtown
StreetLinks, which sells real estate appraisal management services and software, plans to move from the far south side to the ground floor of the $30 million Artistry project at 451 E. Market St.
Lauth acquires new apartment property in Greenfield
The local developer’s purchase of the complex is part of a shift within the company to complement its traditional development business with acquired properties.