newsletter.story

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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Company news

March 17, 2014

Anthem Blue Cross and Blue Shield has signed a new accountable care contract with the Franciscan Alliance hospital system that allows Franciscan to make more money only if it saves money for Anthem. If more doctors and hospitals sign similar deals with Anthem, it would start to end the payment arrangements that are widely blamed for the ever-rising costs in health care. Under the contract, Franciscan is financially accountable for what it spends to care for 63,000 patients its doctors and hospitals treat regularly, who also have Anthem benefits provided via employers or purchased individually. The three-year contract, which begins April 1, involves all 11 of Franciscan’s hospitals around Indiana, including the three it operates in the Indianapolis area. About 300 physicians are also part of the contract. This is the first accountable care organization, or ACO, Anthem has formed in Indiana. Its parent company, Indianapolis-based WellPoint Inc., now has 84 ACOs nationwide. Other health insurers are looking to sign similar arrangements with health care providers. The new deal also will score Franciscan on 38 quality measures. If Franciscan earns enough points for its quality, it will qualify for a year-end bonus.

Biomet Inc. is planning a $40.5 million expansion company officials say would create 150 high-paying jobs at its Warsaw headquarters by 2018. The project by the maker of orthopedic implants calls for building renovations and adding 3-D printing and optical scanning technology. Biomet would also upgrade a center where surgeons interested in introducing a new product, technology or technique can explore the idea with an expert. According to the Journal Gazette, Biomet's global vice president of finance presented the project March 13 to the Kosciusko County Council, which voted unanimously to move the company's request for incentives to the next stage. Paperwork prepared by the company says the jobs the expansion would bring are projected to pay $75,000 a year on average and will be added in stages.

Last-minute lobbying and big promises about jobs and investment killed a nursing home construction moratorium, according to one of the bill’s proponents. “The experience illustrates how quickly things can change behind closed doors,” said Rep. Ed Clere, R-New Albany, on Friday morning. The Indiana House late Thursday night approved House Bill 1391, which, during conference committee negotiations, replaced Senate Bill 173 as the primary vehicle for a nursing home moratorium. The version of HB 1391 that finally went to the House, however, was stripped of any moratorium language because there wasn’t enough support in the House Republican caucus, Clere said. The turn of events is surprising, considering SB 173, which proposed a five-year moratorium, passed the Senate, and a watered-down version with a one-year moratorium passed the House, 55-40. A compromise version with a two-year ban appeared ready for passage on Tuesday. The Indiana Health Care Association and others in the long-term-care industry argued that the moratorium was needed to cut nursing-home vacancy rates and ensure better care for Medicaid patients.

OnTarget Laboratories LLC, a company developing cancer-imaging technology discovered at Purdue University, has raised $15 million to pay for human trials and other development work. The West Lafayette-based company raised the funding from the Pension Fund of the Christian Church, which is based in Indianapolis, and from Tom Hurvis, the founder of Illinois-based Old World Industries LLC, which makes antifreeze and other auto products. Hurvis had previously invested an undisclosed amount into OnTarget. The company’s technology was created by Philip Low, a Purdue chemistry professor who also created the technology behind Endocyte Inc., a West Lafayette-based drug development company that is likely to launch its first drug this year. Low discovered that cancer tumors have a greater number of certain kinds of “receptors” on the surface of their cells. By combining a molecule that binds to these receptors with a fluorescent molecule, OnTarget’s technology can make the cancer cells light up during surgery. The Pension Fund of the Christian Church, which also invested in Endocyte, provides retirement plans to employees of several denominations, including Disciples of Christ and Churches of Christ.

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Construction

March 17, 2014

-Capitol Construction has completed a 4,500-square-foot retail build-out for Maurices at 6020 E. 82nd St.

-Capitol Construction has completed a 3,000-square-foot office remodel for Proscan at 9780 Lantern Road, Fishers.

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Residential

March 17, 2014

The average rate for 30-year mortgages from from 4.45 percent to 4.5 percent in the week ended March 13, according to Bankrate.com. The rate for 15-year mortgages rose from 3.46 percent to 3.51 percent. 

