newsletter.story

Construction

July 15, 2014
-Capitol Construction has completed a 60,000-square-foot office expansion for Next Gear Capital at 11799 N. College Ave., Carmel.

-Capitol Construction has completed a 9,000-square-foot retail and office building for LOR Corp. at 1002 Broad Ripple Ave.

-Capitol Construction has completed a 1,600-square-foot health clinic for Midwest ISO at 720 City Center Drive, Carmel.
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Rates

July 15, 2014
The average rate for 30-year mortgages rose from 4.28 percent to 4.31 percent in the week ended July 10, according to Bankrate.com. The rate for 15-year mortgages rose from 3.4 percent to 3.41 percent.
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People

July 14, 2014

Indianapolis-based Healthx, which provides IT services to health insurers and employers, named Kathy Kinder chief financial officer. She was CFO for software firm Consona Corp., formerly called Made2Manage and now called Aptean. Kinder holds a bachelor’s degree in business with a concentration in accounting from Indiana University.

Dr. Wendy Schulte, a pediatrician, has joined St. Vincent Medical Group in Zionsville. Schulte earned a bachelor’s degree from the University of Wyoming, Laramie, and a medical degree from Indiana University School of Medicine in Indianapolis.

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Company news

July 14, 2014

Indianapolis-based EmotEd LLC, recently spun out of the Indiana University School of Medicine, received nearly $200,000 from the National Institutes of Health to develop video games to diagnose and improve emotional health. The company is based on research by EmotEd founder Dawn Newmann, a research professor at the medical school who also works at Rehabilitation Hospital of Indiana. The NIH money, which came via a Phase I Small Business Technology Transfer award, will allow EmotEd to build an initial platform and test it in a clinical setting. EmotEd will continue to seek non-dilutive funding through Phase II STTR mechanisms and through the Department of Defense.

Indianapolis-based Activate Healthcare is expanding its employer health care clinic operations into Wisconsin, according to Modern Healthcare magazine. Activate already manages 20 near- or on-site health clinics, used by 40 employers, in Indiana, Michigan, Ohio and Washington. Activate was created in 2009 by former Steak n Shake CEO Peter Dunn and ex-Harvard Vanguard Medical Associates CEO Debra Geihsler. Its clients include Monroe County government in Bloomington as well as Monarch Beverage Co. and Major Tool Co. in Indianapolis. Activate is one of a handful of Indiana-based clinic operators that have been growing rapidly and expanding into other states.

Indianapolis-based WellPoint Inc. this month started offering 4 million patients the ability to have e-visits with doctors, while Aetna Inc. says it will boost online access to 8 million people next year from 3 million now, according to Bloomberg News. The health insurers are joining companies such as Teladoc Inc., MDLive Inc. and American Well Corp. that offer virtual visits with doctors who, in some states, can prescribe drugs for anything from sinus infections to back pain. In Indiana, legislation passed this year gave the green light to WellPoint and American Well to partner with the American Health Network physician group to conduct a pilot program of the technology.

Biomet Inc. reported preliminary profit for the past 12 months of $36.8 million on sales of $3.22 billion. That's an improvement in profit of $660 million from fiscal 2013’s $623 million loss on consolidated net sales of $3.05 billion, according to the Fort Wayne Journal Gazette. Excluding extraordinary items, the Warsaw-based company earned $420 million for the year ended May 31. Biomet also reported fiscal fourth-quarter profit of $66.7 million on sales of $845 million, a $288 million improvement over the same period a year earlier when the company posted a $221 million loss on sales of $784 million. Zimmer Inc. in April offered to acquire Biomet for $13.35 billion. The Federal Trade Commission is considering implications of allowing the competitors to merge.

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Sales/acquisitions

July 8, 2014
-JAWCO, an investment group based in Minneapolis, bought the 108-unit Arbor Manor Apartments at 206 Churchill Drive, Mooresville. The seller, locally based Neff Rentals, was represented by Tikijian Associates. The buyer represented itself.

-Term Security Corp. bought the 153-unit Arrowwoods Apartments, 7135 Warrior Trail. The seller, Blue Valley Apartments Inc., was represented by Tikijian Associates. The buyer represented itself.

