'Spite strip' sidelines prime 13-acre parcel - Indianapolis Business Journal
Many in the real estate community point to a narrow strip of land that borders the property. The roughly 4-foot-by-800-foot sliver south of Butler Toyota is owned by local developer PK Partners, and the 13 acres is owned by the Tyner family. The narrow property is what’s known in the real estate industry as a “spite strip,” because of the desire to annoy someone by stopping access to another person’s property. PK Partners has controlled its strip for decades and likely established it to protect its interests in the area. The predecessor of PK Partners developed the Butler Toyota property and the building to the north that formerly housed Ruth’s Chris Steak House. The local developer is not actively shopping the tiny tract, real estate sources said, but seems at least to be fielding interest and holding out for the best offer. “PK Partners is clearly in a position to hold up any transaction that requires the ability to get across that strip of land,” said Ross Reller, director of land services at the local Colliers International office “They don’t have to be reasonable. Source: www.ibj.com