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Leases/leasing contracts

March 17, 2014

-Fresh Thyme Farmers Market leased 28,675 square feet of retail space in Racquet Square Shopping Center, 4225 E. 82nd St. The tenant was represented by Kyle Hughes and Jamison Downs of Veritas Realty. The Landlord, 4225 LLC, represented itself.

-Fresh Thyme Farmers Market leased 27,450 square feet of retail space at 2342 W. 86th St. The tenant was represented by Jamison Downs and Kyle Hughes of Veritas Realty. The landlord, Diversified Land Acquisitions LLC, was represented by Joe Downs of Lauth Group Inc.

-Expressenz Dance Studio LLC leased 8,783 square feet of space in College North Park Business Center, 9519-9595 Valparaiso Court. The tenant was represented by Derek Menerey and Ashley Bussell of Newmark Knight Frank Halakar. The landlord, John Levinsohn and College Park North LLC, was represented by John Corey of Levi Investment Realty Inc.

-Midwest Dollar leased 7,296 square feet at 6002 E. 38th St. The landlord, Gaines Land Group LLC, was represented by Keith Kleinmaier of Retail Realty. The tenant represented itself.
 
-Indy Tire leased 6,500 square feet at Castleton Plaza, 6314-6398 E. 82nd St. The landlord, The Broadbent Co., was represented by Broadbent's John Beuoy. The tenant represented itself.

-Geneva Hair Studio leased 4,350 square feet at 5541 E. Washington St. The landlord, 5535 E. Washington Associates, was represented by Keith Kleinmaier of Retail Realty. The tenant represented itself.

-Stacked Pickle leased 4,000 square feet of retail space at 7108 McFarland Blvd.  The tenant was represented by Brian Epstein of Urban Space Commercial Properties. The landlord, Ambrose Southport McFarland LLC, was represented by Bart Jackson of Lee & Associates.

-Popeyes Louisiana Kitchen Inc. leased 2,808 square feet of retail space in the Meridian Parke Shopping Center, 270 N. State Road 135, Greenwood. The tenant was represented by Kyle Hughes of Veritas Realty. The landlord, Meridian Parke Co. LLC, was represented by Kellams Enterprises Inc.

-The Cellular Connection, a Verizon Wireless Premium Retailer, leased 2,222 square feet of retail space in Allisonville Road Plaza, 11722 Allisonville Road, Suite 101, Fishers. The tenant was represented by Jamison Downs of Veritas Realty. The landlord, Freeland Realty LLC, represented itself.  
 
-9 Round Kickboxing leased 1,547 square feet at The Shoppes at 141st Street, 14005-14099 Mundy Drive, Fishers. The tenant was represented by Tom Schrump of Franchise Realty Exchange. The landlord, The Broadbent Co., was represented by Brian Broadbent.

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Sales/acquisitions

March 17, 2014

-French Associates #1 LLC bought an 11,001-square-foot industrial property at 922 N. Capitol Ave. The seller, Capitol Clutch, was represented by Ray Simons of Cassidy Turley. The buyer represented itself.

-WLBK Industrial Properties bought a nine-building portfolio totaling 439,194 square feet of industrial space in Park 100 Business Park bordered by West 71st Street, West 86th Street and Interstate 465. The seller, Duke Realty Corp., was represented by J. Jeffrey Castell of Cassidy Turley. The buyer represented itself.

-Union Streams LLC bought three parcels of retail land totaling 2.58 acres at 284-310 S. State Road 135, Greenwood. The buyer was represented by David Ellis of Fenway Real Estate Services and Jim Abel of Lee & Associates. The sellers, Menard Inc. and Dannemiller Enterprises, represented themselves.

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Correction

March 17, 2014

AutoZone bought 1.03 acres at 4437 Clark Drive. The buyer was represented by Lisa Rosetti of Evolution Group LLC. The seller, Flag Properties, was represented by Jeff Hubley and Patrick Boyle of Midland Atlantic Properties. The buyer's representative was incorrect in last week's Real Estate Weekly.

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Correction

March 11, 2014
Aldi (Indiana) LP leased 2.58 acres at 284-310 S. State Road 135, Greenwood. The tenant was represented by Jim Abel of Lee & Associates. The landlord, Union Streams LLC, was represented by David Ellis of Fenway Real Estate Services. Information for this deal was incomplete in last week's Real Estate Weekly.
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Sales/acquisitions

March 11, 2014
-Keystone Corp. (Green Indy) bought 1.2 acres at 1227 W. Main St., Carmel. The buyer was represented by Bo Leffel of Cassidy Turley. The sellers, Sharlene Teng and Yiting Yang, represented themselves.

