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|  Tuesday, January 15, 2008 |
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Residential permits down, but improving
The number of residential building permits issued in central Indiana fell 23 percent in 2007 from the prior year, but the dip was smaller than the 28-percent decline in 2006 over 2005.
"We feel as if we have hit the end of the correction period," said Steve Lains, CEO of the Builders Association of Greater Indianapolis , which tracks permits issued in the nine central Indiana counties.
There were 7,331 permits issued in 2007, compared with 9,514 issued in 2006. Only Boone County, with a 3 percent increase, bucked the trend. The next best performance was a 13-percent decline in Hamilton County. The largest drop came in Morgan County, which reported 45 percent fewer permits in 2007.
"We're not predicting a quick return to normal levels," Lains said. This year could still end with another decline in permits, but the decline will be smaller, he said. "It'll be 2009 or 2010 before we're all the way back."
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Nationally, the market is not expected to see any improvement until 2009. Housing starts this year are likely to fall nearly 25 percent from 2007, then inch up only 1 percent in 2009, reports the National Association of Realtors. Median prices are expected to hold steady this year, then increase 3.1 percent in 2009. Interest rates could move up slowly, to 6.3 percent, by the end of 2008.
Sales/acquisitions
Florida-based Kin Properties Inc. bought the former Walgreens store at 2710 W. 16 St. for $1 million. Jordan Klink and Kahlil Barnard of Marcus & Millichap's Indianapolis office represented the Washington-based seller, Schramm Family LLC. The buyer represented itself in the transaction. The building is 12,544 square feet.
Leases/leasing contracts
- Freije Treatment Systems has leased 34,383 square feet at 4200 N. Awning Court in Greenfield. Criss Horton , with NAI Olympia Partners, represented the tenant. The landlord, Precedent Commercial Development LLC , represented itself.
- Brett Spitzer and Jake Isenbarger , with NAI Olympia Partners, represented Beverly Healthcare LLC in its lease of 32,826 square feet of industrial space at 8460 Bearing Drive on the city's northwest side. Bart Book with Colliers Turley Martin Tucker represented the landlord, New Tower Trust Co.
- Zoom Express leased 12,355 square feet of industrial space at 853 S. Columbia Road in Plainfield. Coastal Partners LLC, the landlord, was represented by Colliers Turley Martin Tucker. Brett Spitzer , of NAI Olympia Partners, represented the tenant.
- Brad Williams of Summit Realty Group represented Lucent Technologies Inc. in its lease of 4,400 square feet at 7525 E. 39th St. Brian Dell of Mann Properties represented the landlord, Pendleton/Parkside LLC.
- Focus Eye Care LLC leased 3,722 square feet at 14540 Prairie Lakes Boulevard in Noblesville. The landlord, Riverview Medical Arts, was represented by Bob Whitacre of Cornerstone Cos. Inc. Michael Weaver, Jon Hardy and James Shook Jr. of Coldwell Banker Commercial represented the tenant.
- Massage Envy has leased 3,200 square feet at 17239 Mercantile Boulevard in Noblesville. Tracey Holtzman with NAI Olympia Partners represented the tenant. The landlord, LOR Corp., represented itself.
- Treaddesk Inc. leased 2,400 square feet at 9852 North By Northeast Boulevard in Fishers. Brian Dell of Mann Properties represented the landlord, North By Northeast Building A LLC. The tenant represented itself.
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- TRC Environmental Corp. leased 2,250 square feet at 9402 Uptown Drive. The tenant was represented by Kyle Powell and Andy Martin of Colliers Turley Martin Tucker. Brian Dell of Mann Properties represented Uptown Village LLC as landlord
- Central Indiana OB/GYN LLC has leased 2,161 square feet at 95-113 Creekstone Cove in Avon. The landlord, Avon Creek Office Park LLC, was represented by Jeff Daniel of Paragon Commercial Real Estate. The tenant represented itself.
- Leyvand's Violin Shop leased 1,836 square feet at 1001 W. Main St. in Carmel. The landlord, Estridge Investments, was represented by Tom Willey and Kurt Mathewson of Coldwell Banker Commercial Realty Services. The tenant was represented by Rob Schick of Revel and Underwood Inc.
- Bart Book and Jeff Castell of Colliers Turley Martin Tucker will serve as the exclusive agents for Westpoint Business Park, which sits on 555 acres at Interstate 70 and State Road 39 in Plainfield. The park will house 10 Class A distribution buildings, ranging in size from 500,000 square feet to 1.4 million square feet for a total of 7.1 million square feet. Construction of the first building is expected to begin later this year. |  | | | |
| Financials/investments/stock sales
Kite Realty Group Trust will release financial results for the fourth quarter and full year after the market closes Feb. 7.
Construction
Paragon General Contractors Inc. has been contracted to build a 3,570 building for Zimpfer Dental at 55. E. Hawthorne St. in Zionsville. The dental office will occupy 2,855 square feet; the rest is available to lease.
Housing
- The pace of mortgage loan activity rose 32.2 percent last week from the week before, according to the Mortgage Bankers Association. The increase was attributed to the end of the holiday season and lower mortgage rates. Refinancings accounted for 57.7 percent of all loans, up from 50.9 the previous week. Interest rates on 30-year loans fell to 5.73 percent, from 6.05 percent. Rates on 15-year mortgages declined to 5.21 percent, from 5.61 percent.
- More than 86,000 jobs in the mortgage industry were cut in 2007 due to the weak real estate market, reports MortgageDaily.com, which analyzed 205 companies. The most jobs were lost at Countrywide Financial Corp. which eliminated 11,665 jobs, or 14 percent of all lost jobs. California was the hardest hit, losing nearly 16,000 jobs last year.
 People
Gary Joseph has joined Century 21 Scheetz in Carmel as a realtor.
Updates on downtown projects 
By popular demand, here are a few updates on new development projects: The Maxwell is coming out of the ground on schedule, but sales have been slow so far, said Bill Thomas, a vice president with developer Kosene & Kosene. The six-story, $24-million building on East Ohio Street will feature 105 condos and ground-floor retail space. Another mixed-use project, Ralston Square, is a few months behind but still a go, said Brian Epstein, who is developing the $60-million South Street project. He has letters of intent with 85 percent of the retailers for the project and is close to a hotel deal, although he would not name the hotel brand or retailers. Groundbreaking should take place toward the end of the summer. Finally, renovations at the retail/office building at 38 E. Washington St. are nearly complete, but there is no word yet on tenants. (The developers of Penn Centre and Legends District SoDo did not return phone messages.)
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: Keith Fried and Mark Perlstein are with Sitehawk Retail Real Estate. They were identified with the wrong company last week.
Edited by Tracy Donhardt
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