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|  Tuesday, October 2, 2007 |
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Former church property to be auctioned
A parcel of about 16 acres on 71st Street just east of Michigan Road formerly owned by a church will be auctioned Nov. 6.
The parcel, which requires a minimum bid of $390,000, was acquired by Phoenix-based Gold Star Trust Co. in a sheriff's sale about a year ago. Prior to that, St. David Community Christian Worship Center had owned the land, according to records at the Pike Township Assessor's Office.
No church was ever built on the parcel, which is zoned for religious purposes. In 2002, the church lost an appeal with the Marion County Property Tax Assessment Board of Appeals regarding the church's application for an exemption from property taxes that had been due in 2000. The church's request was denied because it had filed for the exemption too late.
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Several structures that sit on the 16 acres likely will need to be demolished, according to Sheldon Good & Co. Auctions, which will hold the auction at the Embassy Suites Indianapolis North.
Those structures include three houses built in the 1950s. Two pole barns and a small office structure also occupy a portion of the property.
Projects
Northbrook, Ill.-based Pine Tree Commercial Realty plans to develop Lantern Commons, an $83 million retail center at U.S. 31 and 161st Street in Westfield. The 430,000-square-foot center will be anchored by three national chains, two of which will be 100,000-square-foot department stores. The names of the stores were not given. The project may include office space. A stream, trees, landscaped walkways and waterfalls that run through the property will be preserved. The project is slated to break ground next summer and is expected to be complete in fall 2009.
Sales/acquisitions
- Chicago-based Becovic Management Group Inc. has bought Central Park at Metropolis Apartments in Plainfield from local developer Flaherty & Collins Properties . The price was not disclosed. The apartment complex, which Flaherty and Collins completed early this year, has 264 units. The new owner plans to add 51 units. A year ago, Becovic bought Grande Reserve at Geist. It also owns The Springs Apartments near 86th Street and Township Line Road. Steve LaMotte and Amy Burmeister of CB Richard Ellis represented the seller.
- California-based West Dupont Retail LLC acquired Northbrook Village Commons, a 37,000-square-foot retail center in Fort Wayne for an undisclosed amount. The seller, Kovac's Enterprises LLC, was represented by John Barker of CommonWealth Real Estate Group. The buyer was represented by Action22Real Estate of California.
Leases/leasing contracts
- Gaylor Inc. leased 7,500 square feet at 9231 Castlegate Drive. Antone Najem of Resource Commercial Real Estate represented the electrical contractor. Tom Frank of Summit Realty Group represented the landlord, Castlegate Partners LLC.
- FCX Performance has leased 3,543 square feet at 9715 Kincaid Drive in Fishers. Matt Jackson of Grubb & Ellis Harding Dahm & Co. represented the tenant. The landlord, Cobra Properties, was represented by Terry Busch of CB Richard Ellis.
- Americawide Inc. has leased 2,800 square feet at 8902 Otis Ave. in the Fort Benjamin Harrison area. Advantage Billing & Consultants leased 2,800 square feet in a different suite at the same address. Rebecca Baer of Summit Realty Group represented the landlord, Harrison Park Properties in the two lease transactions. Advantage Billing represented itself. Americawide was represented by Miles Sutcliffe of Resource Commercial Real Estate.
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| - MEC Dental III has leased 1,600 square feet at 9751 Fall Creek Road. C.T. Voyles of Thompson Thrift represented the tenant. The landlord, Glendale Partners of Shadeland Crossing, was represented by Paul Rogozinski of Veritas Realty.
Financials/investments/stock sales
- Simon Property Group Inc. will release third-quarter earnings Oct. 29.
- Duke Realty Corp. will release third-quarter financial results Nov. 1.
Housing
- Sales of new homes across the country fell 8.3 percent in August to an annual rate of 795,000 units, the U.S. Commerce Department said. It was the slowest pace since June 2000. Sales are down 21.2 percent over the past 12 months. Regionally, sales on an annualized basis rose in the Midwest and Northeast by 20.5 percent and 42.3 percent, respectively. Sales in the West and South fell 20.8 percent and 14.7 percent, respectively. The median sales price fell 7.5 percent, to $225,700 in August from the same month a year ago. That was the largest year-over-year decline in 37 years. The inventory of unsold homes fell 1.5 percent, to 529,000 units, the fifth consecutive monthly decline.
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| - The pace of mortgage loan applications fell 2.8 percent last week from the prior week, according to the Mortgage Bankers Association. Refinancings accounted for 46.4 percent of total applications, up from 43.5 percent the previous week. Interest rates on 30-year loans increased to 6.38 percent, from 6.29 percent. Rates on 5-year mortgages increased to 6.06, from 5.99 percent.
 People
- Tom DeRue has joined BremnerDuke Healthcare Real Estate as a corporate attorney.
- Tina Nagle has joined Acorn Group Inc. as a retail broker-agent.
- Amanda Perry has joined ReMax United in Westfield as a sales associate.
Other News
- Duke Realty Corp. will be added to the Standard & Poor's MidCap 400 index. The local real estate investment trust replaces AG Edwards Inc.
- The Beech Grove Redevelopment Commission will host four workshops this month for area residents to help them understand redevelopment needs and issues. Workshop topics will include infrastructure, residential improvements and commercial redevelopment. For more information go to http://www.beechgrove.com.
Developers pitch Meridian Street infill
Two local developers have plans to replace downtown parking lots along Meridian Street with mixed-use buildings. Jupiter Land Group, headed by restaurateur Rick Coombes, wants to build a five-story retail and condo building between the five- story Bright Building, a recent condo conversion, and the three-story Coffin & Co. Building, home to Krieg Brothers Religious Supply. A few blocks south, Sideline Properties recently filed plans for a two-story structure between Crackers Comedy Club and Ice Ultra Lounge. That building would have an open-air party deck on the second floor. A rendering of the project shows a Hot Box Pizza on the first floor. Developer Jim Siegel, a partner in Sideline, also is an investor in Hot Box.
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 http://www.ibj.com.
Correction
Kosene and Kosene has sold 21 units at the Desoto, leaving 12 of the 33 condominiums still available. Last week's IBJ Real Estate Weekly understated the number of units sold.
Edited by Tracy Donhardt
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