The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-06-22
PENNEY STORE
WILL OPEN IN
PETT|S BLDG.
Large Scale Chain Operator
Gets Lease on Downtown
Property.
MANY WILL GET WORK
RemodeIing to Start Soon;
City Chosen Because of
Retail Stability.
BY LOWELL NUSSBAUM
Times staff Writer

Leasing of the Pettis Dry Goods
Company building on East Wash
ington street by the j. C. Penney
Company, New York, for opening
of modern and complete depart
ment store was announced today.
The deal, one of the most impor-
tant realty transactions in several
years, which will bring to Indianap-
oils one of the nations leading de-
partment store operators, was an
nounced by Albert L. FrankeI, Circle
Tower realtor specializing in bust
ness and industrial leases.
The lease, which involves expen-
ditures Of several hundred thousand
dollars for remodeling of the Pet
tbs building, giving employment to a
number of workmen, also will pro-
vide employment for a large staff
of store employees.
Contract Awarded Mick
Contract for building alterations
has been awarded to William E.
Mick, Inc, and it is expected the
work will be completed in time to
permit opening of the store early in
the fall.
The j. c. Penney Company oper-
ates a chain of 1000 department
stores, from coast to coast. Recent
ly, the company mas begun opening
stores in a few of the larger cities,
known as their metropolitan units.
These modern and complete de-
partment store units have. been
opened in Seattle, DeS Moines,
Omaha, and Camden, N. j., and are
designed to take care of every need
of the modern family and home.
The lease covers long term pc
riod and involves a large rental, the
figure not being announced.
Large Space Available
More than 1875, 900 square feet of
space, almost three acres, will be
available in the five floors and base
ment store.
The extensive remodeling pro-
gram will include new fronts, floors,
and ceiling, and installation of
three high speed micro-controlled
elevators and fireproof towers. A
new ventilating system will be in
stalled and contracts have been let
for the latest type store equipment.
Factors pointing to Indianapolis
as a retail trading center
and its promise of the future helped
in decision of the company officials
to locate here, Frankel said. Out Of
a number of cities seeking the
units of the company,
he added, few could offer as good
an opportunity as Indianapolis.
One of City's Landmarks
The Pettis building is one of In
dianapolis' landmarks, and had been
occupied, until recently, for many
years by the Pettis Dry Goods Com
pany. Originally known as the New
York store, seventy fifth annivers-
airy of the store was celebrated in
1928.
Owners of the building are the
Pettis heirs, represented by William
P. Hall Jr. and John H. Bookwalter,
indianapolis, as trustees; the Occi-
dental Realty Company and Fetch
er Trust Company as trustee for
Elizabeth Blancke. The owners and
the Penney Company were repre-
sented by Frankel in the deal.
Legal phases of the transaction
were handled for the Pettis heirs by
Alan w, Boyd, of Noel, Hickam,
Boyd & Armstrong; for the O.
cidental Realty Company by Robert
A. Efroymson, of Daley, ONeal,
Daley a. Efroymson, and for the
Penney company by John B. But
Ter. New York and Harvey B. Hart
sock Tndiana1OliS