newsletter.story

Rates

August 19, 2014
The average rate for 30-year mortgages fell from 4.29 percent to 4.27 percent in the week ended Aug. 14, according to Bankrate.com. The rate for 15-year mortgages fell from 3.40 percent to 3.39 percent.
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Sales/acquisitions

August 19, 2014
-Think Holdings LLC, dba Rainbow Child Care, bought 1.5 acres at Geist Shoppes, 10400 Olio Road, Fishers. The buyer was represented by Kurt Meyer of Baseline Properties. The Seller, Ameriana Bank, was represented by Dean Almas of Sitehawk Retail Real Estate.

-A joint venture between TWG Development and Vince Shimp bought a 22,000-square-foot building at 915 S. Meridian St. The buyer was represented by Rob Lukemeyer of Baseline Commercial Group. The seller, Rinky Corp., was represented by Derek Menerey and Ashley Bussell of Newmark Knight Frank Halakar.

-Material Handling Solutions bought a 30,000-square-foot warehouse on six acres at 72 S. Post Road. The buyer was represented by Brian Augustin of Alliance Commercial Group. The seller, Hobbs Automotive, was represented by Michael P. Sloan of The Broadbent Group.
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Leases/leasing contracts

August 19, 2014
-La-Z Boy Furniture leased 20,040 square feet at Clearwater Crossing, 3736-3958 E. 82nd St. The landlord, The Broadbent Co., was represented by Joe Kenney of Broadbent. The tenant represented itself.

-TwinMed LLC leased 11,470 square feet of office space at 6625 Network Way. The tenant was represented by Yumi Goodman of Colliers International. The landlord, Network Way Properties LLC, was represented by Kevin Gillihan of JLL.

-Wings Etc. leased 4,748 square feet at Greenfield Station, 1925 Melody Lane, Greenfield. The tenant was represented by Dean Almas of Sitehawk Retail Real Estate. The landlord, LOR Corp., was represented by Jacque Haynes of Cassidy Turley.

-Integrated Health Solutions Inc. leased 2,454 square feet at 6330 E. 75th St. The tenant was represented by Matt Jackson of Jackson IG LLC. The landlord, Metro Centre Office Park LLC, was represented by Bennett Williams and Todd Vannatta of Cassidy Turley.

-Quality Applied Systems Inc. leased 2,419 square feet at 6330 E. 75th St. The tenant was represented by Matt Jackson of Jackson IG LLC. The landlord, Metro Centre Office Park LLC, was represented by Bennett Williams and Todd Vannatta of Cassidy Turley.

-Hamilton County Pediatric Dentistry LLC leased 2,169 square feet at 13450 N. Meridian St., Carmel. The tenant was represented by Matt Jackson of Jackson IG LLC. The landlord, LHRET Ascension SV LLC, was represented by Lillebridge Healthcare Services Inc.

-Steven J. Shear DDS leased 2,078 square feet at 9002 N. Meridian St. The tenant was represented by Matt Jackson of Jackson IG LLC. The landlord, PHT Lakeview LLC, was represented by Travis Tucker of Duke Realty.

-Style Encore leased 3,260 square feet at Greenwood Place, 7759-7921 U.S. 31 South. The landlord, The Broadbent Co., was represented by Joe Kenney of Broadbent. The tenant represented itself.

-Premier Pharmacy leased 1,625 square feet at Fishers Town Center, 8395 E. 116th St., Fishers. The landlord, The Broadbent Co., was represented by Brian Broadbent. The tenant represented itself.

-Ooh LaLa Nail Spa leased 1,600 square feet at Fashion Mall Commons, 8487 Union Chapel Road. The landlord, The Broadbent Co., was represented by John Beuoy of Broadbent. The tenant represented itself.

-R&A Fashions leased 1,200 square feet at Lafayette Shoppes, 3840-3882 Lafayette Road. The landlord, The Broadbent Co., was represented by Jim Mosher of Broadbent. The tenant represented itself.
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People

August 19, 2014
Caroline Thomas has joined Cushman & Wakefield/Summit as brokerage coordinator. Rob King has joined the lease administration department.
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Construction

August 19, 2014
-Holladay Construction Group LLC. partnered with Holladay Properties to convert a 17,000-square-foot warehouse into an office/warehouse suite for Accelerated Inc. at 5777 Decatur Blvd.