-Term Security Corp. bought the 220-unit Inverness Apartments, 5810 Sebring Drive. The seller, Blue Valley Apartments Inc., was represented by Tikijian Associates. The buyer represented itself.
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Leases/leasing contracts

July 8, 2014
-Performance Metals Inc. leased 21,400 square feet of industrial space at 2402 N. Shadeland Ave. The tenant was represented by Mark Writt of CBRE. The landlord, Shadeland South Business Park LLC, was represented by Todd Vannatta and Michael Weishaar of Cassidy Turley.

-Indiana State Teachers Association renewed its lease for 19,083 square feet at 150 W. Market St.  The landlord, National Education Association, was represented by Matt Langfeldt and Rich Forslund of Cushman & Wakefield/Summit. The tenant represented itself.

-Drillers Service Inc. leased 13,350 square feet at 3930 Perry Blvd., Whitestown. The tenant was represented by Cam Kucic of Cushman & Wakefield/Summit. The landlord, Crest I LLC, was represented by Grant Lindley of Cassidy Turley.

-Cardinal Publishing Group leased 12,700 square feet of industrial space at 2402 N. Shadeland Ave. The landlord, Shadeland South Business Park LLC, was represented by Michael Weishaar and Todd Vannatta of Cassidy Turley. The tenant represented itself.

-Big Car leased 3,600 square feet of retail space in Lafayette Place, 3743 Commercial Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-First Construction Consultants leased 3,559 square feet of office space in Auburn Woods Park, 9650 Commerce Drive. The landlord, Sandor Development, was represented by Lawrance Morrissey of Corporate Commercial Group. The tenant represented itself.

-Capital Cities LLC leased 2,986 square feet at 47-49 N. Meridian St. The tenant was represented by Matt Waggoner of Cushman & Wakefield/Summit. The landlord, Bruce A. Bodner Co. Inc., was represented by Alex Cantu of Cushman & Wakefield/Summit

-The Tailgate leased 2,400 square feet of retail space in McFarland Marketplace, 8028 S. Emerson Ave. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Metro PCS lease 1,820 square feet of retail space in East 40, 8524 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Produce Careers leased 1,740 square feet of office space in Auburn Woods Park, 9640 Commerce Drive. The landlord, Sandor Development, was represented by Lawrance Morrissey of Corporate Commercial Group.  The tenant represented itself.

-CPR Institute leased 1,600 square feet of retail space in McFarland Marketplace, 8028 S. Emerson Avenue.  The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Book Trader leased 1,400 square feet at Castleton Shoppes, 6024-6066 E. 82nd St. The landlord, The Broadbent Co., was represented by Jim Mosher of Broadbent. The tenant represented itself.

-TAG Salon leased 1,260 square feet of retail space in Meridian Parke Shoppes, 3115 Meridian Parke Lane, Greenwood. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-The Asian Grocery leased 1,200 square feet of retail space in McFarland Marketplace, 8028 S. Emerson Ave.  The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Servi-Call renewed its lease for 1,200 square feet of retail space in 69th & Michigan, 6999 Michigan Road. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-EX Nails renewed its lease for 1,200 square feet of retail space in College Park, 3269 W. 86th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.
 
-Red Door Property Management leased 854 square feet of office space in Auburn Woods Park, 9640 Commerce Drive. The landlord, Sandor Develompent, was represented by Lawrance  Morrissey of Corporate Commercial Group. The tenant represented itself.
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Rates

July 8, 2014
The average rate for 30-year mortgages was unchanged at 4.28 percent in the week ended July 3, according to Bankrate.com. The rate for 15-year mortgages rose from 3.39 percent to 3.40 percent.
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Construction

July 8, 2014
-Capitol Construction has completed a 9,400-square-foot office expansion for Nyhart at 8415 Allison Pointe Blvd.

-Capitol Construction has completed a 6,900-square-foot retail build-out for Two Deep Brewery at 714 N. Capitol Ave.

-Capitol Construction has completed a 3,500-square-foot office build-out for Pinnacle IT Solutions at 3535 E. 96th St.
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Company news

July 7, 2014

Indiana University Health and Aetna Inc. have extended their contract 60 days to try to work out a new deal. The Indianapolis-based hospital system was set to fall out of the provider network of Connecticut-based Aetna on July 1, but the sides agreed to extend their contract until Sept. 1. Aetna has a modest presence in Indiana, claiming about 6 percent of enrollment in all preferred provider networks, according to a recent report by HealthLeaders-InterStudy. Aetna has a strong presence in the Bloomington area, which IU Health serves via the IU Health Bloomington Hospital. In February, IU Health and Minnesota-based UnitedHealthcare agreed to terms after IU Health fell out of UnitedHealthcare’s network of discounts Jan. 1.

