newsletter.story

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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Leasing/leasing contracts

February 25, 2014
-Rubber Products Distributors leased 43,984 square feet of industrial space at 5230 Park Emerson Drive. The tenant was represented by Bart Book of Cassidy Turley. The landlord, Emerson Industrial Building II LLC, was represented by J.D. Graves of CBRE.

-US Default Group LLC leased 5,384 square feet of office space at 8455 Keystone Crossing. The tenant was represented by Peter Alveal and Andreas Kapsalis of Premier Commercial Real Estate Services. The landlord, Quality Bancorp Inc., dba Salin Bank & Trust Co., was represented by Jon Owens and Russ Van Til of Cassidy Turley.

-Perfect 10 Enterprises Inc. renewed its lease for 3,810 square feet of retail space in The Pointe, 1259 N. State Road 135, Greenwood. The tenant and landlord, Sun Greenwood LLC, were represented by Cathy Richards of Lee & Associates.
    
-Marion County Democratic Central Committee leased 3,415 square feet of office space in the Barrister Building, 155 E. Market St. The tenant was represented by Bill Ehret of Summit Realty Group. The landlord, Crown Barrister LLC, was represented by Larry W. Harshman of Harshman Property Services LLC.

-Sipes Law leased 2,605 square feet of office space in the Stock Yards Bank Building, 136 E. Market St. The tenant was represented by Alex Sanders of Newmark Knight Frank Halakar. The landlord, Crown Stock Yards LLC, was represented by Larry W. Harshman of Harshman Property Services LLC.

-Pad Thai leased 1,765 square feet of retail space in Sophia Square, 110 W. Main St., Carmel. The tenant was represented by Hamada Ibrahim of RP Lux Commercial Real Estate Services. The landlord, Keystone Realty, was represented by Bart Jackson and Scot Courtney of Lee & Associates.

-Rector Communications LLC leased 1,563 square feet of office space in the Stock Yards Bank Building, 136 E. Market St. The landlord, Crown Stock Yards LLC, was represented by Dawn McClanahan of Harshman Property Services LLC. The tenant represented itself.

-AlphaGraphics leased 1,400 square feet of retail space in Westover Commons, 577 S. Dan Jones Road, Avon. The tenant was represented by Bart Jackson and Scot Courtney of Lee & Associates. The landlord, Westover Commons Development Corp., was represented by Joe Lonneman of Ambrose Property Group.
 
-Perez & Perez leased 1,166 square feet of office space in the Stock Yards Bank Building, 136 E. Market St. The landlord, Crown Stock Yards LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.

-Attorney Carl L. Epstein leased 606 square feet of office space in the Barrister Building, 155 E. Market St. The landlord, Crown Barrister LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.

-Aldi (Indiana) LP leased 2.58 acres of retail land at 284-310 S. State Road 135, Greenwood. The tenant was represented by Jim Abel of Lee & Associates. The landlord, Union Streams LLC, represented itself.
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Residential

February 25, 2014
The average rate for 30-year mortgages rose from 4.48 percent to 4.49 percent in the week ended Feb. 20, according to Bankrate.com. The rate for 15-year mortgages fell from 3.53 percent to 3.52 percent.
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Construction

February 25, 2014
-TMG Construction Management Inc. has been hired to complete a 40,479-square-foot build-out for The RoomPlace at 8401 Michigan Road.

-TMG Construction Management nc. has been hired to build a 2,537-square-foot Chipotle Mexican Grill at 1002 Broad Ripple Ave.
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Company news

February 24, 2014

Online physician visits could become far more common in Indiana this year under a bill pending in the General Assembly. House Bill 1258 would allow the large health insurer Anthem Blue Cross and Blue Shield to launch a pilot program using the Live Health Online technology it has developed with Massachusetts-based software firm American Well Corp. The technology—which allows doctors to make virtual house calls via a Skype-like video and chat portal—would expand access to health care by making physicians available at odd hours and to patients in far-flung areas. The pilot would be conducted by primary care physicians at Indianapolis-based American Health Network, a large primary care physician practice. The pilot could last as long as six months and would involve at least 200 online visits. After the pilot phase, the Medical Licensing Board of Indiana then would be able to decide whether to expand online visits statewide and under what restrictions, if any. Since 2003, the Medical Licensing Board has restricted those visits to patients and doctors who have had an in-person encounter. HB 1258 would remove that restriction, allowing doctor-patient consultations where no relationship existed.

Eli Lilly and Co. will acquire all assets of Germany-based Lohmann SE and its subsidiary, Lohmann Animal Health. The assets include vaccines and feed additives and manufacturing sites in Cuxhaven, Germany, and Winslow, Maine. No terms were released, but Indianapolis-based Lilly said Monday that its 2014 earnings forecast will be trimmed due to acquisition costs. Lohmann Animal Health had sales of $342 million in fiscal 2012. It has about 600 employees in more than 30 countries. In November, Reuters reported that Boehringer Ingelheim was considering an offer for Lohmann Animal Health estimated at $535 million. Lilly said the acquisition will significantly increase the ability of its Elanco Animal Health subsidiary to make vaccines. Competing in that market is a "cornerstone" of the subsidiary's long-term strategy, the company said. The deal is expected to close in the second quarter.

