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|  Tuesday, January 22, 2008 |
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Office, industrial vacancy should improve in 2008
The Indianapolis office market ended 2007 with a 17.3-percent vacancy rate, almost identical to the 17.2-percent vacancy at the end of 2006, reported Summit Realty Group in its fourth-quarter market report. The stability comes despite more than 700,000 square feet of speculative space coming on the market; 70 percent of that space was filled at the end of the year.
Vacancy in the city's industrial market closed out the year at 9.7 percent, up just over 1 percent from the end of the third quarter. About 7.5 million square feet of space came on line during the year.
New construction in both the industrial and office segments is expected to slow, pushing vacancy rates lower. 
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Marketing of historic Boone County jail changes hands
The owner of the old Boone County Jail near the courthouse square in Lebanon is hoping a change of listing brokers will help sell the historic structure. Lebanon real estate agent Phil Ludlow of Carpenter Realtors has partnered with Halakar Real Estate in Indianapolis in an attempt to sell the building. The seller is hoping a local agent teamed with an Indianapolis broker will lead to a sale. A year ago, the owner listed the jail with locally based Meridian Real Estate. There was no list price, but Meridian estimated the property was worth more than $400,000. Carpenter has the property listed at $490,000.
Projects
Carmel-based JDF Development LLC is developing Crawfordsville Common, a 9,400-square-foot retail center on U.S. 231 South in Crawfordsville. The center, with a project cost of $1 million, is fully leased by Dollar Tree, which will occupy 8,200 square feet, and Papa Murphy's Pizza, which has taken the remaining space. Construction is expected to begin in the spring and be finished by summer. The center is for sale with an asking price of $1.5 million.
Leases/leasing contracts
- Cantrell Enterprises leased 115,200 square feet of office and warehouse space at 4919 W. 78th St. in Park 100. Tony Hupp and John Demaree , with Summit Realty Group, represented the tenant, which is consolidating two of its Indianapolis facilities. The landlord, Duke Realty Corp., represented itself.
- Belkins Worldwide Solutions leased 80,000 square feet at 650 Perry Road in Plainfield. Luke Wessel of Colliers Turley Martin Tucker represented the landlord, Panattoni Development Group. Patrick Lindley, also with Colliers Turley Martin Tucker, represented the tenant.
- Shrewsberry & Associates Inc. leased 7,358 square feet at 7321 Shadeland Station. Tom Frank with Summit Realty Group represented the tenant, an environmental consulting firm that is relocating from 7168 Graham Road. Dan Richardson of CB Richard Ellis represented the landlord, LA/Shadeland Station Inc.
- Flaherty & Collins Properties leased 3,600 square feet at 4039 Industrial Boulevard on the city's west side. John Hanley, with CB Richard Ellis, represented the tenant, which will use the warehouse space for its property and asset division. The landlord, AAA Motor Club, was represented by J.D. Graves, also of CB Richard Ellis.
- Harmon/Wells leased 1,800 square feet at 8847 Commerce Park Place on the city's northwest side. Kara Riggle of Resource Commercial Real Estate LLC represented the tenant, a general contractor and construction company. The landlord , Commerce Park Indianapolis LLC, was represented by Joe Lonnemann of Colliers Turley Martin Tucker. | | | |
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Housing
- Flaherty & Collins Properties has been hired to handle sales and marketing for Harbor Town Condominiums, a 45-unit residential project on Morse Reservoir in Noblesville being developed by Harbour Town Ventures II LLC. Two of the units have been sold.
- Marion County's 11.5-percent drop in home sales from 2006 to 2007 was the largest decline among the nine central Indiana counties, reports F.C. Tucker Co. No county saw an increase, with the region as a whole falling just under 10 percent from 2006. The smallest decline, 0.9 percent, occurred in Boone County. Average sale prices fell in all nine counties, as well, dropping 2.1 percent, to $153,270.
- Average interest rates on mortgage loans fell last week, from the prior week, to their lowest levels since July 2005, according to Freddie Mac. The average rate on 30-year loans was 5.69 percent, from 5.87 percent. Rates on 15-year fixed mortgages averaged 5.21 percent, down from 5.43 percent. |  | | | |
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People    
Paragon Cos. has added the following new employees within its various units: Jon Wood as director of capital finance and Jen Shultz as administrative assistant with Paragon Development Inc., Stacey Neal as assistant bookkeeper at Paragon Property Management LLC, Samantha Martin as administrative assistant with Paragon Commercial Real Estate LLC, and Mary Louis Lovell as administrative assistant at Paragon General Contractors Inc.
Condo building nears completion 
Workers are putting finishing touches on the exterior of 707 East North, a 17-unit condo building under construction on the eastern edge of downtown. The $20 million project by locally based Beilouny Luxury Property should be ready for occupancy by late summer. Beilouny also built the nearby 757 Mass Ave, and has sold 18 of that building's 23 units. Condos at 707 range from $400,000 to $3 million. The company has sold six of them, said spokeswoman Amy Peddycord.
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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