Covidien LP will consolidate its U.S. operations for repairing and upgrading medical-device products at its Plainfield facility, hiring up to 112 more workers by the end of 2015. The firm currently employs about 50 in its technical service center at 2824 Airwest Blvd. It will hire new workers and relocate similar operations from Boulder, Colo. The Indiana Economic Development Corp. has offered the company up to $1.12 million in conditional tax credits based on its job-creation plans. The credits are performance-based, meaning the company cannot claim them until it hires workers. In June, Minneapolis-based Medtronic Inc., the second-largest maker of medical devices, agreed to buy Ireland-based parent Covidien Plc for $42.9 billion in cash and stock.

The Pence administration submitted its HIP 2.0 plan to the Obama administration last week, asking to use an altered version of the Healthy Indiana Plan to expand coverage to as many as 350,000 low-income Hoosiers, according to the Associated Press. The U.S. Department of Health & Human Services must approve the proposal before the state can put it into action. In a letter submitting the waiver request, Gov. Mike Pence said the plan offers a “broader set of consumer-driven health care choices.”

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People

July 7, 2014

Dr. Hilma Green, an internist, has joined the Eskenazi Health Center at 2505 N. Arlington Ave. She earned a bachelor’s degree in applied microbiology at the University of Houston and received her medical degree from the Indiana University School of Medicine in Indianapolis.

Kacey Oiness, a psychologist, has joined St. Vincent Sports Performance, consulting primarily with the Purdue University Athletic Department. She earned a bachelor’s degree from Iowa State University. She earned master’s and doctoral degrees in counseling psychology from Colorado State University in Fort Collins.
 

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Leases/leasing contracts

July 1, 2014
-Peapod LLC leased 48,678 square feet at 9222 E. 33rd St. The tenant was represented by J.D. Graves of CBRE. The landlord, Duke Realty Corp., was represented by Duke's Kate Willen Ems.

-ALDI leased 22,462 square feet of retail space in Cherry Tree Plaza, 9989 E. Washington St. The tenant was represented by Jim Abel of Lee & Associates.  The landlord, Sandor Development, was represented by Jeff Roberts of Sandor.   

-Asset Recovery & Recycling leased 17,186 square feet of industrial space at 2402 N. Shadeland Ave. The landlord, Shadeland South Business Park LLC, was represented by Todd Vannatta and Michael Weishaar of Cassidy Turley. The tenant represented itself.

-The North End BBQ leased 4,780 square feet of retail space at Nora Shops West, 1250 E. 86th St. The tenant and landlord, an affiliate of PK Partners, represented themselves.

-Fairway Independent Mortgage Corp. leased 4,191 square feet of office space at 10194 Crosspoint Blvd., Fishers. The tenant was represented by Yumi Goodman of Colliers International. The landlord, E-L Crosspoint Building 2 LLP, was represented by John Vandenbark of CBRE.

-Panera Bread renewed its lease for 3,957 square feet of retail space at Clearwater Springs, East 82nd Street and Allisonville Road. The tenant and landlord, an affiliate of PK Partners, represented themselves.

-Heldelberge Agency leased 1,395 square feet of retail space at 8802 S. Madison Ave. The tenant was represented by Keith Turnbill of RE/MAX Select. The landlord, Conrad Morris & Associates LLC, was represented by Greg Smith and Nate Smith of Colliers International.

-Artisano’s Oils and Spices leased 1,283 square feet of retail space at Nora Shops West, 1250 E. 86th St. The tenant was represented by Tom Megenhardt of Thomas K. Megenhardt Commercial Real Estate. The landlord, an affiliate of PK Partners, was represented by Bryan Chandler of Eclipse Real Estate.

-Havana Cafe leased 1,200 square feet of restaurant space in Honey Creek, 3839 Moller Road. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-It Is Vapor leased 864 square feet of retail space in Starbucks Plaza, 1950 Kessler Blvd., West Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Eyes By India leased 662 square feet of retail space in Esquire Plaza, 8213 Pendleton Pike. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
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People

July 1, 2014
Cushman & Wakefield/Summit has added the following employees:

-Christa Calderone has joined as client services coordinator for the office brokerage team of Matt Langfeldt, Rich Forslund, Matt Waggoner and Brian Askins.

-Abby Atwell has joined as assistant property manager with the firm's property management group.

-Will Young has joined as senior property manager with the firm's property management group.

