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|  Tuesday, July 24, 2007 |
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Indianapolis Opera wants to buy
Holy Trinity church
The Indianapolis Opera has made an offer to buy the Holy Trinity Greek Orthodox. The opera would relocate its offices from 38th Street and Washington Boulevard and use the new space for rehearsals. Performances would still be held at Clowes Memorial Hall at Butler University. The offer comes about six months after a neighborhood preservation group nixed an offer from Imagine Schools Nonprofit Inc., which wanted to use the facility for a charter school. 
Duke to sell 13-building Park 100 portfolio
Duke Realty Corp. has listed for sale 13 buildings in its Park 100 industrial complex on the city's northwest side.
The company regularly buys and sells properties as part of Duke's normal course of business, said Joel Reuter, a Duke spokesman. Initial offers for the package are due this week, he said.
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|  | The portfolio, dubbed the Dugan Package, spans nearly 1.1 million square feet.
Gary Woodworth of CB Richard Ellis is listed as the broker. Duke owns 69 buildings in Park 100, according to a list on the company's Web site.
Projects
Urbahns Cos. Inc. plans to build a 65,000-square-foot, build-to-suit building in Avon for Illinois-based Brunswick Bowling. Brunswick will open a Storm Zone entertainment complex in the building that will include bowling alleys and other entertainment activities such as go-carts, laser tag and a billiard room. The cost of the project was not disclosed. Construction is expected to begin in the fall and be completed by March. Craig Kastle, CEO of Bowl West LLC, will operate the facility. Kastle owns three bowling alleys in Hendricks County.
Sales/acquisitions
- The former home of WTTV-TV Channel 4 and land on Bluff Road has been bought by a trio of local businesswomen, at least two of whom are affiliated with Dorsey Paving Inc. of Indianapolis. Rosemary Dorsey, Beth Dorsey and Christi Cotti closed on the deal July 20, according to Wally Wolff, senior vice president of Sheldon Good & Co., which on June 19 held a sealed-bid auction for the building on behalf of Tribune Co.
Cotti said the trio bought the building as an investment and have not decided what they will do with it. She declined to provide the price.
The 19,858-square-foot building at 3490 Bluff Road sits on 18 acres about four miles south of the RCA Dome. It's been vacant in the five years since the television station was acquired by Tribune, which combined the station's operations with its other local station, WXIN Channel 59.
Dorsey Paving is located less than three miles north of the former Tribune building.
Tribune is being acquired by Chicago real estate tycoon Sam Zell for $13 billion.
- Illinois-based Prime Property Investors Ltd has acquired eleven student-housing buildings on the Purdue University campus. The portfolio of buildings, which were purchased for $14.3 million, includes two Indiana University student-housing properties that Prime Property acquired in November but resold to an affiliate of itself with the Purdue units. The Purdue student housing buildings comprise 100 units and 259 beds. They are fully occupied. Prime Property owns nine other student-housing properties at Purdue.
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| - Oklahoma-based National Steel Erectors Corp. has bought a 19,800-square-foot industrial building at 4836 W. Minnesota St. for an undisclosed amount. The buyer will occupy all but 9,200 square feet, which is available for lease. Brett Spitzer , with NAI Olympia Partners, represented the buyer. The seller was locally based TMW LLC.
Leases/leasing contracts
- Massachusetts-based Extra Innings, an indoor baseball and softball training center, has leased 24,900 square feet at 5545 S. Meridian St. The building, owned by Rhoades Investments LLC, had previously housed an indoor skate park and athletic facility. The tenant, which will occupy the entire building, was represented by Cathy Richards of Leading Edge Commercial Real Estate Services. The landlord represented itself.
- Farm Bureau Insurance has leased 3,200 square feet at 11876 Olio Road in Fishers. Larry Harshman of Harshman Property Services LLC represented both the tenant and the landlord, GSA Investment Co. Inc., in the transaction.
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| - Massage Envy has leased 3,200 square feet at 4000 W. 106th St. in Carmel. Tracey Holtzman , of NAI Olympia Partners, represented the tenant. The landlord, Weston Shoppes LLC, was represented by Veritas Realty LLC .
Investments/financings/stock sales
Duke Realty Corp. said it had $336.6 million worth of new developments under way at the end of the second quarter. Duke also made two acquisitions in the period for $70.4 million, including a 26,000-square-foot building on the St. Vincent Women's Hospital grounds. The Indianapolis real estate company sold properties worth $124.6 million in the quarter.
Housing
- Home sales in central Indiana last month dropped 19.8 percent, to 2,961, from the same month in 2006. New listings also fell, dropping 6 percent from a year ago, to 5,703. And the number of pended sales fell 10.1 percent, to 2,960. The average sale price of homes in central Indiana rose 3.6 percent in June, to $165,567, compared with June 2006.
- The pace of mortgage loan applications increased 0.9 percent the week ended July 14, compared with the week before, which included the July 4th holiday, according to the Mortgage Bankers Association. Activity was up 15.7 percent compared with the same week in 2006. Refinancings accounted for 37.7 percent of all applications, up from 36.2 the previous week. Interest rates on 30-year mortgages averaged 6.61 percent, down from 6.65 percent. The average interest rate for 15-year mortgage loans decreased to 6.29 percent.
People
Scott Levinson has joined The Urbahns Real Estate, a unit of Urbahns Cos. Inc., as vice president of sales and leasing.
Skating Academy wins extension
 The Indiana Worlds Skating Academy has agreed to a 9-month lease extension for its space at Pan Am Plaza. The organization will remain downtown at least until April 2008, said Academy Executive Director Pam Robinson. The group was told in October 2006 that it would have to move to make way for a new convention hotel, but the city chose another plan instead. The Academy still is eyeing a move to the State Fairgrounds. The General Assembly has allocated $4 million, half the estimated cost for new rinks. What should be done with the old rinks if the Academy moves?
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
Nance Design Inc. will design the final two units in Hearthview Residential's Athletic Club condominium project. Last week's Real Estate Weekly said the firm would renovate the two units in the 85-year old building. The two units will sell for $2.2 million.
Edited by Tracy Donhardt
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