newsletter.story

People

May 12, 2014

Dr. Jamie Cooper, an obstetrician and gynecologist, has joined St. Vincent Medical Group in McCordsville. She previously ran a private practice in Greenwood. Cooper earned her medical degree from New York College of Osteopathic Medicine.

Dr. Lawrence Cohen, a family physician, has joined Franciscan Physician Network Irvington Family Medicine. Cohen joins Dr. Mark Hodgkin and Dr. Bernard Herbst at their practice on East Washington Street. Cohen earned a bachelor’s degree from Wabash College and medical degree at Indiana University School of Medicine.

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Sales/acquisitions

May 6, 2014
-Highpointe Apartments LLC bought 12.81 acres of land at 136th and Illinois streets, Carmel. The seller, Frank K. Regan, was represented by Tom Osborne of Colliers International. The buyer represented itself.

-Yahya Sammour bought a 1,715-square-foot retail space at 3913 North Keystone Ave. The buyer and seller, C-Cat Properties LLC, were represented by Ron Escue of Colliers International.
 
-Mark A. Scott bought a 2,880-square-foot industrial property at 1225 Ransdell Court, Lebanon. The buyer was represented by Michael Weishaar of Cassidy Turley. The seller, Ridgway Revocable Trust Declaration, was represented by Jerry Alexander of Prudential Indiana Realty Group.
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Leases/leasing contracts

May 6, 2014
-DuCharrme McMillen & Associates Inc. leased 41,150 square feet at 9229 N. Delegates Row. The tenant was represented by Matt Waggoner and Brian Askins of Cushman & Wakefield/Summit. The landlord, PP Indianapolis VI Project Corp., was represented by Rick Trimpe and Tim Hull of CBRE.
 
-Mi Corral leased 2,879 square feet of retail space in Greenbriar Shopping Center, 8537 Ditch Road. The landlord, Prime Property Investors Fund VIII LP, was represented by Bart Jackson of Lee & Associates. The tenant represented itself.

-The Huntington National Bank leased 2,478 square feet of retail space in Sophia Square, 110 W. Main St., Carmel. The tenant and landlord, Carmel Lofts LLC (an entity of Keystone Realty Group), were represented by Scot Courtney and Bart Jackson of Lee & Associates.

-Moody Retail Shops LLC leased 2,160 square feet of retail space in Village Commons I, 862 S. State Road 135, Greenwood. The tenant was represented by Cathy Richards of Lee & Associates. The landlord, VC-1 LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.

-Avon Health Associates LLC leased 1,600 square feet at 9245 N. Meridian St. The tenant was represented by Ralph Balber of Newmark Knight Frank Halakar. The landlord, Echo Associates, was represented by Ashley Bussell of Newmark Knight Frank Halakar.

-Caplin Sniderman LLC leased 1,500 square feet at 9245 N. Meridian St. The tenant was represented by Alex Sanders of Newmark Knight Frank Halakar. The landlord, Echo Associates, was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar.

-Center Grove Foot & Ankle Care renewed its lease for 1,240 square feet of office space in The 1250 Building, 1250 E. County Line Road. The tenant and landlord, AMARD LLC, were represented by Cathy Richards of Lee & Associates.

-Errol Isaac  DDS leased 1,200 square feet of retail space in Sherman Commons, 3709 E. Washington St. The tenant and landlord, Indy Management Group Inc., were represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.
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Residential

May 6, 2014
The average rate for 30-year mortgages fell from 4.48 percent to 4.44 percent in the week ended May 1, according to Bankrate.com. The rate for 15-year mortgages fell from 3.54 percent to 3.51 percent.
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People

May 6, 2014
David Reed has joined the global property services firm DTZ as senior vice president and managing director of its Indianapolis office.
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Construction

May 6, 2014
Capitol Construction has completed a 13,000-square-foot office remodel for the Indiana Lieutenant Governor's Office at One North Capitol.
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People

May 5, 2014

Dr. Reva Sharma has joined McFarland Internal Medicine, part of the Franciscan Physician Network. She was most recently a hospitalist at Franciscan St. Francis Health-Mooresville. Sharma earned her medical degree at the Lady Harding Medical School at Delhi University in New Delhi, India.

Chase Kunkel has been appointed accountable care organization counselor for Senior Promise at Franciscan St. Francis Health. Kunkel, a licensed health and life insurance agent, most recently served as a financial consultant for Northwestern Mutual. He earned his undergraduate degree in social and behavioral science at Indiana University.

