newsletter.story

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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Construction

April 8, 2014
-TJK Property Services has completed a 3,900-square-foot interior remodel of Anytime Fitness at 10302 Prosperity Drive, Camby.

-TJK Property Services has completed a 1,400-square-foot build-out for Cell Phone Repair at 1280 N. U.S. 31 North, Greenwood.
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Residential

April 8, 2014
The average rate for 30-year mortgages rose from 4.51 percent to 4.54 percent in the week ended April 3, according to Bankrate.com. The rate for 15-year mortgages rose from 3.56 percent to 3.58 percent.
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Leases/leasing contracts

April 8, 2014
-Spartan Logistics leased 243,200 square feet of industrial space at Prologis Park 100 Building 22, 5645 W. 82nd St. The tenant was represented by Dallas Paul of Industrial Developers Ltd. The landlord, Prologis, was represented by Brian Seitz and Jake Sturman of JLL.

-Dollar Tree leased 10,200 square feet of retail space in Walmart Plaza, 2239 N. Morton St., Franklin. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Fifth Third Bank renewed its lease for 3,200 square feet of retail space in Eagledale Plaza, 2802 N. Lafayette Road. The landlord, Sandor Development, was represented by Lloyd Otani of Sandor. The tenant represented itself.

-Avalon Group renewed its lease for 2,768 square feet at The Precedent Office Park, 9225 Priority Way West Drive. The landlord, Pace-Keystone Associates LLC, was represented by Kim Hartman and Tom Osborne of Colliers International. The tenant represented itself.

-LPL Financial LLC leased 2,489 square feet of office space at 8465 Keystone Crossing. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, Corporate Park Development Inc., represented itself.

-Indiana State University Foundation Inc. leased 2,477 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.

-Sally Beauty renewed its lease for 2,000 square feet of retail space in Cherry Tree Plaza, 9709 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Wingstop Indy LLC leased 1,709 square feet of retail space at 7411 N. Keystone Ave. The tenant was represented by Beth Patterson of Colliers International. The landlord, Heidner Property Management Co. Inc., represented itself.

-Sally Beauty renewed its lease for 1,605 square feet of retail space in College Park Plaza, 3443 W. 86th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-York Risk Services Group Inc. leased 1,550 square feet in Fidelity Keystone Office Tower, 650 E. Carmel Drive, Carmel. The tenant was represented by Mohr Partners. The landlord, Network Capitol LLC, was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar.

-Indy C's LLC leased 1,530 square feet of retail space at 10777 E. Washington St. The tenant was represented by Seth Biggerstaff of Veritas Realty LLC. The landlord, Indiana Properties Group LLC, was represented by Jacque Haynes of Cassidy Turley.

-Gamestop renewed its lease for 1,500 square feet of retail space in College Park Plaza, 3269 W. 86th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Watson CPA LLC leased 1,076 square feet at Fidelity Keystone Office Tower, 650 E. Carmel Drive, Carmel. The landlord, Network Capitol LLC, was represented by Ralph Balber and Ashley Bussell of Newmark Knight Frank Halakar. The tenant represented itself.

-Troutman's Barber & Beauty Salon leased 1,037 square feet of retail space at Lafayette Center, 4233 Lafayette Road. The tenant was represented by Lisa Ruscetti of Evolution Development Group LLC. The landlord, Lafayette Center LLC, was represented by Greg Smith and Bill Marsh of Colliers International.
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Sales/acquisitions

April 8, 2014
-Ossip Real Estate bought a 41,121-square-foot office building at Crosspoint IV, 9795 Crosspoint Blvd. The buyer was represented by Jacque Haynes and Bennett Williams of Cassidy Turley. The seller, OldOhio LLC, was represented by Jon Owens and Russ Van Til of Cassidy Turley.

-Youngsmith Properties LLC bought a 12,000-square-foot office property at 5455 Harrison Park Lane. The buyer was represented by Mike Kensill of Lee & Associates. The seller, Ossip Real Estate LLC, was represented by Jacque Haynes and Bennett Williams of Cassidy Turley.