-R.J. Rudolph has joined as senior vice president specializing in office advisory.
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Rates

July 1, 2014
The average rate for 30-year mortgages fell from 4.33 percent to 4.28 percent in the week ended June 26, according to Bankrate.com. The rate for 15-year mortgages fell from 3.44 percent to 3.39 percent.
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Construction

July 1, 2014
-Holladay Construction Group LLC has completed a 700-square-foot build-out for Teachers Credit Union in the new Meijer store at 400 N. Dan Jones Road, Plainfield.  

-Holladay Construction Group LLC partnered with Otis Elevator to modernize the elevator system at the Indianapolis Fraternal Order of Police, Lodge No. 86, 1525 S. Shelby St.

-Holladay Construction Group LLC is partnering with Holladay Properties to build a $20 million, 370,000-square-foot indoor soccer facility at Grand Park in Westfield. Construction will start within 60 days.
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Company news

June 30, 2014

Hendricks Regional Health is extending its reach farther west via a collaboration with Putnam County Hospital in Greencastle. On July 10, the two hospitals will open a new obstetrics clinic, called Partners in Care, to provide prenatal care for low-income pregnant women. The clinic will be staffed by a Hendricks Regional Health nurse midwife, and two physicians from the Hendricks Regional Health Medical Group. Patients of Partners in Care will receive prenatal services at Putnam County Hospital, while deliveries will take place at Hendricks Regional Health in Danville. The idea of starting a clinic was boosted by a needs assessment conducted by DePauw University in Greencastle, which confirmed a shortage of prenatal care in Putnam County.

The U.S. Supreme Court ruled Monday that closely held corporations can hold religious objections that allow them to opt out of Obamacare’s requirement that they cover contraceptives for women at no charge. According to the Associated Press, the justices' 5-4 decision is the first time the high court has ruled that profit-seeking businesses can hold religious views under federal law. And it means the Obama administration must search for a different way of providing free contraception to women who are covered under objecting companies' health insurance plans. Contraception is among a range of preventive services that must be provided at no extra charge under the health care law that President Barack Obama signed in 2010 and the Supreme Court upheld two years later. Justice Samuel Alito wrote the majority opinion, which stressed that the ruling applies only to corporations that are under the control of just a few people in which there is no essential difference between the business and its owners.

Indiana Gov. Mike Pence hired Carmel psychiatrist Dr. John Wernert to take over the state's Family and Social Services Administration and tapped former FSSA Secretary Michael Gargano to oversee Pence’s Healthy Indiana Plan 2.0. Wernert is the medical director of medical management at Eskenazi Health in Indianapolis and was the medical director for behavioral health integration for the Franciscan Alliance health system. He'll replace outgoing Secretary Debra Minott, who unexpectedly announced her resignation in June; neither Pence nor Minott have explained her sudden departure. Gargano, who led the agency until Pence took office last January, is returning in the new role overseeing Pence's insurance expansion plan. The Pence administration is in the middle of pitching the Centers for Medicare and Medicaid Services on Indiana's proposal to use the state-run Healthy Indiana Plan 2.0 to expand Medicaid. If the application is approved, residents earning up to 138 percent of the federal poverty level would be allowed to enroll in a hybrid-health savings account plan. The state estimates that more than 457,000 low-income residents could enroll in the program by 2020.

Indianapolis-based Eli Lilly and Co. received European backing for a biosimilar version of Lantus insulin, a mega-blockbuster made by France-based Sanofi that has never faced generic competition. According to Bloomberg News, Lilly’s Abasria insulin was recommended by the European Medicines Agency’s Committee for Medicinal Products for Human Use for the treatment of diabetes. The European Commission, the EU’s executive arm, usually follows the panel’s recommendation. Lantus, which garnered $7.8 billion in sales for Paris-based Sanofi in 2013, loses patent protection in Europe in May next year. The U.S. patent on Lantus expires in February, but generic competition there may be delayed after Sanofi in January said it was suing Indianapolis-based Lilly over its plans to introduce a version in the U.S. Sales of the drug in Europe were less than 15 percent of the total in 2013, because the price of the drug is far lower than in the United States, which accounted for almost two-thirds of total Lantus sales, said Mark Clark, an analyst at Deutsche Bank AG in London. That may limit the erosion of Lantus sales in Europe, he said. Lilly is also trying to introduce a brand-name drug that would compete with Lantus. Last month, it released study results suggesting its once-a-day insulin injection, Peglispro, was better than Lantus in controlling patients’ blood sugar. Lilly has said it will file for U.S. approval to sell that drug in the first quarter of next year.