WellPoint, Inc. named Thomas Zielinski general counsel effective June 2. He replaces John Cannon, who was dismissed without cause from the Indianapolis-based health insurer in March. Zielinski most recently was a partner in the law firm of Morgan Lewis and has been retained as interim general counsel for WellPoint since February 2014.

Peter Haytaian has been named president of WellPoint’s government business division. He replaces Dick Zoretic who announced he will retire from WellPoint on May 31. Haytaian most recently served as president of the Medicaid business in WellPoint’s government business division.

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Company news

May 5, 2014

Indiana University plans to turn the former Wishard Memorial Hospital campus into a 26-acre, $200 million research complex that would bridge IU’s School of Medicine with the city’s life sciences firms, including those at the nascent 16 Tech business park. The plans call for classrooms, offices, labs and business-incubation space. The university is trying to lure the newly created Indiana Biosciences Research Institute to the facility. And the School of Medicine wants to set up a drug discovery center, which would house 12 of its faculty. IU’s public health and dentistry schools have eyed the complex as a possible home base, said Jay Hess, dean of the IU med school. The former Wishard will also become the new home of the Indiana University Research and Technology Corp, which tries to commercialize the intellectual property created at IU. The IURTC announced in April that it will sell its Innovation Center on West 10th Street.

A highly touted partnership between St. Vincent Health, Community Health Network and the Suburban Health Organization is coming to an end—just 18 months after it began. The Accountable Care Consortium was envisioned as a vehicle through which the hospitals would eventually funnel all of their roughly $2.5 billion in annual contracts with health insurers and employers. Those contracts would have been based on the ability of St. Vincent, Community and the suburban hospitals to keep patients healthy and in need of less care, especially expensive hospitalizations and surgeries. The concept is known in health care circles as “population health management.” The consortium signed up 12 employers as customers—half of which were among the hospitals that formed the consortium. Those hospitals included the 22 operated by St. Vincent, eight operated by Community and six that are part of the Suburban Health Organization. But the hospitals found that changes in the marketplace were happening at a faster pace than they anticipated—making it difficult to coordinate responses fast enough.

Endocyte Inc. stock plunged more than 60 percent Friday after the drug it’s developing with Merck & Co. backing failed to help patients in an ovarian cancer trial. The news could be particularly bad for the West Lafayette-based company, which has no other marketed products. According to Bloomberg News, the Phase 3 study was stopped after an analysis showed that vintafolide didn’t demonstrate efficiency when treating patients with platinum-resistant ovarian cancer, the companies said in a statement Friday. Just over a month ago, Endocyte was being mentioned as a possible premium takeover target after it reported that vintafolide slowed progression of lung cancer and won European backing to treat ovarian cancer. Endocyte said it will continue to test vintafolide for lung cancer, with late-stage data possible toward the end of the year. Endocyte has 70 employees in West Lafayette and 25 in Indianapolis. An Endocyte spokeswoman declined to say whether Endocyte expects to trim its work force as a result of the setback with vintafolide.

Health information technology firm hc1.com promised to nearly triple its Indiana work force over the next five years, adding 175 jobs by 2019. Hc1.com currently employs 93 people, mostly in Indiana. The company makes software that helps medical labs, radiologists and other medical offices manage patient records, bills and other data critical to managing their operations. Hc1.com will invest $2.5 million to lease and renovate 9,466 square feet to expand its existing 16,626-square-foot headquarters in Northwest Technology Park at 96th Street and Zionsville Road. The firm has quietly raised more than $14 million from investors. CEO Brad Bostic told IBJ last year that hc1.com was on track to double its $10 million in annual sales. The Indiana Economic Development Corp. offered hc1.com Inc. up to $3 million in tax credits and up to $100,000 in training grants based on the company’s job-creation plans. The credits are performance-based, meaning the company only receives them once Hoosiers are hired. Boone County is contributing $50,000.

A group of prominent corporate executives has created a new organization to find ways to reduce obesity among central Indiana children. Jump IN for Healthy Kids has a budget of $1.5 million and hired Indianapolis attorney Ron Gifford to spearhead the effort. Jump IN was founded by 17 local executives, including Eli Lilly and Co. CEO John Lechleiter, Roche Diagnostics Corp. CEO Jack Phillips, Anthem Indiana President Rob Hillman, Indiana Pacers President Jim Morris, IUPUI Chancellor Charles Bantz, Indianapolis Star Publisher Karen Crotchfelt, Lilly Endowment CEO Clay Robbins, United Way of Central Indiana CEO Ann Murtlow, YMCA of Greater Indianapolis CEO Eric Ellsworth, and the CEOs of the major hospital systems in Indianapolis. The group hopes to identify successful efforts to improve diet, activity and healthy choices among children and their families—both around Indianapolis and around the country—and then work to replicate or adapt those efforts to reach more people in the metro area. Jump IN hopes to work with schools, churches, employers, medical providers, grocery stores, neighborhood associations and individual families.