-Garners Towing bought a 2,400-square-foot office building at 411 S. Ritter Ave. The buyer was represented by RE/MAX Real Estate Group. The seller, Alpha Kappa, was represented by Keith Turnbill of RE/MAX Select Commercial Division.

-EMK Property Investors bought the 209-unite Villa Paree apartments at 6111 Allisonville Road. The seller, Villa Paree LLC, was represented by Tikijian Associates. The buyer represented itself.
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Company news

April 7, 2014

If Indiana hospitals want an expansion of insurance coverage for low-income Hoosiers, Gov. Mike Pence thinks they should contribute toward the hundreds of millions of dollars it would cost. The Pence administration has started discussions with hospital leaders to use an existing program known as the Hospital Assessment Fee to generate money to help the state cover costs it would incur under an expansion of health coverage to as many as 400,000 Hoosiers. That expansion, called for by President Obama’s Affordable Care Act, did not happen in Indiana this year, as it did in 26 other states, in large part due to Pence’s concerns about the fiscal impact on the state. The health insurance expansion would be paid for entirely by the federal government in 2015 and 2016, but then require state contributions that could rise to $393 million per year by 2020, according to estimates by the actuarial firm Milliman Inc. Other elements of Obamacare are estimated to cost state government $123 million per year by 2020. The Hospital Assessment Fee effectively taxes hospitals to provide the state government with the funds needed to raise its reimbursement rates for Medicaid patients. When the state does that, the federal government increases its 2-for-1 matching funds to support the Indiana Medicaid program. Hospitals end up getting twice as much in new revenue as they pay out in assessments. Doug Leonard, president of the Indiana Hospital Association, said hospitals are open to Pence’s approach, but are waiting until the idea is fleshed out and numbers are attached.

Indiana University Health was chosen by a Wisconsin hospital system to provide heart and aorta surgeries there after surgeons the hospital system had been using were employed by a competing provider. Wisconsin-based ProHealth Care will pay the salaries of the three IU Health surgeons who will work in ProHealth’s Waukesha Memorial Hospital, which is midway between Milwaukee and Madison. ProHealth performs more than 400 cardiothoracic surgeries each year. IU Health performs more than 1,900 cardiothoracic surgeries at its 19 hospitals in Indiana. “The goal for the two health systems is to collaborate to establish and oversee a premier surgery program in Waukesha that will incorporate the clinical protocols, care pathways and quality metrics that have been the foundation of IU Health’s nationally ranked cardiovascular program,” IU Health spokesman Gene Ford said in an email. IU Health said it would evaluate similar opportunities, but stopped short of saying it is making out-of-state partnerships a business strategy.

Eli Lilly and Co. is in a three-way race to introduce a new kind of breast cancer drug, which at least one analyst thinks could become a $6 billion-a-year blockbuster. According to Bloomberg News, Indianapolis-based Lilly, New York-based Pfizer Inc. and Switzerland-based Novartis AG all presented data on Sunday about experimental drugs that stopped growth of breast cancer tumors. Pfizer’s drug, palbociclib, stopped tumor growth for 20.2 months in advanced forms of hormone-related breast cancer, twice the time seen with an older therapy by itself. Lilly’s bemaciclib stopped tumor growth for an average of 9.1 months. Doctors told Bloomberg that the new class of drugs, called CDK inhibitors, offers the first major new therapy in a decade for patients whose breast cancer fails to respond to other treatments. Mark Schoenebaum, an ISI Group analyst in New York, predicted Pfizer’s drug could generate peak sales of $6 billion a year.