-Revel & Underwood Inc. bought 0.89 of an acre at 6705 S. State Road 334, Zionsville. The seller, Duke Realty Corp., was represented by Jacque Haynes of Cassidy Turley. The buyer represented itself.

-Keystone Construction Corp bought an 113,740-square-foot office building at 8925-8935-8945-9011 N. Meridian St. The seller, Cassidy Turley acting as court-appointed receiver, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The buyer represented itself.

-DRG Fall Creek LLC bought the 8,167-square-foot Emerson Way Shopping Center Professional Building at 5502 Emerson Way. The seller, Emerson Way LLC, was represented by Tracey Holtzman of Midland Atlantic Properties. The buyer represented itself.  

-AutoZone bought 1.03 acres at 4437 Clark Drive. The buyer was represented by Pete Anderson of BI Realty Services. The seller, Flag Properties, was represented by Jeff Hubley and Patrick Boyle of Midland Atlantic Properties.

-John M. Sikich Jr. Trust bought an 11,340-square-foot warehouse/office building at1801 S. Lawndale Ave. The buyer was represented by Chip Barnes of JLL. The seller, OFP Family Partners Ltd., was represented by Mark Writt of CBRE.
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Leases/leasing contracts

March 11, 2014
-Three Star Surplus leased 22,585 square feet of industrial space at 3919 Clarks Creek Road, Plainfield. The landlord, Boo-Rob LLC, was represented by Michael Weishaar of Cassidy Turley. The tenant represented itself.

-Williams LTC Pharmacy LLC leased 8,068 square feet of office space at 11900 Exit Five Parkway, Fishers. The tenant was represented by Mike Semler of Cassidy Turley. The landlord, Sunbeam Development Corp., represented itself.

-Alerding Castor LLP leased 7,084 square feet of office space at 47 S. Pennsylvania St. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, Pillar Majestic LLC, represented itself.

-Pint Room leased 5,162 square feet in Sophia Square Shoppes at 110 Main St., Carmel. The tenant was represented by Robyn Smart of ECHO Retail. The landlord, Carmel Lofts LLC, an affiliate of Keystone Realty Group, was represented by Bart Jackson and Scot Courtney of Lee & Associates.  

-Midwest Plastic Systems leased 5,063 square feet at 9900 Westpoint Drive. The tenant was represented by Cam Kucic of Summit Realty Group. The landlord, Clarion Partners, was represented by Fritz Kauffman of Cassidy Turley.

-Wings Etc. leased 4,900 square feet at Plainfield Plaza, 1818 E Main Street, Plainfield. The tenant was represented by Dean Almas of Sitehawk Retail Real Estate. The landlord, Vivian Haase Plaza LLC, was represented by Michael Cranfill of Sitehawk Retail Real Estate.

-All Star Liquors leased 4,000 square feet of retail space in Lynhurst Shops, 2910 S. Lynhurst Ave. The tenant and landlord, Haven Building Materials, were represented by Herb Feldmann and Cindy Hoskinson of Lee & Associates.

-Soil and Materials Engineers Inc. leased 4,500 square feet of office-warehouse space at 5755-5857 W. 74th St. The tenant was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The landlord, Dugan Financing LLC C/O Duke Realty Corp., was represented by Kate Willen Ems of Duke.

-BP Canada Energy Marketing Corp. renewed its lease for 3,566 square feet of office space in Meridian Parke, 373 Meridian Parke Lane, Greenwood. The tenant was represented by Jimmy Clark of JLL. The landlord, AAAG LLC, was represented by Cathy Richards of Lee & Associates.
 
-Huntington Bank leased 2,478 square feet in Sophia Square Shoppes at 110 Main St., Carmel.  The tenant and landlord, Carmel Lofts LLC, an affiliate of Keystone Realty Group, were represented by Bart Jackson and Scot Courtney of Lee & Associates.

-do-tique leased 1,854 square feet in Sophia Square Shoppes at 110 Main St., Carmel. The tenant was represented by Jason Challand of Echelon Realty Advisors. The landlord, Carmel Lofts LLC, an affiliate of Keystone Realty Group, was represented by Bart Jackson and Scot Courtney of Lee & Associates.

