Biglari was persistent in pressing Western Sizzlin deal
Steak n Shake CEO Sardar Biglari proposed buying Western Sizzlin in January and again in May and advocated the unusual structure
of the $39 million transaction.
Real Estate
Articles
U. S. home sales hit highest level since early 2007
The National Association of Realtors said Monday that home resales rose 10.1 percent in October, spurred by a tax credit that
buyers
expected to expire at the end of the month.
Duke Realty renews credit agreement
The renewed credit deal was extended for two years and includes an option to boost the value to $1.05 billion.
Boot, apparel sales boost Shoe Carnival profit
Shoe Carnival Inc.’s quarterly same-store sales, which measure revenue from locations open at least a year, climbed 10.2 percent.
Falling property prices fuel new wave of bank woes
The second and third quarters were brutal for Indiana banks, as they set aside big reserves to cover losses on commercial
real estate loans.
Airport retailers want relief from street pricing policy
Airport concessionaires stung by a 10-percent drop in passenger traffic have asked the Indianapolis Airport Authority to ease
a policy that was implemented more than 10 years ago to keep prices in line with what consumers pay outside
the airport.
Remnants of failed Premier Properties finally hit market
CB Richard Ellis recently began marketing the most prominent of Premier Properties’ local properties, Metropolis. The
Venu site
at the southwest corner of East 86th Street and Keystone Avenue also is up for grabs.
Indianapolis lawyer to open bar and lounge in 3Mass building on Mass Ave
The bar, which isn’t yet named, will be Baker & Daniels lawyer Trevor Belden’s first bar.
Pizza restaurants in works; wine shop heading to Fishers
Hot Box Pizza plans to open a downtown location in the Harness Factory Lofts building, and WineTyme, a new local shop selling
wines, craft beers and gourmet food, is coming to Fishers.
Indianapolis looks to Cleveland, Philadelphia for City Market examples
The troubled Indianapolis City Market is looking East for a new direction. This summer, its executive director, Jim Reilly,
visited Philadelphia and Cleveland to observe their successful urban markets and seek pointers that might be applied here.
Denison light-replacement project shows expanding base of green vendors in region
Indianapolis parking garage operator Denison shuns sexy LED lighting for Fishers supplier’s induction lights.
Criminal charges possible in Premier blowup
Authorities are considering pursuing criminal charges against Christopher P. White and other executives at Premier Properties
USA Inc. in connection with deepening troubles at the local development firm, sources familiar with the matter told IBJ.
Premier lays off workers as lawsuits, debt pile up
Premier Properties USA Inc. has eliminated about half its headquarters staff—more than 40 employees—as banks seize
several of its properties and CEO Christopher P. White faces a barrage of new lawsuits alleging unpaid bills, defaulted loans,
illegally redirected rent payments and check fraud.
Creditor pursues troubled Premier’s property
Wachovia Bank has begun foreclosure proceedings on one of Premier Properties USA Inc.’s most prized developments,
a giant Ohio lifestyle center anchored by Target and J.C. Penney.
Memo: Unpaid contractors demanding payment from Premier Properties
Premier Properties USA Inc. is scrambling to keep up with bills for basic services including snow removal,
security and interior design—more signs of financial troubles for the developer of Metropolis in
Plainfield and the proposed Venu project in Indianapolis.
SPECIAL REPORT: Financial travails dog ‘mystery man’ at helm of Premier Properties
An IBJ review of hundreds of pages of public records shows Christopher P. White and his Premier
Properties USA Inc. are facing major financial and legal challenges. The most glaring signs of trouble: Contractors have filed
more than $3.5 million in liens against Premier’s retail properties in Plainfield; the state of Indiana is trying to
recover $375,000 in sales taxes on White’s airplane; and the contractor who renovated his Lake Clearwater mansion
is suing him to recover more than $600,000 in unpaid bills.
Speedway breaks ground on redevelopment project
Speedway officials broke ground Thursday morning on the first phase of a $500 million redevelopment project they hope will transform the small town into a year-round racing-themed destination.
Developer eyes Penn Centre as it wraps up Allen Plaza
Allen Commercial Group is offering for sale the first of 30 condos in its flagship nine-story Allen Plaza building along Pennsylvania
Street downtown. And the firm is working on a phasing plan for its much-larger Penn Centre proposal.
RELLER: Refinancings likely to undermine prices for commercial real estate
Buyers armed with cash stand to snap up distressed properties for 40 percent less than their 2008 appraised values.
Fledgling technology park is development bright spot
WestGate@Crane Technology Park is adding office buildings for defense contractors next to the secretive Naval Surface Warfare
Center at Crane.