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The Petland store at Chapel Ridge, which closed last year because of the franchisee’s financial problems, will be reopened this summer by the Ohio-based pet-store chain.
“They felt really strongly about it, so they decided to reopen it as a corporate store — and they don’t have many corporate stores,” said Brad Sturges, of CB Richard Ellis/Sturges, who represented both Petland and the lessor, Chapel Ridge Investments, in the transaction.
The store is nearly 6,100 square feet and is one of the big-box anchors of the so-called “power center” at Maysville Road and Interstate 469. It has been closed for nearly a year. The company will run it as a corporate store and hopes eventually to find a new franchisee, Sturges said.
The same franchisee operated a Petland store at Glenbrook Commons that closed at about the same time. They were the only two Petland locations in Fort Wayne. The company said several months ago it was looking for a new franchisee to operate both stores, but no plans to reopen the Glenbrook store have been announced.
Summer concert series returns to Jefferson Pointe
Jefferson Pointe is bringing its Friday Nites Live summer music series back beginning June 5.
The free two-hour concerts at the shopping center begin at 6:30 p.m. each Friday through Sept. 25 and feature local artists. The concert series is sponsored by Lutheran Hospital, which also will provide health screening and health information.
The June schedule of performers is: Junk Yard Band, June 5; Rosemary Gates, June 12; Ty Causey, June 19; and Steve Squires Band, June 26. For additional information and a complete summer schedule, visit www.jeffersonshopping.com
Irmscher Construction
The Asbury Theological Seminary in Wilmot, Ky., has awarded Irmscher Construction a contract for the infrastructure portion of a new housing community that will serve the seminary.
Part of the preparation for the project will include the demolition of some seminary housing that dates back to the 1950s.
Zacher Co.
Steven Zacher represented both the landlord, Homier Distributing Co., and the tenant, Cequent Performance Products, in the lease of an additional 57,750 square feet of space in the Homier building at 84 Commerce Drive, Huntington. Cequent already was leasing 131,786 square feet of space in the building.
Zacher and Brent Overholt represented both the landlord, Johnson Family Enterprise LLC, and the tenant, Ruan Transport Corp., in the renewal of a lease for 20,400 square feet of space at 4432 Ardmore Ave.
Jessica Howell represented the landlord, MCC Management, in the lease of a 2,267-square-foot space in the new Capital Pointe office building, 608 Union Chapel Road. The tenant, Textrix Solutions, was represented by Carolyn Spake-Leeper of CB Richard Ellis/Sturges.
NAI Harding Dahm
Steve Johnson represented the owner, P & E Realty, and the tenant, Office One Solutions LLC, in the renewal of a lease for property at 921 Barr St.
John Caffray represented the lessor, Millham Realty, in the lease of property at 1939 Lakeview Drive to Utili-Comm South Inc.
Schenkel & Sons
Schenkel & Sons has completed the renovation of about 30,000 square feet of the Innis building at Heritage Pointe in Warren. The project remodeled the building into 35 new assisted-living suites and 21 residential apartments, along with a library, activities room, multiple dining rooms and sun rooms.
Brehob Corp.
Brehob Corp., 6403 Highview Drive, has completed the installation and testing of a new Generac Industrial emergency backup generator for the Fort Wayne Fire Department’s Station No. 1.
CB Richard Ellis/Sturges
Karen Spake and Carolyn Spake-Leeper represented the lessor, Keystone Realty, in the renewal of a lease for 3,558 square feet of space at 328 Ley Road.
Bill Cupp represented both the lessor, Cross Creek Development, and the lessee, Perfection Bakeries, in the lease of 10,300 square feet of space at 6423 Cross Creek Blvd.
Kathy Moses-Denig represented both the lessor, Parkview Health, and the lessee, Rheumatology Associates LLC, in the renewal of a lease for of 2,395 square feet of space in the Woodland Medical Plaza, 1234 E. Dupont Road.
Tight credit puts brakes
on hotel transactions
The dollar volume of hotel transactions in 2008 plunged 55 percent in 2008, compared with the year before, according to a report from Hotel Brokers International.
The market was hobbled by the deepening recession and tightened credit market, said the HBI report. Just $9.9 billion in transactions were recorded in 2008, compared with $21.9 billion in 2007.
The downturn was expected to continue in 2009, although the second half of the year should improve as a result of government stimulus efforts and pent-up demand.
“We believe these have been the most challenging conditions in our 50-year history, with the late ’80s/early ’90s a close second,” said Jeff Westgor, HBI president. “Overall, the number of hotel transactions in 2008 was at its lowest level in five years.”
Westgor said the credit crunch had the biggest impact in 2008 on larger dollar transactions, those over $10 million. According to HBI data, sales of upscale and luxury hotels were off 57 percent, while sales of economy and midmarket properties, which account for the bulk of transactions, were more stable, declining 11.2 percent.
Suburban hotels were the best sellers in 2008, accounting for 46 percent of all hotel sales. Sales of hotels in resort locations declined by nearly 50 percent. Hotels in secondary markets (population of 50,000 to 150,000) held their value.
As for 2009, HBI brokers agree that the hotel real estate market will continue to be challenged until signs of stabilization appear in both the economy and the capital markets. “We will probably hit the bottom of this downtrend in 2010, but as in the past, hotel real estate will follow the economy, there is no doubt,” Westgor said.
If you have items for the commercial real-estate column, please contact Linda Lipp by e-mail at
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, by phone at (260) 426-2640, ext. 307, or by mail at Greater Fort Wayne Business Weekly, 826 Ewing St., Fort Wayne, IN 46802.
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