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People

June 30, 2014

Dr. Peter Nalin has been named executive associate dean for educational affairs at the Indiana University School of Medicine. Nalin succeeds Dr. Maryellen Gusic, who will be moving to a senior leadership position at the American Association of Medical Colleges. Nalin joined the faculty of the IU School of Medicine in 2001 as residency director of the IU Methodist Family Medicine Residency. Nalin is a graduate of Cornell University and the University of Vermont College of Medicine.

Community Howard Regional Health appointed Ron Lewis as interim CEO. Lewis joined Community Health Network in 2013 as vice president of its neuroscience product line. He previously served as administrative director at Indiana University Health Saxony Hospital. He holds master’s degrees in business administration and clinical social work from Indiana Wesleyan University and Western Michigan University, respectively.

Methodist Sports Medicine hired Dr. Kevin Condict, a surgeon who specializes in total joint replacement of the shoulder, hip and knee, along with arthroscopic surgery of the shoulder and knee. Condict graduated from the Indiana University School of Medicine.

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Correction

June 24, 2014
Andrew Clifford's name was incorrect in the June 10 Real Estate Weekly. Clifford is with 7D Commercial Real Estate and represented 3 Sisters Cafe in a recent lease transaction.
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Construction

June 23, 2014

-Capitol Construction has completed a 10,400-square-foot office build-out for Fink, Petrie & Roberts at 9449 Priority Way West Drive.

-Capitol Construction has completed a 3,000-square-foot office build-out for Humana at 7035 E. 96th St.

-Capitol Construction has completed the remodel of an 1,800-square-foot Starbucks at 5943 S. East St. 

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People

June 23, 2014

Adam G. Chavers is to join Browning Investments Inc. as senior vice president of development effective July 7.

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Rates

June 23, 2014
The average rate for 30-year mortgages dipped from 4.34 percent to 4.33 percent in the week ended June 19, according to Bankrate.com. The rate for 15-year mortgages rose from 3.43 percent to 3.44 percent.
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Leases/leasing contracts

June 23, 2014

-National Oilwell Varco leased 31,790 square feet of industrial space at 9870 E. 30th St. The tenant was represented by Grant Lindley of Cassidy Turley. The landlord, James D. Crawford Trust, was represented by Luke Wessel of Cassidy Turley.

-Progressive Casualty Insurance Co. renewed its lease for 17,444 square feet of office space at 5975 Castle Creek Parkway. The tenant was represented by Tom Osborne and Kimberly Estes Hartman of Colliers International. The landlord, LS REF2 OREO/Castle Creek, was represented by Matt Langfeldt and Rich Forslund of Cushman & Wakefield/Summit.

-The Icing On The Cake Event Center LLC leased 4,084 square feet of retail space at Lafayette Center, 4261 Lafayette Road. The tenant was represented by Alex Sanders of Newmark Knight Frank Halakar.The landlord, Namdar Realty Group, was represented by Bill Marsh and Greg Smith of Colliers International.

-CTL Global Holdings LLC leased 2,125 square feet of industrial space at 6330 E. 75th St. The landlord, TIAA-CREF, was represented by Todd Vannatta and Bennett Williams of Cassidy Turley. The tenant represented itself.

-Sweet Express Yogurt Shop leased 1,967 square feet at North Willow Mall, 2278 W. 86th St. The landlord, Township 86 Development Co. LP, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

-A Nail Salon leased 1,800 square feet at Brownsburg Shopping Center, 816 E. Main St., Brownsburg. The landlord, TCP Brownsburg Center LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

-Little Caesars leased 1,460 square feet at Sandstone Commons, 11640 Brooks School Road, Fishers.  The landlord, CPM III LP, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

-China Wok Restaurant leased 1,370 square feet at Saratoga Shops, 1070 W. Main St., Plainfield. The tenant was represented by Jerry Zheng of DOC Real Estate Inc. The landlord, Saratoga Associates LLC, was represented by Keith Fried of Sitehawk Retail Real Estate.

-9-Round Kickboxing leased 1,272 square feet at 116th Street Centre, 980 E. 116th St., Carmel. The Landlord, TCP Guilford LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

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Sales/Acquisitions

June 23, 2014

-Goodwill Industries of Central Indiana bought 4.96 acres at 3730 Shady Lane, Plainfield. The buyer was represented by Bill French of Cassidy Turley. The seller, Galyan Enterprises Inc., was represented by Steve Daum of Cushman & Wakefield/Summit.