-Radio Shack leased 1,800 square feet of retail space in The Shoppes at Smith Valley, 791 State Road 135, Greenwood. The tenant was represented by Bill French of Cassidy Turley. The landlord, 791 SR 135LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.

-Orange Leaf Frozen Yogurt leased 1,765 square feet at The Bridges, 116th and Springmill Road, Carmel. The tenant was represented by Tracey Holtzman of Midland Atlantic Properties. The landlord, The Bridges I LLC, was represented by Ron Foster of T.M. Crowley and Associates.

-Caplin Sniderman LLC leased 1,500 square feet of space 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 Bussel and Ralph Balber of Newmark Knight Frank Halakar.

-Exercise Coach leased 1,452 square feet in Sophia Square Shoppes at 110 Main St., Carmel. The tenant was represented by Gary Perel of Newmark Knight Frank Halakar.  The landlord, Carmel Lofts LLC, an affiliate of Keystone Realty Group, was represented by Bart Jackson and Scot Courtney of Lee & Associates.

-Sir Vapes-A-Lot leased 1,250 square feet at Yates Center, 1995 E Stop 13 Road. The landlord, Yates Real Estate LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

-Breathe Yoga leased 1,200 square feet of retail space in Winthrop Commons, 5345 N. Winthrop Ave. The landlord, Crum Realty, was represented by Ron Mannon and Scott Herider of Lee & Associates. The tenant represented itself.

-Fena Tailoring leased 960 square feet at Meridian Meadows, 3021 Meridian Meadows Road, Greenwood.  The landlord, Meridian Meadows LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
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Residential

March 11, 2014
The average rate for 30-year mortgages fell from 4.49 percent to 4.45 percent in the week ended March 6, according to Bankrate.com. The rate for 15-year mortgages fell from 3.50 percent to 3.46 percent.
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Construction

March 11, 2014
-Charles C. Brandt Construction has completed a 3,400-square-foot office renovation for the Barrister Building, 155 E. Market St.

-TJK Property Services has completed a 2,300-square-foot interior remodel of the KeyBank branch at 10 W. Market St.

-TJK Property Services has completed an 1,100-square-foot build out for Cell Phone Repair at 10302 Prosperity Circle, Camby.

-TJK Property Services has completed a 3,400-square-foot interior remodel of Anytime Fitness at 11915 Pendleton Pike.
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Company news

March 10, 2014

Dow AgroSciences LLC predicts its $7 billion in annual sales will double over the next five to 10 years as it launches 13 new products by 2018. The biggest of those products is expected to be its Enlist Weed Control System, which is set to hit markets in 2015. Enlist kills weeds that have grown resistant to glyphosate, the active ingredient in the popular Roundup herbicide developed by competitor Monsanto Co. The new products stem from a bevy of R&D activity at Dow Agro’s headquarters at West 96th Street and Zionsville Road. The company had nearly 3,500 patents worldwide at the end of 2013, up from 2,800 just a year earlier, according to Securities and Exchange Commission filings. The global market for agricultural technology is valued at $100 billion and is set to explode as the human population swells from the current 7 billion to an anticipated 9 billion by 2050.

The University of Indianapolis is negotiating with developers to finance a $22 million to $30 million health sciences center adjacent to its south-side campus. UIndy would be the main tenant in the 134,000-square-foot building, which is slated to open in August 2015 on the southwest corner of Hanna and State avenues. UIndy officials declined to name the developers it is talking to, but said it would select one this spring. In addition, UIndy plans to release a request for proposals at the end of March to health agencies or hospital systems to potentially open clinical space in the center or operate a partnership with the university to study and improve health disparities in the city and state. On a parallel track, UIndy is talking to other health care providers about opening a presence in the new building. According to UIndy President Robert Manuel, the school has had talks with one provider that operates 250 clinics around the Midwest. Roughly 34,000 square feet of the building is earmarked for those partners, Manuel said.

