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|  Tuesday, December 18, 2007 |
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Duke picked to build $38M FBI office
Locally based Duke Realty Corp. has been selected to develop a new Indianapolis field office for the FBI in the Woodland Corporate Park along Interstate 465 between 71st and 86th streets.
Plans for the new office call for a complex of three buildings: a three-story office building, an enclosed parking garage and a separate maintenance building, the U.S. General Services Administration announced today. The $38.1 million development would give the FBI 110,000 square feet, a much-needed boost from its 55,000-square-foot space in the Minton-Capehart Federal Building downtown.
The contract is the second issued to a developer for a new FBI field office in Indianapolis. In March, the contract was awarded to a Kansas City, Mo., company that failed to secure its site in the Castleton area. |  | | | |
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The new development team also includes Indianapolis-based architecture firm CSO Schenkel Schultz and Chicago-based Ross Barney Architects.
The buildings will be owned and developed by Duke and leased to the GSA for the FBI. The lease will pay Duke $64.3 million over the 15-year term.
Construction is slated to begin in spring 2008, with occupancy in fall 2009. Plans call for the building to be LEED-Silver certified. The only other competitor in the latest round was locally based Lauth Property Group .
HDG Mansur part of large archaeological excavation in England
HDG Mansur , locally well known as an owner of office and residential projects, is becoming known for something else in Bristol, England: an archeological excavation.
HDG Mansur is in the midst of unearthing 12th- and 13th-century wells, pumping systems, brass figures, old weapons and bones, among other artifacts. The dig is one of the largest archaeological excavations carried out in a historic area of Bristol known as Fenzels Reach that is often the site of archaeological digs. The excavation team has expected to find undetonated World War II bombs, but none have been found.
Many of the items have been put on display for local residents to view.
The excavated site eventually will become part of a $500 million, 1 million square foot, residential, office and retail complex. Because much of what is being uncovered includes the foundations of old buildings and streets, the medieval street layout will be preserved.
The residential component of the project, which began earlier this year, is expected to be completed at the end of 2009.
HDG Mansur or its affiliates own several properties in Indianapolis, including 120 Monument Circle, the Illinois Building and Market Tower. HDG has two international offices, one in London and an office in Dubai that it opened last month.
Sales/acquisitions
- Columbus, Ga.-based Greystone Properties bought Kingsmill Court, a 304-unit apartment complex near Interstate 465 and West 38th Street on the city's west side. The purchase price was not disclosed, but the property had been listed at $11.2 million. The seller, Allstate Investments Inc., was represented by the CB Richard Ellis multi-housing group. The buyer represented itself.
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| - Lamar Cos., based in New Jersey, has bought Emerson Plaza, an 84,799-square-foot retail center at Emerson and Thomson roads. The center, which is 90 percent occupied, is anchored by a Marsh grocery store. Financial terms were not disclosed. The seller, American National Insurance Co., was represented by Rebecca Wells and Bill French of Colliers Turley Martin Tucker. Lamar represented itself.
Leases/leasing contracts
- Community Physicians of Indiana leased 7,883 square feet at 6925 E. 96th St. Brian Dell of Mann Properties represented the landlord, Masters Crossing LLC. The tenant was represented by Rob Lukemeyer of Baseline Commercial Real Estate.
Matt Jackson of Halakar Real Estate represented Coleman Floor Company in its lease of 4,000 square feet at 8444 Castlewood Drive. Brian Dell of Mann Properties represented the landlord, Bash Business LLC.
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| - Brian Dell of Mann Properties represented Pendleton/Parkside LLC as landlord in the lease of 3,000 square feet at 3932 Pendleton Way. The tenant, Orkin Inc., was represented by Nikhil Gunale of CB Richard Ellis.
Financials/investments/stock sales
Simon Property Group Inc. plans to release fourth quarter and full year financial results before the market opens on Feb. 1.
Housing
- November pended home sales in central Indiana were down 15 percent from the same month last year, reports F.C. Tucker Co. Hancock County was the only county that saw an increase; pended sales there gained 10.9 percent. The largest decline was in Hendricks County, where pended sales fell 21.6 percent. Year-to-date, sales in Marion and the eight surrounding counties are down 8.1 percent from the first 11 months in 2006. November listings for the nine counties increased 4.4 percent.
- The number of mortgage loan applications increased 2.5 percent last week from the previous week, according to the Mortgage Bankers Association. Refinancings accounted for 57.6 percent of all applications, a 4.3-percent gain over the prior week despite a slight increase in interest rates, which averaged 6.07 percent on 30-year mortgages, up from 5.82 percent. And rates on 15-year mortgages increased slightly to 5.72.
 People
Charlie Hill has been named president of Paragon General Contracts. Jim Logan has joined Paragon as vice president of property management. Stephanie Creech has joined the same firm as receptionist.
Southern staple coming to Indianapolis
Long a staple in the South, Huddle House diners are beginning to pop up in Indiana. The first Indianapolis-area Huddle House is at 7735 E. Brookville Road, and the second location opened Dec. 12 at 5015 Stop 11 Road. The Atlanta-based chain is planning another six units in the area, including restaurants in Greencastle, Cloverdale, Fishers and Noblesville. It's also looking for new local franchisers, said Debra Webb, the chain's franchise development director. The chain was founded in 1964 and is owned by Washington, D.C.-based private equity firm Allied Capital.
More Restaurant News : Scholar's Inn Gourmet Cafe on Mass Ave. is planning to close at the end of December for an overhaul. An employee says the restaurant will get a new lounge and color scheme and reopen at the end of January.
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 .
There will be no Real Estate Weekly published Dec. 25 or Jan. 1 in observance of the Christmas and New Years holidays.
Edited by Tracy Donhardt | | | |
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