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|  Tuesday, December 4, 2007 |
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Large AllPoints lease bodes well for Plainfield
The Plainfield industrial market, which received a huge lift when Prime Distribution Services Inc. recently agreed to lease 1.2 million square feet in AllPoints Midwest, likely will continue to shine, even as the overall market experiences an uptick in vacancies, according to a veteran broker. The deal was a bright spot for the industrial market in the Indianapolis area, which overall is feeling the effects of a sluggish economy. 
Lauth continues filling Meridian Corporate Plaza
Connecticut-based Hartford Fire Insurance Co. has leased 78,000 square feet at 501 Pennsylvania Parkway in Lauth Property Group's Meridian Corporate Plaza Three building. The lease brings the 135,000-square-foot building to about 70 percent occupied.
In the last year, the three Class A office buildings that make up Lauth's Meridian Corporate Plaza, near Interstate 465 and Meridian Street, have reached 80-percent occupancy. The buildings contain more than 330,000 square feet. Lauth has its headquarters in one of the buildings.
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|  | Hartford is relocating from 11 Fortune Park at the Pyramids.
Lauth represented itself in the transaction. John Vandenbark and Dan Richardson with CB Richard Ellis represented the tenant.
Leases/leasing contracts
- Jeremy Woods and Brad Williams , both of Summit Realty Group, represented Rosemont, Ill.-based Verus Partners as the landlord in two leases at the Saxony 100 building in the Noblesville Corporate Campus. Weaver Popcorn Co. leased 22,372 square feet. It plans to relocate its headquarters and research and development facility from 9850 W. Point Drive on the city's west side. Also, Freehaven, Mich.-based Rock Tops Inc., which makes and installs marble, granite and other types of countertops, leased 11,200 square feet for a showroom and office location.
- Anytime Fitness has leased 6,400 square feet at Avon Corner Shops in Avon, bringing the retail center to 100-percent occupancy. The landlord, Avon Corner Shops II, an affiliate of Street Corner Group of Indianapolis, was represented by Tim Murray, Ryan Conrad and Robyn Smart of Resource Commercial Real Estate LLC. The tenant was represented by Gregg Morrison of Fargo, N.C.-based Property Resources Group. Anytime Fitness is scheduled to open in early 2008.
- Vontoo LLC has leased 2,659 square feet at 8606 Allisonville Road. The tenant, a locally based provider of automated voice messages, was represented by Jenna Barnett of Halakar Real Estate. The landlord, New Boston Castle Creek II Ltd. Partnership, was represented by Gus Sevastianos of New Boston Citimark.
- Global Credit Solutions Inc. has leased 1,680 square feet in the Waterfront Office Park at Interstate 465 and Crawfordsville Road on the city's west side. The tenant was represented by Eric Eley of Colliers Turley Martin Tucker. The landlord, New Boston Jacaranda Ltd. Partnership, was represented by Gus Sevastianos of New Boston Citimark.
Tax abatements
Subaru of Indiana Automotive Inc. has received approval from the Lafayette City Council for two tax abatements on more than $100 million in new personal property and real estate investments at its Lafayette-area plant, reports the Journal and Courier. The 10-year abatements will save the automaker nearly $1.2 million in this, the first year of the deal. The council approved the incentive in a 7-1 vote Monday. Councilman Jack Rhoda voted against the measure, expressing doubt that the automaker would move to another city if it did not receive the abatement.
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| Construction
Spending on U.S. construction declined 0.8 percent in October. Year to date, construction spending is down 0.6 percent from 2006. Spending on residential homes fell 2 percent in October; it was the 20th consecutive monthly drop. That spending is down 15.8 percent from a year ago.
Housing
- One of every 516 Indiana homeowners was in foreclosure in October, ranking the state ninth in the country, according to RealtyTrac, The state's 5,284 foreclosures included filings, default notices, auction sale notices and bank repossessions. The number is up 19.3 percent from September and 50.7 percent from a year ago. Nevada ranked first, with one foreclosure for every 154 homeowners.
- The glut of unsold homes on the market nationally rose to a 22-year high in October, according to the National Association of Realtors. Sales for the month fell 1.2 percent, to an annualized 4.97 million, the slowest pace since 1999. The inventory of unsold homes increased 1.9 percent, to 4.45 million, representing a 10.8-month supply, also the highest since 1999. Last week, IBJ's Real Estate Weekly reported that inventory also is swelling in central Indiana. New listings in the 13 counties in the middle of the state increased 32.7 percent in October, while sales declined 19.7 percent.
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| - The average interest rate for 30-year mortgage loans slipped to 6.1 percent last week, from 6.2 percent in the prior week, reports Freddie Mac. The new rate is a more than two-year low. Rates on 15-year loans fell to 5.73 percent from 5.83 percent.
 People
Phil Lande, broker associate with ReMax Legends in Indianapolis, has been appointed chairman of the product-review panel for Council of Residential Specialists for 2008. The panel reviews and recertifies real estate products for sale and recommendation by CRS.
A new floral arrangement
 Looking for flowers downtown? There's a new arrangement, thanks to a shakeup among locally based florists. Enflora Flowers for Business, part of McNamara, plans to open in Chase Tower in early February. And Berkshire Florist is moving from 7 E. Market St. to City Market and plans to open in mid-December. Enflora will take 2,500 square feet that previously housed Wall Street Deli, said Toomie Farris, McNamara's CEO. "We really missed our downtown operation," he said. Many of downtown's skyscrapers have lost floral tenants in recent years: George Thomas Florist and Andrews Florist vacated shops in One America Tower and Capital Center. Andrews now has a shop at 705 E. Market St.
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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