Empagliflozin, a diabetes pill developed by Eli Lilly and Co. and Boehringer Ingelheim GmbH, was rejected by U.S. regulators because of unresolved manufacturing deficiencies at a German plant, Bloomberg News reported. The U.S. Food and Drug Administration inspected Boehringer’s Ingelheim am Rhein facility in 2012 and warned the company of the faults in May 2013. No new clinical studies will be needed to approve the drug. The FDA re-inspection of Boehringer’s plant is continuing, said company spokeswoman Emily Baier. It could take up to six months after the inspection for the FDA to decide whether the problems have been fixed. Empagliflozin is part of a class of drugs that includes Johnson & Johnson’s Invokana and AstraZeneca Plc’s Forxiga. The drugs help the body get rid of sugar through the kidneys. The Lilly-Boehringer drug is projected to reach sales of $295 million for Lilly in 2019, according to analyst estimates compiled by Bloomberg.

A moratorium on the construction of nursing homes in Indiana is now in a legislative conference committee, where lawmakers will seek a compromise between a five-year Senate version and a one-year version passed by the House. Rep. Tim Brown, R-Crawfordsville, said the moratorium called for in Senate Bill 173—through June 30, 2015—would save money for the state, as well as nursing home facilities, according to The Statehouse File. Hospitals and facilities with fewer than 10 beds would be exempt from the moratorium. The bill would not affect assisted-living homes or the transfer of Medicaid beds. Brown said Indiana's nursing homes aren’t full and that the state is paying a part of those fixed costs. But Rep. Todd Huston, R-Fishers, called the bill an “over-the-top solution to a market-based problem.”

Health insurers such as Indianapolis-based WellPoint Inc. and Louisville-based Humana Inc. stand to receive $5.5 billion next year to cover losses from Obamacare in a program the law’s opponents label a bailout, according to Bloomberg News. The money, outlined in President Barack Obama’s proposed budget for the fiscal year that begins in October, is designated to help insurers who find the cost of the law higher than expected, based on the percentage of older, sicker people who sign up compared with younger enrollees. Under the Patient Protection and Affordable Care Act, insurers who record a profit of 3 percent or more on their Obamacare business would put some of the gains into a government-controlled fund. Companies whose claims cost at least 3 percent more than their premium revenue can access the money. The administration expects to collect enough from profitable insurers to cover the costs of payments to other companies in the risk corridors program, Emily Cain, a spokeswoman for the U.S. Office of Management and Budget, said in an email.

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People

March 10, 2014

Mary Kitchen has joined Eskenazi Health as chief financial officer. Kitchen previously worked at Health & Hospital Corporation of Marion County as assistant treasurer. Kitchen earned a bachelor’s degree in accounting from Indiana Central University, now known as the University of Indianapolis. She also earned her MBA from University of Indianapolis.

Dr. Shabnam Moshref, an internist, has joined Community Physician Network in Indianapolis. She completed her medical training at Lake Erie College of Osteopathic Medicine in Erie, Pa.

Dr. Theresa Suozzi, a family physician, has joined Community Physician Network in Indianapolis. She previously practiced medicine in Connecticut. She completed her medical degree at Indiana University School of Medicine.

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Company news

March 3, 2014

One of Eli Lilly and Co.’s experimental diabetes drugs was as effective at lowering blood sugar levels as Victoza, the leading drug on the market. Indianapolis-based Lilly said its drug dulaglutide showed “non-inferiority” when tested against the strongest dose of Victoza, a best-selling drug for Type 2 diabetics made by Denmark-based Novo Nordisk A/S. The study of 599 patients examined the effect on hemoglobin A1c scores, a measure of diabetes control. Lilly said it would wait to disclose detailed results of its Phase 3 clinical trial of the two drugs until scientific meetings later this year. But the result is good news for Lilly, which is counting on dulaglutide and a few other drugs it plans to launch this year to rejuvenate its sales after the patent expiration in December of its top-selling drug, Cymbalta. Before the latest study, Wall Street analysts predicted dulaglutide could achieve $1.5 billion a year in sales. Victoza generated $2.1 billion in 2013 sales for Novo Nordisk, according to data compiled by Bloomberg, and was the top seller in its class. Dulaglutide has already proved itself superior to other diabetes drugs, including metformin, Byetta and Januvia, in clinicial studies announced last year. Dulaglutide has been submitted to U.S. regulators for approval, with a decision expected by September.

