newsletter.story

Construction

October 22, 2013
-Mattingly Construction has begun construction of a 4,200-square-foot office build-out for Flotronix in the Promise Road Business Park at 12574 Promise Creek Lane, Fishers.

-Kort Builders has completed a 2,500-square-foot build-out for SMS Office at 8739 Castle Park Drive.

-Capitol Construction has completed a 9,000-square-foot office expansion for Kronos at 101 W. Washington St.
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People

October 21, 2013

Dr. Jihan Huggins, a family physician, has joined Community Physician Network, a part of the Community Health Network hospital system, in Indianapolis. She earned her medical degree at Indiana University School of Medicine.

Dr. Valerie Moss, an OB/GYN, has joined Community Physician Network in Anderson. She holds a medical degree from the University of Louisville.

Dr. Richard Ofstein, a vascular surgeon, has joined Community Physician Network in Indianapolis. He earned his medical degree at the University of South Dakota School of Medicine.

Dr. Ashlie Stallion, a pediatrician, has joined Community Physician Network in Indianapolis. She completed her medical degree at the Indiana University School of Medicine and her pediatric residency at Riley Hospital for Children.

Gretchen Gutman has joined Bloomington-based Cook Group as vice president of public policy. She most recently served as associate vice president for governmental relations at Ball State University. She spent eight years as chief advisor to the Senate Finance Committee of the General Assembly and was a partner at the law firm Taft Stettinius & Hollister LLP in Indianapolis, where she worked with Cook on state-government policy. Gutman holds a bachelor’s in history and a master’s in public affairs from Indiana University-Bloomington. She earned her law degree from the IU School of Law in Indianapolis.

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Company news

October 21, 2013

WellPoint Inc.’s third-quarter earnings report will get extra scrutiny after industry bellwether UnitedHealth Group disappointed investors last week and after the technical failures of the Obamacare exchanges. According to the Associated Press, Minnesota-based UnitedHealth’s third-quarter profit inched up just 1 percent compared with the same three-month period a year ago. UnitedHealth executives then narrowed the company’s full-year profit forecast, rather than raising it. That sent the stock prices of UnitedHealth, WellPoint and other health insurers tumbling. WellPoint shares had been trading near their all-time high of $90 apiece, buoyed by strong predictions about new revenue the company expects to glean from Obamacare. That has raised investors expectations for health insurers profit growth, said Citi analyst Carl McDonald. Enrollment started Oct. 1 in new public insurance exchanges that are part of President Obama’s health care overhaul. Indianapolis-based WellPoint won't have exchange enrollment data to share next week, but investors expect it to provide some insight into how enrollment has gone. Wall Street analysts expect WellPoint to post third-quarter profit of $1.81 per share, which would be a decline from the same quarter a year ago, and revenue of $17.7 billion.

Indiana could lose $63 million in payments next year from the 1998 tobacco settlement after an arbitration panel determined it had not worked hard enough to collect funds from cigarette companies that aren’t part of the deal. According to TheStatehouseFile, the ruling by a three-judge panel will reduce Indiana’s payment from $131 million to $68 million in 2014. And that’s just for claims from 2003; the years 2004 through 2012 remain in dispute. The state uses tobacco settlement payments to fund various public health programs. For the next two years, the state can make up the lost money out of its $2 billion surplus, said Senate Appropriations Chairman Luke Kenley, R-Noblesville. But Kenley has encouraged the Indiana Attorney General’s office to appeal the decision because an extended reduction in payments would have to be considered in future budgets. Forty-six states, including Indiana, signed what was called a master settlement agreement in 1998 with four of the largest cigarette manufacturers in the United States. Since then, roughly 40 other tobacco companies have joined the settlement, which requires the companies to make annual payments to states.

