Simon Property Group urges rival to heed $10B buyout offer
Simon’s warning was delivered in a letter sent to General Growth a day after the company essentially rebuffed Simon’s hostile
takeover bid.
Real Estate
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TROY: New law frees contaminated real estate from purgatory
State environmental regulators now must consider leaving contamination in the ground so long as it doesn’t threaten health
Urban Land Institute chapter launches in Indianapolis
Chapter, heavily populated by developers, hopes to guide sustainable development.
Commercial brokers trying property management in hard times
The commercial real estate slump is prompting several Indianapolis brokerages to add property-management services to their
portfolios or bolster existing ones.
Sandor plans HQ move from midtown Indy to Carmel
Strip-center specialist Sandor Development Co. is moving its headquarters to Hamilton County after almost 50 years
in Indianapolis.
General Growth snubs initial offer from rival Simon
Simon Property Group Inc. will have to wait in line with other potential bidders and raise its offer if it wants to land bankrupt
rival General Growth Properties Inc., the Chicago-based company said in a letter late Tuesday.
Westfield lumber company part of acquisition
Hall & House Lumber Co. in Westfield will become part of one of the largest distributors of lumber and building materials
in the nation, once the purchase of its parent is completed next month.
Simon making $10B bet on future of malls
Wall Street today is cheering Simon Property Group Inc.’s giant bet on the future of retail real estate, a sector that
appeared left for dead just months ago. The nation’s largest mall owner has offered $10 billion to take over its
nearest rival, Chicago-based General Growth Properties Inc., which is in bankruptcy.
Simon offers $10 billion for General Growth
Deal to acquire competitor would be largest ever for Simon Property Group, already the nation’s largest mall operator.
Resource Commercial Real Estate pursuing Colliers flag
Resource Commercial Real Estate is one of a handful of local real estate brokerage firms angling to take over an affiliation
with Colliers International.
Light in the gloom
More industrial construction is going on in Indiana than in any nearby state.
Banks suing Broadbent, pushing one strip center into bankruptcy
Locally based Broadbent Co.’s legal battles with lenders have escalated, pushing one of its 34 strip malls into bankruptcy
and prompting Huntington National Bank and PNC Bank to sue to collect principal owed on loans tied to four more.
City of Franklin selling two buildings, including former City Hall
Bids for one or both of the properties will be accepted from Feb. 17 through March 16 at the Clerk-Treasurer’s Office
at 70 E. Monroe St.
Development firm Sandor leaving midtown for Carmel
Strip-center owner and developer Sandor Development Co. is moving its headquarters to Hamilton County after almost 50 years
in Indianapolis.
HHGregg’s faster growth boosts risk, potential rewards
HHGregg Inc. had been in business nearly a half century when it hit the 50-store mark in 2004. It plans to open nearly
that number within the next year.
Herb Simon purchases Kirkus book review journal
In a move not necessarily stranger than fiction, Herb Simon has bought Kirkus Reviews, the venerable journal of prepublication
book reviews. The owner of the Indiana Pacers co-owns an independent bookstore in California and is described as a voracious
reader.
Kmart closing adds to Connersville jobless woes
Kmart’s announcement that it will close its store in Connersville in May will put 59 employees out of work. Fayette County,
where the city is located, already is strapped by steep job losses.
Senator backs down on bill altering historic-district rules
Sen. Patricia Miller will put on hold a bill that would have have stripped the Indianapolis Historic Preservation
Commission
of much of its authority. The bill was
prompted by incidents including a dispute over St. John United Church of Christ.
ICVA chief: Downtown Indianapolis will need another big hotel
The 1,000-room J.W. Marriott isn’t even finished and support already is emerging for a second downtown hotel that
would rival it in size.
Law firm adds Old Northside mansion to its campus
The law firm Plews Shadley Racher & Braun LLP has spent more than $1 million to add the 1871 Eden-Talbott house to its
campus in the Old Northside Historic District.