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|  Tuesday, October 16, 2007 |
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New reuse authority leader at home in new role
 Cassandra Ashley-Jordan is literally returning home to become the new executive director of The Fort Harrison Reuse Authority. Ashley-Jordan, who was named head of the authority Oct. 15, spent years of her childhood living at the former military base while her father, an officer, served in the Vietnam War. "It's kind of like coming full circle for me to now be working here," Ashley-Jordan said. 
Vacancy up on less corporate space
Several single-tenant buildings that were vacated during the third quarter drove up vacancy in the Indianapolis-area office market to 17.4 percent, from 16.8 percent at June 30, reports Summit Realty Group. But several large leases signed in the quarter helped offset the newly vacant space.
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A unit of Fort Wayne-based The Hagerman Group has been hired as construction manager for the $30 million Hoosier Park in Anderson expansion project. GDH LLC expects to complete work on the 92,696-square-foot casino by June 2008. Hagerman was construction manager for the Hoosier Park horse racing facility when it was built 13 years ago. Locally based CSO Architects has been hired to design the casino addition, which will house 2,000 slot machines.
Leases/leasing contracts
- John Robinson and Adam Broderick of Meridian Real Estate have been named leasing agents for office space within Carmel City Center. The $300 million center, which is being developed by the city of Carmel and Pedcor Development, will include 170,000 square feet of office space. It is expected to be completed in about three years.
- Ogletree, Deakins, Nash, Smoak and Stewart PC has expanded its lease in Chase Tower by 6,643 square feet. The law firm already occupies 21,007 square feet on two floors. The tenant was represented by Rich Forslund and Gus Miller with NAI Olympia Partners. The landlord, Macquarie Bank of Chicago, was represented by Tom Hadley and Bill Ehret of Summit Realty Group.
- T2 Systems Inc. has leased an additional 3,397 square feet at 7835 Woodland Drive. The company already occupies 11,987 square feet. Chris Carmen of Carmen Commercial Real Estate Services Inc. represented the tenant. The landlord, Duke Realty Corp., represented itself.
- Lithko Contracting has leased 6,600 square feet at 7706 Moller Road near Georgetown Road and 79th Street. Matt Jackson of Grubb and Ellis Harding Dahm and Co. represented the tenant. The landlord, Dugan Financing LLC, was represented by Glen Davis of Duke Realty Corp.
- Franklin Falls Animal Clinic leased 3,000 square feet at 6869 E. Southport Road. Kara Riggle of Resource Commercial Real Estate represented the tenant. Street Corner Group LLC represented itself as landlord.
- Traffic Sign Co. has leased 2,250 square feet at 9402 Uptown Drive, just south of the Hamilton County line off Hague Road. Matt Jackson of Grubb and Ellis Harding Dahm and Co. represented the tenant. The landlord, Uptown Village LLC, was represented by Brian Dell of Mann Properties.
Housing
- The number of pending home sales in Central Indiana in September was down 16.8 percent from the same month last year, according to F.C. Tucker Co. While two counties saw healthy gains—Hancock County at 20 percent and Madison County at 29.5 percent—all other counties fell by double-digit percentages. Boone County had the sharpest decline at 42.7 percent. Counties that saw declines greater than 20 percent were Johnson, Marion, Morgan and Shelby. Year-to-date, pended home sales are down 7.3 percent in Marion and the surrounding eight counties.
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| - The pace of mortgage loan applications rose 2.4 percent last week after dropping the prior three weeks, according to the Mortgage Bankers Association. Refinancings accounted for 46.2 percent of all applications and adjustable-rate mortgages represented 13.6 percent. Interest rates on 30-year loans increased to 6.4 percent, from 6.32 percent. Rates on 15-year mortgages increased to 6.03 from 5.95 percent.
People
 - Robin Luehrmann has joined Century 21 Scheetz in Carmel as a Realtor. Aaron Cox joined the same office as a sales associate.
- Tyler Mensch has joined Colliers Turley Martin Tucker as a salesman in the firm's industrial services division.
Drumroll, please: Buggs to open
 Three dining options at Buggs Temple are scheduled to open Oct. 19. They include Tavern at the Temple, Buggs Grille and Cornerstone Coffee House. Staff training was scheduled to begin Oct. 12 and a health department walk-through was scheduled for Oct. 11, said Buggs spokeswoman Amanda Cravens. No open date has been set yet for a Ritter's Frozen Custard also planned for the historic 1918 Buggs Temple. The building's $3.5-million renovation has dragged on for years, and the developers have missed several target opening dates.
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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