Indiana Attorney General Greg Zoeller filed Medicaid fraud charges April 2 against Sally Metzner, 57, owner of Anderson Dental Center, and eight of her employees. According to the Associated Press, the charges allege Metzner and her employees started a scheme in 2006 to submit false and inflated claims for payment of dental services to the Indiana Medicaid program, sometimes using forged documents, to receive more than $300,000 in ineligible Medicaid payments. The allegedly fraudulent billing continued even after state, federal and local authorities executed the first of three search warrants at the clinic, the attorney general's office said. For example, instead of billing Medicaid $30 for the routine use of the anesthesia nitrous oxide, the practice allegedly billed it as a $125 intravenous procedure known as "deep sedation.”

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People

April 7, 2014

Dr. Martha Dwenger joined Northwest Radiology Network on April 1. Dwenger previously worked for Columbus Radiology, Columbus Diagnostic Imaging, and as contract radiologist for Northwest Radiology since 2006. She earned a bachelor’s degree at Indiana State University and did her medical training at the Indiana University School of Medicine.

Indianapolis-based consulting organization YourEncore has hired Dr. Tim Franson as its chief medical officer. Most recently, Franson was a principal in the health and biosciences practice at FaegreBD Consulting. Franson will continue at Faegre BD until mid-May, when the firm will form an alliance with YourEncore to provide consulting services to life sciences clients. Prior to joining FaegreBD, Franson worked at Eli Lilly and Co. for more than 20 years, where he served as vice president of global regulatory affairs and patient safety, and led Lilly’s U.S. clinical research and trials organization.

Rhonda Deluise, a registered nurse, has been appointed director of quality and support services at Franciscan Visiting Nurse Service, where she has been a manager the past five years. Before joining Franciscan VNS, Deluise was vice president of patient care services for Howard Regional Health System in Kokomo. Deluise received her associate and bachelor degrees in nursing from Indiana University.

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Sales/acquisitions

April 1, 2014
-The NIAMA Corp. bought a 27,292-square-foot warehouse at 6125 E. 38th St. The seller, Central Indiana District Council of Carpenters Joint Apprenticeship & Training Fund Trust and IN/KY/OH Regional Council of Carpenters JATF, were represented by Mark Writt of CBRE. The buyer represented itself.

-Hawthorne Partners LLC bought approximately 1.25 acres of land and a building at 8350 E. 48th St. The buyer was represented by Rob Kirkpatrick. The seller, Donna Forman, was represented by Keith Kleinmaier of Retail Realty.

-Monro Muffler Brake Inc. bought a 15,050-square-foot retail property at 130 Shiloh Crossing Drive, Avon. The seller, Goodwill Industries of Central Indiana, was represented by Bill French of Cassidy Turley. The buyer represented itself.

-Diversified Land Acquisition LLC bought a 27,129-square-foot retail property at 2342 W. 86th St. The seller, Arnold's Landholdings LLC, was represented by Bill French of Cassidy Turley. The buyer represented itself.
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People

April 1, 2014
William Fowler has joined Colliers International as senior valuation specialist.
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Construction

April 1, 2014
-Capitol Construction has completed a 7,400-square-foot office build-out for SmithAmundsen at 201 N. Illinois St.

-Capitol Construction has completed an 1,800-square-foot remodel for Starbucks at 9001 E. 116th St., Fishers.
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Residential

April 1, 2014
The average rate for 30-year mortgages rose from 4.46 percent to 4.51 percent in the week ended March 27, according to Bankrate.com. The rate for 15-year mortgages rose from 3.48 percent to 3.56 percent.
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Leases/leasing contracts

April 1, 2014
-Southern Wine & Spirits of Indiana Inc. leased 211,500 square feet of industrial space at 800 Commerce Parkway Drive West, Greenwood. The tenant was represented by Patrick Lindley of Cassidy Turley. The landlord, Liberty Property Trust, was represented by Jake Sturman and Brian Seitz of JLL.

-Landman & Beatty Lawyers LLP leased 8,666 square feet at 9100 Keystone Crossing. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL.  

-Davis & Sarbinoff LLC leased 3,425 square feet at 9000 Keystone Crossing. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL. The tenant represented itself.