Nutrabiotix LLC, based in Purdue Research Park in West Lafayette, has received a $2.5 million federal grant to develop a fiber to help patients with irritable bowel syndrome. The fiber was created by Purdue food science professor Bruce Hamaker and Dr. Ali Keshavarzian, a gastroenterologist at Rush University Medical Center in Chicago, where the fiber has undergone two human clinical trials. Nutrabiotix received its latest funding from the National Institute of Diabetes and Digestive and Kidney Diseases, which is part of the National Institutes of Health and the U.S. Department of Health and Human Services. Nutrabiotix received another grant from NIH in 2010 for $250,000.

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Sales/acquisitions

October 15, 2013
-Fisher Realty Holdings LLC bought a 24,000-square-foot building at 10277 Leases Corner Court, Camby. The buyer was represented by Jason Alsup of RE/Max Centerstone. The seller, RC Properties I LLC, was represented by Steve Schaub and Brian Dell of Summit Realty Group.  

-Transpacific Development Co. bought a new, 450,000-square-foot distribution building on 31 acres at 2450 Stanley Road, Plainfield. The buyer was represented by John Huguenard of Jones Lang LaSalle's Chicago office. The seller, Plainfield Project One LLC, an affiliate of VanTrust Real Estate LLC of Kansas City, Mo., was represented by Glenn Davis of Colliers International.

-Kids Go Round bought a 13,440-square-foot retail building at 2481 E. Main St., Plainfield. The buyer was represented by Bud Green of RE/Max Centerstone. The seller, Aldi (Indiana) LP, was represented by Jim Abel of Lee & Associates.

-BAC Local 4 Indiana/Kentucky bought a 21,090-square-foot industrial building at 8455 Moeller Road. The buyer was represented by Ted McClure of McClure Commercial & Industrial Real Estate. The seller, Bank of Indiana NA, was represented by Bill Brennan of Lee & Associates.
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Leases/leasing contracts

October 15, 2013
-Evanced Solutions LLC leased 17,000 square feet of office space at 701 E. New York St. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, Rowland & Frist LP, was represented by Russell Van Til of Cassidy Turley.

-Fox and Hound renewed its lease for 8,040 square feet of retail space at Clearwater Springs, East 82nd Street and Allisonville Road. The tenant and landlord, an affiliate of PK Partners, represented themselves.

-Taverna 1850 leased 5,000 square feet at 1850 Broad Ripple Ave. The tenant and landlord, Alex and Mina Khoury, were presented by Hamada Ibrahim of R.P. Lux Commercial Real Estate Services.

-Kids Against Hunger-Greenwood Inc. leased 5,000 square feet at Emerson Industrial Park, 5602 Park Elmwood, Greenwood. The tenant was represented by Michael P. Sloan of The Broadbent Group. The landlord, Dominion Realty Inc., represented itself.

-Woodley Farra Manion Portfolio Management leased 4,196 square feet of office space at Five River Crossing, 8558 N. River Road. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, an affiliate of PK Partners, was represented by John Vandenbark of CBRE.

-Regions Bank renewed its lease for 4,100 square feet of retail space at Clearwater Springs, East 82nd Street and Allisonville Road. The tenant was represented by Nick Arterburn of CBRE. The landlord, an affiliate of PK Partners, represented itself.  
 
-Mid-America Computer Corp. leased 3,000 square feet of office space at 11711 N. College Ave., Carmel. The tenant was represented by Andrew Follman of NAI Meridian. The landlord, 11711 North College LLC, was represented by Kimberly Hartman of Colliers International.

-Fox Studios, doing business as Camden Glass, leased 2,900 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.

-Agave Bar and Grill leased 2,643 square feet at 31 E. Main St., Carmel. The tenant and landlord, Fernando Sagovia, were presented by Hamada Ibrahim of R.P. Lux Commercial Real Estate Services.

-AT&T renewed its lease for 2,400 square feet of retail space at Clearwater Springs, East 82nd Street and Allisonville Road. The tenant and landlord, an affiliate of PK Partners, represented themselves.

-Crust Pizzeria leased 2,400 square feet at 12505 Old Meridian St., Suite 170, Carmel. The tenant was represented by Hamada Ibrahim of R.P. Lux Commercial Real Estate Services. The landlord, Buckingham Cos., was represented by Buckingham's Tiffany Oliver.

