Summit awarded leasing of troubled BMO Plaza
The tall task of signing tenants for the troubled BMO Plaza, which sits nearly half vacant, has been handed to Summit Realty Group.
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Design firm moving to new downtown space
Rowland Design Inc. was set to move from its longtime Lockerbie Square location to 702 N. Capitol Ave., adjacent to the Cultural Trail, on Nov. 30.
Carmel complex’s new owner plans major upgrade
Zeller Realty Group has acquired the 300,000-square-foot Meridian Plaza right on Carmel’s front door step, and is gearing up for a $4 million revamp.
Gershman co-founder goes solo
A heavy hitter among commercial real estate developers has left the firm he helped found more than 20 years ago, to start his own company, and has taken most of its employees with him.
New Eskenazi hospital offers heavy dose of artwork
At 1.3 million square feet, the new hospital has plenty of room to display art, most of which was purchased with contributions from donors. The hospital is set to open Dec. 7.
Buyer of Illinois Building envisions conversion into upscale hotel
A high-profile local developer has bought the Illinois Building and is considering offers to convert the downtown landmark into a boutique hotel that could be the city’s first five-star lodge.
Kite Realty raises $217.3M in secondary share offering
The local rest estate investment firm says it will use some of the proceeds to repay debt and the rest to fund part of its recent $307 million purchase of nine Southern retail properties.
Former Mayor Peterson joins Kite Realty board
The former two-time mayor is better known for politics and public policy, but he spent many of his early years working in his family’s commercial real estate company.
Uptown Business Center headed to sheriff’s sale
The building in SoBro is at the center of a lengthy court feud in which the owner had attempted to delay foreclosure by filing to reorganize assets—a strategy that a bankruptcy judge rejected last month.
Former Marsh exec joins local Colliers office
Former Marsh Supermarkets Inc. executive Bill Marsh has joined the Indianapolis office of Colliers International as vice president of retail services.
Kite Realty to pay $307M for 9 retail properties
The Indianapolis-based real estate firm said the properties total 2 million square feet and are mostly located in Florida, Georgia and Texas. The acquisition would bump the size and value of Kite’s portfolio by about 20 percent.
Former Simon exec pleads guilty to fraud in kickback scheme
Carmel resident Mark Palombaro, 55, likely faces prison time after admitting to his role in a scheme that prosecutors say netted him $766,000.
Local developer plans six-story office building in Castleton
Edgeworth Laskey Properties LLC, which has developed three buildings within Allison Pointe Park, bought the 10.5-acre parcel along Interstate 465 from a suburban Chicago company.
Summit partners seek tax break for $14M distribution facility
They plan to spend $14 million to build the 542,000-square-foot warehouse on 33 acres on the city’s west side. One condition of the tax abatement is finding a user that would create at least 50 jobs by 2018.
Startup bakery seeking tax breaks on $78M project
Dallas-based Specialty Bakery LLC plans to build a 226,778-square-foot production and distribution facility in southwest Indianapolis that would create 241 jobs by 2018.
Judge sentences attorney Page to probation, fine
Attorney and real estate developer Paul J. Page will serve two years of probation and pay a $10,000 fine for concealing the source of a $362,000 down payment on his purchase of a state-leased office building in Elkhart.
Kite reports smaller quarterly loss on much higher revenue
The Indianapolis-based real estate investment trust said that it lost $900,000 in the quarter, compared with a loss of $3 million during the same period a year earlier.
Duke Realty reports smaller loss on gains from property sales
The Indianapolis-based real estate firm held steady in the third quarter, maintaining high occupancy in its commercial buildings and increasing funds from operations.
Four local firms vying to redevelop GM stamping plant site
At least one of the proposals for the site, which has been vacant since 2011, would create a suburban-type office park in an urban environment.
Marion County, Simon tangle over value of malls
A years-long fight between Marion County and mall developer Simon Property Group Inc. has moved to the Indiana Tax Court as a judge weighs vastly different estimates of the values of Lafayette Square Mall and Washington Square Mall.