WellPoint Inc.’s first-quarter medical enrollment rose 1.3 million from the prior three-month period as WellPoint benefited from new customers through the Obamacare exchanges. According to Bloomberg News, WellPoint has the highest share of enrollments of insurers through Obamacare, with 400,000 on government exchanges through Feb. 14. Those customers also are younger than anticipated, making the company’s prediction of “double-digit” rate increases next year less likely. WellPoint said it now expects 600,000 enrollments through the public exchanges this year. WellPoint's profit swooned in the first quarter, but less than analysts expected. It earned $701 million, down 21 percent from a year earlier. Excluding investment gains and one-time charges, those profits translated into earnings per share of $2.30, down from $2.94 a year ago. But Wall Street analysts expected profit to dip as low as $2.13 per share, according to a survey by Thomson Reuters. For all of 2014, WellPoint now expects to earn more than $8.40 per share, up from a forecast of more than $8.20 it issued in March, and a forecast of $8 it issued in January.

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Sales/acquisitions

April 29, 2014
-Carmel Medical Office Building LLC, an affiliate of Multi-Specialty Surgery Center, bought the 23,000-square-foot North Meridian Medical Center at 10601 N. Meridian St., Carmel. The buyer was represented by Ryan Sarbinoff of Marcus + Millichap. The seller, HSA PrimeCare, was represented by Robert Titzer of HSA PrimeCare.

-Circle City Outdoor Management LLC bought an 8,505-square-foot building at 5851 E. 34th St. The buyer was represented by Derek Menerey and Ashley Bussell of Newmark Knight Frank Halakar Real Estate. The seller, Last Chance Wrecker & Sales Inc., was represented by Chris Black of CBRE.
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Leases/leasing contracts

April 29, 2014
-Big Lots leased 41,228 square feet at Southtown Center, 4358 S. Scatterfield Road, Anderson. The tenant was represented by Robert Matias and Jake Fiorino of Equity. The landlord, CSN LLC, was represented by Scott Gray of Sitehawk Retail Real Estate.

-DSI NW Indy Renal Center leased 5,600 square feet of industrial space at 6000-6488 Corporate Way. The tenant was represented by Kevin Smith of Avison Young. The landlord, GI Partners, was represented by Russ Van Til and Bryan Poynter of Cassidy Turley.

-Off the Hanger leased 4,961 square feet at Southport Centre, 7259 U.S. 31 South. The landlord, Southport Centre LLC, was represented by Dean Almas and Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

-Indianapolis Concrete Inc. leased 3,652 square feet of industrial space at 5333-5367 W. 86th St. The tenant and landlord, Iron Point Titan Asset Management LLC, were represented by Bryan Poynter of Cassidy Turley.  

-Vocational College of the Arts leased 3,500 square feet of retail space at Sunnyside Village Shoppes, 10830 Pendleton Pike. The tenant and landlord, Sunnyside Realty Investors LLC, were represented by Creighton Shook and Luke Householder of Coldwell Banker Commercial Realty Services.

-Graeter’s Ice Cream leased 1,900 square feet at Fishers Marketplace, State Road 37 and 131st Street, Fishers. The tenant was represented by Steve Delaney of Sitehawk Retail Real Estate. The landlord, Hoosier Que LLC, was represented by Don Feibel with Feibel Realty.  

-Q Nails renewed its lease for 1,760 square feet of retail space at Sunnyside Village Shoppes, 10830 Pendleton Pike. The tenant and landlord, Sunnyside Realty Investors LLC, were represented by Creighton Shook and Luke Householder of Coldwell Banker Commercial Realty Services.