-Capitol Construction has completed a 16,000-square-foot expansion for Allied Solutions at 1320 City Center Drive, Carmel.

-Capitol Construction has completed a 3,400-square-foot office build-out for Body One Physical Therapy at 10412 Allisonville Road, Fishers.  

-Capitol Construction has completed a 2,500-square-foot office expansion for PR Mortgage at 11555 N. Meridian St, Carmel.
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People

August 18, 2014

Community Health Network hired Joe Kessler as its chief financial officer, replacing Tom Fischer, who left in December. Kessler previously worked as CFO at the Kaleida Health hospital system in Buffalo, New York, and before that at TriHealth in Cincinnati and at the Ernst & Young accounting firm. He received his bachelor’s degree in business administration from Ohio State University.

Dixie Platt has been named vice president of marketing and communications at Community Health Network, starting Sept. 2. Most recently, Platt was senior vice president of communications, public policy and external relations at St. Louis-based hospital system SSM Healthcare. Platt has a bachelor’s degree from the University of Wisconsin and a master’s degree in journalism from the University of Missouri.

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Company news

August 18, 2014

Regenstrief Institute Inc. plans to build a $13 million, 80,000-square-foot headquarters at 10th and Wilson streets, the Indiana University School of Medicine announced on Aug. 14. The facility will be built on the medical school's campus at IUPUI on land leased from Indiana University. Regenstrief, a not-for-profit medical research organization, plans to move 50 investigators, 165 staff members and a number of affiliated scientists into the building when it is completed in mid-2015. Most of those employees now work in nearby locations at 1050 Wishard Blvd. and 410 W. 10th St. The Regenstrief Foundation has committed $5 million to the new building and the IU School of Medicine is contributing another $1 million, officials said. Schmidt Associates of Indianapolis is handling architecture and interior design. Regenstrief investigators developed and operate the Regenstrief Medical Record System, which has served as the electronic medical record system for Wishard, and now Eskenazi Health, since 1973. It is the oldest continually operational medical record system in the United States, Regenstrief said.

Eli Lilly and Co. says it will close its Elanco Animal Health enzyme plant in Terre Haute by early 2016 as part of a consolidation, according to the Associated Press. Lilly spokesman Ed Sagebiel told the Tribune-Star that the Indianapolis-based company is consolidating all of its animal enzyme manufacturing to a site in Great Britain. He said the plant closure will affect 23 employees, all of whom will be offered comparable positions at a Lilly plant near Clinton that employs about 500 workers. Clinton is about 15 miles north of Terre Haute. The Terre Haute plant makes animal feed enzymes that help animals digest food more efficiently, boosting farm productivity. Lilly purchased the Terre Haute plant in 2012.

Carmel entrepreneur Zeke Turner has agreed to sell the real estate investment trust he started two years ago for $950 million to focus on his original nursing home development company, Mainstreet Property Group. HealthLease Properties REIT, which Turner leads as CEO, announced Aug. 13 that it will be sold to Ohio-based Health Care REIT Inc. The Toledo, Ohio-based company, also known as HCN, also agreed to form a development partnership with Mainstreet under which it will acquire 17 projects Mainstreet has under construction and 45 senior care campuses it plans to build. In all, the deal is worth more than $2.3 billion. HCN, the largest U.S. health care landlord by market value, said it will pay $14.20 per share in Canadian dollars for HealthLease, 31 percent more than HealthLease's stock price before the deal was announced. HealthLease Properties, which is listed on the Toronto Stock Exchange, owns 51 senior care facilities in Canada and the United States, including 12 in Indiana. In second-quarter results announced Aug. 12, the company’s revenue and profit doubled from the previous year, to $17.6 million and $5 million, respectively, in Canadian dollars. Mainstreet has been the fastest-growing company in the Indianapolis area over the past three years. Revenue skyrocketed to more than $66 million last year.

