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Hat World to Invest $21.77M in Major HQ, Distribution Expansion in Indiana

27 Jan 2014, 11:20 pm







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by Adriana Pop, Associate Editor

Hat World Inc. has announced it would invest $21.77 million in the expansion of its headquarters and distribution operations in central Indiana and create up to 758 jobs by 2025.

As part of its expansion, the Indianapolis-based company will build and equip a new 150,000-square-foot headquarters office at Creekside Corporate Park in Zionsville.

According to the Indianapolis Business Journal, the development is slated to rise on 15.6 acres of land that the Zionsville Redevelopment Commission has agreed to sell to Hat World for $577,200. The transaction is expected to close in May.

Hat World also plans to lease more than 600,000 square feet of additional warehouse space in Indianapolis. The company currently operates out of 225,000 square feet of leased space in Park 100 and another 285,000 square feet of leased space on 76th street on the northwest side of the city.

Hat World will relocate its headquarter operations to Zionsville and fill approximately 300 new administrative, finance, human resources and business development positions in late 2015 or early 2016. The company will also hire new manufacturing, distribution and warehouse associates in Indianapolis in the third quarter of this year.

If it meets its job creation plans, Hat World will receive up to $3.4 million in conditional tax credits and up to $300,000 in training grants from the Indiana Economic Development Corp. The city of Indianapolis is also supporting the expansion at the request of Develop Indy, a business unit of the Indy Chamber, while the town of Zionsville is considering additional tax abatement and incentives.

Hat World, which does business as Lids Sports Group, manufactures hats and other sports apparel and operates more than 1,000 retail stores under the brands of LIDS, Locker Room by LIDS, LIDS Clubhouse and LIDS Team Sports.

The company opened its first store in Lafayette in 1995 and currently employs more than 1,000 associates in Indiana and more than 9,000 retail associates across the United States, Canada and Puerto Rico. In 2004, it was acquired by Nashville, Tenn.-based Genesco Inc.

“Hat World has seen tremendous growth in the past decade and I’m happy to see them continue to grow here in Indy,” Indianapolis Mayor Greg Ballard said in a news release. “As the company continues to grow, the expansion of their manufacturing and distribution operations in Indy shows a confidence in our workforce and our central location to support their ever-growing production needs.”

Photo credits: LIDS Sports Group



Starwood to Open Landmark Canterbury Hotel Downtown as Le Méridien Indianapolis

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by Adriana Pop, Associate Editor

Starwood Hotels & Resorts has announced that the iconic Canterbury Hotel in the heart of downtown Indianapolis will reopen under the company’s Le Meridien brand in November.

Owned by Rockbridge and managed by Azul Hospitality, the 12-story property is currently undergoing a $9.5 million renovation.

Upon completion, Le Méridien Indianapolis will offer 100 modern guest rooms, local cuisine in a re-designed restaurant and lounge, an expanded fitness center and more than 1,750 square feet of upgraded meeting and event space.

The hotel is located within walking distance of the Indiana Convention Center, Indiana Statehouse and the offices of numerous corporations including Eli Lilly, Brightpoint and Wellpoint. A private entrance will directly connect the hotel to the Circle Centre Mall, where guests can access the city’s climate-controlled, indoor Skywalk system.

 “Le Méridien Indianapolis will bring a renewed energy to this historic landmark building, offering travelers a modern hotel experience in the heart of the city’s vibrant downtown,” said Allison Reid, senior vice president of North America Development, Starwood Hotels & Resorts Worldwide Inc. “We are proud to expand our relationship with both Rockbridge and Azul Hospitality as we prepare to introduce this contemporary lifestyle brand to Indianapolis.”

Starwood Hotels & Resorts Worldwide Inc. acquired the Paris-born Le Méridien brand in November 2005. Currently represented by nearly 100 properties in more than 40 countries, the brand unlocks destinations for guests through arts, culture and cuisine. More than 80 of its properties are located in Europe, Africa, the Middle East and Asia-Pacific.