-Passione Pane Corp. leased 1,400 square feet at Sandstone Commons, 11640 Brooks School Road, Fishers. The tenant was represented by Andy Sandler of A.M. Sandler & Associates. The landlord, CPM III LLC, was represented by Keith Fried of Sitehawk Retail Real Estate.
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Residential

April 29, 2014
The average rate for 30-year mortgages rose from 4.43 percent to 4.48 percent in the week ended April 24, according to Bankrate.com. The rate for 15-year mortgages rose from 3.48 percent to 3.54 percent.
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Company news

April 28, 2014

When John Lechleiter was named CEO of Eli Lilly and Co. in late 2007, the Indianapolis-based drugmaker derived just 5 percent of its annual revenue from its Elanco Animal Health subsidiary. But next year, after Lilly completes its $5.4 billion acquisition of Novartis Animal Health, Elanco will contribute 17 percent of revenue—or one out of every six dollars flowing into Lilly’s coffers. It’s been a swift transformation for Greenfield-based Elanco. In the mid-2000s, Lilly employees often tried to avoid or leave posts at Elanco because its future was in doubt. “Five years ago, people said, ‘Don’t go to Elanco because they’re going to get sold,’” Elanco President Jeff Simmons said in a 2010 interview. But the 2007 decision by Lechleiter and the Lilly board to invest in Elanco turned things around. Elanco now employs 3,500 worldwide, up from 2,500 a few years ago. Elanco’s revenue has shot up from $996 million in 2007 to $2.2 billion last year—growth of 120 percent, which is three times faster than the rest of the animal health industry. Of that growth, 60 percent has come organically, as Elanco aggressively pushed its products into foreign markets to complement its strong presence in the United States. The other 40 percent has come via acquisitions. The Novartis deal, expected to close in early 2015, will be Elanco’s eighth purchase in as many years.

Two Warsaw-based orthopedic implant companies agreed to merge last week in a $13.4 billion deal. Zimmer Holdings Inc. will acquire Biomet Inc., whose private equity owners had planned to stage a public stock offering this year. Biomet posted $3.1 billion in revenue in 2013, up from $2.8 billion in 2012, according to IBJ research. It employs 9,000 people worldwide. Zimmer reported $4.6 billion in revenue in 2013. It has about 9,500 employees. “This will give Zimmer some leverage when they go to hospitals, and help them compete,” said Jason McGorman, an analyst at Bloomberg Industries in Princeton, N.J., according to a report by Bloomberg News. Also, “they get a little more in terms of products in other areas, like sports medicine, extremities and trauma, where Zimmer has less exposure.” Zimmer will pay $10.4 billion in cash and issue shares of its common stock valued at $3 billion to Biomet Inc.'s equity holders.

Eli Lilly and Co.’s drug ramucirumab won approval from U.S. regulators to be sold under the brand name Cyramza as a treatment for gastric cancer. According to Bloomberg News, analysts expect the drug could bring in annual sales of more than $1 billion. Lilly is trying to launch new cancer and diabetes drugs to offset the loss of revenue from the anti-depressant Cymbalta, which saw its U.S. patent expire in December. Lilly obtained the drug Cyramza in its acquisition of ImClone Systems Inc. in 2008. Lilly is also studying the drug in lung, liver and colorectal cancers.

Dow AgroSciences LLC reported record sales of $2.1 billion in the first quarter, an increase of 1 percent over last year's first period, the Indianapolis-based company reported April 23. The subsidiary of Midland, Mich.-based Dow Chemical Co. also reported record earnings before interest, taxes, depreciation and amortization, or EBITDA, of $529 million, up 9 percent from a year ago. Dow Agro said higher sales and lower expenses boosted profit. Sales of crop-protection products grew 4 percent overall in the quarter, mainly due to gains in foreign markets. Sales of new crop-protection products rose 28 percent. Sales of seeds and seed traits fell 7 percent in the quarter, partly due to the late planting season in the United States.

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People

April 28, 2014

Dr. Alexia Torke, an internist, has been named associate director of the Indiana University Center for Aging Research. Torke is a researcher at the Indianapolis-based Regenstrief Institute and a professor at the IU School of Medicine. The Center for Aging Research works with scientists, clinicians, patients and others to develop and test innovative strategies to improve the quality of health care and self-care of older adults. Torke graduated from Carleton College and received a medical degree from the IU School of Medicine.

Mark Anderson has been named director of Franciscan Physician Network’s Joint Replacement Surgeons of Indiana and the Center for Hip and Knee Surgery at Franciscan St. Francis Health. Anderson, who has worked at Franciscan for 16 years, graduated from Indiana University’s physical therapy program in 1997 and earned an MBA from Indiana Wesleyan University in 2009.

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Sales/acquisitions

April 22, 2014
-RH of Indiana LP bought 27.6 acres at 2271 Wood Creek Drive, Avon. The seller, Hendricks County Bank and Trust Co., was represented by Bo Leffel of Cassidy Turley. The buyer represented itself.

