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|  Tuesday, March 4, 2008 |
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Historic downtown building for sale
The owners of Delaware News Co., one of the city's last remaining old-school newsstands, are getting out of the business after more than a dozen years.
Phil and Vincent DeFabis have put their business and their historic building along Delaware Street up for sale. The brothers are asking $415,000 for the 3-story, 3,000-square-foot building at 130 N. Delaware St., across from City Market.
The structure was built in 1860 and now is home to a salsa-dancing studio and the newsstand.
Delaware News could be included in the deal if a buyer was interested, Phil DeFabis said.
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.
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Projects
Paragon General Contractors Inc. has been hired to build a 5,446-square-foot bank branch for Irwin Union Bank. The office will be at 751 City Center Drive in Carmel. Construction is expected to be completed in July.
Sales/acquisitions
- JCap Management bought The Bristol, a 211-unit apartment complex in Camby. The purchase price was not disclosed but the asking price was $15.7 million. The seller, Flaherty and Collins, was represented by Steve LaMotte and Amy Burmeister of CB Richard Ellis. The buyer, based in Maryland, represented itself.
- Locally based Watermark Research Partners has bought a 5,300-square-foot building at 8123 Castleton Road for an undisclosed amount. The seller, Ridgewood's Property Management Inc., and the buyer were represented by Thomas Willey and Harvey Levin with Coldwell Banker Commercial Real Estate. The buyer plans to fully occupy the building.
Leases/leasing contracts
- Granite Concepts leased 7,200 square feet at 6854 Hawthorn Park Drive near Binford Boulevard and East 71st Street. Jon Shuel and Blair Kiel of Resource Commercial Real Estate represented the tenant. Brian Dell of Mann Properties represented the landlord, Hawthorn Park LLC.
- Brickyard Gutter Systems leased 3,500 square feet at 3924 Pendleton Way near Interstate 465 and Pendleton Pike. Brian Dell of Mann Properties represented the landlord, Pendleton/Parkside LLC. Kyle Powell and Michael Weishaar of Colliers Turley Martin Tucker represented the tenant.
- In Motion Physical Therapy LLC leased 3,200 square feet at 824 Edwards Drive in Plainfield. Steve Daum with NAI Olympia Partners represented the landlord, Plainfield Partners I LLC. The tenant represented itself.
- Outdoor Environments Group, a landscape architect and management firm, has leased 1,980 square feet at 4219 W. 96th Street. Brian Dell of Mann Properties represented the landlord, Park 421 LLC. The tenant represented itself.
- LMD Florida leased 1,500 square feet at 8501 Bash St. The tenant, a wholesale and retail distributor for Dead Sea skin-care products, was represented by Itamar Cohen of Century 21 Scheetz. Brian Dell of Mann Properties represented Bash Business LLC as the landlord.
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Housing
The pace of mortgage loan activity fell 19.2 percent last week from the week before, according to the Mortgage Bankers Association. Refinancings accounted for 52 percent of all loan applications, down from 61.7 percent the prior week. Interest rates rose, with 30-year mortgages averaging 6.27 percent, up from 6.09 percent. Rates on 15-year mortgages averaged 5.77 percent, up from 5.55 percent.
Auctions
Three former Payton Wells Motors buildings and parking lots will be auctioned April 3. The parcels, which will be sold separately, are 2.5 acres, 1.5 acres and.4 acre and are located on Meridian, Illinois and Pennsylvania streets just south of 16th Street. Bob Getts, with Colliers Turley Martin Tucker, is handling the auction. He predicts whoever buys the properties will tear down the existing structures, which total about 55,000 square feet, and redevelop the parcels.
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|   People
- Greg J. Folz has joined the industrial sales and leasing division of Colliers Turley Martin Tucker.
- Megan Wood has joined Century 21 Scheetz in Carmel as a real estate agent.
Corrections:
- Franklin American Mortgage Co. leased 2,100 square feet at 21 Virginia Ave. The company's name was incorrect in last week's Real Estate Weekly.
- Pinnacle Properties Management Group Inc.'s agreement to buy Sherman Park is still pending. Last week's Real Estate Weekly indicated the deal had been finalized.
Edited by Tracy Donhardt
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