MIBOR's change to MLS name worries some

	Tuesday, August 21, 2007
	MIBOR's change to MLS name worries some The Metropolitan Indianapolis Board of Realtors has replaced the common real estate phrase, "multiple listing service," or "MLS," with "broker listing cooperative," which will be known as "BLC." MIBOR CEO Steve Sullivan said the name change, which was made about a month ago, is an attempt to make clear who owns the service and who has access to it. Sullivan said the public had a misperception that all of the information in the system was available to the public. But not everyone is on board with the change.  Projects California-based Panattoni Development Co. LLC plans to spend $4.9 million to develop two speculative industrial buildings on Company Drive in Franklin Township.
	The two buildings on the city's south side near South Emerson Avenue and Southport Road will span 100,800 square feet and 60,480 square feet. Panattoni got a 10-year tax abatement for the project about a year ago from the city's Department of Metropolitan Development. The buildings are slated to be completed in April. Sales/acquisitions Michael Miltenberger and Cindy Zoellner, both of Indianapolis, have bought a 4,000-square-foot building at 2457 N. Delaware St. for an undisclosed amount. The seller was Indianapolis-based Minkis Construction , which is developing several projects in the Fall Creek Place area, among others. Miltenberger and Zoellner own Salon Orange Moon, a hair studio they'll house in the building along with their residence. Sandra Jarvis of Urban Space Commercial Properties represented the buyer; the seller of the live-work building represented itself. Leases/leasing contracts - Springfield, Mo.-based O'Reilly Automotive Inc. has leased a .85-acre parcel of land at 2702 E. 38th St. from 85 Daze LLC. O'Reilly Automotive plans to open a 7,000- square-foot automotive retail and wholesale parts store at the sites by the end of the year. Thomas Cortese of Acorn Group Inc. represented both parties in the transaction. - Clifton Gunderson LLP has renewed and expanded its lease at 9339 Priority Way West Drive. The accounting firm will occupy 31,980 square feet, an increase of 8,500 square feet. Chicago-based UGL Equis Corp. represented the tenant. The landlord, Precedent Real Estate Services , represented itself. - 20/20 Institute has leased 4,860 square feet at 8500 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based BPG Properties LLC. The tenant was represented by Ed Troha of CB Richard Ellis. - Midland Atlantic Properties Inc. has leased 3,352 square feet at 9000 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based BPG Properties LLC. The tenant represented itself. - Combined Insurance Co. of America has leased 2,316 square feet at 9200 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based BPG Properties LLC. Stock sales Dennis Oklak , Duke Realty Corp. , chairman, acquired 16,966 shares for between $0.00 and $22.40 each and sold 15,300 shares for between $30.77 and $47.88 each, increasing holdings to 88,421.
	Steven Kennedy, Duke Realty Corp. , vice president, acquired 5,412 shares for between $0.00 and $22.40 each and sold 322 shares for between $43.92 and $47.88 each, increasing holdings to 52,758. Charles Eitel, Duke Realty Corp. , director, acquired 3,000 shares for $30.85 each, increasing holdings to 9,382. Housing - U.S. home construction declined 6.1 percent in July from the previous month, to an annual rate of 1.38 million units. The rate of construction is the lowest in 10 years, the U.S. Commerce Department said. The rate was down 20.9 percent from a year ago. Some analysts predict the market will worsen before it improves due to instability in the financial markets. - Interest rates on 30-year mortgage loans rose to 6.62 percent last week, from 6.59 percent the week before, according to Freddie Mac. Rates on 15-year mortgages, which are most commonly used in refinancings, inched up to 6.3 percent from 6.25 percent.
	Eastridge People Diana Eastridge has joined Century 21 Scheetz in Carmel as a Realtor. John Schick has joined The Broadbent Co. as senior outlot specialist. Blog: Eastgate Mall is up for sale, again The owners of the eyesore formerly known as Eastgate Consumer Mall have put the property back on the market at an asking price of $3.5 million. Dallas-based JTL Capital LLC received two conditional offers on the property during a February auction, but both potential deals fell through, said Gordon J. Greene, a Cleveland broker who represents the owners. Greene said several potential buyers have looked at the 40-acre property and are weighing redevelopment uses ranging from retail to distribution or warehouse space. All of the potential plans would involve demolition of the 370,000-square-foot mall, which was built in 1957. The city repeatedly has offered to pitch in tax abatements to spur redevelopment of the languishing property. 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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