-Paradigm Real Estate Investments LLC bought a 92,779-square-foot retail property at 5250-5530 E. U.S. 36, Avon. The seller, Cassidy Turley acting as court-appointed receiver, was represented by Jacque Haynes and Bennett Williams of Cassidy Turley. The buyer represented itself.
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Leases/leasing contracts

April 22, 2014
-International Audio Visual Inc. leased 19,996 square feet of industrial space at 6635 E. 30th St. The tenant was represented by Ryan Kelly of Summit Realty Group. The landlord, Torah Realty ADA Compliant LP, was represented by Michael Weishaar and Todd Vannatta of Cassidy Turley.

-Utili Comm South Inc. leased 8,000 square feet of industrial space at 1435 Brookville Way. The tenant was represented by Michael Weishaar and Scott O'Neil of Cassidy Turley. The landlord, First Industrial Realty Trust, was represented by Brian Buschuk and Brian Seitz of JLL.

-Paint Shop Customs and Fabrication LLC leased 7,200 square feet of industrial space at 5214-5252 W. 79th St. The tenant was represented by Lawrance Morrisey of Corporate Commercial Group. The landlord, Iron Point Titan Asset Management LLC, was represented by Bryan Poynter of Cassidy Turley.

-Centaur Inc. leased 5,249 square feet of office space at 10 W. Market St. The tenant was represented by Thomas Hadley of Summit Realty Group. The landlord, HDG Mansur, was represented by Bennett Williams and Andrew Martin of Cassidy Turley.

-NTRACTS LLC leased 5,118 square feet of office space at 101 W. Ohio St. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, West Ohio II LLC, was represented by Renae Breitbach of Amerimar.

-Bon Advertising, dba Bandy.Carroll.Hellige Advertising, leased 4,885 square feet of office space at 101 W. Ohio St. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, West Ohio II LLC, represented itself.

-White's Residential & Family Services Inc. leased 3,120 square feet of industrial space at 6330 E. 75th St. The landlord, Henderson Global Investors (North America) Inc., was represented by Todd Vannatta and Bennett Williams of Cassidy Turley. The tenant represented itself.

-Cardinal Maintenance Inc. leased 2,125 square feet of industrial space at 8501 Bash St.  The tenant was represented by Dustin Looper of Colliers International. The landlord, Mann Properties, was represented by Sally Lewis of Mann Properties.

-Little Chin Asian Grocery leased 1,868 square feet at Southport Centre, 7300 U.S. 31 South. The tenant was represented by Nguncer Baulteng of Mang Tha Real Estate LLC. The landlord, Southport Centre LLC, was represented by Dean Almas of Sitehawk Retail Real Estate.

-Barbara's New Beginnings renewed its lease for 1,600 square feet of retail space at The Shops at River Crossing, 8635 River Crossing Blvd. The tenant and landlord, an affiliate of PK Partners, represented themselves.
 
-Cumberland Florist leased 1,600 square feet at Centre East, 10615 E. Washington St. The landlord, Centre East LLC, was represented by Dean Almas of Sitehawk Retail Real Estate. The tenant represented itself.

-Flying Cupcake leased 1,533 square feet at Greendale Centre, 745 U.S. 31 North, Greenwood. The tenant was represented by Bart Jackson of Lee & Associates. The landlord, Greendale LLC, was represented by Dean Almas of Sitehawk Retail Real Estate.

-Hull & Associates Inc. leased 1,523 square feet of office space at 8445 Keystone Crossing. The tenant was represented by Bennett Williams and Andrew Martin of Cassidy Turley. The landlord, Northside Realty Partners, was represented by Kevin Dick of Colliers International.
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Residential

April 22, 2014
The average rate for 30-year mortgages fell from 4.47 percent to 4.43 percent in the week ended April 17, according to Bankrate.com. The rate for 15-year mortgages fell from 3.52 percent to 3.48 percent.
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Construction

April 22, 2014
-Capitol Construction has completed an 11,800-square-foot office build-out for LB Gray at 9100 Keystone at the Crossing.

-Capitol Construction has completed a 7,000-square-foot office build-out for Landman Beatty at 9100 Keystone at the Crossing.
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Company news

April 21, 2014

Mainstreet Property Group LLC is trying to bring crowdfunding to nursing homes. The Carmel-based firm launched a new round of private placement fundraising Monday using a website run by Oregon-based CrowdStreet Inc. and a mix of traditional advertising in central Indiana. The goal is to raise $500,000 to $2.5 million to help Mainstreet construct a $13.3 million nursing care and rehabilitation facility in Bloomington. Mainstreet CEO Zeke Turner said if the Bloomington “test case” is successful, Mainstreet can use crowdfunding to boost its annual construction of health care campuses from $350 million currently to $500 million. Mainstreet is offering to pay “accredited investors” annual dividends of 10 percent while paying itself a $635,000 development fee. Mainstreet hopes to sell the Bloomington facility by mid-2015, which could boost investor returns to 14 percent. Mainstreet’s crowdfunding experiment comes as the company is under scrutiny over allegations that Turner’s father, state Rep. Eric Turner, helped defeat a nursing home construction moratorium that most of Mainstreet’s competitors supported.