-Al-Rahmah Foundation leased 3,200 square feet of retail space in Lafayette Place, 3639 Commercial Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.  
 
-LB & Gray LLC leased 3,186 square feet at 9100 Keystone Crossing. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL.    
 
-Health Management Associates Inc. leased 3,090 square feet at 9000 Keystone Crossing. The tenant was represented by Matt Wagoner of Summit Realty Group. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL.      

-Sushi House leased 2,245 square feet of retail space in Avon Creek, 10022 Rockville Road. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-AIO Wireless leased 1,622 square feet of retail space in Esquire Plaza, 8241 Pendelton Pike. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Metro PCS leased 1,600 square feet of retail space in Honey Creek Plaza, 5408 W. 38th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Hott Kammodity leased 1,600 square feet of retail space in Lafayette Place, 3711 Commercial Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Boost Mobile leased 1,516 square feet of retail space in Eagledale Plaza, 2802 N. Lafayette Road. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Shelbyville Nail Salon leased 1,200 square feet of retail space in Kroger Plaza, 1617 E. Michigan Road, Shelbyville. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Dr. Fahad Javed Dental Office leased 1,200 square feet of space in Norgate Plaza, 7255B N. Keystone Ave. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Metro PCS leased 1,100 square feet of retail space in Norgate Plaza, 7255A N. Keystone Ave. The landlord, Sandor Development, was represented by Jeff Roberts 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 Development, was represented by Lawrance Morrissey of Corporate Commercial Group. The tenant represented itself.
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Company news

March 31, 2014

FAST BioMedical has been awarded a $1 million grant from the National Institutes of Health to conduct a clinical trial of the diagnostic tool it is developing to measure plasma volume and kidney function in hospitalized patients. The grant, part of the federal Small Business Innovation Research program, adds to more than $16 million FAST has raised. The Indianapolis-based company said in January that it wants to raise as much as $25 million in the next two years to bring its product to market. “We believe that a quantitative measurement of a patient’s plasma and blood volume status and kidney function will have a demonstrable impact on outcomes in an area of medicine that has seen only modest advances in previous decades,” Dr. Bruce Molitoris, FAST’s medical director, said in a prepared statement. “Currently, physicians don’t have either a direct or timely way to assess these key parameters clinically.”

West Lafayette-based Endocyte Inc. could fetch a takeover bid at one of the industry’s highest premiums on record, according to Bloomberg News. Endocyte’s drug vintafolide has proved effective against both ovarian and lung cancers during clinical trials, raising the prospects for the company’s entire technology for developing targeted drugs for cancer and inflammatory diseases. Endocyte may command about $50 per share in a sale, up from its closing price of $21.96 on Friday, according to the average of four estimates compiled by Bloomberg. The estimates ranged from $35 per share to $65 per share. That would be the second-highest takeover premium on record among similar U.S. deals in the industry. According to a report by the Royal Bank of Canada, that could spark a takeover bid from Merck & Co. Inc., which has already paid for vintafolide’s late-stage development and will sell it as an ovarian cancer treatment in Europe. But Endocyte retains rights to the underlying technology and other drugs developed from it. AstraZeneca plc or Roche Holding AG also could be interested, according to a report from Cowen Group Inc. If vintafolide is approved for ovarian and lung cancer in the U.S. and Europe, it could bring in as much as $2 billion in revenue, according to Edward Tenthoff, a New York-based analyst at Piper Jaffray Cos. Endocyte is now developing another cancer drug that targets cells in the same way as vintafolide, though with a potentially more potent chemotherapy drug. “If you have other ones that might be better, that might be problematic for Merck,” said Robert Hazlett, a pharmaceutical analyst at Roth Capital Partners LLC. “It may need to seriously consider Endocyte.”

