IBJ Real Estate Weekly

	Tuesday, January 29, 2008
	Retail project outgrowth of Wal-Mart opening  Centre Properties LLC will spend more than $75 million to develop Centre West, a retail project on 48 acres near 46th Street and Lafayette Road. The project involves two buildings that are under construction and another 100,000 square feet of retail space in the future. The development was prompted by a Wal-Mart Supercenter, which opened last week, and a Garden Ridge home decor store scheduled to open in February. Both of those stores are adjacent to the new development.    Projects Williams Realty Group is developing Fishers Corner II Shoppes. The 23,500-square-foot retail center is at 11761 Commercial Drive, next to Super Target. No tenants have been signed. The project cost was not disclosed. The center is expected to be complete in June.
	Sales/acquisitions - Decision Resources LLC bought a 94,316-square-foot industrial building at 3150 Chief Lane on the city's west side for $1.7 million. The seller was Melmo LLC. Both buyer and seller are local. Jeff Castel of Colliers Turley Martin Tucker represented the seller. The new owner will occupy the entire building. - Ivy Tech Community College has purchased an industrial building in Kokomo for $1.6 million. The seller was Curtis and Michael LLC. The 24-year-old property is 56,300 square feet. Ivy Tech plans renovations and expects to use it for an advanced education and training center. Leases/leasing contracts - Showtime Concession Supply leased 19,200 square feet at 9208 E. 33rd St. on the city's east side. Adam Stephenson and Mark Stephenson , with Summit Realty Group, represented Showtime. Duke Realty Corp. represented itself as landlord. - Decatur Vein Clinic leased 10,000 square feet at 8925 N. Meridian St. David Black and Cindy Clark of Grubb and Ellis/Harding Dahm and Co represented the tenant. Todd Maurer of Halakar Properties represented the landlord, Equicor Cos. LLC. - Sherwin-Williams has leased 4,000 square feet at State Road 135 and Faith Street in Greenwood. Scot Courtney of Grubb & Ellis/Harding Dahm and Co. represented the landlord, Meridian Market Shoppes LLC. Tony Orlando of Thompson Thrift represented the tenant. Financials/investments/stock sales Duke Realty Corp. reported it spent $307.4 million on development and $69.8 million on acquisitions in the fourth quarter. Nearly $197 million of the newly developed property will be added to the company's rental inventory. The rest, including a 1.2 million square foot industrial building in All Points Midwest business park that is fully leased to Prime Distribution Services, will be sold. The local real estate investment trust also said it posted $209.3 million in property sales in the quarter. Included in that mix was a 7-building portfolio in Park 100. Housing - Sales of existing homes across the country fell 2.2 percent in December, to an annual rate of 4.89 million, the lowest in nine years, according to the National Association of Realtors. Sales were down 22 percent from a year ago and down 32 percent from two years ago. For all of 2007, the median sales price of an existing single-family home fell for the first time in the 40-year history of the data, dropping 1.8 percent.
	- The pace of mortgage loan activity rose 8.3 percent last week, reports the Mortgage Bankers Association. Refinancings accounted for 66 percent of all applications. Interest rates were down; 30-year loans fell to 5.49 percent from 5.62 percent and 15-year mortgages declined to 4.96 percent from 5.07 percent. People Heather Kelly has joined Weichert Realtors Hometown Real Estate as a residential specialist. Lucas Oil is looking good More than 1,000 workers a day in two shifts are scrambling to finish Lucas Oil Stadium, installing everything from seats and concession stand equipment to portions of retractable roof. The executive director of the Indiana Stadium and Convention Building Authority, John P. Klipsch, said the stadium will be finished on Aug. 15, as scheduled. Contractors have temporarily enclosed some parts so progress can continue in the cold. The ISCBA plans to tear down the RCA Dome in April provided the Colts can be convinced the new stadium will be ready. 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.
	In this week's Indianapolis Business Journal Largest Indianapolis-Area 2007 Commercial Property Sales Largest Indianapolis-Area 2007 Industrial Leases Largest Indianapolis-Area 2007 Office Leases  Edited by Tracy Donhardt
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