Anthem Blue Cross and Blue Shield has signed contracts with 1,400 physicians under its Enhanced Personal Health Care initiative, which pays doctors extra to help keep patients healthier and out of the hospital. The initiative, coupled with accountable care organizations Anthem is working to form with hospitals, is part of a broader push in health care called value-based purchasing. “The biggest challenge in health care today is finding a way to improve quality while reducing costs,” said Dr. David Lee, Anthem’s vice president of provider engagement and contracting. As part of the initiative, Anthem shares with doctors claims information Anthem gathers on its patients so doctors can target their efforts on the patients most in need. Anthem also pays doctors an extra $3.50 per month for each Anthem patient they manage. If overall spending on Anthem patients goes down and doctors document they provided high-quality care, Anthem shares some of the savings with doctors at the end of the year. The enrollment of doctors so far is a bit of a step back from the Quality Health First program Anthem previously operated to encourage physician management of patients’ overall health. That program had 2,200 physcians participating when Anthem pulled out of it in early 2013.

St. Vincent Health and the Cleveland Clinic have partnered in the opening of a new 8,000-square-foot kidney transplant center in Portage, Ind., to see patients before and after their transplant surgeries in Indianapolis. In a press release, St. Vincent noted that the average wait time for a kidney transplant in the Chicago area is six years, compared with 14 months at St. Vincent Indianapolis Hospital. Patients waiting for a transplant via another hospital system can transfer their wait times to St. Vincent. St. Vincent and Cleveland Clinic established their transplant partnership five years ago, focusing on kidney and pancreas procedures. Transplant surgeons working at St. Vincent’s 11-bed renal transplant unit in Indianapolis are employed by Cleveland Clinic.

Community Health Network opened a 65,000-square-foot, free-standing cancer center on the campus of Community Hospital South. The facility centralizes all the cancer care providers patients see—including physicians, radiologists, social workers, dieticians and financial counselors—so patients can make fewer visits to the center. Community hopes the center, which includes 16 infusion rooms, serves patients from as far away as Columbus, Seymour, Shelbyville and Greensburg.

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People

April 21, 2014

Sam Odle, the former chief operating officer of Indiana University Health, has been named senior strategic policy advisor of AvaSure, a Michigan-based company that provides software for remote observation of patients at risk of falls and other injuries. Odle retired from IU Health in June 2012. Odle joined Indianapolis-based Bose Public Affairs as a senior policy adviser in October 2012 and then was elected to the board of the Indianapolis Public Schools in November 2012. He joined Methodist Hospital in 1981 as vice president of operations and stayed with the organization through its 1996 merger with Indiana University Hospital and Riley Hospital for Children, which formed what is now IU Health.

WellPoint Inc. named Dr. Martin Silverstein chief strategy officer. Beginning on April 28, Silverstein will oversee WellPoint’s enterprise marketing, corporate development and strategy functions. Silverstein was a managing director at Boston Consulting Group, where he worked for more than 25 years. Silverstein holds a bachelor’s degree in economics and natural sciences from the University of Pennsylvania, a medical degree from Yale University School of Medicine and an MBA from Harvard Business School.

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Sales/acquisitions

April 15, 2014
-109 Gasoline Alley LLC bought a 14,400-square-foot industrial property at 109 Gasoline Alley. The seller, Dearborn Street Holdings LLC Series 1, was represented by Michael Weishaar and Bo Leffel of Cassidy Turley. The buyer represented itself.

-Indiana Chin Baptist Church bought one acre at 8528 and 8534 Madison Ave. The buyer was represented by Nguncer R. Bualteng of Mang Tha Real Estate LLC. The seller, 8528 Madison LLC, was represented by Bo Leffel of Cassidy Turley.
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Residential

April 15, 2014
The average rate for 30-year mortgages fell from 4.54 percent to 4.47 percent in the week ended April 10, according to Bankrate.com. The rate for 15-year mortgages fell from 3.58 percent to 3.52 percent.
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Construction

April 15, 2014
-Capitol Construction has completed a 1,300-square-foot office build-out for The Joint at 1412 S. Rangeline Road, Carmel.

