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|  Tuesday, April 29, 2008 |
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Brothers to develop first local project together
 Two brothers who separately develop real estate projects in the Indianapolis area and in Arizona, are teaming up for the first time to develop Hamilton Healthcare Campus, a two-building, medical office complex on the southwest corner of 146th Street and Cumberland Road. Carter and Scott Jackson have formed Jackson Commercial Real Estate Indiana to develop the project, which will cost more than $20 million. 
Projects
Indianapolis-based Milestone Contractors LP has been awarded the contract for the first phase of Carmel's redesign of a five-mile stretch of Keystone Avenue between 96th and 146th streets. The first phase of the 3-year project is the construction of interchanges at 106th and 126th streets. Milestone Contractors underbid two other companies with a project cost of $26 million. Work is expected to begin this week. When the entire project is completed, intersections along the five-mile stretch of Keystone will feature roundabouts instead of traffic lights.
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Sales/acquisitions
- A trio of real estate investors plans to buy a 185-acre parcel near East State Road 44 and Interstate 74 in Shelbyville from The First Presbyterian Church. Tom Kremer, of Wyoming; Robert Rynard Jr., of Greensburg; and Chad Middendorf, of Kentucky, make up Shelbyville Development Group LLC, the entity buying the land. The group likely will build a retail complex on the site, although no definitive plans have been released. The Shelbyville News reported that the land-which was donated to the church 75 years ago-is valued at more than $6 million.
- New York-based Chimera Property Management has bought Lakeside at Walnut Hills, an 84-unit apartment complex in Plainfield. Financial terms were not disclosed. Amy Burmeister and Dane Wilson of CB Richard Ellis represented the seller, Sundance Property Management Inc. of Ohio. The buyer represented itself.
Leases/leasing contracts
- Allison Transmission renewed its lease for 127,466 square feet of industrial space at 2840 Fortune Circle. Patrick Lindley and Michael Semler of Colliers Turley Martin Tucker represented the tenant. Duke Realty Corp. represented itself as landlord.
- USA Track & Field leased 16,030 square feet at 132 E. Washington St. Mary Beth Kohart of Colliers Turley Martin Tucker represented the tenant. Gus Miller and Matt Langfeldt of NAI Olympia Partners represented the landlord, Perennial Washington Street LLC.
- American Society for Clinical Pathology has leased 3,178 square feet at 8900 Keystone Crossing. John Robinson of Meridian Real Estate represented the landlord, Philadelphia-based Keystone Investors LLC. The tenant represented itself.
- Fisher/Unitech, a software engineering company for manufacturers, leased 1,479 square feet at 10150 Lantern Road in Fishers. Paul Dick of Resource Commercial Real Estate represented the landlord, Genesis Development Group. Kara Riggle of Resource Commercial Real Estate represented the tenant.
Investments/financials/stock sales
Duke Realty Corp. reported it spent $89.5 million on development and $28 million on acquisitions in the first quarter. About $43 million of the newly developed property will be added to the company's rental inventory; the rest will be sold. The local real estate investment trust said it posted $44.1 million in property sales in the quarter.
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Housing
- March sales of existing homes across the country fell 2 percent, to an annualized rate of 4.93 million, from 5.03 million in February. Resales have fallen 19.3 percent in the past 12 months. The inventory of homes on the market increased 1 percent, to 4.06 million, representing a 9.9-month supply. The median sales price for existing homes fell 7.7 percent, to $207,000, in the past year. Sales of new homes dropped 8.5 percent in March, to an annualized 526,000 units, a 17-year low. Economists had expected annualized sales of 577,000 homes. New-home sales are down 36.6 percent from a year ago. Inventory of new homes represents an 11-month supply, the most in 27 years. Median sales prices have fallen 13.3 percent in the past year, to $227,600.
- The pace of mortgage loan applications fell 14.2 percent last week from the prior week, according to the Mortgage Bankers Association. Refinancings accounted for 49.2 percent, down from 53.5 percent in the previous week. The overall decline was due to rising interest rates. Interest on 30-year mortgages averaged 6.04 percent, from 5.74 percent. Interest rates on 15-year mortgages increased to 5.6 percent from 5.27 percent.
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|  People
Kristin Harrison has joined Equicor Cos. as controller.
Lynn Lannquist has joined NAI Olympia Partners as director of office and medical office sales and leasing.
 Buckingham plans $45M 'village'
A local developer has big plans for the neighborhood around the renovated and expanded Central Library. Buckingham Cos. plans to spend up to $45 million building new apartments, offices, restaurants and retail space on several parcels it has quietly assembled near its headquarters in the Stokely-Van Camp building. Buckingham bought the Stokely building (southeast corner of Meridian and St. Joseph streets) and surrounding parking lots in February 2007. The firm has a contract to purchase four more parcels nearby-including the former Rollerland skating rink. It also is considering answering the library's request for development proposals for the Ambassador Apartments and a parking lot along Pennsylvania Street. Those properties are being offered for sale by the library. Buckinghan's plans for developing 960 N. Meridian St. call for first-floor retail and 70 apartments. The company already is in talks with an office-supply chain about taking space.
In this week's Indianapolis Business Journal
Largest Indianapolis-Area Commercial Property Management Firms.
Compiled by Tracy Donhardt, tdonhardt@ibj.com
Edited by Tom Harton
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