IBJ's Commercial Real Estate / Construction Power Breakfast

APRIL 11, 7:45 THE WESTIN, DOWNTOWN INDIVIDUAL SEATING: $35.00 CORPORATE TABLE OF EIGHT: $280.00	FEATURED PANELISTS TO INCLUDE John W. Demaree, SIOR Principal & CFO Summit Realty Group Mike Dilts President & COO Shiel Sexton Company, Inc. Donna Hovey Vice President Retail Sales and Leasing CB Richard Ellis Jon R. Owens, SIOR Principal/Senior Vice President   Office Sales & Leasing Colliers Turley Martin Tucker Nick Weber Deputy Mayor Economic & Workforce Development City of Indianapolis
Q: How is the slumping housing market affecting commercial real estate? Q: Are we in a recession? And if so, what areas of local real estate do you expect to be hit hardest? Q: Is a new lifestyle center or a big-box remodel a viable option for the owners of Lafayette Square and Washington Square malls?   The answers to these and other questions will be discussed.
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IBJ Real Estate Weekly

	Tuesday, March 25, 2008
	Sidewalk ordinance for developers coming An ordinance that will require developers to build sidewalks as part of any new project in Marion County will get a public hearing March 31. The rule, initiated by the Metropolitan Development Commission in response to the public's request for more sidewalks, was not initially popular with most local developers, said Tammara Tracy, a principal planner with the commission. But Tracy said their concerns, which included the desire for flexibility for projects already begun and how much sidewalk was required, were valid.    Sales/acquisitions Chris Piazza has purchased a 6-unit apartment building at 5804 E. Washington St. Piazza paid $100,000 for the vacant building that is next to another of Piazza's apartment buildings, Suites of Irvington. The seller was Peter Broscoe, a partner in Broscoe Group Properties and president of New Covenant Mortgage Corp. Broscoe described the property as "a quite depressed piece of property (missing doors, broken windows, vagrant infested)" adding that he believes Piazza will turn it around from its current "eyesore" condition. This is Piazza's eighth apartment building acquisition in about 18 months; he also is renovating the Penn Arts building at 16th and Pennsylvania streets.
	Leases/leasing contracts - HQ Global Workplace LLC leased 19,905 square feet at 8888 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. Nick Arterburn with CB Richard Ellis represented the tenant. - ADT Security Services Inc. leased 18,927 square feet at 8750 Hague Road. Tim Craft with CB Richard Ellis represented the tenant. Michael Firsich and Bryan Augustin with NAI Olympia Partners represented the landlord, Universal Tool and Engineering Inc. - Axis Granite LLC leased 12,800 square feet at 6108 West 79th St. in Park 100. Chip Barnes and Jake Isenbarger with NAI Olympia Partners represented the tenant. The landlord, Dugan Realty LLC, was represented by Glenn Davis of Duke Realty Corp. - Continental Casualty Co. leased 7,154 square feet at 9000 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. Spero Pulos of Grubb and Ellis Harding Dahm and Co. represented the tenant. - MPJ Floor Inc. has leased 4,800 square feet at 15887 Cumberland Road in Noblesville. Bart Jackson, Cindy Hoskinson and Herb Feldmann of Grubb and Ellis Harding Dahm and Co. represented the tenant. Scott Levinson of Urbahns Cos. Inc. represented the landlord, Cumberland Pointe Retail Commons LLC. - Slinky Inc. has leased 1,400 square feet at 1280 Highway 31 N. in Greenwood. Liz Yoho of Providence Development represented both the tenant, a women's trendy clothing store, and the landlord, Quadrant Properties. Financials/investments/stock sales - Duke Realty Corp. will release first quarter financial results May 1.  - Simon Property Group Inc. will report first quarter results April 29. Housing - Indianapolis ranked ninth among the country's 100 largest metropolitan areas for having the best foreclosure deals. Forbes magazine identified cities with high levels of foreclosure activity that are otherwise economically healthy. The magazine then ranked the cities based on the size of discounts being offered on foreclosed properties. The best foreclosure deals overall are in Charlotte, N.C., according to the ranking. Cities that made the list spanned the country and included Raleigh, N.C., Oklahoma City, San Antonio and Seattle.
	- The pace of mortgage loan activity fell 2.9 percent last week from the week before, according to the Mortgage Bankers Association. Refinancings accounted for 49.7 percent of all applications, slightly down from 50.6 percent in the previous week. The average interest rate for a 30-year mortgage declined to 5.98 percent, from 6.37 percent. Rates on 15-year loans fell to 5.24 percent, from 5.72 percent. - Sales of existing homes in the U.S. rose 2.9 percent, to an annualized 5.03 million, in February, according to the National Association of Realtors. It was the first gain in seven months. Economists had predicted homes would hit a 4.85 million pace. Sales increased 2.5 percent in the Midwest. Still, sales are down 23.8 percent from a year ago. People - Bradley Anspaugh has joined Century 21 Scheetz as a sales associate.  - Charlie Hill, president of Paragon General Contractors, has been elected to the Indiana Construction Roundtable board of directors.
	- Laura Musall has joined F.C. Tucker as a realtor.  - Dennis Watson has joined Leading Edge Commercial Real Estate Services as an associate broker. Neighborhood celebrates victory in zoning fight; company may appeal Residents of the Babe Denny neighborhood south of downtown are celebrating after the Metropolitan Development Commission denied a zoning variance request for Indianapolis Welding Supply, one of the city's most frequently cited code violators. The company had hoped to rezone several plots and vacate some alleys so it could continue to store gas cylinders and semi-trailers on plots spread out over the neighborhood. Code enforcement officers have cited IWS more than 60 times in recent years. The company, which also is facing a lawsuit in environmental court over the violations, is considering an appeal of the zoning decision, said J. Murray Clark, an attorney for the owner. Correction: Larry Davis is with Sitehawk Retail Real Estate. Information provided to IBJ for last week's Real Estate Weekly named the wrong company. Edited by Tracy Donhardt
	IBJ Real Estate Weekly hosted and delivered by Unsubscribe | Update Profile | Manage Subscriptions We respect your right to privacy - click here to view our policy. Copyright © IBJ Media Corp. 2007. All Rights Reserved. Privacy Policy Reproduction or use without permission of editorial or graphic content in any manner is strictly prohibited. Reprint orders: To request reprint permission contact IBJ's managing editor. Phone: 317-634-6200 - E-mail: managingeditor@ibj.com This email was sent by: IBJ Corporation 41 East Washington Street, Suite 200 Indianapolis, IN, 46204-3592, United States of America