Recently opened Le Méridien hotels are located in Bali, Atlanta, Dallas, Istanbul, Oran (Algeria), Arlington (Virginia, USA), and Coimbatore (India).

In the next 12 months, new such properties are slated to welcome their first guests in Chicago, Zhengzhou (China), Mahabaleshwar (India), Ho Chi Minh City (Vietnam), Cairo (Egypt), Qingdao (China), Dhaka (Bangladesh), Tampa (Florida) and Columbus (Ohio).

Photo credits: www.canterburyhotel.com



Edward Rose Plans $80M Mixed-Use Development in Carmel

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by Adriana Pop, Associate Editor

A large-scale mixed-use complex could soon rise on one of the last remaining undeveloped sites in Carmel’s Old Meridian district.

According to the Indianapolis Business Journal, a plan commission committee is currently reviewing the $80 million project proposed by Edward Rose Properties Inc. Plans call for 400 apartments, a four-story parking garage, above-ground-floor retail space, 65 single-family town homes, a senior-living community (with independent living, assisted living and memory care units) and a 100-plus-room boutique hotel.

Known as “The District”, the project will cover an approximately 30-acre parcel southwest of a roundabout at Main and Old Meridian streets.

To the west, the new development will neighbor Rose’s existing residential community, the 325-unit Alexandria Apartments (pictured). It will be also near Keystone Realty Group’s planned Sophia Pointe residential complex, which will offer 200 apartments.

Other residential developments planned for the area include a 280-unit apartment complex on Carmel Drive and the 235-unit Highpointe on Meridian project on the west side of U.S. 31 at Main Street.

“You really can’t go wrong there,” George Tikijian of local apartment brokerage Tikijian Associates, told the newspaper.

Demand for apartments remains strong in Carmel, which has experienced a vacancy rate of around 5 percent in 2013.

Established in 1921, Edward Rose Properties has developed single-family homes until 1965, when it shifted its focus towards multi-family construction. To date, the company has built over 65,000 apartment units in 13 states.

Besides the Alexandria complex in Carmel, Edward Rose operates five other communities in Indiana, including the Bavarian Village, Latitudes, Scarborough Lake and Sundance Apartments, all of which are located in Indianapolis, and the Polo Run Apartments in Greenwood. The company is also building the 180-unit Bella Vista project in Fishers.

Photo credits: Edward Rose Properties



Pedcor to Expand Massive City Center Mixed-Use Development in Carmel

23 Dec 2013, 10:07 pm







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by Adriana Pop, Associate Editor

Developer Pedcor Cos. is planning to invest between $80 million and $100 million in the expansion of its major commercial and residential Carmel City Center development.

According to the Indianapolis Business Journal, the addition will bring four mixed-use buildings, a parking garage with ground-floor commercial space, as well as an expansion of the Pedcor Square office complex.

A pair of four-story structures known as The Baldwin and The Chambers will rise south of Carmel City Center. The new development will feature office and commercial space on the first two floors, while the upper floors will include residential units.

Plans also call for The Holland, a five-story building along the east side of the Monon Trail, with first-floor commercial and four floors of residential or office space; The Wren Towers, a six- or seven-story commercial and residential building just west of The Baldwin and City Center; a four- or five-level parking structure with 650 spaces; and a two-story office building known as Five Pedcor Square.

Bruce Cordingley, Pedcor’s president and CEO told the newspaper that the timing and financing of the new developments would be determined after discussing the project with the Carmel City Council and city development groups early next year.

In August 2010, Pedcor completed the first phase of the Carmel City Center development, which brought 106 apartments to the market, along with 62,000 square feet of commercial space.

Another addition to the complex is currently under construction. Called The Nash, a three-story mixed-use building rising on the west side of Rangeline Road will feature 31 one-, two- and three-bedroom apartments, 8,000 square feet of street level commercial space, as well as 42 underground parking spaces. Pedcor’s investment in this phase of the project amounts to approximately $10 million.

Photo credits: Pedcor Cos.