A federal judge said Indiana can challenge an Internal Revenue Service rule that offers tax credits to Hoosiers who purchase health insurance on Obamacare’s federal marketplace, HealthCare.gov. According to Bloomberg News, U.S. District Judge William T. Lawrence in Indianapolis denied an IRS bid to dismiss that portion of the state’s 2013 lawsuit, in which it claimed the rule illegally conflicts with a provision of the federal law limiting those tax credits to enrollees in state-created exchanges. Lawrence’s ruling comes three weeks after U.S. appeals courts in Washington, D.C., and in Richmond, Virginia, reached conflicting conclusions about availability of the subsidy for which 4.5 million people have qualified. Indiana was one of the states that opted to not create an exchange. Lawrence, in his ruling, rejected U.S. contentions that Indiana and the 39 state public school systems that joined it in the suit would suffer no harm from the rule. Lawrence did, however, reject Indiana’s contention the mandate violated its sovereignty, ruling it, and 25 other states, lost that argument in the early stages of a 2010 Obamacare challenge that ended with the U.S. Supreme Court upholding the legislation as a valid exercise of Congress’ taxing authority.

Indianapolis-based WellPoint Inc. will change its name back to Anthem Inc., the brand under which it sells most of its coverage, according to Bloomberg News. The name change will be completed by the end of the year, pending shareholder approval, the company said in a statement. WellPoint will hold a shareholder vote on the change in November. WellPoint and other large health insurers find themselves increasingly marketing directly to consumers, as Obamacare requires most uninsured Americans to obtain coverage and employers thrust more responsibility for costs on their workers. The company sells plans in 14 of the health care law’s new insurance exchanges, in most cases under its Anthem brand.  The company doesn't sell plans under the WellPoint name. WellPoint Inc. was formed in 2004 when Indianapolis-based insurer Anthem Inc. completed a $16.5 billion merger with California-based WellPoint Health Networks Inc. Anthem Inc. was originally formed in 1995 when Indianapolis-based insurer Associated Group merged with Cincinnati-based Community Mutual Insurance Co. Anthem demutualized and conducted an initial public offering in 2001.

Bloomington’s Monroe Hospital LLC, which has had a close relationship with Indianapolis-based St. Vincent Health, filed for bankruptcy reorganization on Aug. 15 and plans to sell its business to a Canadian hospital operator. The Chapter 11 bankruptcy petition, filed in federal court in Indianapolis, said the 32-bed hospital had more than twice as many liabilities as assets. It has been losing money due to low patient traffic in the face of cross-town competition from Indiana University Health’s Bloomington Hospital. Monroe and St. Vincent signed a management agreement two years ago, with St. Vincent taking responsibility for Monroe’s quality and safety efforts, finance functions, physician relations and patient satisfaction. St. Vincent also considered adding Monroe to its 22-hospital network. Those merger talks and St. Vincent’s management of those Monroe services ended last October, but longtime St. Vincent executive Joe Roche was installed as Monroe’s CEO. St. Vincent is now one of Monroe’s largest creditors, with the hospital owing St. Vincent’s physician group $170,000. St. Vincent physicians provide cardiac care and orthopedic surgeries to Monroe patients. Even after the hospital is sold to a new owner, St. Vincent will try to continue its clinical relationship with Monroe.

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Construction

August 12, 2014
-Capitol Construction has completed a 9,900-square-foot shell for Dollar General at 21 E. Main St., Pittsboro.

-Capitol Construction has completed a 1,700-square-foot office build-out for Steinborn at 50 E. 91st St.

-Capitol Construction has completed a 700-square-foot retail build-out for Hubbard & Cravens Coffee at 11 S. Meridian St.
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Leases/leasing contracts

August 12, 2014
-Buchanan Group Services LLC leased 80,000 square feet of industrial space at 2525 N. Shadeland Ave. The tenant was represented by John Snell of Snell Real Estate Evaluation Co. Inc. The landlord, 2525 Shadeland LLC, was represented by Todd Vannatta and Michael Weishaar of Cassidy Turley.

-DSG Indiana LLC leased 75,578 square feet of industrial space at 909 Whitaker Road, Plainfield. The tenant was represented by Luke Wessel of Cassidy Turley. The landlord, Industrial Income Trust, was represented by Brian Seitz of JLL.

