Northside office complex might fetch more than $40M
The three buildings near I-465 and North Meridian Street that make up Meridian Corporate Plaza were lost by Lauth Investment Properties LLC in its bankruptcy reorganization.
Commercial Real Estate
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Aging east-side shopping center to be redeveloped
A local developer has received city approval to rezone 10 acres at Fall Creek Parkway and East 56th Street as part of a plan to demolish a mostly vacant retail center and replace it with a 42,000-square-foot anchor grocery store and other shops.
Cell phone retailer to establish Carmel office, hire 145
One of the largest private firms in Indiana, Moorehead Communications will occupy a 47,000-square-foot building that it acquired earlier this year. The project will run about $5 million.
Big Red Liquors buys south-side building for HQ
The Bloomington-based company followed its acquisition of United Package Liquors by acquiring a vacant, 33,000-square-foot building on U.S. 31.
Mel Simon estate quietly showering charities with millions
The estate earmarked at least $1 million for nine recipients, from Butler University and the Indiana University Foundation to The Children’s Museum of Indianapolis, the United Way of Central Indiana, and the James Whitcomb Riley Memorial Association.
More upgrades in store for downtown’s Cadillac Building
The building owner is opening window coverings that had been sealed shut, a move that will make the property more attractive to a retailer. A huge apartment project underway nearby is giving the area a lift.
Ice Miller, Bingham firms reduce downtown office space
Ice Miller gave up two floors at the OneAmerica Tower and Bingham Greenebaum Doll one floor at Market Tower as they and other law firms search for ways to cut costs in a highly competitive market.
REITs tumble most since 2011 on concern of rising rates
Shares in U.S. real estate investment trusts fell the most in 19 months Wednesday. Three major REITs, all based in Indianapolis, saw their shares drop on Wednesday.
Noble Roman’s gets rolling with take-and-bake franchises
Since October, franchisees have opened the first seven stand-alone, take-and-bake locations—dubbed Noble Roman’s Take-n-Bake P’ZA. Nine more are in development or under construction.
Incentives draw industrial developer to AmeriPlex
A city tax abatement has led Atlanta-based Industrial Developments International to build a 794,608-square-foot speculative building in AmeriPlex and to plan construction of another, 460,000-square-foot building there.
Woodard sells Canterbury Hotel to Ohio firm
Local businessman Turner Woodard had owned the upscale downtown hotel since 2010. Terms of the deal with Columbus, Ohio-based RockBridge Capital LLC, a hotel investment firm, were not disclosed.
Out-of-state developer pitches $75M Carmel project
Baltimore-based Atapco Properties wants to redevelop 34 acres of land at Carmel Drive and Guilford Road, converting a portion of the commercial property to residential use with hundreds of apartments.
AT&T building’s new owner targets first-floor retail
Geis Properties, a division of Streetsboro, Ohio-based Geis Cos., purchased the 558,000-square-foot building for $16.5 million late last month from AT&T, which is reducing its downtown presence.
Vacant GM stamping plant to be demolished
The 2.1 million-square-foot plant, which sits on 102 acres near downtown, opened in 1930 and employed more than 5,000 at its peak. That number was fewer than 700 when it closed two years ago.
Center Township trustee to list Mass Ave building
The township board in late May gave Trustee Eugene Akers permission to list the property, which has a five-story office building on 1-1/3 acres of land.
Fishers, Noblesville put cuffs on charities to recoup tax revenue
Two growing Hamilton County communities looking to build their commercial tax base are taking steps to ensure land targeted for development doesn’t end up in the hands of organizations that don’t pay taxes.
Cummins looking to build downtown Indy offices
Cummins Inc. wants to expand its downtown Indianapolis presence and is searching for land to construct an office building that would double the space the Fortune 500 company occupies in the city, several local office brokers said.
Riley CDC names successor to retiring executive director
Eric Strickland’s appointment was effective June 1. He brings more than 18 years of engineering, real estate development and economic development experience to the organization.
City’s first spec office building in 5 years opening doors
Sourwine Real Estate Services expects to have its $12 million, 80,700-square-foot project finished later this month in one of the city’s hottest north-side development areas.
Simon investors can proceed with CEO pay suit, judge rules
Simon Property Group Inc. investors can continue with a lawsuit in which company directors are accused of improperly raising CEO David Simon’s pay without shareholder approval, a judge ruled.