Summit Realty to Manage Leasing of 673,000 SF BMO Plaza in Downtown Indianapolis

9 Dec 2013, 11:10 pm







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By Adriana Pop, Associate Editor

True North Management Group LLC has selected Cushman & Wakefield/Summit Realty Group to handle marketing and leasing activities for the 673,000-square-foot BMO Plaza office building in downtown Indianapolis.

According to the Indianapolis Business Journal, the 28-story, multi-tenant property at 135 North Pennsylvania is 57 percent occupied. BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services are among the building’s tenants. Amenities include on-site banking, dining and structured parking.

The tower’s currently vacant top six floors totaling nearly 106,000 square feet are considered to be the largest block of contiguous space available in the city’s downtown office market.

Summit’s leasing team of Bill Ehret and Nancy Gibbs took over agency services for the property last month.

“We are excited to work closely with such a strong ownership group. We are charged to make sure prospective tenants understand the value of this outstanding asset located in the heart of downtown Indy,” Bill Ehret, SIOR, Partner and Co-Founder of Summit said in a news release.

In other news, the Indianapolis Business Journal reports that StreetLinks Lender Solutions is planning to relocate its 200 employees from the current headquarters on the south side of Indianapolis to downtown.

The company will occupy 25,000 square feet on the ground floor of Milhaus Development’s $30 million mixed-use Artistry project currently under construction at 451 E. Market Street. The relocation is scheduled to occur next spring.

The first phase of Artistry will bring 258 apartments and up to 68,000 square feet of commercial space. A second phase of the project encompassing two new mixed-use buildings with 242 apartments and around 20,000 square feet of commercial space is expected to break ground in May 2014.

“Indianapolis has always been our home. However, this is the first time we’ve been able to seriously consider the downtown market,” StreetLinks President Tom Hurst told the newspaper in a written statement. “A traditional downtown high-rise just doesn’t fit who we are as a company. Artistry offered the unique feel and cultural vibe we were looking for, along with fantastic proximity to downtown residential options and entertainment.”

Photo credits: Summit Realty Group



HFF Markets Indianapolis Multi-Housing Communities on Behalf of Milhaus

5 Dec 2013, 3:54 pm








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by Adriana Pop, Associate Editor

Milhaus Ventures has retained HFF to market for sale two of its newly constructed multi-family communities, the 384-unit Solana Apartments at the Crossing in Indianapolis and the 193-unit Penn Circle Apartments in Carmel.

The properties are being marketed without an asking price and can be purchased individually or as a portfolio on an “all cash” basis, HFF said in a news release.

Located at 7745 Solana Drive, about 10 miles north of the city’s downtown, Solana Apartments at the Crossing will be delivered in two phases. The first 336 units are scheduled for completion in December 2013 and the remaining 48 units will be ready for occupancy by April 2014.  

Spreading across 55.5 acres, the property offers a 26-acre lake, as well as direct access to the White River. The apartments range in size between 536 square feet for a studio to 3,058 square feet for a three-bedroom. Amenities include a resort-style swimming pool, private cabanas, a clubhouse, a state-of-the-art teaching kitchen, fitness center, yoga room, media lounge, business center, outdoor theater, fitness trails and a watercraft launch area.

Penn Circle Apartments is located at 12415 North Pennsylvania Street in Carmel, approximately 14 miles north of downtown Indianapolis. Completed this year, the property is already 96 percent leased. It offers a mix of one- and two-bedroom units with an average size of 920 square feet. Residents have access to a resort-style swimming pool, 24-hour fitness center, a clubhouse, outdoor kitchen with fireplace, gaming area, business center and complimentary bike rentals for use on the nearby Monon Greenway bike path.

Associate Director Wick Kirby along with Executive Managing Director Matthew Lawton, Associate Director Ken Martin and Senior Managing Director Dave Keller are part of the HFF investment sales team representing Milhaus Ventures.

The company’s other recent projects in Indianapolis include Artistry, a mixed-use, multi-phase development connecting downtown and the Cole Noble District, the Circa Apartments at the former Mitchell & Scott industrial site, as well as the Mozzo apartments located in the city’s Italian neighborhood of Holy Rosary.