Indianapolis-based Dow AgroSciences LLC is likely to become a stand-alone public company in the next three years, according to some Wall Street analysts—if in a year or two Dow Agro’s profits are on course to double from current levels. Of course, the parent company of Dow Agro, Michigan-based Dow Chemical Co., could sell Indianapolis-based Dow Agro to another agricultural company, as it tried to do back in 2009. Analysts said Dow Chemical didn’t like the offers it received at the time, which was in the darkest days of the global recession. One reason for selling Dow Agro to another company is that its fast-growing seed business has yet to achieve the scale needed to support the massive R&D investments Dow has made in that area in recent years. Dow Agro’s $7 billion in annual revenue would rank it as the fifth-largest public company in Indiana, behind only WellPoint Inc., Eli Lilly and Co., Cummins Inc. and Steel Dynamics Inc. The company has annual cash flow of about $1 billion, and thinks a raft of new products can double those profits in five to seven years. Dow Agro employs about 1,800 people here, and its most recent hiring expansion touted annual wages from $65,000 to $95,000.

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People

March 31, 2014

Dr. Shahid Athar, an endocrinologist, has joined St. Vincent Medical Group in Carmel. Athar received his medical degree from Dow Medical College in Karachi, Pakistan.

WellPoint Inc. named Thomas Miller chief information officer effective May 1. Miller previously served as CIO for Coca Cola Refreshments, which he joined in 1982. Miller holds a bachelor's degree in business management from Northwood University in Michigan and an MBA from the Goizueta Business School at Emory University.

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Sales/acquisitions

March 25, 2014
-Abraham Gershonwicz bought a 3,115-square-foot former KFC restaurant at 7102 N. Keystone Ave. The buyer was represented by Catherine Esselman of Penn Real Estate. The seller, KFC US Properties, was represented by Dean Almas of Sitehawk Retail Real Estate and Wally Egelanian of DJM Real Estate Services.

-Metonic bought the 244-unit Annaberry Park Apartments at 1808 Century Way. The seller, EMK Properties, was represented by Tikijian Associates. The buyer, which has renamed the complex Oakbrook Park, represented itself.
 
-JAWCO bought the 108-unit Arbor Manor Apartments at 206 Churchill Drive, Mooresville. The seller, Neff Properties, was represented by Tikijian Associates. The buyer represented itself.
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Leases/leasing contracts

March 25, 2014
-OHL renewed its lease for 414,424 square feet at 1100 Whitaker Road, Plainfield. The tenant was represented by Andrew Morris of Summit Realty Group and Steve Schwegman of JLL. The landlord, Transpacific Development Co., represented itself.

-All Spark Wholesale leased 23,538 square feet of warehouse space in Washington Market, 10437 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Thurston Springer Miller Herd & Titak Inc. leased 10,717 square feet at 9000 Keystone Crossing. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL. The tenant represented itself.

-Eskenazi Health renewed its lease for 5,300 square feet of space in Eagledale Plaza, 2802 N. Lafayette Road. The landlord, Sandor Development, was represented by Lloyd Otani of Sandor. The tenant represented itself.
 
-Visionworks leased 3,946 square feet at West Carmel Marketplace, 9893 Michigan Road, Carmel. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Casto, was represented by Jacque Haynes and John Byrne of Cassidy Turley.

-Goodwill Industries of Central Indiana leased 3,800 square feet of retail space at 2361 Broad Ripple Ave. The tenant was represented by Bill French of Cassidy Turley. The landlords, Ko Yun Sam and Chung Hee, were represented by Jacque Haynes and Bennett Williams of Cassidy Turley.

-Visionworks leased 3,640 square feet at Village Park Plaza, 2009 E. Greyhound Pass, Carmel. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Simon Property Group, was represented by Simon's Pat O’hara.
 
-Visionworks leased 3,500 square feet at Fishers Corner Shoppes II, 11761 Commercial Drive, Fishers. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, HI Fishers Corner LLC, was represented by George Dury of Dury Investments.

-Visionworks leased 3,027 square feet at 10777 E. Washington St. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Indiana Properties Group, was represented by Jacque Haynes of Cassidy Turley.