-Pilkington North American leased 10,027 square feet of industrial space at 612 Blanchard St., Shelbyville. The tenant was represented by Jason Speckman of Cushman & Wakefield/Summit. The landlord, 222 Group LLC, was represented by Todd Vannatta of Cassidy Turley.

-Pet Supplies Plus leased 7,011 square feet of retail space in Indian Creek Commons Shopping Center, 10625 Pendleton Pike, Suite A-1. The tenant was represented by Mark Perlstein of Sitehawk Retail Real Estate and John Liprando of Sullivan Hayes. The landlord, Viking Partners Indian Creek LLC, was represented by Jamison Downs, Seth Biggerstaff and Kyle Hughes of Veritas Realty.
 
-Hoosier Connection Limousine Inc. leased 4,318 square feet of industrial space at 5545 W. Raymond St. The tenant was represented by Ryan Carroll of Carson Realty. The landlord, Iron Point Titan Asset Management LLC, was represented by Bryan Poynter of Cassidy Turley.

-Center Grove Dentistry PC leased 2,800 square feet at 1405 W. County Line Road, Greenwood. The tenant was represented by Matt Jackson of Jackson IG LLC. The landlord, First Financial Collateral Inc., was represented by Steve Beals and Richard King of Lee & Associates.

-World Finance leased 2,580 square feet of retail space in Walnut Hills Plaza Shopping Center, 2008 Stafford Road, Plainfield. The tenant was represented by Seth Biggerstaff of Veritas Realty. The landlord, Walnut Bliss LLC, was represented by Todd Camesasca of Kosene & Kosene.

-Flynndogg Enterprises LLC, dba Hot Box Pizza, leased 2,400 square feet at 14300 Mundy Drive, Suite 700, Noblesville. The tenant was represented by Jason S. Challand of Echelon Realty Advisors. The landlord, Prairie Lakes II LLC, was represented by Liz Yoho of Providence Development.

-The Voice Clinic LLC leased 2,115 square feet at 1185 W. Carmel Drive, Carmel. The tenant was represented by Matt Jackson of Jackson IG LLC. The landlord, Old Meridian Investments LLC, represented itself.

-A Breathe of Heaven leased 1,360 square feet of retail space in Indian Creek Commons Shopping Center, 10625 Pendleton Pike, Suite A-9. the landlord, Viking Partners Indian Creek LLC, was represented by Jamison Downs, Seth Biggerstaff and Kyle Hughes of Veritas Realty. The tenant represented itself.

-Sherman Wireless leased 800 square feet of retail space in Brightwood Plaza Shopping Center, 2435 N. Sherman Drive. The landlord, Brightwood Plaza Investors LLC, was represented by Kyle Hughes, Paul Rogozinski and Seth Biggerstaff of Veritas Realty. The tenant represented itself.

-Roman & Leo leased 550 square feet of retail space at 8664 E. 116th St., Fishers. The tenant was represented by Seth Biggerstaff of Veritas Realty.  The landlord, Fishers Depot LLC, was represented by Hamada Ibrahim of R.P. Lux Commercial Real Estate Services.
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Sales/acquisitions

August 12, 2014
-Tuttle Development Main Street LLC bought 35 acres at the northwest corner of 146th Street and Promise Road in Noblesville. The buyer was represented by Herb Feldman of Lee & Associates and Doug McAuley of Douglas Realty Advisors Inc. The seller, First Merchants Bank, was represented by Jason S. Challand of Echelon Realty Advisors.

-Shelbyville Retail LLC bought a 1.03-acre retail parcel at Shelbyville Marketplace, 2400 Marketplace Blvd., Shelbyville. The buyer was represented by Jamison Downs and Kyle Hughes of Veritas Realty. The seller, Progress Parkway LLC, was represented by Nancy A. Smith of Carpenter Realtors and Ryan Zickler of Zickler Associates LLC.
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Rates

August 12, 2014
The average rate for 30-year mortgages rose from 4.28 percent to 4.29 percent in the week ended Aug. 7, according to Bankrate.com. The rate for 15-year mortgages was unchanged at 3.40 percent.
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Company news

August 11, 2014

Major Hospital is seeking public input on its plans to build a $100 million hospital on the northern edge of Shelbyville, according to The Shelbyville News. The plans, which Major executives have been mulling since 2003, call for a 240,000-square-foot facility that would connect to Major’s Benesse Oncology Center in the Intelliplex business park. Major has also opened orthopedic, cardiology and OBGYN centers in the park. Major’s inpatient hospital in the center of Shelbyville has 72 beds, but the vast majority of the care Major provides is on an outpatient basis. Major has already begun to solicit bids from construction firms and bond rating agencies. CEO Jack Horner said the Major Hopsital board could make a decision on building a new hospital by October.