Photo credits: www.milhaus.com



Milhaus Plans Second Phase of Artistry Apartment Development in Downtown Indianapolis

26 Nov 2013, 10:37 pm







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by Adriana Pop, Associate Editor

Milhaus Development is seeking city approval to begin construction on the second phase of its Artistry apartment project in downtown Indianapolis.

According to the Indianapolis Business Journal, the company plans to invest $32 million in the expansion, which calls for two new mixed-use buildings totaling 242 apartments and around 20,000 square feet of commercial space. Milhaus expects to break ground on the project in the spring of 2014 and deliver the first units by mid-2015. The complex will be built by Milhaus Construction LLC and managed by Milhaus Management, LLC.

Dubbed Mentor and Muse, the structures are slated to rise on the west side of the existing five-story building currently under construction at 451 East Market Street.

Entailing an investment of $30 million, the first phase of the Artistry project will result from the redevelopment of the former Bank One Operations Center. Upon completion by next spring, the complex will feature 258 apartments and up to 68,000 square feet of first-floor commercial space. Amenities will include two interior courtyards, an open pool and recreation deck on the third floor, as well as concierge services. Monthly rents are expected to range from $800 to $1,800.   

At full build-out, the Artistry will feature a total of 500 new apartments.   

Designed by CSO Architects Inc., the development will be LEED-certified, bringing its residents cost savings through the use of environmentally sensitive features, including energy-efficient systems, appliances and materials.

In other news, Inside Indiana Business reports that the Indy Chamber has recognized Buckingham Cos.’ high-profile CityWay development in downtown Indianapolis with the highest honor at the annual Monumental Awards.

The project, which features apartments, a hotel and about 25,000 square feet of retail, has also won in the Architecture/Interior Design/Landscape Architecture, Construction and Public Art categories.

“CityWay is a bold project that encompasses many aspects of design including architecture, landscape architecture, construction and public art. The overall broad spectrum of disciplines the project covers is what led to the monumental jurors’ decision,” Michael Huber, president and CEO of the Indy Chamber, said in a news release.

Photo credits: www.milhaus.com



Pangea Achieves 90% Occupancy in Record Time for Two Turn Around Properties

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by Adriana Pop, Associate Editor

Pangea Properties, a private real estate investment trust based in Chicago, has announced that, after having made significant property improvements, it has achieved 90 percent occupancy for two of its recently acquired Indianapolis communities. The company purchased both 109-unit Pangea Courts and 120-unit Pangea Riverside in 2012.

Upon acquisition last May, Pangea Courts at 4417 Linwood Court was only 15 percent leased, while Pangea Riverside at 2638 Cold Spring Manor Drive had an occupancy rate of 31 percent shortly after being purchased in September.

Over the course of a year, Pangea completed the full rehabilitation of the complexes, which offer residents a variety of amenities at affordable rates.  

Upgrades for Pangea Riverside included a new parking lot, an improved pool area, a new laundry room, major construction updates to each individual unit’s deck, as well as new windows. The renovation of Pangea Courts brought updated kitchens, baths and common areas, new windows, parking lot enhancements, an improved roof and laundry facility, as well as a new leasing office.

“These are two huge accomplishments for our Indianapolis communities. Taking nearly vacant communities and turning them into an appealing, affordable and livable property in a short amount of time is no easy task,” says Pangea COO & Co-Founder Steve Joung. “With building improvements, both functionally and aesthetically, our rehabilitations aren’t quick fixes, but focus on longevity contribute to our goal of making Pangea’s communities ideal places to live.”

With a focus upon the distressed residential multi-family real estate market, Pangea Properties serves as both property owner and building manager, utilizing a call center to support the high bar for service and scalability. The company was founded in 2008 and has over $250 million into 8,000+ apartment units throughout Chicago, Indianapolis and Baltimore.

Including the completed Pangea Courts and Pangea Riverside complexes, the REIT owns nine communities in Indianapolis totaling 2,700 units.  

