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|  Tuesday, September 11, 2007 |
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Gibraltar sheds its local apartment communities
Indianapolis-based Gibraltar Properties Inc. has sold nine multifamily properties-seven of which are in Indiana-for $173 million. The portfolio was acquired by New Jersey-based Empire American Holdings LLC. The Indiana properties are:
- Avon Creek, 256 units, Avon
- Brownsburg Crossing, 224 units, Brownsburg
- Greenfield Crossing, 272 units, Greenfield
- Saratoga Crossing, 240 units, Plainfield
- Settler's Run, 304 units, Danville
- Island Club, 272 units, Fort Wayne
- The Reserve at Dawson's Creek, 274 units, Fort Wayne
The other two properties are in Nebraska. With the sale, Gibraltar exits the apartment market, here and elsewhere.
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|  | Gibraltar owns The Springs at Saratoga condominiums in Plainfield, as well as another condo property in Nebraska. It also owns several office properties on the north side of Indianapolis along Meridian Street and Graham Road.
A call to Gibraltar seeking additional information was not immediately returned.
Sales/acquisitions
- Motels of Carmel LLP, a unit of Indianapolis-based Midwest Hospitality Group Inc. , bought a 2.65 parcel of land at 136th Street and Pro Med Drive in Carmel. Motels of Carmel plans to begin construction of a Holiday Inn on the site in the spring. Nathan Cohen of Baldwin Brothers Inc. represented the buyer. The seller, Justice Home Builders Inc., represented itself. The project cost was not disclosed.
- DD Holdings LLC sold a 32,000-square-foot office and industrial building at 6352 Airway Drive near Indianapolis International Airport for an undisclosed amount. Mark Stephenson and Adam Stephenson of Summit Realty Group represented the seller. The buyer, Skybus LLC, was represented by Brian Seitz and Steve Schwegman of Meridian Real Estate. The building is fully occupied.
Leases/leasing contracts
- Nestle Waters North America Inc. has leased 213,652 square feet at 900 Commerce Parkway West Drive in the Precedent South Business Center. Steve Schaub of Summit Realty Group represented the landlord, The Precedent Cos.
- PB Logistics has leased 200,112 square feet at 7901 W. 21st St. John Demaree of Summit Realty Group represented the tenant. Steve Schaub and Ryan Kelly, also of Summit, represented the landlord, First Industrial Realty Trust Inc.
- The State of Indiana Department of Child Services has leased 111,000 square feet at 4150 N. Keystone Ave. Gus Miller of NAI Olympia Partners represented the landlord, Mainscape Leasing LLC. Venture Real Estate Services represented the tenant.
- Midwest Academy has leased 10,787 square feet at 801 Congressional Boulevard in Carmel. Paul Dick and Tom Osborne of Resource Commercial Real Estate represented the tenant, which offers remedial and other education programs for middle and high school students. Mike Napariu of Carmel-based REI Real Estate Services LLC represented the landlord, REI Real Estate Services.
- Rolls-Royce Corp. leased 6,300 square feet at 602 N. High School Road. The tenant was represented by Tom Cooler with CB Richard Ellis. The landlord, Williams Realty Group, represented itself.
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| - Achievant LLC has leased 4,334 square feet at 9229 Delegates Row. Chris Carmen of Carmen Commercial Real Estate Services represented the tenant. The landlord, PP Indianapolis Project Corp., was represented by Tim Hull of CB Richard Ellis.
- Honey Grove Family Medicine has leased 3,400 square feet at 711 S. State Road 135 in Greenwood. The landlord is Welbourne Cos. Both sides represented themselves in the transaction.
Investments/financings/stock sales
- The NAREIT composite index gained 5.5 percent in August, after two months of declines of 8.79 percent and 9.04 percent. 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 gained 1.97 percent last month and the Dow Jones industrials gained 1.10 percent. Indiana's REITs performed as follows in July: Simon Property Group Inc. gained 10.5 percent, Duke Realty Corp. gained 3.4 percent and Kite Realty Group Trust gained 6.4 percent.
- Hans Mautner , division officer at Simon Property Group Inc., acquired 150,000 shares for $26.08 each and sold 110,000 shares for between $93.01 and $94.65 each, increasing holdings to 403,950. |  | | | |
| Housing
- Pended home sales across the country fell 12.2 percent in July, the largest drop since 2001, according to the National Association of Realtors. Pended sales are down 16.1 percent from July 2006. All four major U.S. regions saw a decline, with pended sales falling 13.1 percent in the Midwest.
- Mortgage applications were up 1.3 percent last week, reported the Mortgage Bankers Association. Refinancings accounted for 41.4 percent of all applications, about flat from the prior week. Interest rates averaged 6.42 percent on 30-year mortgage loans, a slight uptick from 6.41 percent. Rates on 15-year loans remained unchanged at 6.1 percent.
 People
Century 21 Scheetz in Carmel has hired Diana Estridge and Nelda Cain as Realtors.
Other news
Terre Haute-based Thompson Thrift Development Inc. was named one of Inc. magazine's 100 Fastest-Growing Private Real Estate Companies. The company, which also has a location in Carmel, ranked 93rd. Its sales have grown 89.3 percent in the past three yeas.
Lockerbie Park construction on hold
 The foundations and garage slabs are in place for the next phase of Lockerbie Park, but construction is on hold for now. The project at College and Michigan streets has not sold well, to say the least. Out of 22 units built, only two have been sold. And plans call for a total of 77 condos and brownstones developed by a partnership that includes locally based Hearthview Residential. Company officials blame sales woes on a sluggish market and a glut of homes for sale. Units at Lockerbie Park range from mid-$200,000 to more than $400,000. Across downtown, there are about 150 condos listed in that range. Still, the developers are confident of a recovery. "The reality is that property, on a per-square-foot basis, is one of the great values downtown," said Jim Thomas, a Hearthview partner. "It should absorb fine as the market recovers."
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
Chad Collier of Summit Realty Group represented Make-A-Wish Foundation of Greater Ohio, Kentucky and Indiana in its lease of 3,434 square feet at 7330 Woodland Drive. Last week's IBJ Real Estate Weekly named the wrong broker.
Edited by Tracy Donhardt
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