St. Vincent Heart Center wants to build a helipad about a half-mile from the specialty hospital. Currently, helicopter ambulances transporting cardiovascular patients must land at a borrowed facility a couple of miles north, on the opposite side of heavily traveled U.S. 31—adding as much as 20 minutes to the trip. Carmel’s Board of Zoning Appeals denied a similar request back in 2008, saying the proposed location was too close to nearby neighborhoods. But the newly proposed location at 10202 N. Meridian St. is less residential. The now-vacant land was once the home of Pilgrim Lutheran Church, which moved to 106th Street in 2012 to make way for the U.S. 31/I-465 interchange improvements now under construction. The zoning board is scheduled to consider the request at its Aug. 25 meeting.

Warsaw-based Symmetry Medical Inc. plans to sell off the orthopedics components subsidiary that generates nearly 80 percent of its revenue, according to Greater Fort Wayne Business Weekly. Massachusetts-based Tecomet, which is part of Genstar Capital, has agreed to pay $450 million for the OEM Solutions subsidiary. As part of the sale, Symmetry Medical will transfer ownership of its surgical instrument business, Symmetry Surgical, to the company’s shareholders and turn Symmetry Surgical into a newly traded public company. Shareholders would get one share of the new company for every four shares of Symmetry Medical stock. OEM Solutions generated nearly $81 million in revenue in the second quarter. Symmetry Surgical, meanwhile, saw $20.4 million in second-quarter revenue, down 8.7 percent from a year earlier.

WellPoint Inc.’s California subsidiary has partnered with the not-for-profit health plan Blue Shield of California to pay $80 million to launch a medical data sharing portal, according to the Associated Press. The California Integrated Data Exchange, known as Cal INDEX, is designed to share patients’ medical claims records electronically among doctors and hospitals, even for emergency room patients. Mark Morgan, president of WellPoint’s Anthem Blue Cross plan in California, said the health plans will mimic successful models such as the New York e-Health Collaborative and Indiana Health Information Exchange. The health plans’ information from patients' billing claims could supplement treatment records in the 30 health information exchanges health care providers have already created in California.

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People

August 11, 2014

Katelyn Becht, a nurse practitioner, has joined St. Vincent Medical Group in Carmel. Becht received a bachelor’s degree from Purdue University and a master’s degree in nursing administration from Indiana Wesleyan University in Marion.

Dr. Andrew Miller has joined Eskenazi Health Midtown Community Mental Health as a child and adolescent psychiatrist. He earned his medical degree from the Indiana University School of Medicine. He received a bachelor's degree in biology from IU-Bloomington.

Dr. Peter Hogg, an orthopedic surgeon, has joined Franciscan Physician Network Orthopedic Specialists. He earned his medical degree from the Indiana University School of Medicine and a bachelor’s degree in biochemistry from DePauw University.

Andrea Pfeifle, a physical therapist, has been named the first assistant dean and director of the Indiana University Center for Interprofessional Health Education and Practice. The center was created to prepare future health care providers to deliver team-based care. Pfeifle comes to IU from the University of Kentucky, where she held a similar position. She earned a doctorate in education from the University of Kentucky.

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Sales/acquisitions

August 5, 2014
-Lowe’s Cos. Inc. bought Intech 12, a 140,368-square-foot office building at 6620 Network Way. The buyer was represented by Tom Hadley of Cushman & Wakefield/Summit. The seller, Encore Enterprises Inc., was represented by Mike Semler of Cassidy Turley.

