Midwest Real Estate News October/November 2014 : Page 1

WWW .REJOURNALS.COM MINNESOTA | MISSOURI | NEBRASKA | OHIO | TENNESSEE | WISCONSIN OCT/NOV 2014 THE DAKOTAS | ILLINOIS | INDIANA | IOWA | KANSAS | KENTUCKY | MICHIGAN Spec industrial continues to boom in Indianapolis But other sectors are thriving, too By Dan Rafter, Editor L FEATURE: RETAIL B The retail market in the Indianapolis area is a strong one today. Malls such as the Fashion Mall at Keystone are attracting a steady stream of shoppers. (Photo courtesy of Simon Property Group.) ob Smietana doesn’t consider the 220,000-square-foot spec building that HSA Commercial Real Estate recently built in the Indianapolis suburb of Plainfield, Ind., to be a risk: The industrial market in Indianapolis is tight. And his company isn’t alone in addressing this demand with spec industrial construction. As Smietana, vice chairman and chief executive officer with HSA says, the time was right for the spec industrial building at Plainfield’s busy Gateway Business Park. “We saw a gap in the market,” Smietana said. “And this building helps fill that gap.” The gap to which Smietana refers? There aren’t many new industrial spaces available to tenants looking for 50,000-to 200,000-square-foot spaces. INDIANAPOLIS FEATURE (continued on page 12) T Is the era of indoor shopping malls over? Not if owners can tap their creative sides By Dan Rafter, Editor he Midwest is home to plenty of dead or dying shopping malls, indoor ghost towns that once buzzed with families dining at food courts, teens hanging at clothing stores and young couples holding their first dates at multiplex movie theaters. What went wrong with these dead malls? Why did the shoppers stop coming? And does the growing number of dead malls mean that the era of the massive enclosed shopping mall is over? Not quite. While a distressingly high number of Midwest malls are struggling to keep their doors open, others are thriving. What separates the dying mall from the thriving one? Plenty, according to Midwest retail experts. RETAIL FEATURE (continued on page 16)

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