-The Opus Group leased 2,097 square feet of office space at Three River Crossing, 3610 River Crossing Parkway. The tenant was represented by Mary Beth Kohart of CBRE. The landlord, an affiliate of PK Partners, was represented by John Vandenbark of CBRE.  

-Pizza Hut leased 1,800 square feet at Eagle Creek Shops, 5510 Lafayette Road. The tenant was represented by Michael Cranfill of Sitehawk Retail Real Estate. The landlord, Harris FLP, was represented by Beth Patterson of Colliers International.

-Jimmy Johns Gourmet Sandwiches leased 1,780 square feet of retail space at Emerson Shoppes, 4920 S Emerson Ave.  The tenant was represented by Jeff Daniel of The Valenti Group. The landlord, KLC Realty LLC, was represented by Greg Smith of Colliers International.
 
-Yang’s Foot Spa leased 1,400 square feet of retail space at Clearwater Springs, East 82nd Street and Allisonville Road. The landlord, an affiliate of PK Partners, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
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Residential

October 15, 2013
The average rate for 30-year mortgages fell from 4.41 percent to 4.39 percent in the week ended Oct. 9, according to Bankrate.com. The rate for 15-year mortgages was steady at 3.47 percent.
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Construction

October 15, 2013
-Capitol Construction has completed an 8,800-square-foot office build-out for Guggenheim Partners at 401 Pennsylvania Parkway.

-Capitol Construction has completed a 6,000-square-foot build-out for RPM Machinery at 8910 Purdue Road.
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People

October 14, 2013

Dr. Larissa Day Walz, an internist, has joined Indiana University Health Physicians in Carmel. Walz earned a bachelor’s in biology from Butler University and a medical degree from the Indiana University School of Medicine.

Dr. Aaron Ashabraner, a family physician, has joined IU Health Physicians in Carmel. He previously was part of the St. Vincent Physician Network and before that cared for active-duty military personnel at the Little Rock Air Force Base. He holds a medical from the IU School of Medicine.

Dr. Erica Huddleston, a family physician, has joined Community Health Network in Indianapolis. She earned her medical degree at Wayne State University School of Medicine in Detroit.

Dr. Erik Cox, a pediatrician, has joined Community Physician Network in Anderson. He earned his medical degree at the IU School of Medicine.

The Indiana Family and Social Services Administration appointed Joseph Moser to serve as Indiana Medicaid director, beginning Nov. 18. Moser spent the last five years as director of government affairs and interim executive director for Medicaid Health Plans of America, a national trade association. Moser is a graduate of Marian University in Indianapolis.

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Company news

October 14, 2013

Indiana Attorney General Greg Zoeller joined with 15 Indiana school districts in a lawsuit challenging the authority of the Obama administration to grant tax subsidies to Hoosiers buying health insurance in newly established exchanges or to fine employers for failing to provide affordable coverage. But a Democratic lawmaker said the lawsuit could lead to 400,000 Hoosiers losing out on tax breaks meant to make the insurance more affordable. According to TheStatehouseFile.com, Rep. Ed Delaney of Indianapolis said the lawsuit, filed Tuesday, is “dashing the hopes of Hoosiers on purpose.” The suit accuses the Internal Revenue Service of going beyond the Affordable Care Act’s authorizations by extending the tax breaks – which are meant to be subsidies – to residents of all states. The suit said the law authorizes the tax credits only for people living in states that are operating state-based exchanges. Indiana and most other states opted not to create their own exchanges and let the federal government do the job instead. But as revised by the IRS, the health care program opens the subsidies to residents of all states – including Indiana. Those IRS rules make Indiana employers liable for penalties if they fail to provide affordable health coverage to their employees, and one of them receives a tax subsidy to buy coverage on the health insurance exchange. Delaney, who blamed the lawsuit on Gov. Mike Pence, said that for the state’s argument to have merit, it would mean stripping the tax breaks away from all Hoosiers.

