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|  Tuesday, January 8, 2008 |
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Carmen, Centre form joint venture for leasing
Two local real estate companies, Carmen Commercial Real Estate and Centre Properties LLC , have formed a joint venture to provide leasing and marketing services for Centre.
The joint venture, Centre Leasing , will oversee leasing activity on Centre's existing retail developments and future projects, including RiverPlace, the massive mixed-use development in Fishers. The 85-acre project just northwest of East 96th Street and Allisonville Road, which is expected to cost between $350 million and $500 million, would be one of the most ambitious mixed-use developments in Fishers history. Plans call for condominiums, town homes, at least one hotel, retail shops and office buildings. Centre also wants to build a large public park along the river.
The project has raised opposition from environmentalists who worry that flooding would occur upstream along the White River and Indianapolis officials who are concerned that the development could create a torrent of traffic trouble. Still, construction is expected to begin on the first office building by June. No tenants have been signed for office or retail space.
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Centre has developed more than 20 retail projects in the Indianapolis area. In addition to the River Place land, Centre owns roughly 100 acres of undeveloped land in various parts of the city.
Carmen Commercial, which is run by Chris Carmen, focuses on tenant and buyer representation in lease and purchase deals.
Sales/acquisitions
- Michigan-based Friedman Real Estate Group Inc. paid $7.5 million for a four-building complex near Michigan Road and Interstate 465, according to paperwork filed with the Marion County Assessor's office. The office complex, previously known as the Quads, has been renamed Parkstone Office Center. The seller was Nationwide Life Insurance. The deal was reported mid-December but the price wasn't disclosed. The new owner plans to renovate the 202,088-square-foot complex, which is about 65 percent occupied.
- New Indianapolis Hotels LLC, based in Georgia, has bought the Hampton Inn East, a 123-room hotel at I-70 and Shadeland Avenue, for $7.5 million. The seller was Indy East Hotel Ltd. Partnership. The new owner plans to spend $1.5 million on renovations. Kansas City-based Hotel Brokers International and Huff, Niehaus and Associates Inc., of Louisville, Ky., represented the seller. The buyer represented itself.
- California-based Tower Investments has bought the former Guide Corp. headquarters in Pendleton for $5.9 million. Tower then leased 64,650 square feet of the 120,000-square-foot office building to Remy International. Thomas Willey and Kurt Mathewson of Coldwell Banker Commercial represented Tower as buyer and landlord. Zane Brown , Terry Busch and Ryan Beasley of CB Richard Ellis represented Guide as the seller and Remy as the tenant in the lease transaction. Tower Investments has bought at least two other former automotive plants in nearby Anderson.
Leases/leasing contracts
- Aldi has leased 16,938 square feet at 6935 Binford Boulevard. Keith Fried and Mark Perlstein, of Landmark Properties Inc., represented themselves as landlord. Jim Abel of Paragon Commercial Real Estate represented the tenant.
- Hubler Express Collision leased 15,000 square feet at 503 W. Carmel Drive. J.D. Graves, with CB Richard Ellis, represented the landlord, Rice Real Estate LLC. The tenant represented itself.
- Enflora has leased 2,493 square feet at 111 Monument Circle. The florist is returning to space in the Chase Tower after moving out two years ago. Sandra Jarvis and Brian Epstein with Urban Space Commercial Properties represented the landlord, Macquarie Office Monument Center I LLC. The tenant represented itself.
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| - Brick House Fitness has leased 1,600 square feet at 6225 W. 56th St. The landlord, Eagle Creek Commons LLC, was represented by Brendan O'Hara of Paragon Commercial Real Estate. The tenant represented itself.
Financials/investments/stock sales
- Duke Realty Corp. will release fourth-quarter results on Jan. 31.
- The NAREIT composite index lost 17.8 percent last year, wiping out slightly more than half of the 2006 gain of 34.3 percent. 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 9.81 in 2007 and the Dow Jones industrials gained 6.43 percent. Last year was the first year since 2000 that REITs did not outperform the equity markets. Indiana's REIT stocks performed as follows in 2007: Simon Property Group Inc. lost 17.8 percent, Duke Realty Corp. lost 32.4 percent and Kite Realty Group Trust lost 16 percent.
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| Construction
- Indianapolis-based Paragon Development Inc. is building AutoZone auto parts stores in Noblesville, Avon and Cumberland. The three stores range in size from 6,840 square feet to 7,300 square feet. The Cumberland store opened last month; the other two are expected to open in March and April.
- Fishers-based The Mattingly Corp. is building two medical office buildings for separate customers. The Fishers Medical Office Building at 10967 Allisonville Road is being constructed for Bennett and Reindl. The 28,000-square-foot building is scheduled to be finished in the summer. And a 12,966-square-foot building is being built for Northeast Endocrinology Investments Inc. That building is scheduled to open this summer.
- Spending on U.S. construction projects rose 0.1 percent in November, the Commerce Department reported. The overall gain was due to strong spending for public, state and local construction projects as spending on home construction declined 2.5 percent for the month. It was the 21st consecutive monthly decline for home construction spending. Economists had expected overall construction spending to fall 0.5 percent in November. Year over year, however, construction spending is down 0.1 percent.
Housing
Mortgage loan activity was slow over the Christmas holiday week, even compared with the previous year, according to the Mortgage Bankers Association. The pace of mortgage loans fell 11.6 percent that week, over the week before. Activity was down 20 percent compared with the same week a year ago. Refinancings accounted for 50.9 percent of all loans, down from 53 percent the previous week. Interest rates were down. The average rate for a 30-year mortgage decreased to 6.05 percent from 6.10 percent.
Rates on 15-year loans averaged 5.61 percent, down from 5.66 percent.
 People
Jacque Haynes has been named president of the Indiana CCIM Chapter for 2008. The chapter provides networking and educational opportunities to commercial real estate professionals.
Michael Sands has joined CB Richard Ellis as a financial analyst for the Indianapolis properties team.
Other news
Resource Commercial Real Estate LLC has relocated to almost 6,000 square feet at Nine Parkwood Crossing at 900 E. 96th St. The move from Seven Parkwood Crossing nearly doubles the space Resource will occupy.
Condos take shape atop building
Construction has begun on a project that will add 18 condos and four penthouses to the top of a historic four-story office building at 429 N. Pennsylvania St. The project, dubbed The Residences at 429, is adding five floors to the 1920 building, which was built for Reserve Loan Life Insurance Co. and is listed on the National Register of Historic Places. Units will range from 1,100 to 4,000 square feet, and prices are $300,000 to $1.4 million. The developer is locally based Stenz Corp. Projects that add floors to existing buildings are rare in Indianapolis but common in larger cities.
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: Community Physicians of Indiana/Castleton Family Physicians leased 7,883 square feet at 6925 E. 96th St. The tenant's name was shortened in error in the Real Estate Weekly published Dec. 18.
Edited by Tracy Donhardt
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