-Taco Bell of America bought 0.6 acres at 3042 Stones Crossing Road West, Greenwood. The buyer was represented by John Byrne of Radar Commercial Real Estate. The seller, Stones Crossing Development LLC, represented itself.
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Leases/leasing contracts

August 5, 2014
-Byrd Enterprises Inc. leased 37,378 square feet at Carmel Market Place, 502 E. Carmel Drive, Carmel. The tenant was represented by Bruce Richardson of Dieterl/Richardson. The landlord, Buckingham Fountains LLC, was represented by Gary Perel of Newmark Knight Frank Halakar and Tiffany Oliver of Buckingham Cos.

-HHGregg leased 25,078 square feet of retail space in Washington Place Shopping Center, 10255 E. Washington St. The tenant was represented by Jack Esselman of J.F. Esselman Commercial. The landlord, PEBB Indianapolis LLC, was represented by Jamison Downs, Seth Biggerstaff and Paul Rogozinski of Veritas Realty.

-AIMCO leased 14,342 square feet at 4670 Haven Point Blvd. The tenant was represented by Brian Askins of Cushman & Wakefield/Summit. The landlord, Performance Services Inc., was represented by Ron Foster of Reliant Partners.
    
-Harvest Church leased 8,640 square feet at 6107 Airport Blvd. The tenant was represented by Brian Askins of Cushman & Wakefield/Summit. The landlord, The Peterson Co. LLC, was represented by Matt Langfeldt and Rich Forslund of Cushman & Wakefield/Summit.

-Corizon LLC leased 6,724 square feet of office space at 9245 N. Meridian St. The tenant was represented by Brook Sipe of Alliance Real Estate. The landlord, Echo Associates LLC, was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar.

-Madame Royale Nail Salon & Spa leased 2,800 square feet of retail space in Pine Creek Shoppes, 8790 E. 96th St., Fishers. The landlord, Pine Creek on 96th Street LLC, was represented by Seth Biggerstaff and Kyle Hughes of Veritas Realty. The tenant represented itself.

-Gutwein Law leased 2,504 square feet of office space at Station Place, 200 S. Meridian St. The tenant was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar. The landlord, Station Place, was represented by Zane Brown of CBRE.

-Louie’s Wine Dive Indianapolis LLC leased 2,500 square feet of retail space in the Massala Building, 345 Massachusettes Ave. The tenant was represented by Allison Hawley of Niessink Commercial Real estate Inc. The landlord, Massala Properties Inc., was represented by Ralph Balber and Ashley Bussell of Newmark Knight Frank Halakar.

-Jimmy Johns leased 1,760 square feet of retail space in Shelbyville Crossing, 2400 Marketplace Blvd, Suite C, Shelbyville. The tenant was represented by Drew Warner of Eclipse Realty. The landlord, Shelbyville Retail LLC, was represented by Jamison Downs and Kyle Hughes of Veritas Realty.  

-A Nail Salon leased 1,608 square feet at Lebanon Crossing, 1370 S. Lebanon St., Lebanon. The landlord, Lebanon 39 LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

-Infinity Chiropractor leased 1,600 square feet of retail space in Pine Creek Shoppes, 8966 E. 96th St., Fishers.  The tenant was represented by Seth Biggerstaff of Veritas Realty. The landlord, Pine Creek Shoppes on 96th Street LLC, was represented by Paul Rogozinski of Veritas Realty.

-Raw Juice leased 1,200 square feet at Clearwater Springs Shopping Center, 5025 E 82nd St. The landlord, PK Clearwater Springs LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
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Rates

August 5, 2014
The average rate for 30-year mortgages was unchanged at 4.28 percent in the week ended July 31, according to Bankrate.com. The rate for 15-year mortgages dropped from 3.41 percent to 3.40 percent.
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People

August 5, 2014
Stacy Phillips has joined Polaris Property Management LLC as a property manager.
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Construction

August 5, 2014
Versatile Construction has broken ground on Gateway Shops, an 11,794-square-foot retail center being developed by Sandor Development at 10679 Michigan Road. Completion is scheduled for November.
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Company news

August 4, 2014

The U.S. Food and Drug Administration approved a new Type 2 diabetes drug from Indianapolis-based drugmaker Eli Lilly and Co. and its German partner, Boehringer Ingelheim, according to the Associated Press. The drug, called Jardiance, is designed to block glucose reabsorption in kidneys and remove excess glucose through urine. Unlike many other diabetes treatments, it does not depend on a patient's insulin levels to be effective. European Union regulators approved the drug, also known as empagliflozin, in May. Lilly is expected to garner $518 million in annual sales from Jardiance by 2019, according to the average of five analyst estimates compiled by Bloomberg earlier this year. Lilly and Boehringer had said FDA didn't approve the drug because of concerns about the Boehringer factory in Germany where it will be made. But a Lilly spokeswoman said Friday those concerns have been resolved.