Pharmacists would be able to substitute an interchangeable biosimilar drug for a prescribed name-brand product under a bill passed by the Indiana House of Representatives last week. The bill now moves to the Governor’s Office for consideration. The legislation, authored by Sen. Brandt Hershman, R-Buck Creek, creates a series of steps to ensure the safety of automatic substitution of biosimilar medications. Senate Bill 262 includes five principles supported by BIO, the Biotechnology Industry Organization. Biosimilar drugs are generic versions of biotech drugs, which are developed from organically produced proteins. Traditional pills are synthesized from chemicals.

Louisville-based KentuckyOne Health, a hospital system that employs more than 14,000 people in Kentucky and southern Indiana, has laid off about 500 people to help reduce a $218 million deficit, according to the Associated Press. In addition, the company said it would not fill 200 job vacancies, to further reduce costs. Hospital systems across the country have begun slashing work forces to reduce bloated budgets after years of aggressive building, while adjusting to lower Medicare reimbursement and reductions in Medicaid funding.

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People

March 3, 2014

Ivy Tech Community College has appointed Calvin Thomas as vice president of its health division, one of four units into which Ivy Tech has restructured itself. Thomas is a veteran hospital executive, including a stint as chief operating officer at St. Lucie Medical Center in Florida. Just before joining Ivy Tech, Thomas was campus administrator of Arlington High School. Thomas holds a bachelor’s degree in health care management from Harris-Stowe State University and a master’s degree in health care leadership from Dartmouth College.

Dr. Jeffrey Cox, a family physician who specializes in diabetes and obesity, has joined St. Vincent Medical Group in Indianapolis. Cox earned a bachelor’s degree in chemistry from Valparaiso University and a medical degree from Indiana University School of Medicine in Indianapolis.

Dr. Kimberland Anderson,  a family physician, has joined Community Physician Network in Fishers. She earned her medical degree at University of Illinois College of Medicine.

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Residential

March 3, 2014

The average rate for 30-year mortgages dipped from 4.49 percent to 4.48 percent in the week ended Feb. 27, according to Bankrate.com. The rate for 15-year mortgages fell from 3.52 percent to 3.5 percent.

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Construction

March 3, 2014

-Capitol Construction has completed a 15,000-square-foot office build-out for Theta Chi at 850 E. Carmel Drive, Carmel.

-Capitol Construction has completed a 4,300-square-foot office build-out for Phone Pro at 11350 N. Meridian St., Carmel.

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People

March 3, 2014

-Matt Broderick has joined the office division of Lee & Associates in Indianapolis as a senior advisor.

-Teresa Clements has joined the office division of Lee & Associates in Indianapolis as an advisor.

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Leases/leasing contracts

March 3, 2014

-RoomPlace leased 34,000 square feet at 8401 N. Michigan Road. The landlord, Gama Properties LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant was represented by Fred Feinblum of Julius M. Feinblum Real Estate Inc.

-Jane Pauley Community Health Center Inc. leased 7,763 square feet of office space at 5317 E. 16th St. The tenant was represented by Dan Laser of Re/Max Centerstone. The landlord, Con Med Ten, was represented by Bob Lindgren of Lee & Associates.

-American Mattress renewed its lease for 6,400 square feet of office space at 7565 US 31 South. The landlord, Nationwide Insurance, was represented by Bill French of Cassidy Turley. The tenant represented itself.

-Stonegate Mortgage Corp. leased 3,750 square feet of retail space in Raceway Commons, 55 S. Raceway Road. The tenant was represented by Nicholas Svarckopf of CBRE. The landlord, Raceway Commons Baceline LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.

-BSN Sports Inc. leased 3,673 square feet of industrial space at 6828 Hillsdale Court. The tenant was represented by Patrick Lindley and Grant Lindley of Cassidy Turley. The landlord, Hillsdale Property Co. LLC, was represented by Kevin Gillihan of Jones Lang LaSalle.

-5i Solutions Inc. leased 3,316 square feet of office space in Carson Square, 3205 E. Thompson Road. The tenant and landlord, Bluebird Ventures LLC, were represented by Cathy Richards of Lee & Associates.
   
-Simply Skin leased 3,093 square feet of office space at 9769-9879 E. 116th St., Fishers. The landlord, Shamrock Builders, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented itself.

