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Greenwood golf course changes hands
Johnson County businessmen Rich Riley and Brian Benham have bought Royal Oak Golf Course in Greenwood from Ron West, a Johnson County councilman. Riley and Benham formed Indianapolis-based Divine Investment Group Inc. to buy the golf course, where they'll spend more than $1 million on improvements. Riley declined to disclose the purchase price.
The two Center Grove residents also plan future investment in Johnson County, Riley said. "We believe in investing in our community, and this is a booming area," Riley said referring to hospital expansions and other projects on the table in the county. Riley and Benham own other property in the area but not as partners.
Royal Oak sits on 117 acres and includes a 12,000-square-foot clubhouse. The club has 350 members.
West had owned the golf course and country club under the business entity name R.H. West Management Corp. for more than 20 years. The firm owns other courses in Indianapolis, Plainfield, Franklin and Huntington.
Sam Ingle and Brenda Richards with Leading Edge Commercial Real Estate Services represented both sides in the transaction.
Projects
- CR White Aurora LLC plans to spend $300 million to develop 315 acres near U.S. 31 and Indiana 38 in Westfield for residential and office space. The project calls for a business park on 56 acres and about 85 acres of industrial space. Retail would go up on 17 acres and a 24-acre park would be donated to the town of Westfield. Townhomes, condominiums and apartments would fill the rest of the land. Construction could begin in spring 2008; the project could take eight years to complete.
- Atlanta-based Collegiate Ventures LLC plans a $60 million, mixed-used project on 6.4 acres in West Lafayette that would include a hotel, condominiums, retail and office space. The hotel would have 80-100 rooms and a four-story condominium would have 115 units priced from $150,000 to $600,000. The developer hopes to attract Purdue University fans who travel to games and who might rent their homes at other times of the year. Construction of Champion's Centre could begin in the spring and take up to 16 months to complete.
Sales/acquisitions
- Indianapolis-based G&D Realty LLC has bought a 90,314-square-foot building at 1940 W. Oliver Ave. on the near west side of Indianapolis. The seller was St. Louis-based JB Partners. The purchase price was $2.4 million, according to documents filed with the Marion County Assessor's Office. John Demaree and Ryan Kelly of Summit Realty Group represented both sides in the transaction. | | | |
| Leases/leasing contracts
- Bridgestone Firestone Diversified Products LLC has leased 225,891 square feet at 2375 Reeves Road in Plainfield Business Center at Airwest. John Huguenard and Michael Weishaar of Colliers Turley Martin Tucker represented the landlord, Rosemont, Ill.-based Opus North Corp. The tenant was represented by Jay Gehl and Stephen Adams of Hokanson Cos. Inc.
- Reflectix Inc. has leased 50,800 square feet at 1301 W. 16th St. in Anderson. Chris Ayers with NAI Olympia Partners represented the landlord, Elston-Richards Inc. The tenant represented itself.
- RealMed has leased 27,345 square feet at 510 E. 96th St. in Five Parkwood Crossing. John Robinson of Meridian Real Estate represented the tenant. The landlord, Duke Realty Corp., represented itself.
- August Mack Environmental, represented by John Crisp of Colliers Turley Martin Tucker, has leased 16,169 square feet at 1214 N. Meridian St. The landlord, Shiel Sexton Real Estate, was represented by John Crisp and Patrick Lindley , also of Colliers Turley Martin Tucker.
- Joyce Van Lines has leased 13,600 square feet at 2121 Southtech Drive in Greenwood. Adam Stephenson and Steve Schaub of Summit Realty Group represented the tenant. The landlord, RBA LLC, was represented by Jake Sturman of Meridian Real Estate.
- Parsons Services Co. leased 4,823 square feet at 101 W. Ohio St. Dan Richardson of CB Richard Ellis represented the tenant. Renae Breitbach of Amerimar Management represented the landlord, West Ohio II LLC.
- The Indiana University Government Relations Office has leased 3,149 square feet at 101 W. Ohio St. Jon Owens and Russ Van Til of Colliers Turley Martin Tucker represented the tenant. Renae Breitbach of Amerimar Management represented the landlord, West Ohio II LLC.
- Citizens Action Coalition of Indiana LLC leased 3,141 square feet at 603 E. Washington St. Rich Forslund with NAI Olympia Partners represented the tenant. Matt Langfeldt , also with NAI Olympia Partners, represented the owner, 603 Partners LLC.
Market statistics
Vacancy in central Indiana's bulk warehouse market in the third quarter climbed to 16.09 percent, from 10.95 percent in the second quarter, reports NAI Olympia Partners . Several large speculative warehouse projects were completed in the most recent three months, driving up vacancy.
Included in the space that came online was Airtech 11, a 947,333-square-foot building developed by locally based Browning Investments Inc. and Denver-based Prologis. Browning also partnered with Duke Realty Corp. on a 636,380-square-foot warehouse in Allpoints Midwest in Plainfield that was completed in the quarter. And Illinois-based Opus North Corp. completed two projects that spanned 481,956 square feet and 361,793 square feet in the period
At the end of September, bulk warehouse space in Marion and the surrounding eight counties totaled 39,374,000 square feet, according to Matt Dickerson with NAI.
Financials/investments/stock sales
- The NAREIT composite index gained 4.24 percent in September, after gaining 5.5 percent in August. 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 4.05 percent last month and the Dow Jones industrials gained 4.03 percent. Indiana's REITs performed as follows in September: Simon Property Group Inc. gained 2.74 percent, Duke Realty Corp. gained 0.3 percent and Kite Realty Group Trust gained 8.6 percent.
- Kite Realty Group Trust will report third-quarter financial results Nov. 7.
Housing
The pace of mortgage loan applications declined 2.7 percent last week from the prior week, according to the Mortgage Bankers Association. Refinancings accounted for 46 percent of total applications, down from 46.4 percent the previous week. Interest rates on 30-year mortgage loans fell slightly, to 6.42 percent. Rates on 15-year fixed loans, which are popular for refinancing, averaged 6.1 percent.
People
 |  |  |  | | Goeman | Davis | O'Hara | George | - Matthew Broderick has joined Acorn Group Inc. as an industrial broker-agent.
- Charles Caprarella has joined ReMax United in Westfield as director of business development.
- Michael Davis has joined Flaherty and Collins Properties as vice president of development and finance.
- Rich Goeman , Peter George and Kevin O'Hara have joined Century 21 Scheetz as realtors.
- Gretchen Jacobs has joined Polaris Real Estate as a Buyer Agent.
- Bob Pope has joined Community Development Inc. as a model home attendant.
- Viktoriya Vayn has joined S&B Construction Co. LLC, a unit of The Broadbent Co., as a pre-construction assistant.
City denies Bush Stadium reports
The city has not decided to tear down Bush Stadium, spokeswomen for the mayor and the Department of Metropolitan Development said Oct. 4, denying news reports. WTHR reported on its Web site that the historic ballpark will be razed, citing a WIBC interview with Mayor Bart Peterson. City officials tell Property Lines that no decision will be made until after a pair of appraisals come back. IBJ was first to report on the city-ordered appraisals, a first step toward eventual reuse or demolition.
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 .
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Tuesday, October 9, 2007 
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