Indianapolis-based SonarMed Inc., which makes an airway monitoring system used in operating rooms and intensive care units, has raised $2.4 million from institutional investors, according to the BioCrossroads life sciences business development group. The Series A1 funding round was led by Baylor Angel Network, Hyde Park Angels, Visiontech Partners, BioCrossroads’ Indiana Seed Fund II, Spring Mill Ventures, two former Abbott Laboratories executives and the SonarMed management team. SonarMed will use the money to develop a second version of its adult monitoring system as well as a version for children and infants. “Providers are being pressured to find new and better ways to provide higher quality care with a focus on patient safety, and doing so with fewer resources,” said SonarMed CEO Tom Bumgardner. “Consequently, health care systems are increasingly interested in our technology.”

Endocyte Inc. swung to a second-quarter profit of $22.4 million due to a change in accounting after its leading drug candidate failed and its partner, New Jersey-based Merck & Co. Inc., cancelled its development contract. The West Lafayette-based drug development firm earned 52 cents per diluted share compared with a loss of 23 cents per share in the same quarter last year. Revenue shot to $49.2 million from $16.5 million. All of that money comes from collaboration payments from Merck, not all of which were immediately recognized in Endocyte’s accounting. But now that the contract has ended, Endocyte accelerated its accounting recognition of the revenue, producing the spike in revenue and profit. After the failure in May of its drug vintafolide as a treatment for ovarian cancer, Endocyte is continuing to study the drug as a non-small cell lung cancer drug. The company has no products on the market.

WellPoint Inc. beat expectations with its second-quarter profit and raised its full-year profit forecast. But unlike peers UnitedHealth Group and Aetna, the Indianapolis-based health insurer could not improve its profit over the same quarter last year. Profit fell 8.6 percent, to $731.1 million, from $800.1 million. Excluding investment gains and other special items, WellPoint earned $2.44 per share. On that basis, Wall Street analysts expected $2.26, according to a survey by Thomson Reuters. WellPoint raised its full-year profit forecast 10 cents per share, saying it now expects more than $8.60 per share. Revenue rose 4.4 percent to nearly $18.5 billion. Analysts expected $18.2 billion, according to Thomson Reuters.

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People

August 4, 2014

Kyle DeFur will step down as president of St. Vincent Indianapolis Hospital after more than six years in the position. Dr. Joel Feldman, chief medical officer, will serve as president while St. Vincent Health searches for a permanent replacement. Before coming to Indianapolis, DeFur was president of St. Vincent Anderson Hospital, then known as Saint John’s Health System. DeFur holds a bachelor’s degree from Anderson University as well as master’s degrees in hospital administration and business administration from Xavier University.

Dr. Mary Abernathy has been named executive director of medical education at St. Vincent Indianapolis Hospital. Abernathy joined St. Vincent Indianapolis in October as program director for medical residents in obstetrics and gynecology. Before that, she was director of graduate medical education and residency program director positions at Indiana University School of Medicine’s South Bend and Indianapolis campuses. Abernathy earned a bachelor’s degree in biology from Purdue University as well as medical and master’s degrees from IU School of Medicine.

Dr. Brent Benscoter, an otologist and neurotologist, has joined Midwest Ear Institute in Indianapolis and Mooresville. Benscoter earned his undergraduate and medical degrees from the University of Missouri-Columbia.

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Sales/acquisitions

July 29, 2014
-Pulte Homes of Indiana bought 35.46 acres at the southeast corner of West 146th Street and Little Eagle Creek Road, Carmel. The seller, Murphy Family Trust, was represented by Abbe Hohmann of Site Strategies Advisory. The buyer represented itself.