-Visionworks leased 3,000 square feet at Greenwood Park Mall. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Simon Property Group, was represented by Simon's Lorene Wright.

-Visionworks leased 3,000 square feet at Castleton Square Mall. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Simon Property Group, was represented by Simon's Lorene Wright.

-Visionworks leased 2,870 square feet at Avon Commons, 10445 E U.S. 36, Avon. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Aviana Company 3 LLC, was represented by Joseph Khouri of Carnegie Management & Development.

-Hanzo Logistics Inc. leased 2,285 square feet of freezer/cooler space at 4001 W. Minnesota St. The tenant was represented by Cam Kucic and Matt McGrady of Summit Realty Group. The landlord, Tippmann Properties Inc., was represented by Tippmann's Larry Hughes.

-RadioShack Corp. leased 1,800 square feet of retail space at 791 S. State Road 135, Greenwood. The tenant was represented by Bill French of Cassidy Turley. The landlord, Schoolcraft Commercial Real Estate, was represented by Bart Jackson of Lee & Associates.

-Spark Holdings Group Inc. leased 1,217 square feet of retail space at 9893 N. Michigan Road, Carmel. The tenant was represented by Joe Faulkner of Sycamore Group Associates. The landlord, CASTO, was represented by Jacque Haynes of Cassidy Turley.
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Residential

March 25, 2014
The average rate for 30-year mortgages fell from 4.50 percent to 4.46 percent in the week ended March 20, according to Bankrate.com. The rate for 15-year mortgages fell from 3.51 percent to 3.48 percent.
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Construction

March 25, 2014
-TJK Property Services has completed a 2,100-square-foot interior remodel of a medical office at 2160 W. 86th St.

-TJK Property Services has completed a 2,800-square-foot interior remodel of Anytime Fitness at 1168 N. Main St., Franklin.
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Company news

March 24, 2014

A larger stock award boosted cash and stock payments to John Lechleiter, CEO of Eli Lilly and Co. in 2013, but overall compensation fell for the top executives of the Indianapolis-based drugmaker. Lechleiter was paid $11.22 million in salary, bonus, stock and perks, according to Lilly’s proxy statement filed Monday morning. That represented a 10-percent increase over his take of cash and stock in 2012. A rise in the value of Lechleiter’s pension boosted his 2012 total compensation more than $4.4 million, but his pension value remained flat in 2013 because Lilly raised the discount rate it used to calculate the present value of its pension liabilities. As a result, when pension values are included, Lechleiter’s total compensation actually fell 23 percent last year compared with the previous year. Smaller increases in pension values also depressed overall compensation of three other top executives at Lilly, ranging from as little as 1.5 percent for Jan Lundberg, president of Lilly Research Laboratories, to as much as 25 percent for Derica Rice, Lilly’s chief financial officer. When those actuarial fluctuations are excluded, compensation for those other executives remained flat from 2012 to 2013.

The stock price of West Lafayette-based Endocyte Inc. skyrocketed 92 percent Friday after the drug company got a thumbs up in Europe to market its first drug and received a new round of favorable clinical trial results. The drug, vintafolide, received a positive opinion from the Committee for Medicinal Products for Human Use of the European Medicines Agency to treat a small group of ovarian cancer patients who have tried other treatments. Assuming that opinion is followed by the European Commission, Endocyte and its partner Merck & Co. Inc. would begin selling the drug and its companion imaging agent later this year. The drug, which will be sold by Merck, has received the brand name of Vynfinit while the imaging agent will have the brand Folcepri, and will be sold by Endocyte. Also, West Lafayette-based Endocyte announced that vintafolide proved effective at treating non-small cell lung cancer in a Phase 2 trial. Patients receiving vintafolide and traditional chemotherapy agents had a 25-percent reduction in the risk of death or of their cancer worsening, compared with patients receiving only chemotherapy. The dual announcements, both released before the markets opened Friday, ignited investor interest. Endocyte’s shares closed at $28.17 on Friday, up from $14.64 the previous day.

