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|  Tuesday, July 17, 2007 |
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Apartment owners hammered by tax hikes
Home owners aren't the only group dealing with higher property taxes after the recent reassessment. The owners of apartment complexes also were hit hard, with some reporting tax increases of more than 70 percent, according to the Indiana Apartment Association . "This is a very raw issue for the apartment community," said George Tikijian, a principal with Tikijian Associates , which brokers apartment deals in central Indiana and across the state. 
Anderson sells donated GM building for $2.6M
Offers to buy are coming in and deals are closing as the city of Anderson begins to cash in on the sale of vacant car manufacturing plants that once fueled the city's economy. The Anderson Redevelopment Commission in the last two weeks has accepted offers on two former plants that together will net the city more than $3 million.
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Hearthview Residential has hired Gary Nance of Nance Design Inc. to renovate the final two units in the Athletic Club. Hearthview has converted most of the 95-year-old, nine-story building into condominiums, but a lounge and dining room with library are yet to be converted. Renovating the last two units will cost $2.2 million. The condos will feature 22-foot ceilings and will retain wood paneling, moldings, windows, fixtures and fireplaces. The two units are 3,000 square feet and 4,200 square feet.
Sales/acquisitions
- Sand Capital , an affiliate of locally based Sandor Development Co., has acquired Lafayette Place, a 379,097-square-foot retail center at 3651 Commercial Drive, for $14.5 million. The center was bought out of foreclosure from Nationwide Life Insurance Co. It had been owned by The Broadbent Co ., which nine months ago put the center, plus two others in the Lafayette Square Mall area, up for sale. Eight months ago Broadbent bought and has since started renovating the former Zipper building downtown, where it plans to relocate. At the time Lafayette Place was put on the market, it was 56 percent occupied; now it is about 44 percent leased. Broadbent still lists the other two centers-Lafayette Shoppes and Georgetown Plaza-as part of its portfolio on its Web site.
- Dayton Freight Lines Inc. has bought 46 acres within the Precedent South Business Center in Greenwood for an undisclosed amount. The Dayton, Ohio-based company plans to build a semi-trailer truck terminal on the parcel, which had been owned by The Precedent Cos. Steve Schaub and Rick Suja of Summit Realty Group represented the seller. The buyer was represented by Charleston Real Estate.
- Ware Properties LLC has purchased a 6,000-square-foot building at 277 E. 12th St. for an undisclosed amount. Locally based Dury Investment Group represented the seller, the Von Deylen family. The buyer was represented by Sandra Jarvis of Urban Space Commercial Properties. The building is fully leased by two tenants.
Housing
- Pended home sales in central Indiana for the first six months of the year were down 5.7 percent over the first half of last year, according to F.C. Tucker Co. At mid-year, there were 15,922 home sales pending. Morgan County had the largest decline over the six months at 11.4 percent. Only two counties experienced upswings, Madison and Shelby, at 4.8 percent and 1.5 percent, respectively. Pended home sales for June fell 7.9 percent from June 2006. Meanwhile, the inventory of homes in Marion and the surrounding eight counties rose 5.2 percent in June, compared with the same month a year ago.
- Interest rates on 30-year mortgage loans averaged 6.73 percent last week, up from 6.63 percent the week before, according to Freddie Mac. Rates on 15-year loans averaged 6.39 percent, compared with 6.3 percent in the prior week.
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People
Larry Hafetz has joined Ice Miller LLP as of counsel in the law firm's real estate practice group.
Other news
- Mann Properties has formed a new subsidiary, Mann Property Management , which will offer property management services for industrial, retail and office properties it does not own. In the past, the Indianapolis real estate firm managed only its own properties.
- Members of the real estate community and city groups connected with the Wholesale District downtown plan to showcase the area's growth July 18. Among presenters to area stakeholders will be Terry Sweeney and Sara Legman of Indianapolis Downtown Inc., Sandra Jarvis of Urban Space and Megan McKinney of the Indiana Repertory Theatre. The group will tout the area's $169.8 million in projects between 2003 and 2006 and $353 million in projects planned over the next three years.
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|  KIB getting new headquarters
Keep Indianapolis Beautiful is planning to renovate a vacant industrial building in Fountain Square to serve as its new headquarters. The not-for-profit will seek LEED certification for the 25,000-square-foot building at the corner of Fletcher and Shelby streets, across from a walk-up Dairy Queen. The group paid about $500,000 for the red-brick building, the former home of janitorial supply company Roger Popp Inc. The building will get a green roof, cysterns to catch water and a center atrium as part of the $1.7 million renovation. KIB plans to break ground in late August
Read the items above and more real estate conversation starters at Property Lines, IBJ's real estate blog. You can link to the blog, which is hosted by real estate beat reporter Cory Schouten, at www.ibj.com.
Correction
Bounce Planet provides an activity play area for kids' parties using inflatable and bouncy items. Last week's Real Estate Weekly incorrectly said the company makes the items.
Edited by Tracy Donhardt
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