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|  Tuesday, April 1, 2008 |
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Simon shareholder wants pay policy changed
A Simon Property Group Inc. shareholder wants the company to be more transparent in how it pays its executives. The shareholder, Central Laborers' Pension, Welfare & Annuity Funds, which holds 1,270 shares, is proposing the company adopt a "pay for superior performance" plan that would include explaining how annual bonuses are calculated and basing pay on comparisons with peer companies. Simon executives are recommending shareholders vote against the proposal, saying that the company already compares pay to peer companies and that performance is measured by more than the company's financial results. 
Sales/acquisitions
- Minneapolis-based Dougherty Commercial Properties bought two office buildings in Park Fletcher near the Indianapolis International Airport for an undisclosed amount. Park Fletcher One and Two total 161,937 square feet and are 88-percent occupied. The buildings had been owned by Premier Equities of Michigan, which was represented by Tim Hoffman and Gary Woodworth of CB Richard Ellis. It is Dougherty Commercial's first Indianapolis acquisition. CBRE will manage and lease the buildings.
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- Lord of the Harvest Church has bought an 8,500-square-foot building at 2828 N. High School Road for an undisclosed amount. Michael Firsich and Rich Forslund with NAI Olympia Partners represented the seller, Rotz Engineering LLC. The buyer represented itself. It was not immediately clear what the church plans to do with the building.
- Booth Business Park, a California-based partnership, has bought two buildings that are part of the Prairie Lakes Shopping Center in Noblesville. One building is 4,000 square feet and is home to a Burger King restaurant. The other is 2,200 square feet and houses a Sherwin Williams paint store. The buildings were owned by Terre Haute-based Thompson Thrift. Jeff Wright of Thompson Thrift represented his company as seller. Brent Hensley of Net Leased Real Properties represented the buyer.
- Schneider Holdings LLC bought a 5,300-square-foot building at 8123 Castleton Road for an undisclosed amount. The seller was Ridgewoods Property Management Inc. The buyer will occupy the entire building. Tom Willey, Harvey Levin and Kurt Mathewson of Coldwell Banker Commercial Realty Services represented both sides in the transaction.
Leases/leasing contracts
- ProKids Inc. leased 17,470 square feet at 6911-6999 Hillsdale Court near Shadeland Avenue and 75th Street. Andrew Martin of Colliers Turley Martin Tucker represented the tenant. Duke Realty Corp. represented itself as landlord.
- CVS has leased 12,900 square feet at 5865 State Road 32 in Noblesville. The drugstore will be the first tenant at Promenade, a mixed-use project on 153 acres being developed by Equicor Co. It is the 11th-largest ongoing construction project in the Indianapolis area, according to IBJ research. Equicor represented itself in the transaction. The tenant was represented by Gershman Brown Crowley.
- Famous Footwear leased 6,600 square feet at 11781 Commercial Drive in Fishers. Adam Crockett of Williams Realty Group represented his company as landlord. Keith Stark of Situs Realty represented the tenant.
- Reese Kitchens leased 2,832 square feet at 11145 N. Michigan Road in Zionsville. Denise Kouril of Williams Realty Group represented her company as landlord, as well as the tenant.
- Great Tans Inc. leased 2,350 square feet at 3115 Meridian Parke Drive in Greenwood. Cindy Hoskinson and Herb Feldmann of Grubb and Ellis Harding Dahm and Co. represented the tenant. Brett Burch of Valenti Real Estate Services Inc. represented the landlord, Pine Tree LLC.
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- CitiFinancial Services Inc. leased 2,000 square feet at 6810 S. Emerson Ave. Denise Kouril of Williams Realty Group represented her company as landlord. David Simons of Grubb and Ellis Harding Dahm and Co. represented the tenant.
- Revol Wireless leased 1,200 square feet at 17160 Dragonfly Drive in Noblesville. Adam Crockett of Williams Realty Group represented his company as landlord. Donna Hovey with CB Richard Ellis represented the tenant.
Financials/investments/stock sales
- David Bloom, Simon Property Group Inc. officer, sold 176,200 shares for between $95.09 and $95.67 each, bringing holdings to 27,886.
- Hans Mautner, Simon Property Group Inc. div. officer, acquired 100,956 shares for $26.08 each and sold 84,000 shares for between $92.76 and $96.24 each, bringing holdings to 505,474.
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| Housing
- Sales of new homes in the U.S. fell 1.3 percent in February to an annual rate of 590,000-a 13-year low-the Commerce Department reported. Sales have declined four months in a row and are down about 30 percent over the prior 12 months. Inventory fell 2.1 percent, to 471,000, the lowest since July 2005. The median sales price fell 2.7 percent in the past year, to $244,100
- The pace of mortgage loan activity increased 48.1 percent last week over the prior week, reports the Mortgage Bankers Association. Refinancings accounted for 82.2 percent of all loans, up 10.6 percent from the week before. Rates fell, with 30-year loans averaging 5.74 percent, down from 5.98 percent, and 15-year mortgages averaging 5.23 percent, from 5.24 percent.
Other news
Market Tower at 10 W. Market St. has received the U.S. Environmental Protection Agency's Energy Star award. It is the second consecutive year that the 30-story building, owned by HDG Mansur and managed by Colliers Turley Martin Tucker, received the award. The Energy Star award recognizes commercial buildings and industrial plants that rate in the top 25 percent of facilities in the country for energy efficiency.
People
Stacy Gillen has joined ReMax of Indiana as director of marketing and promotions.
Charlie Gantz has joined Leading Edge Commercial Real Estate Services as an associate broker.
Correction: Impact Networking LLC leased 11,215 square feet at 8888 Keystone Crossing. The address reported two weeks ago was incorrect.
In this week's Indianapolis Business Journal
- Largest Indianapolis-Area Construction Contractors
- Largest Indianapolis-Area Ongoing Construction Projects
- Largest Indianapolis-Area Commercial Interior-Design Firms
 Obama taking downtown space
Sen. Barack Obama's presidential campaign plans to temporarily take over one of the city's most prominent retail spaces. The campaign has reached a deal to open an office in Flagstar Bank's former space in Two North Meridian, at the northwest corner of Washington and Meridian streets. Obama for America will use the space through the May primary. The building owner still is looking for a permanent tenant and has been negotiating with New York-based Foot Locker. Hillary Clinton, meanwhile, plans to open several Indiana offices today, including one downtown at 445 N. Pennsylvania St., at the southeast corner of Michigan and Pennsylvania streets.
Compiled by Tracy Donhardt, tdonhardt@ibj.com
Edited by Tom Harton
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