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|  Tuesday, April 15, 2008 |
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'Lukewarm' industrial market should improve
The Indianapolis industrial market was overbuilt at the end of 2007. About 7.3 million square feet of space came online-nearly all of it speculative-and the vacancy rate stood at 8.2 percent, up sharply from the 5.6-percent rate reported a year earlier. Still, brokers are mostly optimistic about the market for the current year. "I've talked with some of my Colliers peers and the word around the country is 'cautious,'" said Luke Wessel, a principal with Colliers Turley Martin Tucker. "I think that's a fair statement here, but at least here we've had some good activity to start the year and we'll see if that holds out the balance of the year." 
Projects
Indianapolis based Browning Investments Inc. expects to break ground this summer on a $10 million, mixed-use project on 20 acres at Meridian and Main streets in Carmel. Browning said the project will include a hotel built by Dora Brothers Hospitality Corp. The land, which previously was owned by St. Christopher's Episcopal Church, sits across from Hilton Garden Inn. The project, which also will include retail, commercial and medical office space, will sit adjacent to an exit that will be added as part of the reconstruction of U.S. 31, which is set to begin next month.
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Sales/acquisitions
- Kroger Ltd. Partnership I has bought a 124-acre parcel at 4510 W. 150 North in Shelbyville just east of Indiana Downs. Steve Daum and Bryan Augustin with NAI Olympia Partners recently represented the seller, who declined to be named. Stan Elser with Grubb and Ellis Harding Dahm and Co. represented Kroger. The purchase price was not disclosed.
- Ohio-based Cedarwood Development Inc. bought a 2.52-acre parcel at 1500 S. Franklin Road for an undisclosed amount. The developer plans to build a CVS store on the site. Scot Courtney and Spero Pulos of Grubb and Ellis Harding Dahm and Co. represented the seller, who declined to be named. Jeff Hubley of Midland Atlantic Properties represented the buyer.
Leases/leasing contracts
- Krunchers Inc. leased 176,000 square feet at 1105 Northfield Drive in Brownsburg. Bart Book of Colliers Turley Martin Tucker represented the landlord, Lauth Property Group. Tom Cooler of CB Richard Ellis represented the tenant, a division of snack food maker Snyder's of Hanover.
- Village Pantry LLC leased 17,660 square feet at 6802-6822 Hillsdale Court near Shadeland Avenue and 77th Street. Mary Beth Kohart and Jon Owens of Colliers Turley Martin Tucker represented the tenant. Duke Reality Corp. represented itself as landlord.
- American Legion Auxiliary leased 13,942 square feet at 8945 N. Meridian St. The Auxiliary will relocate from 777 N. Meridian St. in the Indiana War Memorial Plaza. Dan Richardson and Ed Troha with CB Richard Ellis represented the landlord, Equicor Cos. Andy Martin with Colliers Turley Martin Tucker represented the tenant.
- Famous Dave's of America Inc. leased 5,700 square feet at 8820 U.S. 31 South for a restaurant. Scot Courtney, Cindy Hoskinson and Herb Feldmann of Grubb and Ellis Harding Dahm and Co. represented the tenant, a barbecue ribs restaurant. The landlord, Kimco North Trust II, represented itself.
- LCA Vision Inc. has leased 3,317 square feet at 8930 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. The tenant represented itself.
- Kinney Group Inc. has leased 1,378 square feet at 8888 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. Kinney Group, an enterprise software company, represented itself.
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Housing
- Pending home sales in central Indiana fell 14.7 percent in March from a year ago, according to F.C. Tucker Co. Last month, there were 2,419 home sales pending, compared to 2,836 in March 2007. All nine counties saw declines with Hancock having the largest drop at 31.6 percent. Overall, pending home sales are down 10.1 percent in the first three months of the year compared with the same period last year. Inventory is down by 157 homes, to 18,405. The average sales price in March was $140,098, down 2.8 percent from a year ago. The average number of days a home was on market increased to 106 days, from 91.
- Mortgage loan activity increased 5.7 percent last week from the prior week, according to the Mortgage Bankers Association. Refinancings accounted for 53.4 percent of all loans, up slightly from 52.2 percent. Rates were up slightly, with 30-year mortgages averaging 5.78 percent compared with 5.75 percent the previous week, and 15-year loans averaging 5.39 percent, up from 5.27 percent.
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| People
  - Amy Cooper has joined Meridian Real Estate as a leasing assistant.
- Sally Pea has joined The Stratford Cos. as human resources director.
- Lisa Phillips has joined Century 21 Scheetz in Carmel as a Realtor.
Other news
Locally based Flaherty and Collins Construction has opened an office in Raleigh, N.C., that will serve as headquarters for the company's new southeast division. Paul Bradford will oversee the new division as executive vice president. The apartment developer has six projects in the Southeast that will have 1,550 units upon completion.
 JW work to begin in June
A three-year project to build a new convention headquarters hotel along West Street now is scheduled to begin on June 1, immediately after the Indianapolis 500, said Mike Wells of developer REI Investments, which is working with White Lodging on the project. The first order of business for the $425 million JW Marriott development: Partial demolition of an existing Courtyard by Marriott and closure of a TGI Friday's restaurant. The development team has sent out bids for the work. Wells said renderings of the hotel's interior will be available soon.
Compiled by Tracy Donhardt, tdonhardt@ibj.com
Edited by Tom Harton
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