IBJ Real Estate Weekly

	Tuesday, August 7, 2007
	City's exit from Sherman Park concerns neighbors, new owner When the city of Indianapolis relocates two of its departments later this year from Sherman Park on the near east side to 1200 S. Madison Ave., some say the city is merely trading one blighted area for another-and abandoning a neighborhood it has said it wants to help. And over the 10-year lease with Pillar Investments LLC , owner of the Madison Avenue property, the city will pay nearly $1.2 million more in rent than it would had it stayed at Sherman Park. Projects - Indianapolis-based Street Corner Group LLC has begun construction of a $16 million Hampton Inn & Suites in Greensburg for GS Lodging LLC, an affiliate of Street Corner. The hotel will be managed by The Worthington Group, also of Indianapolis.
	Precept Design Architects of Carmel designed the hotel. The 114-unit, limited service hotel will be adjacent to the new $550 million Honda Motors Co. plant being built in Greensburg. - Local entrepreneur Sam Shakir has hired Flaherty & Collins Properties to build and manage a 208-unit apartment complex in Noblesville. Construction of the $18 million Cumberland Pointe Apartment Homes has begun; some units will be available in December. The project is expected to be complete next summer. - D.B. Klain Builders LLC has built a 7,104 square foot office and retail building at 2159 Glebe St., in The Village of WestClay in Carmel. Klain, a custom home builder, has relocated to 1,700 square feet within the new building from 715 E. 107th St. Klain will lease the rest to retail and office tenants; none have been signed. Leases/leasing contracts - St. Vincent Health has leased 21,472 square feet at 8414 Naab Road in the Naab Road Medical Pavilion. Matt Langfeldt and Rich Forslund with NAI Olympia Partners represented the landlord, Heather Glen Investments LLC. St. Vincent was represented by Bruce Gordon with Bremner-Duke Healthcare Real Estate. - B.G. Ministries Inc., dba LIFE Daycare and Preschool Ministry, has leased 9,753 square feet at 8383 Craig St. in Indianapolis. The tenant was represented by Bryan Augustin with NAI Olympia Partners. The landlord, Two Metroplex LLC, was represented by Ted McClure with McClure Commercial & Industrial Real Estate. - Villagio Day Spa has leased 6,400 square feet at 4400 Weston Pointe Drive in Zionsville. The landlord is Williams Realty Group. Adam Crockett of Williams Realty represented both sides. - Play n Trade has leased 1,200 square feet at 6810 S. Emerson Ave. The landlord is Williams Realty Group. Denise Kouril of Williams Realty represented both sides. Investments/financings/stock sales The NAREIT composite index lost 8.79 percent in July, following closely a 9.04-percent decline the month before. 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 2.19 percent last month and the Dow Jones industrials fell 1.47 percent. Indiana's REITs performed as follows in July: Simon Property Group Inc. lost 10.35 percent, Duke Realty Corp. lost 10.68 percent and Kite Realty Group Trust lost 16.26 percent.
	Housing The pace of mortgage loan activity declined 0.3 percent last week from the prior week. Applications are up 14.2 percent from a year ago. Refinancings accounted for 39.4 percent of all applications, up from 38.5 percent the previous week. Interest rates on 30-year mortgages dropped to 6.5 percent, from 6.59 percent. Rates on 15-year mortgages decreased to 6.2 from 6.24 percent. People Scot Courtney has been named president of Grubb & Ellis Harding Dahm & Co. Courtney also will continue his previous role of leading the real estate firm's local retail services. At last: Penn Centre rendering Here's a preliminary rendering of the Penn Centre development planned along Pennsylvania Street between Maryland and Georgia streets. The J. Greg Allen project is being designed by locally based Browning Day Mullins Dierdorf. At bottom right is a parking lot used by Hampton Inn that is not included in the project. Plans call for towers of 28 and 17 stories, including a 240-room Le Meridien hotel, 150-room aloft hotel, 64 condos and up to six restaurants. The developers face a final hearing in front of the Indianapolis Historic Preservation Commission on Sept. 5, then must get the blessing of the Metropolitan Development Commission. They hope to break ground in October. Read the item 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. Edited by Tracy Donhardt
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