A new master of public health program at the University of Indianapolis beginning this fall will prepare professionals to identify health disparities and develop community-based approaches to close the gaps. The two-year program will be conducted primarily online, and will ramp up to enroll more than 30 students. It will be the only one in Indiana focused on health disparities, which are the preventable differences in health among populations that can occur along lines of age, sex, ethnicity, geography and socioeconomic status. UIndy expects to develop other concentrations within the master of public health program as part of a broader expansion of its health sciences facilities, faculty and programs.

A European Medicines Agency panel recommended approval of a Type 2 diabetes drug from Boehringer Ingelheim GmbH and Eli Lilly and Co. that was delayed this month by U.S. regulators due to manufacturing deficiencies. The drug, empagliflozin, is expected to bring Indianapolis-based Lilly $519 million in annual revenue by 2019, according to an average of five analyst estimates compiled by Bloomberg News. Empagliflozin would be sold under the brand name Jardiance, according to the European Committee for Medicinal Products for Human Use, whose recommendation must still be OK’d by the European Commission. The U.S. Food and Drug Administration said this month it wouldn’t approve the drug until Boehringer fixes problems disclosed in May after a 2012 inspection of a plant at the company’s headquarters in Ingelheim am Rhein, Germany.

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People

March 24, 2014

Antonio Galindez, CEO of Dow AgroSciences LLC, will retire May 1 after nearly five years leading the agricultural biotech company. Tim Hassinger, Dow Agro’s global commercial leader and global leader of the company’s crop protection business unit, will be the new CEO of the Indianapolis-based subsidiary of Dow Chemical Co. Galindez joined Dow in 1983 as a field sales representative for agricultural products in Spain and held several leadership positions before becoming CEO. Hassinger has worked for Dow since 1984. Dow Agro, which has about 1,800 employees in Indianapolis, had global sales of $7.1 billion in 2013.

Methodist Health Foundation, the philanthropic arm of Indiana University Health Methodist Hospital, has hired five new staff members. Laura Gaybrick, Jane Manning, Jama Pryor and Dana Shank all worked in other parts of the IU Health organization. Gaybrick is now the foundation’s director of innovation and neuroscience development officer. Manning is a development officer. Pryor is director of marketing and communications. And Shank is a major gifts officer. In addition, the Methodist Health Foundation hired Kathleen Custer, formerly of the Indianapolis Symphony Orchestra, as executive assistant.

Dr. Aaron Carroll, a pediatrician and the director of the Center for Health Policy and Professionalism Research at the Indiana University School of Medicine, has been named a regular contributor to The Upshot, a new publication of The New York Times. Carroll is co-editor of a blog on health economics called The Incidental Economist, along with the blog’s creator, Dr. Austin Frakt. Both Carroll and Frakt will contribute to The Upshot, a data-driven site focusing on politics, policy and economic analysis.

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People

March 17, 2014

Jiali Han has been named the Rachel Cecile Efroymson Professor in Cancer Research at the IU Simon Cancer Center. Han came to the Richard M. Fairbanks School of Public Health at IUPUI last year from Harvard Medical School, where he was an associate professor of dermatology and medicine. Han is chairman of the Department of Epidemiology at the Fairbanks school of public health, and intends to hire three additional faculty members to his department. Han earned his doctorate in biological sciences in public health from Harvard University.

Community Health Network named Julie O’Toole its vice president of patient experience, focused on access and service. O’Toole has worked at Community for six years as director of practice excellence at Community Physician Network. She will continue that work, in addition to her duties across the Community hospital network. O’Toole holds a bachelor’s degree from Purdue University in organizational leadership. 

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  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

  3. Biggest scam ever!! Took 307 out of my bank ac count. Never received a single call! They prey on new small business and flat out rob them! Do not sign up with these thieves. I filed a complaint with the ftc. I suggest doing the same ic they robbed you too.

  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

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