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|  Tuesday, November 13, 2007 |
| Kite sees modest gains in quarter
Kite Realty Group Trust posted funds from operations in the third quarter of $12 million, a 5.2-percent increase from the same period a year ago. Kite's revenue increased 2.4 percent, to $33.9 million, in the quarter.
At the end of September, Kite had an ownership stake in 50 operating retail properties totaling 7.1 million square feet. Occupancy at the retail centers was 94.8 percent, compared to 93.6 percent a year ago.
In the third quarter, Kite's joint venture with Prudential Real Estate Investors bought 17 acres of land in Cary, N.C., for $3.4 million. Kite also purchased 14 acres in South Elgin, Ill., for $6 million. Both sites will be developed for retail at a cost of $34.7 million.
Kite did not sell any properties in the quarter.
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|  | Kite had nine retail properties in development at the end of September. The projects will span 1.3 million square feet; Kite will own nearly half of them outright or through joint ventures. Anchor tenants will own the rest. Those projects will cost $167.2 million. Kite continues its redevelopment of Glendale Town Center.
Kite also owns four office buildings in Indianapolis that total 562,652 square feet and are 92.5 percent leased, down from 96.9 percent a year ago. Included with the commercial properties is a parking garage.
In the three months, Kite signed 17 new leases and renewed 13 representing 112,000 square feet in the company's operating projects and those under development. Rent for new leases increased 23 percent; renewal lease rates went up 7.3 percent.
Kite revised its full-year earnings estimate to $1.25 a share to $1.27 a share, from the $1.24 to $1.30 per diluted share it reported at the end of 2006.
Former Indy Partnership head joins CBRE
 Gordon Hendry has joined CB Richard Ellis as director of asset services. In his new role, Hendry will oversee more than 8 million square feet of property managed by CBRE clients. He also will work actively in business development, recruiting and quality control.
For nearly the last two years, Hendry served as interim CEO of the Indy Partnership, a 10-county regional economic development organization. In that position, Hendry oversaw business outreach and recruitment initiatives for central Indiana.
Prior to working with the Indy Partnership, Hendry was an adviser to Mayor Bart Peterson. For three years, he served as director of economic development, working to create jobs, develop the city's workforce, tackle airport and transportation issues and encourage neighborhood development.
Hendry had previously worked as a corporate attorney for Ice Miller LLP.
Sales/acquisitions
- Sherman Oaks, Calif.-based Emster XVI LLC bought Raintree Plaza at 3702 N. Mitthoeffer Road. Kovacs Enterprises LLC sold the 61,718-square-foot, fully-occupied retail strip center for $1.4 million, according to paperwork filed with the Marion County Assessor's office. Tracy Holtzman with NAI Olympia Partners represented the buyer.
- MD Strum Housing Services Inc. has bought a 25,000-square foot office building at 3733 N. Meridian St. The purchase price was $810,000 according to paperwork filed with the Marion County's Assessor's office. Tom Frank and Steve Schaub of Summit Realty Group represented the buyer, which will relocate from 2511 E. 46th St. Colliers Turley Martin Tucker represented the seller, Memory Gardens Management Corp.
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| - Blue Arc Realty LLC bought a 57,989-square-foot industrial building at 2155 Fields Boulevard in Greenfield. Financial terms were not disclosed. Blue Arc Realty will occupy nearly 33,000 square feet and lease the rest of the building. Michael Weishaar and J. Bart Book with Colliers Turley Martin Tucker represented the buyer. Fritz Kauffman, also with CTMT, represented the seller, The Havi Group LP.
- Michigan-based Agree Realty Corp. has bought a 37.8-acre parcel at Dan Jones Road and U.S. 40 in Plainfield. Agree will lease 32 acres to Meijer Inc., which plans to build a retail store on the site. Including the Meijer and outlots to be built, retail space will span 225,000 square feet. Agree declined to provide financial information, and timing for the development has not been determined. Agree Realty also owns a building that housed a Borders bookstore in Castleton. That store closed recently when a new Borders opened at Castleton Square Mall.
- Verbal Behavior Center for Autism bought a 15,114-square-foot office building at 9830 Bauer Drive in Carmel. Financial terms were not disclosed. The center plans to move from a location in Fishers. Tom Hadley with Summit Realty Group represented the buyer. Rick Trimpe and John Vandenbark of CB Richard Ellis represented the seller, F.C. Realty Four LLC.
