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|  Tuesday, August 28, 2007 |
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East-side corner to undergo changes
Locally based Conrad Office Properties, which owns five office buildings in the Broad Ripple and Glendale areas, is expanding eastward with its acquisition of Shadeland Business Park just north of 16th Street and Shadeland Avenue. The park comprises two multi-tenant buildings that span 43,000 square feet on 17 acres. Jake Sturman and Adam Broderick of Meridian Real Estate represented Conrad, which plans to develop 11 of the acres for industrial use; a 25,000-square-foot speculative building is on the drawing board. 
Sale of Nora Plaza paves way
for more retail for PK Partners
Locally-based PK Partners LLC sold Nora Plaza to Michigan-based Ramco-Gershenson Properties Trust and Chicago-based Heilman LLC to free up capital for future projects.
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|  | Financial terms of the Nora Plaza sale were not disclosed. The 304,000-square-foot center is 93-percent occupied and is anchored by a Wild Oats Natural Marketplace and a Marshalls store. The Target store at Nora Plaza isn't owned by PK Partners and was not part of the sale.
Ramco-Gershenson also owns Merchants Square in Carmel, which it acquired in January 2004.
PK Partners, which owns several other retail centers on the north side, including Clearwater Springs Shopping Center, recently completed renovations of Nora Plaza in preparation for selling it. The developer retained ownership of a National City Bank building, which remains, and the site of a former Burger King restaurant, where the developer is building an 11,000-square-foot retail center. Up to seven tenants can occupy the retail space; none have been signed. The project is expected to be completed in November.
Sales/acquisitions
- Pyramid Place, a 52,402-square-foot retail center at West 86th Street and Michigan Road, has been sold for an undisclosed amount. Tenants in the 99-percent occupied center include Outback Steakhouse, Boston Market, Qdoba and T-Mobile. The seller was Indianapolis-based Mann Properties LLP, which was represented by Gary Woodworth of CB Richard Ellis. The buyer, Centre Properties, also based in Indianapolis, represented itself.
- Indiana Ventures I LLC has sold Benchmark Apartments, a 268-unit complex near 96th Street and College Avenue, for about $13 million. The buyer, Kansas City, Mo.-based JTL Properties LLC, was represented by Steve LaMotte and Amy Burmeister of CB Richard Ellis. JTL Properties plans to spend $2.5 million renovating the complex.
Leases/leasing contracts
- CME Enterprise Inc. has leased 8,353 square feet at 501 Congressional Boulevard in Carmel. Christopher Carmen of Carmen Commercial Real Estate represented the tenant. The landlord, Duke Realty Corp., represented itself. The tenant, which provides continuing medical education assessments, plans to relocate from 630 W. Carmel Drive.
- A franchise of Camp Bow Wow has leased 7,500 square feet at 489 Gradle Drive in Carmel. Ed Troha of CB Richard Ellis represented the tenant. The landlord, Scott Brown, was represented by Jake Isenbarger and Brett Spitzer of NAI Olympia Partners.
- PC Pro Schools has leased 7,400 square feet at 301 Pennsylvania Parkway. Ed Troha of CB Richard Ellis represented the tenant. The landlord, Lauth Property Group, represented itself.
- Municipal emergency Services leased 3,040 square feet at 6975 Hillsdale Court. Ed Troha of CB Richard Ellis represented the tenant. The landlord, Duke Realty Corp., represented itself.
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| - Barnes & Thornburg LLP has leased 997 square feet at 8888 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based BPG Properties LLC. The location will serve as a satellite office for the local law firm.
Stock sales
John Rulli, Simon Property Group Inc. vice president, sold 9,300 shares for $94.25 each, reducing holdings to 89,946 shares.
Housing
- The inventory of unsold U.S. homes rose 2.2 percent, to 3.85 million, in July, marking the highest level in 16 years, according to the National Association of Realtors. The inventory level represents a 9.2-month supply, the highest since October 1991. Inventories generally fall in July, the real estate trade group said. Sales of new homes fell 0.4 percent, to 5 million. Sales of existing homes fell 0.2 percent, to an annual rate of 5.75 million, but higher than the 5.69 million expected by economists.
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| - Interest rates on 30-year mortgages last week were at their lowest level in three months, dropping to an average of 6.52 percent, from 6.62 percent the prior week, Freddie Mac said. Rates on 15-year mortgage loans decreased to 6.18 percent from last week's average of 6.3 percent.
People
- Nick Garcia has joined Weichert Realtors Hometown Real Estate in Brownsburg as a residential specialist.
 - Heather Plothow has joined Century 21 Scheetz as a sales associate.
- F.C. Tucker Co. has hired the following sales associates: Jim Anthony, Diane Cassidy, Judy Willis, Laura Gillis, Amy Maher, Gina Marchino, Rob Petrisin, George Vaughn, Julie Denny-Hughes, Kelly Feyock, Joel Furgason, Lisa Lang and Jerry Lance.
Other news
When Kite Realty Group Trust began developing a $200 million mixed-use project for the University of Notre Dame, it had to first decide where to relocate the existing population-raccoons, deer and other woodland animals.
Over a month-long period that ended about a week ago, Kite trapped and relocated nearly 100 animals, more than half of which were raccoons, that had been living in the 13 acres of woods where the project will go up.
The alternative would have been to begin development and let noise and loss of animal habitats force the four-legged critters to move themselves, something that likely would have landed them in nearby neighborhoods. That's what happened two years ago when another company developed a nearby tract of land. Neighbors of the site said the influx of raccoons and other assorted animals was not only noticeable, but annoying, according to a report by WNDU Channel 16 in South Bend.
Kite's Eddy Street Commons project just south of the university campus calls for two hotels, 450 housing units, a parking garage for 1,043 vehicles and about 150,000 square feet of office and retail space. It was announced in May, and construction is set to begin once the animal eviction process is complete.
A call to Kite was not immediately returned; it was not clear where the animals were moved.
Tower's new look taking shape
 The first of the new glass panels are up on One Indiana Square. What do you think so far? The transformation of the 36-story tower built in 1970 is expected to take about two years, so everyone will have plenty of time to decide if they like it.
The project likely will cost between $25 million and $30 million. The building was damaged last year by high winds and hail.
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.
Correction:
Revel and Underwood Inc. has completed a 16,000-square-foot retail building in McCordsville Corner Shoppes. A second 12,000-square-foot building is planned. An item in the Aug. 14 Real Estate Weekly incorrectly reported the status of the two buildings.
Edited by Tracy Donhardt
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