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|  Tuesday, September 18, 2007 |
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Historic commission's hearing
for Penn Centre continued
The Indianapolis Historic Preservation Commission postponed until Oct. 3 taking any action on J. Greg Allen's massive hotel project along South Pennsylvania Street across from Conseco Fieldhouse. The project had been on the commission's agenda for Sept. 5, but several interested parties requested a continuance to allow time to learn more about the project.
Allen, who is a prominent south-side developer, has pitched a project that would include two hotels, as many as six restaurants and a 550-space parking garage.
Tentatively dubbed Penn Centre, it would stretch from Maryland to Georgia streets along Pennsylvania. The site is in the Wholesale District, a locally designated historic area in which new projects and changes to building exteriors must be approved by the Historic Preservation Commission.
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|  | Most of the site is surface parking. Allen plans to restore the facade of the only building on the site-the historic Omega Building at 29 E. Maryland St.-and incorporate it into the project.
Sales/acquisitions
- Waterside at Castleton, a 400-unit apartment complex on the north side of Indianapolis, has been acquired by Illinois-based JVM Realty Corp. for $16.6 million. The seller was Maryland-based Capreit Firethorn LLP, which owns four other apartment complexes in Indiana, including one in Indianapolis and another Greenwood. The new owner plans $1.8 in upgrades, mostly to the exterior. JVM owns 11 other apartment communities in the state, including eight in Indianapolis. Phoenix-based Hendricks and Partners represented the seller.
- Evansville-based Regency Properties has acquired Goody's Plaza, a fully occupied, 43,720-square-foot retail center in Madison. The price was not disclosed. Regency plans to add nearly 7,400 square feet of retail space; Hibbett Sporting Goods will lease nearly 5,000 square feet of the additional space. Evan Halkias of Marcus & Millichap Real Estate Investment Services Inc. represented the buyer. John Nuzman , also of Marcus & Millichap, represented the seller, D.J. Christie Inc.
Leases/leasing contracts
- Davita Dialysis leased 5,350 square feet at 972 Emerson Parkway. Emmit Purcell with USI Brokerage Real Estate Services represented the tenant. Allen Commercial Group represented the landlord, Emerson Parke LLC.
- Gordon Flesch Co. leased 3,600 square feet at 6848 Hillsdale Court. Chris Carmen of Carmen Commercial Real Estate Services represented the tenant. The landlord, Duke Realty Corp. , represented itself.
- Spectrum Financial Group has leased 4,003 square feet at 9000 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based BPG Properties LLC. The tenant was represented by Jack Esselman of Jack Esselman Inc.
- Sherwin-Williams leased 4,000 square feet at 14155 Mundy Drive in Noblesville. Jeff Wright of landlord Thompson Thrift represented both the tenant and landlord.
- Chicago's Pizza has leased 3,124 square feet at 5920 E. Stop 11 Road. Allen Commercial Group represented both the tenant and the landlord, Stop 11 Development LLC.
- Back to Health Chiropractic leased 2,400 square feet at 997 E. County Line Road in Greenwood. Craig Ramsay with Venture Real Estate Services represented the tenant. Greg Allen of Allen Commercial Group represented the landlord, Emerson Pointe LLC.
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| - Burger King has leased 2,200 square feet at 14125 Mundy Drive in Noblesville. Tony Orlando of landlord Thompson Thrift represented both the tenant and landlord.
- Studio of Hair Design leased 2,000 square feet at 997 E. County Line Road in Greenwood. Greg Allen of Allen Commercial Group represented both the tenant and the landlord, Emerson Pointe LLC.
- Cindy Hoskinson and Herb Feldmann of Grubb and Ellis Harding Dahm and Co. represented The Fineberg Group LLC as landlord in a 1,800-square-foot lease by Dunkin' Donuts. The tenant was represented by Eric Hillenbrand of Colliers Turley Martin Tucker. The donut shop is located at 1305 S. Rangeline Road in Carmel.
- Robert Dicks has leased 1,780 square feet at 8920 Southpointe Drive. Greg Allen of Allen Commercial Group represented both the tenant and the landlord, Southpointe Associates LLC.
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| - Integra Construction Inc. has leased 1,582 square feet at 8900 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based BPG Properties LLC. Rebecca Baer of Summit Realty Group represented the tenant.
- Velocity, The Greatest Phone Company Ever Inc. leased 1,259 square feet at 8900 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based BPG Properties LLC. The tenant was represented by John Crisp of Colliers Turley Martin Tucker.
Housing
Mortgage loan interest rates rose last week to an average of 6.62 percent for 30-year loans, from 6.59 percent last week, reports Freddie Mac. Rates for 15-year mortgages, which are common in refinances, inched up to 6.3 percent, from 6.25 percent.
 People
- Brian Beaver has joined ReMax Real Estate Groups in Indianapolis as a sales associate.
- Matt Moore has joined Resource Commercial Real Estate as an advisor.
- Amy Weaver has joined ReMax Select in Greenwood as a licensed assistant.
An English Avenue opportunity?
 A not-for-profit neighborhood revitalization group has slashed the prices on three remodeled live/work buildings at English and State avenues. The brick buildings near Fountain Square have undergone various levels of renovation by Southeast Neighborhood Development, or SEND. The group bought the buildings, which had been eyesores, as part of its effort to revitalize the east-side neighborhood. Now, they're scrambling to find buyers. The building addresses are 1656 English Ave., 1651 English Ave., and 1702 English Ave. The two buildings pictured here are priced at $199,900 and $194,500. That's about half the original price, said Phillip Barcio, the listing agent. Good buy, or still a tough sell?
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.
Clarification
Although there's no date set for the construction of additional condominium units at Lockerbie Park, interior work continues on the 22 units already built. A Property Lines blog item that ran in last week's Real Estate Weekly could have been misinterpreted to mean that all construction has stopped.
Edited by Tracy Donhardt
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