A panel of House lawmakers Feb. 20 approved a one-year ban on construction of nursing homes, according to the Associated Press. The measure passed the Ways and Means Committee 12-7. The Senate authors of the measure originally sought a five-year moratorium, but Ways and Means Chairman Tim Brown, R-Crawfordsville, suggested the length be trimmed to give lawmakers time to decide if a ban is needed. The ban is at the center of an ongoing debate between the state's existing nursing homes and developers leading a wave of construction across the state.

The University of Indianapolis plans to spend $50 million over five years on major construction projects. The bulk of the money will be spent on a 134,000-square-foot health sciences center, which will provide training space for UIndy’s nursing, physical therapy and other health care students, as well as for a community health care facility. Over the next two years, the UIndy will also renovate its Krannert Memorial Library, replace its Campus Apartments on Shelby Street with newer housing options and expand its science labs. UIndy also plans to hire additional faculty for key programs and launch men’s and women’s lacrosse teams.

Shares of Eli Lilly and Co. rose last week after the Indianapolis-based drugmaker revealed that an experimental drug boosted overall survival among lung cancer patients in a large Phase 3 trial. When ramucirumab was applied to non-small cell lung cancer, along with a traditional chemotherapy drug, it showed a statistically significant extension of the time of overall survival when compared with patients who only took the chemotherapy drug, Lilly said Feb. 19. The company plans to submit ramucirumab for market approval with the U.S. Food and Drug Administration later this year. The drug has already shown positive results as a treatment for gastric cancer, and Lilly is studying the drug as a liver cancer treatment as well. Wall Street analysts have modest expectations for ramucirumab. Bernstein Research analyst Tim Anderson expects sales next year of $167 million, ramping up to $669 million by 2020.

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People

February 24, 2014

Dr. Zachary Dodd, a spine surgeon, has joined the OrthoIndy practice of orthopedic surgeons and its Indiana Orthopaedic Hospital in Indianapolis. Dodd received his bachelor’s degree in biology from Wabash College. He did his medical training at the Indiana University School of Medicine.

John Cannon, credited with righting the ship at WellPoint Inc., was terminated without cause last week. The Indianapolis-based health insurer said Cannon will remain with the company until early March to help in the transition of his duties as general counsel and chief public affairs officer. Cannon, 60, served as WellPoint’s interim CEO from August 2012, when the company’s board ousted CEO Angela Braly under pressure from investors, until March 2013, when current CEO Joe Swedish took the helm. Cannon came to WellPoint from Philadelphia-based Cigna Corp., where he worked for 19 years, ultimately becoming deputy general counsel.

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Residential

February 18, 2014
The average rate for 30-year mortgages rose from 4.43 percent to 4.48 percent in the week ended Feb. 13, according to Bankrate.com. The rate for 15-year mortgages rose from 3.50 percent to 3.53 percent.
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People

February 18, 2014
Richard R. King III has been named vice president of the Indianapolis office of Lee & Associates.
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Sales/acquisitions

February 18, 2014
-Culver's Restaurant bought a one-acre outlot at Maplewood Plaza, 6130 Maplecrest Road. The buyer was represented by Allison Hawley of Niessink Commercial.  The seller, Centrium Properties California LLC, was represented by Michael P. Sloan of The Broadbent Group.

-Alderson Commercial Group bought a 15,000-square-foot office building at 425 W. South St. The buyer was represented by Matt Jackson of Jackson IG. The seller, West Hotel Partners LLC, was represented by Mike Medlock and Cathy Richards of Lee & Associates.

-Moser Consulting Inc. bought an 11,000-square-foot office building at 6220 Castleway West Drive. The buyer was represented by Steve Beals and Richard R. King III of Lee & Associates. The seller, Heritage Properties LLC, was represented by Craig Kaiser of The Kaiser Real Estate Cos.

-3545 Farnsworth LLC bought a 4,000-square-foot industrial building at 3545 Farnsworth St. The seller, K&T Specialties Inc., was represented by Stan Elser of Lee & Associates. The buyer represented itself.

-Gershman Partners bought the 45,820-square-foot Marott Center at 342 Massachusetts Ave. The buyer was represented by Ron Foster of Echelon Realty Advisors.  The sellers, George Rubin and Elliott Levin, were represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.

-8015 Pendleton Pike LLC bought the 35,190-square-foot Pendleton Pike Shoppes retail center at 8015 Pendleton Pike. The buyer was represented by Larry W. Harshman of Harshman Property Services LLC. The seller, Pendleton Pike LLC, was represented by Robert J. Barker as receiver.

-R.P. Wurster LLC bought the 49,967-square-foot Plainfield Commons community shopping center at Main Street and Perry Road, Plainfield, for $6.35 million. The buyer and seller, Los Angeles-based RPD Catalyst LLC, were represented by Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp.
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