After recently stalling on the stock market, shares of Simon Property Group perked up in trading Friday after the massive local firm announced plans to spin off nearly 100 retail centers into a new firm. Analysts approved of the move.
The locally based retail giant confirmed Friday morning that its new spinoff will be headquartered in Indianapolis. Several of Simon’s properties in the area will be among the new portfolio, including Clay Terrace in Carmel.
Poised for a development boom in those heady days before the real estate market collapsed, Westfield appears back on track for growth. Residential activity never stopped, but builders are picking up the pace in response to increasing demand. If history holds true, a commercial construction blitz will come next.
The west-side industrial park, one of the city’s largest, is experiencing robust construction activity that includes more than just distribution centers.
Indianapolis Fire Department Credit Union officials are set to sign off on a deal with the city to build a facility downtown near College Avenue. That would clear the way for a $43 million project on the credit union’s current Mass Ave site.
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.
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.
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.
David Simon, CEO of Simon Property Group Inc., graduated from Columbia Business School in 1985. His gift will help build 450,000 square feet of new facilities on its campus.
Federal prosecutors in Pittsburgh have charged Mark Palombaro of Carmel with a single count of mail fraud in connection with a kickback scheme.
At-large City-County Council member Zach Adamson says that even if the apartments-and-grocery project gets an OK from city development officials on Wednesday, he might force an additional hearing.
City officials are quietly trying to orchestrate what would be a major coup: Landing Cummins as an office anchor for a second phase of redevelopment on the former home of Market Square Arena.
A drugstore, likely a CVS or Walgreens, is expected to anchor the ground-level retail space that will be part of the planned mixed-use redevelopment of the downtown Indianapolis Star headquarters property.
The Indianapolis grocery market is about to become even more competitive, as discount giant Wal-Mart embarks on a strategy to offer consumers a store design much cozier than its cavernous supercenters.
The controversial residential-and-retail development along the Central Canal got the nod from a city hearing examiner on Thursday. A zoning change and variances for the project still require additional approval.
A federal lawsuit alleging monopolistic behavior by Simon Property Group Inc. likely will proceed to trial after a federal judge in South Bend denied a motion by the Indianapolis-based mall giant to dismiss the 3-year-old case.
The dispute started in October when the lender tried to take possession of the building at the southwest corner of 49th Street and College Avenue. Now the owner has filed Chapter 11 to delay foreclosure proceedings.
Financial terms of the agreements, announced in a written statement, were not disclosed, but the mortgages involve tens of millions of dollars in debt on retail properties spread throughout the area.
If the “retail follows rooftops” real estate mantra is true, The Village of WestClay may soon see the commercial development its founders envisioned more than a decade ago.
The initial public offering of Brixmor Property Group, the second-largest U.S. shopping center landlord, may be the biggest for a retail real estate investment trust since Simon Property Group Inc.’s IPO 20 years ago.