-Sun Spot Tanning leased 2,400 square feet at Brownsburg Square Shopping Center, 959 N. Green St., Brownsburg. The tenant and landlord, Brownsburg Management Group LTD, were represented by Jeff Hubley of Midland Atlantic Properties.

-H&R Block leased 2,400 square feet in Brownsburg Square Shopping Center, 967 N. Green St. Brownsburg. The tenant and landlord, Brownsburg Management Group LTD, were represented by Jeff Hubley of Midland Atlantic Properties.

-Fit Now Enterprises LLC leased 2,250 square feet in Fishers Trade Flex Center at 14060 Britton Park, Fishers. The tenant was represented by Tracey Holtzman of Midland Atlantic Properties. The landlord, Mann Properties, was represented by Debbie Mann.

-Orange Leaf Frozen Yogurt leased 1,807 square feet at 11722 Allisonville Road, Fishers. The tenant was represented by Tracey Holtzman of Midland Atlantic Properties. The landlord, Freeland Realty LLC, represented itself.

-Chrome Fitness leased 1,800 square feet at 116th Street Centre, 890 E 116th St., Carmel. The tenant was represented by Jess Lawhead of Sperry Van Ness. The landlord, TCP Guilford LLC, was represented by Keith Fried of Sitehawk Retail Real Estate.

-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.

-Caplinger’s Fresh Catch fish market leased 1,600 square feet at Shadeland Place Shopping Center, 7460 N. Shadeland Ave. The tenant was represented by Tracey Holtzman of Midland Atlantic Properties. The landlord, MAP Shadeland LLC, was represented by Jeff Hubley of Midland Atlantic Properties.
 

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Sales/acquisitions

March 3, 2014

-Term Security Corp. bought the Arrowwoods and Inverness apartment communities, totaling 373 units, at 7135 Warrior Trail and 5890 Sebring Drive. The seller, Blue Valley Apartments, was represented by Tikijian Associates. The buyer represented itself.  

-Chin United Apostolic Church bought two buildings totaling 19,000 square feet  on 5.6 acres at 420 Lifegate Way, Beech Grove. The buyer was represented by Phil Hawkins of Indiana Real Estate Group LLC. The seller, Lifegate Ministries, was represented by Bud Green and Julia Berberich of Re/Max Centerstone Commercial Division.

-Phamily Real Estate Group LLC bought an 18,096-square-foot building at 695 Pro Med Lane, Carmel. The buyer and seller, TLR-VI LLC, were represented by Sharon Thompson of KW Commercial Indiana/Keller Williams Indianapolis Metro North.

-Horizon CPA Property Group LLC bought a 10,121-square-foot office building at 9745 Randall Drive. The buyer was represented by Pete Anderson of BI Realty Services. The seller, VCA Animal Hospitals, was represented by Paul Dick and Kevin Dick of Colliers International.

-Reagan Crossing LLC bought 12 acres of land at Ronald Reagan Parkway and Plainfield Road, Plainfield. The buyer was represented by Bud Green and Julia Berberich of Re/Max Centerstone. The seller, Six Points Road Developers LLC, was represented by Jason Speckman and Andrew Morris of Summit Realty.  

-Eden Court Capital bought approximately 4.5 acres of land at 2600 E. Main St., Plainfield. The buyer was represented by Tom English and Ryan Conrad of English Commercial Real Estate. The sellers, Trent Electric and SBR Properties LLC, were represented by Bud Green and Julia Berberich of Re/Max Centerstone.

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Sales/acquisitions

February 25, 2014
-1132 Rangeline Road LLC bought a 8,726-square-foot office building at 1132 Rangeline Road. The seller, Dearborn Street Holdings LLC, was represented by Derek Menerey and Matt Kiger of Newmark Knight Frank Halakar. The buyer represented itself.
 
-Tobey Partners LLC bought a 24,639-square-foot industrial building at 2725 Tobey Drive. The buyer was represented by Kyle Powell of Ambrose Property Group. The seller, Rubber Products Distributors, was represented by Bart Book of Cassidy Turley.

-Cesar Chavez LLC bought The Shoppes at Southport Square, a 5,200-square-foot shopping center at 3935 E. Southport Road. The buyer was represented by Dan Powers of CBRE. The seller, Southport Square Shoppes LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.
 
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