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|  Tuesday, February 26, 2008 |
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McCord Square project up for final zoning vote
Final zoning approval is expected this week for a planned 540,000-square-foot, mixed-use project at Mount Comfort Road and Pendleton Pike in Hancock County.
Construction of the $40 million McCord Square could begin in six to eight months, said Thomas Willey, with the Indianapolis office of Coldwell Banker Commercial Real Estate.
Willey and his partner Kurt Mathewson are developing the project for California-based Tower Investments. Coldwell Banker will market and lease the project as well.
The Hancock County zoning board is scheduled to vote on the project Feb. 26. A final nod by the town of McCordsville likely would follow. McCordsville's civic offices will relocate to one of the planned buildings, Willey said.
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But the vast majority of the project-about 460,000 square feet-will be retail, Willey said. Park area and walking paths will be included in the lifestyle-type project.
Two farmers had owned most of the 90-acre parcel the project will sit on. Tower has been buying up the land over the past two years, Willey said.
Warehouse operator more than doubles space in Lebanon
National Distribution Centers has expanded its lease in the Lebanon Business Park by 229,500 square feet. The third-party warehouse operator will now occupy 382,500 square feet in the building at 510 S. Enterprise Drive. NDC is a unit of NFI Industries Inc. of New Jersey.
NDC's lease brings the 689,024-square-foot building to full occupancy.
Duke Realty Corp., which developed the building in 2004, is the landlord and represented itself in the transaction. Mark Writt, of CB Richard Ellis represented the tenant.
Projects
Thomas English Retail Real Estate has completed construction of the last of three buildings that comprise the Cherry Tree Crossing Shopping Center near Washington Square Mall. The 4,000-square-foot building brings a total of 32,000 square feet of retail space to the site that once housed the Drake Motel. The Drake was closed by the city in 2005. The retail center, which cost Thomas English $9 million, is 87-percent occupied.
Sales/acquisitions
Chicago-based GLC Development Group has bought Emerson Village Apartments, a 352-unit complex near South Emerson Avenue and East Shelbyville Road. The purchase price was not disclosed, but the asking price was just under $15 million. The seller, Carmel-based Pedcor Cos., was represented by Tikijian Associates. Last year, GLC acquired Country Club Apartments and The Cedars Apartments, both in Indianapolis.
Leases/leasing contracts
- Paul Mitchell School leased 13,250 square feet at 8751 U.S. 31 South in Greenwood. Bart Jackson, Herb Feldmann and Cindy Hoskinson of Grubb and Ellis Harding Dahm and Co. represented the tenant. The landlord, Greenwood Corner Shops LLC, was represented by Brady Clements of Horizon Property Group.
- Franklin Mortgage Co. leased 2,100 square feet at 21 Virginia Ave. Larry Harshman of Harshman Property Services, represented the landlord, GSA Investments Inc. Andrew Follman of Meridian Real Estate represented the tenant. Harshman has said he hopes to get a restaurant to take the remaining 3,000 square feet in the building, which formerly housed Junior Achievement.
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Housing
- The pace of mortgage loan activity fell 22.6 percent last week from the prior week, according to the Mortgage Bankers Association's weekly survey. Refinancings accounted for 61.7 percent of all applications, down from 67.4 in the prior week. Interest rates increased, with 30-year loans jumping to 6.09 percent from 5.72 percent. Rates on 15-year mortgages increased to 5.55 percent from 5.18 percent.
- In January, housing starts nationwide fell to just over one million units, the lowest level since 1991, reported the U.S. Commerce Department. Building permits, an indicator of future construction, fell 3 percent, to 1.05 million. For all of 2007, construction began on 1.36 million housing units, the fewest since 1993.
Other news
- The new owner of Sherman Park, Pinnacle Properties Management Group Inc., will hold a broker open house Feb. 28 from 2 p.m. to 4 p.m. Sherman Park is a 13-building, 1.2-million square foot industrial complex at Sherman Drive and East Michigan Street. Pinnacle Properties bought the complex of former RCA buildings out of receivership last year.
  - Assist-2-Sell has opened an office at 211 N. Rangeline Road in Carmel. The office is owned by J.D. Holly and will be staffed by Ryan Vannatta as broker. |  | | | |
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BW3 returning to downtown
Buffalo Wild Wings hopes to be back downtown by summer. The restaurant chain plans to take about 6,800 square feet next door to Borders at the southeast corner of Meridian and Washington streets. Franchise owner Pete Watson said he has agreed to lease the former home of Ralph's Deli, which has been vacant for several years. He hopes to start construction in late March and open by early July. Watson owns 12 BW3 locations, including Indianapolis-area locations in Castleton, Fishers, Broad Ripple and Greenwood. Former downtown franchise owner Mike DeWeese closed his downtown BW3 on Maryland Street in May 2007 and reopened it as an independent called Bada Boomz.
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 Multifamily Property Management Firms
Largest Indianapolis-Area Commercial Real Estate Developers
Edited by Tracy Donhardt
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