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VOICES FROM THE INDUSTRY: Making green make sense in a competitive market

Day after day, the news seems filled with stories of disruptive credit markets, an economy teetering on recession, and increasing energy costs. As business professionals grapple with such issues daily, why would commercial real estate professionals consider the time and effort to “go green”? Historically, green initiatives suffered in part from stereotypical “tree-hugger” false perceptions. Such perceptions may lead people to believe that green investments simply aren’t worth it. The truth? The real focus has always been the efficient use…

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BEHIND THE NEWS: Is it time for investors to bite on Steak n Shake?

It takes courage, but sometimes the best time to invest in a stock is when almost no one else is. That strategy paid off royally with Finish Line Inc., whose shares are up 180 percent this year. Now, is the time right to dive into The Steak n Shake Co.? To be sure, naysayers can find plenty of reasons to steer clear of Steak n Shake, which helps explain why shortsellers-investors who make their money when shares fall-have flocked to…

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Former Duke retail executive ready for first solo project: Schembre preparing to break ground on $15M Lawrence Commons

A former Duke Realty Corp. executive who hung up her own shingle last year is close to breaking ground on her first project. Cindy Schembre, 49, launched Via Retail Development LLC in January 2007 and is negotiating with tenants and closing on the purchase of 11 acres at 56th Street and Mitthoeffer Road. The $15 million project, known as Lawrence Commons, is an 80,000-square-foot neighborhood center that is slated to break ground in June. The development includes a 45,000-square-foot anchor…

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Defaults also hit business property: Experts expecting bump in commercial loan woes

In the few short months since Gordon Hendry began leading the Property Management Division for the local office of CB Richard Ellis, the firm has become involved in a growing number of commercial loan defaults. Locally, CB Richard Ellis is the courtappointed receiver for Plainfield Crossing, a 92,000-square-foot West Washington Street strip center anchored by Value City, and for Crooked Creek Center, a 52,000-square-foot center at 79th Street and Michigan Road. Hendry expects the local office will be assigned to…

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Criminal charges possible in Premier blowup: Bankruptcy puts slew of creditors’ lawsuits on hold

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 said. Possible charges include check fraud and criminal mischief stemming from a $500,000 bad check White deposited into an account with The National Bank of Indianapolis in January. Accusations also are flying over whether White and Premier paid payroll taxes and properly credited employee 401(k) and health…

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Emergency hearing scheduled for Premier

A U.S. bankruptcy judge has scheduled an April 28 emergency hearing over Premier Properties USA Inc.’s refusal to turn over records
concerning its retail properties including Metropolis mall in Plainfield.

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Monarch building new headquarters

Locally based Monarch Beverage Co. plans to transform a vacant drive-in theater in Lawrence into its new headquarters. The theater would be replaced with nearly 1 million square feet of new…

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Roundup: Bowling alley closing

Sport Bowl calling it quitsThe owners of Sport Bowl, a south-side institution for 67 years, plan to close in about a week. The 32-lane bowling alley has struggled since locally based Royal Pin…

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Texas investor enlists former Steak n Shake exec in quest to revive chain

Two executives with longtime ties to The Steak n Shake Co. have joined a dissident Texas investor in his quest to overhaul
the Indianapolis-based restaurant chain. Shareholders who have agreed to work with Sardar Biglari include a former board member
the company once described as a “modern-day founder” of the restaurant chain, along with a former partner in Kelley & Partners
Ltd., the investment firm led by company patriarch E.W. Kelley before his 2003 death.

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Commentary: Remember better days at ATA

On ATA, you’re on vacation. That catchy tag line from the past has taken on new meaning to the 600 or so Indianapolis employees who were abruptly and unceremoniously terminated April 3 when the airline shut down for good. The singsong melody that accompanied those words in ATA’s marketing is now a dissonant tune for them and the thousands of ticketed passengers who were left stranded. The airline whose name and jingle once evoked images of fun in the sun,…

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Market Tower owners put it up for bid despite tough market

The owners of Market Tower–the city’s fourth-tallest skyscraper–tried to sell the 31-story building this month but apparently
were unable to generate bids that met expectations. The timing of the sale–at a point when financing large deals is difficult–suggests
the owners may be eager to unload the asset.

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BEHIND THE NEWS: Plans in beaten-down state test HHGregg’s strategy

HHGregg Inc.’s audacious expansion strategy is about to get its biggest test. Since 1999, the Indianapolis-based electronics and appliance retailer has charged into eight new metro areas, adding 78 stores in such markets as Atlanta; Knoxville, Tenn.; Birmingham, Ala.; and Charlotte, N.C. The company doesn’t tiptoe in. It starts with multiple stores to justify the cost of building distribution infrastructure and launching an advertising blitz. The strategy has allowed it to swiftly build major market shares everywhere it’s gone. Now,…

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CVS to replace downtown IHOP

CVS has filed plans to build a new store where an IHOP now stands at the corner of 16th and Meridian streets. The new pharmacy would replace the iconic…

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Paramount Tower getting redesign

A development team is redesigning plans for a 16-story student-housing tower it hopes to build on a 2.3-acre site a few blocks east of the Central Canal. The developers,…

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Premier Properties auction attracts no bids

No bids were submitted today at an auction for control of 10 properties owned by Indianapolis-based Premier Properties USA
Inc., the financially troubled development company run by Chris White.

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The year flew by

Property Lines turns one this week. We’ve reached 300 posts and more than 5,500 comments thanks to the participation and support of a loyal group of readers. Thank you.To mark the occasion, let’s…

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Developer plans Carmel project

Locally based Browning Investments plans to develop a 20-acre mix of hotels, office buildings, a medical center and retail space on a vacant former church property along…

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Commentary: Jim Browning, a champion of the city

It was probably 15 years ago when Jim Browning called and invited me to lunch for the first time. I don’t recall why he extended the invitation, but I remember from the lunch that he was interested in what I had to say. And that surprised me. I didn’t know Jim then, but I knew of him through his architecture firm, Browning Day Mullins Dierdorf. I also associated him with the group of bold civic leaders who came up with…

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INVESTING: Diversifying in right way not as easy as it sounds

When you talk to your financial adviser and he tells you to diversify your investments, you are supposed to find ideas that do not move in direct sympathy with the stock market. In other words, put your money in non-correlated asset classes. The concept here is that, when one area of your portfolio is not doing well, another part is more than making up the slack. This whole program is wrapped up neatly in a cool term called modern portfolio…

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