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|  Tuesday, March 18, 2008 |
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Former church site bought for bargain price
A parcel of about 16 acres on 71st Street just east of Michigan Road formerly owned by a church has been acquired at auction for $410,000. The buyer, Jerry Dunlevy Jr., is considering residential and commercial options, including a landscaping business, for a portion of the land. Any commercial use could give Dunlevy an advantage over other real estate development nearby because the new owner got a deal, real estate experts say.
"It's a terrific price," said Sam Smith, CEO of Resource Commercial Real Estate. "The price is phenomenal." 
Sales/acquisitions
Tennessee-based Hollingsworth Capital Partners has bought a 331,000-square-foot industrial building at 910 E. 169th St. in Westfield for an undisclosed amount. The seller was Verizon Communications Inc. The new owner plans to lease the building to multiple tenants. John Huguenard and Michael Weishaar with Colliers Turley Martin Tucker represented Verizon Communications in the sale. It is Hollingsworth's first acquisition in Indiana.
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Leases/leasing contracts
- Michigan Carpet Delivery leased 25,600 square feet at 5303-2 W. 79th St. in Park 100. J.D. Graves with CB Richard Ellis represented the tenant. Duke Realty Corp. represented itself as landlord.
- The Floor Trader has leased 13,764 square feet at 5729 E. 86th St. Bart Jackson, Cindy Hoskinson and Herb Feldmann of Grubb and Ellis Harding Dahm and Co. represented the tenant, a unit of Georgia Carpet Outlet. Larry Davis of Thomas English Retail Real Estate represented the landlord, Castleton Anchor Redevelopment LLC.
- Impact Networking LLC leased 11,215 square feet at 9999 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. The tenant, a digital imaging company, was represented by Andrew Martin of Colliers Turley Martin Tucker.
- Vein Clinics of America Inc. leased 2,190 square feet at 9000 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC.
Housing
- Pended sales in central Indiana were up 0.9 percent last month over February 2007, according to F.C. Tucker Co. It was the first monthly increase in pended home sales since April 2007. Five of the nine counties had gains: Hancock, Shelby, Morgan, Johnson and Marion. Inventory is up 4.7 percent from a year ago.
- One of every 529 Indiana homeowners was in foreclosure in February, ranking the state ninth in the country, according to RealtyTrac. The state's 5,147 foreclosures included filings, default notices, auction sale notices and bank repossessions. The number is down 7.3 percent from January but up 49.7 percent from a year ago. Nevada ranked first, with one foreclosure for every 165 homeowners.
- The pace of mortgage loan activity declined 1.9 percent last week from the week before, according to the Mortgage Bankers Association. Refinancings accounted for 52.4 percent of all loans, up from 50.6 percent in the prior week. The average interest rate on a 30-year mortgage increased to 6.37 percent from 5.98 percent. Rates on 15-year loans averaged 5.72 percent, up from 5.26 percent.
People
- Rodney M. Brugger has joined Meridian Real Estate as a director in the office advisory division.
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- Matthew A. Cohoat has resigned as chief financial officer of Duke Realty Corp. Cohoat, who has been with the real estate firm for18 years, will remain with the company as the senior vice president of finance until a replacement is chosen. Duke officials said Cohoat is leaving to spend more time with his family.
- Bud Rogers has joined Baldwin Brothers Inc. as sales director and will lead the company's residential division.
Brownfield grants target Indy sites
A former drycleaning shop in Fall Creek Place and a former carburetor factory in Fountain Square are getting federal and state funds to facilitate clean-ups and redevelopment. The drycleaning site at 2460 N. Delaware St. is across the street from Minkis Homes' Douglass Pointe Lofts. That project is slated for $200,000 from the EPA, $40,000 from the state and $10,000 from DMD. The Fountain Square site, now Wheeler Arts Community, is slated for $100,000 from the state.
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|  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: The Indianapolis Historic Preservation Commission has only approved the parking lot expansion plans for the Penn Arts Apartments at 16th and Pennsylvania Streets. Last week's Real Estate Weekly indicated the commission had approved plans for the fa??ade as well.
Edited by Tracy Donhardt
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