-Capitol Construction has completed a 2,000-square-foot office build-out for Steffey Insurance at 8365 Keystone at the Crossing.
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Leases/leasing contracts

April 15, 2014
-Cummins Inc. renewed its lease for 17,623 square feet of office space at One American Square at Ohio and Illinois streets. The tenant was represented by Michael Cook of CBRE. The landlord, OneAmerica Financial Partners, was represented by Jon Owens and Russell Van Til of Cassidy Turley.

-David's Bridal renewed its lease for 9,690 square feet of retail space at Clearwater Springs at East 82nd Street and Allisonville Road. The tenant was represented by RCS Real Estate Advisors. The landlord, an affiliate of PK Partners, represented itself.  

-Dress Barn renewed its lease for 9,000 square feet of retail space at Clearwater Springs at East 82nd Street and Allisonville Road. The tenant and landlord, an affiliate of PK Partners, represented themselves.

-Carter's renewed its lease for 4,000 square feet of retail space at The Shops at River Crossing, 8637 River Crossing Blvd. The tenant and landlord, an affiliate of PK Partners, represented themselves.

-Wasabi renewed its lease for 3,500 square feet of retail space at Clearwater Springs at East 82nd Street and Allisonville Road. The tenant and landlord, an affiliate of PK Partners, represented themselves.

-Verizon Wireless renewed its lease for 3,200 square feet of retail space at Nora Shops, 1340 E. 86th St. The tenant and landlord, an affiliate of PK Partners, represented themselves.

-Wildwood Exteriors LLC leased 2,700 square feet of industrial space at 5333-5367 W. 86th St. The tenant was represented by Brian Buschuk of JLL. The landlord, Iron Point Titan Asset Management LLC, was represented by Bryan Poynter of Cassidy Turley.
 
-KCI Technologies Inc. leased 2,183 square feet of industrial space at 6911-7061 Corporate Circle. The tenant was represented by Chris Black of CBRE. The landlord, GI Partners, was represented by Russ Van Til and Bryan Poynter of Cassidy Turley.

-Ocean Vapor leased 1,890 square feet at Plainfield Plaza, 1720 E. Main St., Plainfield.  The landlord, Vivian Haase Plaza LLC, was represented by Michael Cranfill of Sitehawk Retail Real Estate. The tenant represented itself.

-Pleasant Paws Vet Care leased 1,800 square feet at Lebanon Crossing, 1370 S. Lebanon St., Lebanon. The tenant was represented by Matt Jackson of Jackson IG. The landlord, Lebanon 39 LLC, was represented by Keith Fried of Sitehawk Retail Real Estate.  

-Hull & Associates leased 1,523 square feet of office space at 8445 Keystone Crossing. The tenant was represented by Bennett Williams and Andrew Martin of Cassidy Turley. The landlord, Northside Realty Partnership LLP, was represented by Kevin Dick and Paul Dick of Colliers International.  

-Lewark Newton & Powers leased 1,319 square feet of office space in Library Park Professional Centre, 1700 W. Smith Valley Road, Greenwood. The tenant and landlord, Deegan Properties 107E LLC, were represented by Cathy Richards and Teresa Clements of Lee & Associates.

-Tropical Foods N More Inc. leased 1,200 square feet of retail space at Crooked Creek Shoppes, 7940 N. Michigan Road. The landlord, KLC Realty LLC, was represented by Greg Smith of Colliers International. The tenant represented itself.
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People

April 14, 2014

Dr. Bert Howard O'Neil has been named Joseph W. and Jackie J. Cusick Professor of Oncology at the Indiana University School of Medicine. He also directs the gastrointestinal cancer research program at the IU Simon Cancer Center. O'Neil was most recently a professor and director of the gastrointestinal malignancies research program at the University of North Carolina at Chapel Hill. O'Neil earned his medical degree from the University of California, Los Angeles.

Indianapolis-based AIT Laboratories has named Dr. Kun Ma vice president of science and technology. He most recently served as director of venture analysis at Indianapolis-based CHV Capital Inc. and CEO of University of Health Management China Inc. Before that, Ma worked as a research associate at the National Laboratory of Molecular Virology and Genetic Engineering, and as a business development manager at Indiana University Research and Technology Corp. Ma received a medical degree from Beijing University Health Science Center, a doctorate in biochemistry and molecular biology from the Indiana University School of Medicine, and an MBA in marketing and strategy from the Washington University Olin School of Business.

