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|  Tuesday, November 20, 2007 |
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Office condos on holiday shopping lists
Clearance sales are found more often in retail establishments, but six office condominiums in Carmel are being sold with just that red-tag wording.
The owner of the offices located on Adams Street between Meridian Street and the Carmel City Center is Park Place Centre LLC, which is comprised of Paul Ponsler as managing partner and others whom he declined to name. The group develops and sells investment properties, mainly in Hamilton County. Among its projects is the Carmel Drive Medical Center.
Ponsler said the units, which are part of a 21-unit office complex his group developed in 1999, are being sold at reduced prices to rid the group of the last bit of inventory. Then they'll move on to their next projects, which are slated for downtown Indianapolis and the north side. Ponsler declined to provide details, saying those projects are still too early in the planning stages.
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|  | Ponsler's group had also owned land at the northwest corner of Adams Street and West Carmel Drive, adjacent to the office complex. Last December, the group sold the 2.6-acre parcel to Charlie Key, owner of locally based Payless Liquors. Financial terms were not disclosed. Key is developing a 30,000-square-foot retail center, which will be anchored by one of his stores. No other tenants have been signed.
Resource Commercial Real Estate LLC has the listing for the six office condos that range in size from 1,081 square feet to 3,362. Prices have been reduced to a range of $129,000 to $389,000. Prices had been $192,339 to $635,418.
Resource Commercial also is the listing agent for Key's retail center.
Student-housing tower planned
A team of local developers is hoping to build a 550-bed, 16-story apartment tower near the IUPUI campus. The $40 million project, dubbed Paramount Tower, would target the lucrative student-housing market. A partnership of Fishers-based Paramount Realty Group and Indianapolis-based Alboher Development Co. Inc. has agreed to buy the site, a 2.3-acre parking lot east of Capitol Avenue between Michigan and North streets. IUPUI has on-campus residential space for only about 1,100 of its 30,000 students, and that space is full. Other complexes nearby are 99 percent occupied. Renderings are not yet available, but developers say the building will have a limestone face similar to the Conrad Indianapolis. The full story, by IBJ reporter Cory Schouten, can be read here.
Leases/leasing contracts
- Colliers Turley Martin Tucker has been hired to manage 16 buildings in four states; six are in the Indiana cities of Crown Point, Jeffersonville, Goshen, Crawfordsville, Richmond and Shelbyville. Those buildings total 136,815 square feet and are owned by New York-based Brookfield Real Estate Opportunity Fund. Occupancy information was not immediately available.
- Williams Scotsman Inc. has leased 10,000 square feet at 8125 W. 10th St. Donald Treibic of Colliers Turley Martin Tucker represented the tenant, which leases mobile office trailers. John Demaree of Summit Realty Group represented the landlord, G&D Realty LLC.
Tax abatements
Subaru of Indiana Automotive Inc. has received approval from the Lafayette Redevelopment Commission for two tax abatements on more than $100 million in new personal property and real estate investments at its Lafayette-area plant. The 10-year abatements will save the automaker nearly $1.2 million in this, the first year of the deal.
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| Housing
The pace of mortgage loan activity increased 5.5 percent last week over the prior week, according to the Mortgage Bankers Association. The refinancing share increased 6.4 percent, accounting for 50.2 percent of all applications. Interest rates increased for 30-year mortgage loans to 6.19 percent, from 6.16 percent. Rates on 15-year loans remained unchanged at 5.77 percent.
People
 - Bill Terry has joined Thompson Thrift Development as project manager.
- Dennis Oklak, CEO of Duke Realty Corp. has been named to The National Association of Real Estate Investment Trusts' board of governors.
Other news
Simon Property Group Inc. received the Leader in the Light Gold award from the National Association of Real Estate Investment Trusts. Simon received the award for the second consecutive year, which recognizes company-wide operations that generate improved energy efficiency and expense management. The award was presented last week to Simon officials at the National Association of Real Estate Investment Trusts' annual convention in Las Vegas.
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| Fountain Square buildings for sale
 A prime block of Fountain Square real estate is on the market. Businessman Don Swayze is asking $1.2 million for two buildings and a used-car lot he owns along Virginia Avenue. Jesse Snyder with ReMax has the listing. The buildings are home to Luxor Restaurant, Days Gone By antique shop and 13 apartment units. A few years ago, Starbucks considered opening on the corner but a deal never materialized.
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.
Correction
Paragon General Contractors Inc. expects to begin construction on an 18,000-square-foot office building for Spohn Associates Inc. in spring 2008. Last week's IBJ Real Estate Weekly listed the start date as the completion date.
Edited by Tracy Donhardt
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