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|  Tuesday, February 12, 2008 |
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Blighted west-side corner gets new owner
A group of local real estate developers led by Brent Benge has bought two parcels spanning five acres on Rockville Road near Interstate 465. The property includes a Walgreen's drugstore and a long-vacant building that housed a Frank's Nursery and Crafts store. The former 21,800-square-foot nursery, which occupies 3.2 acres, will be redeveloped for a single tenant or multiple tenants, Benge said. 
Projects
Welbourne Cos. plans to spend $6 million to expand The Devonshire Apartments in Greenwood. The complex, which Welbourne developed in 2004, has 216 units; the owner plans to add 84. Construction on the expansion is expected to begin next month and be finished by the end of the year. An increase in demand for apartment living is driving Welbourne's expansion plans.
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Sales/acquisitions
- Barrett and Stokely Inc. bought Stone Gate of Carmel Apartments, a 200-unit complex, for an undisclosed amount. The seller, Zidan Management Group, bought the apartments in July 2006. Tikijian Associates represented Zidan Management. Locally based Barrett and Stokely owns 16 other apartment communities in the Indianapolis area, including two in Carmel. The new owner plans to spend $2 million on renovations and upgrades.
- Chicago-based Orix Real Estate Capital Inc. bought a two-building office property at 19845 U.S. 31 in Westfield for an undisclosed amount. The seller, MetLife Inc., was represented by Rebecca Wells and Michael Semler of Colliers Turley Martin Tucker. The buyer represented itself. The two adjoining buildings are fully occupied by Verizon Communications Inc.
- West Virginia-based Century Properties XV Ltd. Partnership bought a 178,820-square-foot industrial building at 4333 W. 71st St. The price was undisclosed. The seller, locally based China Lodge LLC, was represented by Chris Ayers with NAI Olympia Partners. The building is fully occupied by a single tenant.
Leases/leasing contracts
- Ceva Logistics leased 40,000 square feet at 4320 Anson Boulevard in Boone County's AllPoints at Anson mixed-use development. Mark Hosfeld, with Duke Realty Corp., represented Duke and Browning Investments as the landlord. Terry Busch , with CB Richard Ellis, represented the tenant.
- Superior Pool Products renewed its lease for 40,000 square feet at 5521 W. Minnesota St. on the city's west side near Indianapolis International Airport. Adam Stephenson and Mark Stephenson of Summit Realty Group represented the tenant. The landlord, Prologis, represented itself.
- Carmel Assembly of God leased 5,378 square feet at 1016 W. Main St. in Carmel. Tom Willey and Kurt Mathewson with Coldwell Banker Commercial Realty Services represented the landlord, Estridge Investment Co. The tenant represented itself.
- NetHeads, an Internet cafe and computer gaming room, has leased 3,840 square feet at 1017 W. Main St. in Carmel. Tom Willey and Kurt Mathewson represented the landlord, Estridge Investment Co. Ryan Hurst with NAI Olympia Partners represented the tenant, which is relocating from space above Brugge Brasserie pub in Broad Ripple, which bought out NetHeads' lease so it can expand.
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- Live 360 LLC, a concert promoter, has leased 3,114 square feet at 8900 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. Adam Broderick of Meridian Real Estate represented the tenant.
- Grant Fitness, dba Curves, leased 2,410 square feet at 910 N. Green St. in Brownsburg. Harvey Levin of Coldwell Banker Commercial Realty Services represented the landlord, Brownsburg Management Group Ltd. The tenant, a health club for women, was represented by Jodi Milto of NAI Olympia Partners.
Financials/investments/stock sales
Kite Realty Group Trust posted fourth-quarter funds from operations of $12.7 million, up from $11.8 million a year ago. For the year, Kite had $47.2 million in funds from operations, compared with $43.3 million in 2006. As of the end of the year, Kite had an ownership interest in 50 retail properties. Those properties totaled 7.4 million square feet and were 94.8 percent occupied. Kite also had an ownership interest in nine properties in its development pipeline at year-end. Those projects will span 1 million square feet and cost $146 million. Earlier this month, Kite bought Rivers Edge Shopping Center in Castleton for $18.3 million. The 110,896-square-foot center is 80-percent occupied.
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| Housing
- Pended home sales across the country declined 1.5 percent in December, a sign that home sales will continue to fall, according to the National Association of Realtors. Pended home sales are based on contracts signed but not closed and were down 24.2 percent from a year ago. Pended home sales are considered a leading indicator of existing home sales.
- The pace of mortgage loan activity increased 3 percent last week over the prior week, reports the Mortgage Bankers Association. Refinancings accounted for 69.2 percent of all applications, down from 73 percent the previous week. Interest rates on 30-year mortgages increased to 5.61 percent, from 5.6 percent. Rates on 15-year loans averaged 5.09 percent, up from 5.04 percent.
Other news
Sitehawk Retail Real Estate has moved into 6,173 square feet of space at 8500 Keystone Crossing. Sitehawk previously had occupied 4,396 square feet at 2325 Pointe Parkway in Carmel.
  People
R. Stanton Evans has joined Paragon Cos. as senior vice president of commercial real estate and development.
Derek Glass has joined Century 21 Scheetz as a sales associate.
Four score and a canal conundrum 
A community group is calling on state and local government officials to preserve a one-acre lot along the Central Canal as Lincoln Park in honor of the former president. The narrow strip of land between Ohio and New York streets, which abuts a state parking garage, was left vacant to allow for future development. But now, a group called Canal Park Advocates says the seemingly unremarkable land has "exceptional social, inspirational and cultural value." They want it preserved in time for next year's 200th anniversary of Lincoln's birthday. "While it is an open hillside, and certainly not a redwood forest, it has tremendous cultural potential," Cathy Burton, president of the Marion County Alliance of Neighborhood Associations, said in a statement. Two teams are vying to develop the site, and both envision a hotel and retail space.
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: Steve Beals of Echelon Realty Advisors represented Indianapolis Institute for Families in its lease at 618 N. High School Road. The wrong broker was listed in last week's Real Estate Weekly.
Edited by Tracy Donhardt
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