-The American Legion Department of Indiana bought a 6,208-square-foot office building at 5440 Herbert Lord Road. The buyer was represented by Jon Owens of Cassidy Turley. The seller, Indiana Soccer Association Inc., was represented by Kevin Gillihan of JLL.

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People

June 23, 2014

Herb Buchanan will join Indiana University Health as president of its Methodist and University hospitals on July 7. He will replace Jim Terwilliger, who was asked to leave that position in January. Since 2012, Buchanan has been CEO of Howard University Hospital in Washington, D.C. Before that, he served as chief operating officer for the University of Maryland Medical Center in Baltimore. Buchanan earned his MBA from Northwestern University’s Kellogg Graduate School of Management, as well as graduate and undergraduate degrees in mechanical engineering from the University of Michigan and the Massachusetts Institute of Technology, respectively.

Pearl Pathways, an Indianapolis-based life sciences consulting firm, has hired Heidi Hancock Strunk as a regulatory compliance adviser. Strunk previously led the regulatory and quality team at Hologic Corp.'s Indiana facility, and before that held leadership positions at Roche Diagnostics Corp. and Suros Surgical Systems. Strunk holds a bachelor’s degree from Purdue University.

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Company news

June 23, 2014

More than 100 Indiana firms since January have told federal regulators they plan to offer up ownership stakes or take on debt. That’s approaching a year’s worth of activity in less than six months, based on the state’s performance the past few years. Firms selling equity or debt include numerous health care firms, such as RepuCare, HC1.com, Indigo BioSystems, SonarMed and Wellfount. Indigo CEO Randy Julian boiled his firm’s investment timing down to, “It was time to mash the pedal to the floor and go.” The 47-employee company, which develops software for medical laboratories, secured $8.5 million earlier this month. “I do think if you look around,” Julian said, “the other companies that have raised money have had some component of that story that’s the same.”

Carmel-based Mainstreet has built 14 short-term rehabilitation facilities—usually near hospitals—and has 17 more under construction or in planning stages. That rapid building helped drive the company from $11 million in revenue in 2011 to more than $66 million two years later, making it the fastest-growing private company in the Indianapolis area. “We’re in the right place at the right time. We’ve invested heavily into our systems and our designs and now are really bearing the fruits of a lot of years of labor,” said Mainstreet CEO Zeke Turner. Beginning in 2015, rather than only build facilities that others operate, Mainstreet will begin to operate some facilities that it builds. The first two Mainstreet-operated facilities are scheduled to open in Carmel and Bloomington.

Shares of central Indiana pharmaceutical firm Endocyte Inc. lost 15 percent of their value last week after industry giant Merck & Co. Inc. gave up on developing Endocyte cancer drug vintafolide. On Tuesday evening, West-Lafayette-based Endocyte said it had regained worldwide rights to vintafolide from Merck. The move essentially meant Endocyte lost Merck’s financial backing and sales muscle for the drug. The treatment failed a key study last month, leading to a 62-percent single-day drop in Endocyte's share price on May 2. Endocyte and Merck announced May 19 that they were terminating a clinical trial of the drug, after an analysis showed vintafolide didn’t demonstrate efficacy when treating patients with platinum-resistant ovarian cancer. Endocyte said it will continue to test vintafolide for lung cancer. Shares of Endocyte closed Friday at $6.55 apiece.

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Sales/acquisitions

June 17, 2014
-TWG Investors bought the original Lawrence High School, a 15,000-square-foot building on 2.4 acres at 8301 E. 46th St.  The seller, Metropolitan School District of Lawrence Township, was represented by Tim Norton, Katie Sobotowski and Tony Hupp of Cushman & Wakefield/Summit. The buyer represented itself.

-Robert's Distributing bought a 35,000-square-foot industrial building at 220 E. St. Clair St. The buyer was represented by Bill French and Fritz Kauffman of Cassidy Turley. The seller, Office Furniture Mart, was represented by J.D. Graves of CBRE.

-Ray Penn LLC bought a 57,358-square-foot industrial building at 927 S. Pennsylvania St. The buyer was represented by Walter Freihofer of Freihofer Commercial Real Estate. The seller, 927 S. Penn LLC, was represented by Patrick Lindley of Cassidy Turley.
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