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|  Tuesday, October 23, 2007 |
| Paragon heads west
Paragon Cos. has expanded to the West Coast with its first location outside its Indianapolis headquarters on East 86th Street near Hague Road on the city's northeast side. An office in San Diego opened last week.
"We have had a desire to diversify geographically for quite some time," Rich Block, president of Paragon, said in an e-mail. "After evaluation of the Southeastern and Southwestern markets, we strongly believe in the potential of the Southwestern market." No projects have been announced.
Included in Paragon's Indiana retail project portfolio are Noblesville Commons, Brownsburg Commons and Mount Comfort Commons. The company also builds office and industrial projects and apartment communities.
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|  | Chris Bryant, who has been with the company for six years, will head the San Diego office, which will focus on retail development, brokerage and investment advisory services in the southwestern part of the country.
Paragon, which was established in 1995, is made up of Paragon Development Inc., Paragon General Contractors Inc., and Paragon Property Management LLC.
Homebuilder in trouble with feds
Atlanta-based Beazer Homes USA last week confirmed that it helped buyers qualify for federally guaranteed mortgages, a violation of U.S. government rules, reports The Atlanta Journal-Constitution.
Beazer Homes Indiana LLP is the second-largest homebuilder in the Indianapolis area, according to IBJ research.
The exact nature of the help and the number of loans involved was not disclosed. The rules violated relate to downpayment assistance for buyers and occurred at a time when the U.S. Department of Housing and Urban Development's downpayment-assistance program was in the midst of revision.
The violations, which occurred over the past 10 years, were discovered through an internal investigation. As a result, Beazer must restate earnings for much of that time period. The restated earnings are expected to be lower, but it is not yet clear by how much.
Beazer said reaching a settlement with federal regulators over the rules violations might cost it $8 million to $15 million.
Projects
Duke Realty Corp. plans to develop River Road II, a four-story office building on the north side of Indianapolis. The 120,000-square-foot building will sit on six acres adjacent to Duke's River Road I office building. Advantage Health Solutions Inc. has leased 40,000 square feet on the first and second floors. Construction on the building is expected to begin next month and be completed next summer. Duke declined to disclose the project cost.
Sales/acquisitions
- Carmel-based J.C. Hart Co. has sold Sand Creek Woods, a 252-unit apartment complex in Fishers, to an affiliate of Cincinnati-based Hunt Development Co. The purchase price was not disclosed. J.C. Hart developed Sand Creek Woods in the late 1990s.
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| - Car-Go Car Wash at 31 N. LaSalle St. will be auctioned Oct. 30. The auction services unit within Colliers Turley Martin Tucker will handle the  sale of the 3,100-square-foot business owned by Sandlian Realty . The owner, which owns a self-storage business adjacent to the car wash, has the right to accept or reject the highest bid, said Bob Getts with CTMT. Getts expects the car wash to go for between $300,000 and $450,000.
Leases/leasing contracts
- Sola Salon Studios leased 4,664 square feet at 8532 Castleton Corner Drive. The tenant was represented by Del DeMao of Colliers Turley Martin Tucker. Also, One World Market, a Japanese grocery store and café, has leased 3,486 square feet in the same retail center, which is anchored by Linens n Things. One World was represented by Steven Shorr and David Todd of Commercial Advantage. The landlord in both leases, McKinley Inc., was represented by Scot Courtney, Cindy Hoskinson and Bart Jackson of Grubb & Ellis Harding Dahm and Co.
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| - Anytime Fitness leased 6,465 square feet at 10302 Prosperity Circle in Camby. The landlord, Heartland Landing LLC, was represented by Paragon Commercial Real Estate. The tenant was represented by Property Resources Group.
- Kiss Z Cook leased 3,700 square feet in the 116th Street Centre in Carmel. The retail kitchen store and cooking class company was represented by Darrin Boyd of Colliers Turley Martin Tucker. The landlord, Equicor Cos., represented itself.
- Gentle Dentist leased 2,400 square feet at 6225 W. 56th St. The landlord, Eagle Creek Commons LLC, was represented by Paragon Commercial Real Estate. The tenant was represented by Darrin Boyd of Colliers Turley Martin Tucker.
- Kidney and Hypertension Consultants PC leased 1,930 square feet at 701 E. County Line Road in Greenwood. Greg Allen, of Allen Commercial Group, represented the landlord, Greenbrooke Associates LLC. The tenant represented themselves.
- Comfort Orthopedic Footwear Inc. has leased 1,600 square feet at 1001 N. State Road 135 in Greenwood. Harvey Levin, of Coldwell Banker Commercial, represented the landlord, Allyne Parke Dynasty. The tenant represented itself.
- Indigo Financial Group has leased 1,523 square feet at 95 Creekstone Cove in Avon. The landlord, Avon Creek LLC, was represented by Paragon Commercial Real Estate. The tenant represented itself.
- The Hales Group, dba The Meridian Group, has leased 976 square feet at 8604 Allisonville Road. The tenant, an IT consulting company based in Chicago, was represented by Bryan Augustine of NAI Olympia Partners. The landlord, New Boston Castle Creek Ltd., was represented by Gus Sevastianos of New Boston Citimark.
Housing
Sales of existing homes across the country in 2007 will be down 12 percent from last year, predicts the Mortgage Bankers Association. Sales will fall another 10 percent in 2008 and then pick up in 2009, gaining 5 percent that year, the group said. The national median price will fall 2 percent this year and another 2 percent in 2008. For mortgage loan financers, loans and refinancings will reach $2.5 trillion this year, down 15 percent from 2006. Interest rates will rise slightly to 6.6 percent by early next year.
 People
- Jan Oviatt has joined Community Development Inc. as a model home attendant.
- Alana Weaver has joined ReMax Realty Mart in Indianapolis as a sales associate.
These colors don't run
 Work on the renovation of Jefferson Plaza (soon to be Allen Plaza) began last week as construction workers raised an Allen Commercial Group flag over the plaza. It replaced a worn-out state flag. Scotty's Brewhouse likely will move into the first floor of the building. And Allen Group eventually is expected to move its headquarters into the building. The $12-million renovation project also calls for 30 new condos and office space. That whole block is changing dramatically. There also are projects at the Broadbent Building and the former Junior Achievement Building. As for Allen Plaza, there's no word yet on whether the Thomas Jefferson profile sign facing Delaware Street will be replaced with the likeness of J. Greg Allen.
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.
Largest Indianapolis-Area Commercial Real Estate Brokerages
Largest Indianapolis-Area Office Complexes 
Edited by Tracy Donhardt
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