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Annual economic outlook: 'Livin' on a Prayer,' Indiana State economist says
Indiana State University
Bon Jovi's song "Livin' on a Prayer" describes Indiana's 2014 economic forecast, according to one Indiana State University economist. Guell was one of four panelists at the 2014 Groundhog Day Economic Forecast Breakfast at Indiana State. He described the difficulty of moving up the economic ladder, saying the "rungs are becoming harder to climb" and individual incomes have become less equal.
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Indianapolis: A portrait of recovery
The Source
The commercial property market in central Indiana has had an exemplary recovery in 2013 and 2014 appears to promise more of the same. In Colliers’ 2013 year-end report on the Indiana region, the low-tax, low-services state is highlighted with many big industrial property deals in and around Indianapolis. These include the following.
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Foes of cut in Indiana business tax air warnings
Courier-Journal
As Indiana lawmakers advanced bills to reduce a tax on business equipment, local governments and schools that benefit from the tax intensified their push against the move, calling for a concrete plan to replace the lost revenue. The Indiana House and Senate passed separate bills that would reduce the tax.
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Council approves $2.5 million bond ordinance
The Star Press
In a 7-2 vote, Muncie City Council voted to adopt an ordinance that will allow the city to issue a bond — of up to $2.5 million — for infrastructure improvements near Muncie Mall. Plans have been announced for a development, west of the mall and south of the Target store, that will include Dick’s Sporting Goods.
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Influx of commercial real estate lending expected in 2014
NAREIT
After three years of momentum building in commercial property lending, analysts are projecting that institutional lenders will place what could be record amounts of capital into commercial real estate in 2014. Commercial property lending is fundamentally strong, and lenders still maintain disciplined underwriting standards, according to comments by Jones Lang LaSalle executives attending the Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention on Feb.3.
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Personal property tax bills pass House, Senate
WRTV-TV
Two similar bills that would allow tax reductions and county governments to exempt new businesses from personal property taxes passed both the Indiana House of Representatives and the Indiana Senate. The House bill, HB 1001, a key item on Gov. Mike Pence's 2014 agenda, was passed by a 63-33 vote in the House. Rep. Eric Turner, R-Cicero, authored the legislation.
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7-Eleven puts 72 recently acquired stores up for sale
CSP Daily News
Declaring they no longer fit the retailer’s business model, 7-Eleven Inc. has put 72 of its gasoline stations and/or convenience stores up for sale, as reported in a 21st Century Tobacco/CSP Daily News Flash. The sale, arranged by NRC Realty & Capital Advisors LLC, includes 22 locations in Texas, 17 in South Carolina, 12 in Pennsylvania, nine in Ohio, four in Michigan, three in Indiana, three in West Virginia, one in Florida and one in Utah.
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Poag buys huge Indiana mall out of bankruptcy
Memphis Business Journal
Poag Shopping Centers LLC has acquired out of bankruptcy a 600,000-square-foot retail center in Plainfield, Ind., according to a news report. Memphis-based Poag bought the Metropolis Lifestyle Center – which is anchored by Carmike Cinemas, JCPenny and Dick's Sporting Goods – from a court-appointed receiver, the Indianapolis Star has reported.
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Zionsville panel 'okays' Hat World land deal for HQ
Indianapolis Business Journal
The Zionsville Redevelopment Commission on Jan. 13, agreed to sell 15.6 acres in its new Creekside Corporate Park to Hat World Inc. for $577,200 — about what the town paid for the undeveloped land last year. Local incentives tied to the deal, meanwhile, could allow the company to recoup at least half of the purchase price.
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Commercial Focus
Colby Horton, Vice President of Publishing, 469.420.2601
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