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Pinnacle exits local apartment market
Bloomington-based Pinnacle Properties LLC has exited the Indianapolis apartment market, selling eight properties in three transactions in the last month. The company plans to focus on office and retail instead, said Judy Ferguson with Pinnacle. The properties sold are in Broad Ripple, downtown and on the south side of Indianapolis. 
Projects
Construction began last week on a 192,000-square-foot horse arena and expo center in Cloverdale. Crossroads USA Arena and Expo is being developed by Jim Skinner, Steve Jackson and Brent McCammack. The facility will be used for horse shows, car and boat shows, concerts and rodeos. The cost of the project, which is expected to be finished in January, was not disclosed.
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|  | Leases/leasing contracts
Bounce Planet has leased 13,400 square feet at 1710 Pleasant St. in Noblesville Commerce Park. Itamar Cohen with Century 21 at the Crossing represented the tenant, which makes inflatable and bouncy party items, like trampolines and tents. The landlord, Coble Properties , represented itself.
Financials/investments/stock sales
- Duke Realty Corp. will release second quarter results July 26.
- Kite Realty Group Trust said it would release financial results for the quarter ended June 30 after the market closes Aug. 8.
- NAREIT composite index lost 9.04 percent in June, following two months of slight gains. The NAREIT index is made up of about 200 publicly traded real estate investment trusts in such sectors as industrial, retail, mortgage, self-storage and residential. In comparison, the NASDAQ lost 0.05 percent last month and the Dow Jones industrials fell 1.61 percent. Indiana's REITs performed as follows in June: Simon Property Group Inc. lost 13.87 percent, Kite Realty Group Trust lost 11.18 percent and Duke Realty Corp. lost 10.51 percent.
Housing
Mortgage rates held steady over the holiday week, with interest on 30-year mortgages averaging 6.74 percent, according to Bankrate.com. The average rate on 15-year loans was 6.41 percent. Fixed rates are about one-half percentage point higher than three months ago.
People
- Steve Siroky has joined S&B Construction Co. as a pre-construction manager.
- F.C. Tucker has hired the following sales associates: Melissa Cook, Sandra Gallego, Virginia Wood, Dajuan Gilbert, Rhonda Metzger, Kelly Shideler, Stephanie Miles, Sarah Braun, Stein Johnsen, Lerna Goins, Eva Hurley-Runyan, Jack Smith, Jenifer Endicott, Jeromy Graft, Stacy Sorrell and Dale Smith.
Correction:
Edgeworth Laskey Properties LLC is developing Lake Pointe Center 5 in Allison Pointe. Last week's Real Estate Weekly had the incorrect name for the building.
 New name for tower: M&I
Milwaukee-based M&I Bank has no plans to vacate a 31-story skyscraper in downtown Indianapolis after acquiring its namesake, First Indiana Bank, the CEOs of both companies say. First Indiana recently renewed its lease, but Marshall & Ilsley hopes to realize cost savings of 20 percent in the merger, so the combined bank still could reduce its space. "The intent would be to be in this building for a considerable period of time," said First Indiana CEO Bob Warrington. The building's New York owners are trying to sell it for $60 million (about $113 per square foot).
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Tuesday, July 10, 2007 
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