-Madison Avenue Planet RE LLC, doing business as Planet Fitness, bought a 13,800-square-foot, freestanding retail building at 2740 Madison Ave. The buyer was represented by Bart Jackson and Scot Courtney of Lee & Associates. The seller, Wabash College, was represented by Jim Karozos of Colliers International.
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Leases/leasing contracts

July 29, 2014
-Lysse Partners LLC leased 32,826 square feet of industrial space at 8460 Bearing Drive. The tenant was represented by Ralph Balber of Newmark Knight Frank Halakar. The landlord, Biynah Industrial Partners LLC, was represented by Michael Weishaar and Todd Vannatta of Cassidy Turley.

-Bastian Solutions leased 17,242 square feet Georgetown Building 1, 7950 Georgetown Road. The tenant was represented by Mark Writt of CBRE. The landlord, Duke Realty, was represented by Jay Archer of Duke.
 
-Security Vault Works Inc. leased 16,000 square feet of industrial space in Park West, 980 Western Drive. The tenant was represented by Stan Elser of Lee & Associates. The landlord, B&D Development Co. LLC, represented itself.

-Save-A-Lot Food Stores leased 15,600 square feet at 1223 S. High School Road. The tenant was represented by Larry Davis of Sitehawk Retail Real Estate. The landlord, West Washington Street Partners LLC, was represented by Brent Benge of Paradigm Real Estate Investments.

-Pet Supplies Plus leased 7,011 square feet at Indian Creek Commons, 10625 Pendleton Pike. The tenant was represented by Mark Perlstein of Sitehawk Retail Real Estate. The landlord, Viking Partners Indiana Creek LLC, was represented by Seth Biggerstaff of Veritas Realty.

-Cleaning Solutions leased 4,430 square feet of industrial space at 5603 W. Raymond St. Both the tenant and the landlord, Iron Point Titan Asset Management LLC, were represented by Bryan Poynter of Cassidy Turley.

-Western Governors University renewed its lease for 3,841 square feet of office space at 10 W. Market St. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, MT Acquisitions LLC, was represented by Bennett Williams and Andrew Martin of Cassidy Turley.

-Integration Partners Corp. leased 3,299 square feet of industrial space at 9855 Crosspoint Blvd. The landlord, Clarion Partners, was represented by Fritz Kauffman and Bryan Poynter of Cassidy Turley. The tenant represented itself.

-Milestone Contractors LP leased 3,281 square feet of industrial space at 3250 N. Post Road. Both the tenant and the landlord, Iron Point Titan Asset Management LLC, were represented by Bryan Poynter of Cassidy Turley.

-Quartermaster Facility Supplies LLC leased 2,400 square feet of industrial space at 5603 W. Raymond St. Both the tenant and the landlord, Iron Point Titan Asset Management LLC, were represented by Bryan Poynter of Cassidy Turley.

-Matthews International Corp. leased 2,097 square feet of office space at 8606 N. Allisonville Road. The tenant was represented by Spud Dick of Cassidy Turley. The landlord, Citimark Inc., was represented by Brian Fitzgerald of Citimark.

-Any Lab Test Now leased 1,600 square feet of retail space at 1642 S. Olive Branch Parke Lane, Greenwood. The landlord, KLC Realty LLC, was represented by Greg Smith of Colliers International. The tenant represented itself.
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Rates

July 29, 2014
The average rate for 30-year mortgages fell from 4.30 percent to 4.28 percent in the week ended July 24, according to Bankrate.com. The rate for 15-year mortgages rose from 3.40 percent to 3.41 percent.
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People

July 29, 2014
Tim O’Brien, formerly of CBRE, Colliers International and Resource Commercial, has started O'Brien Commercial Real Estate, a commercial brokerage and consulting firm.
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Construction

July 29, 2014
-Holladay Construction Group LLC partnered with Holladay Properties on a 600-foot warehouse work-area expansion and office upgrade for Batesville at 5770 Decatur Blvd.

-Capitol Construction has completed a 3,600-square-foot office build-out for Advanced Pain Management at 10412 N. Allisonville Road, Fishers.

-Capitol Construction has completed a 3,700-square-foot office build-out for Fairway Mortgage at 10194 Crosspoint Blvd.

-Capitol Construction has completed a 7,000-square-foot production facility for Ambre Blends at 7825 E. 89th St.
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