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|  Tuesday, April 8, 2008 |
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Kite eyes retail, hotel for Pan Am
A local developer hopes to add restaurants and retail space and possibly more to Pan Am Plaza to capitalize on the growing convention center across the street from the site and the new Lucas Oil Stadium a block away. Kite Realty Group Trust joined with Sacramento, Calif.-based Coastal Partners LLC to buy the plaza and two adjacent ice skating rinks from Indiana Sports Corp. Terms of the deal and specific plans for the site were not immediately available, but people familiar with the project say Kite hopes to target restaurants and entertainment uses and also may consider a hotel. 
Sales/acquisitions
- Kohl's Corp. has bought a 9-acre parcel in Franklin from Greenwood-based Presnell Development Corp. Financial terms were not disclosed. Kohn's plans to build a 97,500- square-foot store, which is slated to open in October. Fred Paris of Presnell represented his company as seller. Eclipse Real Estate represented Kohl's. The store will be adjacent to Presnell's Canary Creek development, a 240,000-square-foot, mixed-used project in Johnson County. |  | | | |
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- California-based Grubb and Ellis Healthcare REIT Inc. has bought Epler Parke Building B, a 34,000-square-foot medical office building at 5550 S. East St. The price was not disclosed. Grubb and Ellis Healthcare REIT also owns Epler Parke Building I and Southpointe Office Park. Both of those properties are medical buildings within three miles of its latest acquisition; all are near Community Hospital South. The seller, Epler Park LLC, represented itself.
- Harshman and Hayes Two LLC has bought Brownsburg Shoppes, a 13,650-square-foot retail center. Financial terms were not disclosed. The seller of the 90-percent occupied center was Brownsburg LLC, which was represented by Charlie Caufman of Metropolitan Real Estate. Larry Harshman of Harshman Properties Services LLC represented the buyer.
- Massachusetts-based La Esmerelda LLC bought Arbor Village Apartments, a 164-unit complex at 3621 Lawnview Lane near the Indianapolis Motor Speedway. The price was not disclosed. Larry Lane and Scott Pollom of Colliers Turley Martin Tucker represented the seller, CG Inn LLC.
Leases/leasing contracts
- Newgistics Inc. has leased 96,000 square feet at 9910 North by Northeast Boulevard in the North by Northeast Industrial Park. Jeremy Woods and Brad Williams of Summit Realty Group represented the landlord, Meritex Enterprises. Brian Seitz and Steve Schwegman of Meridian Real Estate represented the tenant, a provider of small parcel shipping for direct marketers and retailers.
- American Residential Services renewed its lease for 52,856 square feet at 25 Woodrow Ave., near Rockville Road and Lynhurst Drive. Jon Shuel and Blair Kiel of Resource Commercial Real Estate LLC represented the tenant. John Hardy of Coldwell Banker Commercial Real Estate represented the landlord, Godby Property 1 Inc.
- The American Cancer Society leased 17,500 square feet at 5635 W. 96th St. John Vandenbark and Ed Troha of CB Richard Ellis represented the landlord, Browning Investments. Tom Frank of Summit Realty Group represented the tenant.
- DuraFloors leased 14,182 square feet at 9882 E. 121st St. in Fishers. Jon Shuel and Blair Kiel of Resource Commercial Real Estate LLC represented the tenant. Kate Willen with Duke Realty Corp. represented Duke as landlord.
Financials/investments/stock sales
- Kite Realty Group Trust will report first quarter financial results May 9.
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- Standard & Poor's Ratings Services has lowered its outlook for Duke Realty Corp. to "negative" from "stable," saying the company's speculative projects amid a weak economy could hurt its financial results. A "negative" outlook implies that S&P may lower its debt ratings for the company over the next six to 24 months. Locally based Duke can strengthen its credit-worthiness by leasing space in some of its development projects or strengthening its debt metrics, S&P said. Duke announced last month that it reduced its projection of new development starts in 2008 from $1.3 billion to between $750 million and $1 billion. The developer expects 40 percent to 50 percent of the starts to come from medical office and $200 million to $300 million of speculative developments.
- The NAREIT composite index gained 3.88 percent in March, after falling for the past four months. The NAREIT index is made up of about 200 publicly traded real estate investment trusts in such sectors as industrial, retail, mortgage, self-storage and residential. In comparison, the NASDAQ gained 0.34 percent last month and the Dow Jones industrials lost 0.03 percent. Indiana's REIT stocks performed as follows in February: Kite Realty Group Trust gained 12.1 percent, Simon Property Group Inc. gained 9.4 percent and Duke Realty Corp. fell less than 1 percent.
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| Housing
The pace of mortgage loan activity fell 28.7 percent last week from the week before, according to the Mortgage Bankers Association. Refinancings accounted for 53.4 percent, down nearly 30 percent from the prior week. Interest rates on 30-year loans averaged 5.75 percent, up from 5.74 percent. Rates on 15-year fixed-mortgages averaged 5.27 percent, up from 5.23 percent.
People
- Heather DeRue has joined Duke Realty Corp. as leasing representative for the local industrial group.
- Matt McGrady and Cam Kucic have joined Summit Realty Group as associates in the company's industrial advisory services group.
Other news
An auction of three former Payton Wells Motors buildings and parking lots didn't happen on April 3 as scheduled. Bob Getts, with Colliers Turley Martin Tucker, who is handling the auction, said the delay is to take care of a couple of liens and ensure buyers get a clean title. A new date has not been set. 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.
 IRT plans $3M renovation
The Indiana Repertory Theatre has won a $3-million grant from the Lilly Endowment to fund renovations of the Indiana Theatre building at 140 W. Washington St. IRT plans to transform vacant restaurant space at street level into a new public lobby (see rendering at Property Lines) and add offices in the basement. A second phase calls for updates to office and rehearsal space. Locally based Rowland Design is designing the project.
Correction: Burger King occupies a 2,200-square-foot building and Sherwin Williams is in a 4,000-square-foot building in the Prairie Lakes Shopping Center in Noblesville. Last week's Real Estate Weekly had the sizes reversed.
Compiled by Tracy Donhardt, tdonhardt@ibj.com
Edited by Tom Harton
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