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| Leases/leasing contracts
- Texas-based Garden Ridge will lease 110,000 square feet of space once occupied by a Builders Square store at 46th Street and Lafayette Road. The building has been vacant for most of the eight years since the home improvement store closed. It was bought by Home Depot, which had planned to open a store there but later decided on a location on High School Road. Wayne O'Hara of Sitehawk Retail Real Estate represented both Home Depot and Garden Ridge, a home-décor chain.
- L.A. Fitness has leased 45,000 square feet at 2700 E. 146th St. in Westfield's Cool Creek Village. Scott Gray of Sitehawk Retail Real Estate represented the fitness club, which is expected to open next fall. The landlord, Thompson Thrift, represented itself.
- Westfield Insurance has leased 7,682-square foot lease at 501 Pennsylvania Parkway in Carmel. Rebecca Baer of Summit Realty Group represented the tenant. Westfield Insurance is relocating from 3905 Vincennes Road, within the College Park area. The landlord, Lauth Property Group, represented itself.
- The McGraw-Hill Cos. Inc. has leased 7,058 square feet at 8900 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. Tim Craft of CB Richard Ellis represented the tenant.
- Thurston Springer Miller Herd & Titak Inc., a financial planning firm, has leased 6,606 square feet at 9000 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC.
- Sitehawk Retail Real Estate leased 6,173 square feet at 8500 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. Sitehawk Realty, the tenant, represented itself.
- DaVita Dialysis leased 5,600 square feet in the Hunter's Run Shopping Center on East Carmel Drive in Carmel. Cindy Hoskinson, Herb Feldmann and Bart Jackson of Grubb and Ellis Harding Dahm and Co. represented the landlord, The Fineberg Group LLC. USI Real Estate Brokerage Services of Connecticut represented the tenant.
- Anytime Fitness has leased 4,200 square feet at 12775 Horseferry Road in The Village of West Clay in Carmel. Ed Korte with Commercial First represented the tenant, which is slated to open in January. Mike Beasely, co-owner of the building, represented himself.
Construction/contractors
Paragon General Contractors Inc. will build an 18,000-square-foot office building for Spohn Associates Inc. in the Bennett Technology Park in Zionsville. Construction is expected to be completed spring 2008. Noblesville-based Curran Architecture will design the building.
Housing
- October pended home sales in central Indiana fell 12.1 percent from the same month a year ago, reports F.C. Tucker Co. Shelby County had the largest drop at 36.2 percent. Boone and Johnson counties saw the only increases, at 27.9 percent and .6 percent, respectively. Year-to-date, pended single-family and condominium sales are down 7.6 percent from the first 10 months of 2006. Hancock County is the only county ahead on for the year, up just 0.8 percent. Total inventory in October was up 5 percent from a year ago.
- The pace of new mortgage loan applications fell 1.6 percent last week, from the week before, according to the Mortgage Bankers Association. Refinancings accounted for 49.1 percent of all applications, down from 49.6 percent the previous week. Interest rates for 30-year mortgage loans increased to 6.16 percent, from 6.15 percent. Rates on 15-year loans dropped to 5.77 percent, from 5.79 percent.
People
 - Ryan Hively joined ReMax of Indiana as franchise development consultant, mergers and acquisitions. Mike Pedon joined as senior business development consultant.
- Tim Jordan joined JDF Development as vice president, overseeing leasing activity. He also will work with future development and construction projects.
Catching up: Simon honored
 The Simon Property Group Headquarters took top honors at Keep Indianapolis Beautiful's A Monumental Affair awards last week. The 30-year-old contest honors the city's best architecture, development and construction. Last year's top winner was Conrad Indianapolis. Do you agree with the selection? Thanks to blog readers Chris, Ryan, Steve and Andrea for joining IBJ at the event. Chris has posted about it on his blog, DIG-B. Other winners : In the architecture category, Ratio Architects won for State of Indiana Forensic & Health Science Lab; in construction, Brandt Construction won for the Salvation Army Barton House; in downtown development, Ratio and Sensory Technologies won for the Simon headquarters; and for innovative reuse, Browning Day Mullins Dierdorf won for Homewood Suites Hotel on South Meridian Street.
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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