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Company news

April 14, 2014

Assembly Pharmaceuticals, a company with roots in Bloomington and San Francisco, has attracted an undisclosed amount of investment from New Jersey-based Johnson & Johnson Development Corp., Indianapolis-based Twilight Ventures, Zionsville-based Luson Bioventures, BioCrossroads Indiana Seed Fund II and private investors. Assembly is developing drugs that could cure chronic hepatitis B virus, or HBV, infection. Chronic HBV affects an estimated 350 million people worldwide, causing cirrhosis and liver failure and in some cases liver cancer. More than 600,000 deaths each year are attributable to HBV, which can be suppressed with lifelong therapy but which has no known cure. Assembly was formed in 2012 by Indiana University professor Adam Zlotnick and Dr. Uri Lopatin, who led HBV programs at Gilead Sciences and Roche Pharmaceuticals. Assembly has licensed intellectual property from the IU Research and Technology Corp. that was discovered in Zlotnick’s laboratory. Other co-founders of the company include IU chemistry professor Richard DiMarchi; Derek Small, president of Luson Bioventures; and William Turner, a former medicinal chemist at Lilly Research Laboratories.

Carmel-based nursing home developer Mainstreet Property Group LLC promised investors returns of 14 percent to 18 percent for investments in nursing homes it is now building around Indiana, according to a private document obtained by the Associated Press. Under its business model, Mainstreet arranges  financing for its facilities, then leases the completed buildings to a private operator. The buildings are then sold to HealthLease Properties Inc., a real estate investment trust controlled by Zeke Turner, who is also CEO of Mainstreet. According to the document, Mainstreet was looking to raise $60 million to build 12 new nursing homes at a cost of $199 million combined. In the case of three nursing homes it planned, Mainstreet expected to sell each for roughly $20 million, collecting between $3.3 million and $5.3 million on each sale, which would represent profits of 16.5 percent to 26.5 percent. The document does not include expected sale prices for the other nine facilities. Some previous facilities appeared to have generated even larger profits. In the case of Wellbrooke of Westfield, a new health care facility Mainstreet completed last year, investors put in $750,000 and made a $4.5 million profit, according to the Associated Press. For eight nursing home sales to HealthLease detailed in the Mainstreet document, Mainstreet investors made $34 million on an investment of $14 million, for a $20 million profit.

Indiana University's trustees have selected a downtown Evansville site for a nearly $70 million health education and research center planned by IU's medical school and three other schools. The board of trustees approved the location Friday following a recommendation by IU President Michael McRobbie. The University of Evansville, the University of Southern Indiana and Ivy Tech Community College also plan to offer programs at the center that could draw some 2,000 health care students.

Indianapolis-based WellPoint Inc. has donated nearly $12.8 million to help defeat a ballot initiative that would give California regulators power to reject increases in health policy premiums, according to Bloomberg News, citing data provided by the California-based research organization MapLight. Premiums for family medical coverage in California have increased 185 percent since 2002, with average monthly premiums for single coverage at $572 in 2013, compared with $490 nationally, according to a report released in January by California HealthCare Foundation, an Oakland-based not-for-profit. The ballot initiative would require insurers to disclose publicly and justify proposed rate changes that affect individual and small employer customers. It would also give the state insurance commissioner authority to reject increases. About 35 states, including Indiana, have authority to approve or deny rate changes, according to the National Association of Insurance Commissioners.

Eli Lilly and Co. saw little effect on its stock price after a jury in a federal court in Louisiana ordered Lilly to pay $3 billion in damages to patients who took the diabetes medicine Actos. That decision had no practical impact on Lilly because the maker of Actos, Japan-based Takeda Pharmaceutical Co., had agreed to indemnify Lilly against any legal damages. Lilly sold Actos for Takeda in the United States from 1999 until 2006. The jury ordered Actos to pay $6 billion in damages after finding that the drug companies hid the cancer risks of Actos. Takeda and Lilly said they would appeal the judgment. Even without a successful appeal, legal experts told Bloomberg News the $9 billion in damages is likely to be reduced because it is out of proportion to the documented damages in the case.

Ohio-based ViaQuest Inc. has acquired the Indiana operations of TriStar Home Health and Hospice, a division of Louisville-based Trilogy Health Services. The acquisition includes seven home health care branches in Evansville, Fowler, Huntingburg, Lafayette and Muncie, and two in Terre Haute. The locations operate under one of three brand names: Vibrant Home Health Care, Care One Homecare Services and Serenity Hospice. The locations employ a total of 180 people. Financial terms of the deal were not disclosed.

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