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|  Tuesday, February 19, 2008 |
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Adidas takes large space at Mount Comfort
The Mount Comfort Commercial Park in Hancock County is becoming a draw for companies looking for distribution space. The latest tenant to sign on the dotted line is Adidas. The athletic shoe retailer will lease 162,000 square feet in a 594,000-square-foot warehouse owned by KTR Capital Partners of Pennsylvania. The building at 6883 W. County Road 350 N. was built as a spec building in 2006. The CVS drugstore chain became the first tenant when it agreed three months ago to lease the same amount of space Adidas is taking. 
Mann, Opus teaming to develop industrial park
Locally based Mann Properties is stepping outside its comfort zone of small office/flex projects to develop a 140-acre industrial park and logistics center along Interstate 69 in Madison County. Mann is teaming with Illinois-based Opus North Corp. to put together plans for 1.5 million square feet of industrial and office space near the town of Ingalls. The two are optimistic that ground can be broken yet this year on the $100 million project called 1-69 Trade Center. A potential tenant already has shown interest, said Tim Stevens, Mann's director of land acquisition and development. |  | | | |
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Sales/acquisitions
- Massachusetts-based Equity Industrial Partners Corp. has bought a 630,000-square-foot industrial building at 7900 Rockville Road from Ohio-based Covington Capital Corp. for an undisclosed amount. The multi-tenant Rockville Business Center is 97-percent leased. Mark Writt of CB Richard Ellis represented both sides in the transaction. Covington acquired the building, which had once housed a manufacturing facility for RCA, in September 2005.
- Barrett and Stokely Inc. bought two acres at 96th Street and Grey Road from The Broadbent Co. for an undisclosed amount. Locally based Barrett and Stokely owns 16 apartment complexes in the Indianapolis area, including River Ridge Apartments adjacent to the newly acquired parcel. Both parties represented themselves in the transaction.
Leases/leasing contracts
- Custom Fitness and Massage has leased 3,300 square feet at 131-151 S. Harbour Drive in Noblesville. Harvey Levin of Coldwell Banker Commercial Realty Services represented the landlord, Mid-America Terminal Service. The tenant represented itself.
- Indiana Professional Management Group, Inc. leased 2,754 square feet at 8604 Allisonville Road. Ed Troha of CB Richard Ellis represented the tenant, and Gus Sevastianos of New Boston Citimark represented the landlord.
- BCA Investment Management Inc. leased 2,442 square feet at 8250 Haverstick Road. Andrew Follman of Meridian Real Estate Services represented the tenant. Gus Sevastianos of New Boston Citimark represented the landlord.
- Motherhood Maternity leased 1,460 square feet at 789 U.S. 31 North in Greenwood. The tenant represented itself, as did the landlord, Centre Properties.
- Pita Pit leased 1,448 square feet at 2902 W. 86th St. Keith Fried of Sitehawk Retail Real Estate represented the landlord, Regency Centers. Michael Cranfill, also of Sitehawk, represented the tenant.
Housing
- Central Indiana homes sales were down 12.2 percent in January from a year ago, reports F.C. Tucker Co. Last month, 1,962 homes were sold in the nine-county region. Only Madison County, where sales grew 9.6 percent, saw an increase. The largest drop occurred in Shelby County, where sales plunged 35.4 percent. Listings grew 2.3 percent in central Indiana with Hamilton County experiencing the largest increase at 5.7 percent.
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- The pace of mortgage loan activity fell 2.1 percent from the prior week, according to the Mortgage Bankers Association. Refinancings accounted for 67.4 percent of all applications, down from 69.2 percent the week before. Mortgage rates increased slightly, with 30-year loans averaging 5.72 percent, up from 5.61 percent. Rates on 15-year mortgages increased to 5.18 percent from 5.09 percent.
Other news
- ReMax of Indiana has opened a new franchise in Indianapolis. ReMax Ultimate is at 6315 W. Washington St. and is owned by Varin Sahi.
- ERA Real Estate Links has relocated to 4630 Lisborn Drive in Carmel from 865 W. Carmel Drive.
- Welbourne Cos. has launched Welbourne Realty, a new unit focused on the residential market.
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| People
Jenny Hopper has joined ReMax Excel in Avon as a sales associate. Jason Alsup has joined the same office as a licensed assistant.
Preston's Rocks no more 
Wondering what happened to all those Preston's Rocks commercials and billboards? After three years in business, local jeweler Reis-Nichols has given up on the spinoff, all-diamond concept. The store, in a funky building on 96th Street just west of I-69, closed in mid-January. The effort at a hip, youth-oriented jewelry store was a partnership of William Nichols and a Texas marketing firm. "The business wasn't floundering," Lori Roberts, a Reis-Nichols spokeswoman, said in an e-mail. "It was a clean and simple management decision to focus fully on our original Reis-Nichols business model." The chain has stores in Castleton and Greenwood.
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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