Indianapolis-based Novia CareClinics LLC, which was a pioneer in operating primary care clinics for employers, has agreed to be purchased by Wisconsin-based QuadMed LLC, another on-site clinic operator, the companies announced Wednesday. Financial terms of the deal were not disclosed. It is expected to close in the next 30 days. Novia has opened 50 on-site clinics serving more than 90 employers since its founding in 2006. In 2012, the company had more than $15 million in revenue. It now boasts 600 employees. QuadMed, which is a subsidiary of publicly traded Quad/Graphics, a commercial printing firm, operates more than 40 on-site clinics in various states. Its clinics were started to take care of its own 20,000 employees. As part of the transaction, Novia CEO Eric Olson will become an executive at QuadMed, serving under its president, Tim Dickman. In a press release, QuadMed said it also intends to fold Novia’s other employees into its operations.

Indianapolis-based Dow AgroSciences LLC said Tuesday that it has prevailed in a second patent-infringement lawsuit involving one of the company’s key products. The suit, filed in January 2012 by South African-based Bayer CropScience SA, charged that Dow Agro’s Enlist E3 soybean seed infringed one of its patents. In Monday’s ruling, a federal judge sided with Dow Agro in its motion to have the case dismissed after the court said it was unable to find objective evidence supporting Bayer's arguments. Dow Agro won a similar case against Bayer last September involving Enlist’s 2,4-D tolerance technology. That decision was upheld five weeks ago by an appeals court. Dow Agro, a subsidiary of Midland, Mich.-based Dow Chemical Co., predicts Enlist could earn as much as $1 billion over its life cycle. Dow Agro had global sales of $6.4 billion in 2012.

Indianapolis-based drugmaker Eli Lilly and Co. has become too reliant on its remaining pipeline of drugs under development for growth as it deals with patent expirations, Jefferies analyst Jeffrey Holford said in a new research report. "We are also skeptical of many of the remaining pipeline assets," wrote Holford, according to a report by the Associated Press. Holford lowered his rating on the stock to "underperform" from "hold" and dropped his price target on the shares to $40 from $49. Also factoring into Holford’s action are increasing competition and slower sales volume from the U.S. diabetes market, which is a big source of revenue for Lilly, and unfavorable foreign exchange rates and pricing pressure in Europe. At the end of this year, Lilly will lose the U.S. patent protecting its top-selling drug, the antidepressant Cymbalta, which will allow cheaper generic versions to steal its sales. Lilly also lost its U.S. and European patents on its former best-seller, the antipsychotic Zyprexa, in late 2011.

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Sales/acquisitions

October 8, 2013
-Jordan-Ford bought the 30,000-square-foot, multi-tenant Fishers Business Center at 12790 Ford Drive, Fishers. The buyer was represented by Keith Dedrick of Corporate Commercial Group. The seller, Mahi Development, was represented by Brad Williams and John Demaree of Summit Realty.

-Larry Naab bought a 2,432-square-foot office building at 12550 Promise Creek Lane, Fishers.  The seller, First Financial Collateral Inc., was represented by Paul Dick and Kevin Dick of Colliers International. The buyer represented himself.

-ANT Savings Corp. bought a 1.33-acre Wendy's ground lease at 5055 W. Washington St. The buyer and seller, RMS Development LLC, were represented by Andrew Clifford of 7D Commercial Real Estate.

-The Flying Cupcake bought a 1,533-square-foot retail space at 423 Massachusetts Ave. The buyer was represented by Bart Jackson and Scot Courtney of Lee & Associates.  The seller, James B. Luther, represented himself.
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Leases/leasing contracts

October 8, 2013
-Phillips Feed Services leased 85,625 square feet of industrial space at 5851 W. 80th St. The tenant was represented by Patrick Lindley of Cassidy Turley. The landlord, ProLogis, was represented by Chris Black of CBRE.