In 2013, the company debuted at number 42 overall on the annual Inc. 500 list, ranking first overall for the Chicago market and second for the entire real estate industry.  

Photo credits: Pangea Properties



Westin Hotel in Downtown Undergoes $14M Renovation

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by Adriana Pop, Associate Editor

The four-star Westin Hotel in downtown Indianapolis is about to embark upon a $14 million refurbishment project. According to the Indianapolis Business Journal, the overhaul, which will include the property’s 13 floors and 573 guest rooms, will start this month and be complete by February.  

The property will stay open during the renovation, which will be performed in phases by closing three floors at a time.

The Westin Hotel first opened in 1989. Its public meeting spaces were upgraded in 2008, while its lobby and common areas were improved in 2011.

“This has all been part of a cycle to keep this facility completely updated,” Westin general manager Dale McCarty told the newspaper. “In the last five years, we’ve spent $25 million in renovations, and it’s all been self-funded.”

In March, Westin officials are planning to celebrate the re-opening of the hotel by inviting some of the regular corporate clients and convention planners. Room rates are expected to remain at their current level.

In multi-family transaction news, HFF has closed the sale of, and arranged acquisition financing for, a seven-property, 332-unit/892-bedroom student housing portfolio near Ball State University in Muncie.  

Peak Property Group LLC acquired the assets from Klingbeil Capital Management for $15.8 million. HFF marketed the portfolio on behalf of the seller and assisted the buyer with acquisition financing through Jefferies LoanCore. Managing director Brian Kelly led the investment sales team, while the debt placement team was led by associate director Ken Martin.

“The Ball State Portfolio offered investors an opportunity to achieve immediate scale and operational efficiencies in a strong Midwest university market,” Martin said in a news release.

The portfolio consists of Autumn Breeze Apartments, Everbook Townhouses, Windsong Apartments, Silver Tree Apartments, Sunreach Apartments, Cardinal Vista Apartments and Linden Place Apartments, all surrounding Ball State University in Indiana. Amenities include a fitness center, basketball court, volleyball court, swimming pool, outdoor grilling areas and computer lab.  

Photo credits: www.westinindianapolis.com



Zeller Realty Plans Sale of Large Office Complex in Carmel

25 Oct 2013, 10:31 pm







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by Adriana Pop, Associate Editor

Chicago-based Zeller Realty Group is planning to divest the iconic Meridian Mark Plaza office complex along the North Meridian Street corridor in Carmel. The Indianapolis Business Journal reports that the company has hired the local office of CBRE to advise it on the sale.

According to the firm’s office broker Dan Richardson, the timing for this type of transaction is excellent.

“Interest rates remain historically low and lenders have a big appetite to invest in high-quality real estate,” he told the newspaper.

CBRE data indicates that Carmel’s improving Class A vacancy rate along the corridor, currently at 12.3 percent, is expected to reach single digits by the end of the year.  

Zeller purchased the Meridian Mark I and II buildings, which total 385,000 square feet, in 2001 and made significant improvements to the properties, including the addition of a fitness center, new lobbies, food service, roofs and mechanical systems. Brokers estimate that the properties, which were developed by Browning Investments in the 1980s, could sell for as much as $57 million.  

According to the most recent IBJ statistics, rents at the Meridian Mark Plaza complex range from $18.50 to $20.25 per square foot. Cisco, Edward Rose & Sons, Liberty Mutual and Oxford Financial are among the buildings’ tenants.

In multi-family development news, Herman & Kittle Properties Inc. is planning the construction of a 260-unit apartment complex on the southwest side of Indianapolis. According to the Indianapolis Business Journal, the $16.2 million project would consist of 29 residential buildings, a clubhouse, covered parking and a swimming pool.

The developer is seeking a three-year tax abatement, equivalent to approximately $452,000 in property taxes, which would help offset the $600,000 cost of roadway improvements at the Mann and West Mills intersection. Upon completion, the new development is expected to add $11.4 million in assessed value to the tax base.

 Photo credits: www.zellerrealty.com