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|  Tuesday, February 5, 2008 |
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Local apartment owner buys Penn Arts building
The Penn Arts Apartments at 16th and Pennsylvania streets has changed hands, 15 months after a New Jersey investment group bought it and said it would convert the 82 units to condos. Instead, JAB Real Estate Investment Group LLC sold the building to Christopher Piazza, owner of Reverie Estates LLC, for $1.4 million. The Penn Arts Apartments is the seventh apartment building Piazza, 23, has acquired since launching his company 17 months ago. Piazza said he expects to spend up to $3 million renovating the Penn Arts building, although exact plans have not been finalized. He does not anticipate converting the building to condos. 
Sales/acquisitions
- Minnesota-based Fastenal Co. bought a 434,501-square-foot industrial building at 6003 Guion Road from Frank Mason Realty of Illinois. The purchase price was $5.2 million, according to paperwork filed with the Marion County Assessor's office. Chip Barnes and Mike Lubbers with NAI Olympia Partners represented the seller. Tom Cooler with CB Richard Ellis represented the buyer. The deal closed Jan. 16. |  | | | |
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- United Brotherhood of Carpenters and Joiners of America Local 60 sold a 9,368-square foot building at 531 E. Market St. to Meyer & Wallis advertising agency. The purchase price was $635,000, according to paperwork filed with the Marion County Assessor's office. Bill Ehret and Anton Graves of Summit Realty Group represented the seller, which is moving to 3650 S. Rural St. Rob Lukemeyer of Baseline Inc. represented the buyer. The deal closed Dec. 21.
Leases/leasing contracts
- Continental Engineered Systems LLC leased 22,934 square feet at 7692-7698 Zionsville Road in Park 100. Chip Barnes with NAI Olympia Partners represented the landlord, Northview SPK Ltd.
- David A. Noyes and Co. leased 11,204 square feet at 450 E. 96th St. in the Three Parkwood building. Bill Ehret and Rebecca Baer of Summit Realty Group represented the tenant, a financial services and wealth management firm. The landlord, Duke Realty Corp ., represented itself.
- Indianapolis Institute for Families leased 5,300 square feet at 618 N. High School Road. Denise Kouril of Williams Realty Group represented both the tenant and the landlord, Williams Realty Group.
- Champion Martial Arts leased 3,200 square feet at 4400 Weston Pointe Drive in Zionsville. Adam Crockett of Williams Realty Group represented his firm as landlord. The tenant was represented by Jodi Milto of NAI Olympia Partners.
- Ultimate Tae Kwon-Do has leased 3,110 square feet at 910 N. Green St. in Brownsburg. Harvey Levin of Coldwell Banker Commercial Realty Services represented the landlord, Brownsburg Management Group Ltd. Bart Jackson of Grubb & Ellis Harding Dahm and Co. represented the tenant.
- 4 Kids Books and Toys leased 2,800 square feet at 4450 Weston Pointe Drive in Zionsville. Denise Kouril of Williams Realty Group represented both the tenant and the landlord, Williams Realty Group.
Financials/investments/stock sales
- Duke Realty Corp. posted fourth-quarter funds from operations of $123.5 million, up 9.6 percent from the year-ago period. For the year, Duke's funds from operations were $409.4 million, an increase of 10.3 percent over 2006. Occupancy of 92.7 percent for Duke's 111.1 million square feet of properties at year-end was unchanged from the end of 2006. The local real estate investment trust has a $2 billion pipeline of developments.
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- Simon Property Group Inc. reported $507.7 million in funds from operations for the fourth quarter, an increase of 12.7 percent from a year earlier. Simon had $1.7 billion in funds from operations for the year, up from $1.5 billion in 2006. At the end of the year, occupancy at Simon's traditional malls was 93.5 percent and 94.1 percent at its lifestyle malls. During the fourth quarter, Simon sold three of its malls, including Lafayette Square.
- The NAREIT composite index lost 0.30 percent in January, the third consecutive monthly decline. 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 lost 9.89 percent last month and the Dow Jones industrials lost 4.63 percent. Indiana's REIT stocks performed as follows in November: Simon Property Group Inc. gained 4.1 percent, Duke Realty Corp. lost 8 percent and Kite Realty Group Trust lost 14.9 percent.
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| Construction
Spending on all U.S. construction projects fell 1.1 percent last month, reports the Commerce Department. The overall market was hurt as construction on private residential projects continued to fall. Residential construction spending fell 2.8 percent in December after falling 3 percent the month before. The overall monthly drop was larger than the 0.5-percent decline expected by economists. Overall construction spending was down 2.3 percent from the same month a year ago.
Housing
The pace of mortgage loan activity rose another 7.5 percent last week from the prior week, according to the Mortgage Bankers Association. The increase, mostly due to refinancings, was in response to the Federal Reserve's cutting of key rates by three-quarters of a percent. Refinancings accounted for 73 percent of all applications, up from 60 percent the previous week. Interest rates rose, however, with 30-year loans averaging 5.6 percent, up from 5.49 percent. And rates on 15-year mortgages averaged 5.04 percent, up from 4.96 percent.
People
 - Susan Early has joined Polaris Real Estate as a client care coordinator.
- Brad King has joined Resource Commercial Real Estate as an advisor in the company's industrial services group.
- Michelle Strezishar has joined Weichert Realtors-Hometown Real Estate as a sales agent.
Other
- Thompson Thrift Development has relocated to 2750 E. 146th St. in Carmel. The Carmel developer will occupy 6,882 square feet in the building it developed and owns. Thompson Thrift had been in 3,000 square feet at 90 Executive Drive, also in Carmel.
- Resource Project Management has changed its name to Turnkey Transition Management . The company provides space planning and design, construction management and help with moving furniture and technology, among other services. It also relocated to 6,000 square feet at 900 E. 96th St. from half the space at 280 E. 96th St.
Old Centrum to close 
The Old Centrum is scheduled to close at the end of March, leaving an uncertain future for the former Central Avenue United Methodist Church at 12th and Central. The 80,000-square-foot Romanesque Revival structure was built in 1892. Since 1999, it has served as home for 20 nonprofit organizations, although today only about four are still housed there. Old Centrum Foundation, the group that manages the building, doesn't have enough money to keep it open, said Marie Beason, the foundation's executive director. The Foundation is working with Bob Bates of BB Construction Management to secure the building's roof, masonry and windows until another use is found. The group put about $1.5 million into a renovation several years ago. It would take between $8 million and $10 million to return the building "to its original glory," Beason said. They are looking for a partner interested in redevelopment.
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: Jeff Castell's name was misspelled in last week's Real Estate Weekly. Castell, of Colliers Turley Martin Tucker, was mentioned in relation to the sale of an industrial building on the city's west side.
Edited by Tracy Donhardt
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