-United Natural Foods Inc. leased 66,033 square feet of industrial space at 999 Gerdt Court, Greenwood. The tenant was represented by Brian Seitz of Jones Lang LaSalle. The landlord, Gerdt Enterprises LLC, was represented by Jason Speckman of Summit Realty Group.

-Twin Peaks leased 12,500 square feet at 6880 E 82nd St. The tenant was represented by Alan Chodrow of Chodrow Realty Advisors. The landlord, Betty Herring Irrevocable Trust, was represented by Steve Delaney of Sitehawk Retail Real Estate.

-Meridian Title Corp. leased 4,724 square feet of office space at 3850 Priority Way South Drive. The tenant was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The landlord, CBRE Global Investors, was represented by Rick Trimpe of CBRE.

-IU Health leased 3,774 square feet of office space at 11580 Overlook Drive, Fishers. The landlord, Sandstone Properties LLC, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented itself.

-America’s Best Contacts and Eyeglasses renewed its lease for 3,500 square feet in Honey Creek Plaza, 5404-5406 W. 38th St. The tenant was represented by Jason Thomas of Cassidy Turley. The landlord, Sandor Development, represented itself.

-SAFY of Indiana Inc. leased 3,003 square feet of office space at 70 E. 91st St. The tenant was represented by Mary Beth Kohart of CBRE. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin and Bennett Williams of Cassidy Turley.

-EquiTeam LLC leased 2,870 square feet of office space at 70 E. 91st St. The tenant was represented by Darrell Pike of Pike Real Estate Services LLC. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin and Bennett Williams of Cassidy Turley.

-Axia Advisory Corp. leased 2,120 square feet of office space at 20 E. 91st St. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin and Bennett Williams of Cassidy Turley. The tenant represented itself.

-$1.99 Cleaners leased 2,048 square feet in Avon Creek, 10028 Rockville Road, Avon. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Moser Consulting Inc. leased 1,924 square feet of office space at 6081 E. 82nd St. The tenant was represented by Steve Beals of Lee & Associates. The landlord, NorthStar Realty Finance Corp., was represented by Dave Moore and Darrin Boyd of Cassidy Turley.

-Red Line Frozen Yogurt leased 1,870 square feet of retail space in Arlington Commons, 5920 E. Stop 11 Road. The tenant was represented by Mark Dietel of Keller Williams Indy Metro South. The landlord, LSREF2 Baron LLC, was represented by Scot Courtney and Ron Mannon of Lee & Associates.

-Health and Hospital Corp., doing business as Nurses on Demand, leased 1,816 square feet in Eagledale Plaza, 2802 N. Lafayette Road. The tenant was represented by Caroline Smith of Spectrum Management and Development. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.

-Sherwin-Williams leased 1,498 square feet of office space at 6535 E. 82nd St. The landlord, NorthStar Realty Finance Corp., was represented by Dave Moore and Darrin Boyd of Cassidy Turley. The tenant represented itself.

-Kress Psychological Services leased 1,219 square feet of office space at 3021 E. 98th St. The tenant was represented by Darrin Boyd of Cassidy Turley. The landlord, Brookfield Real Estate Opportunity Group, was represented by Dave Moore of Cassidy Turley.
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Residential

October 8, 2013
The average rate for 30-year mortgages fell from 4.47 percent to 4.41 percent in the week ended Oct. 2, according to Bankrate.com. The rate for 15-year mortgages fell from 3.53 percent to 3.47 percent.
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Construction

October 8, 2013
-Capitol Construction has completed a 30,000-square-foot office build-out for American Specialty Health at 12318 Hancock Drive, Carmel.

-Capitol Construction has completed a 2,500-square-foot office build-out for Franklin American at 8555 River Road.

-Mattingly Construction was awarded and has begun construction of a 3,432-square-foot office build-out for MS-IL Staffing at 4933 W. 38th St.
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Company news

October 7, 2013

Bring in the relationship experts to label this one. St. Vincent Health and Monroe Hospital in Bloomington have pulled back from their “strategic alignment”—which had St. Vincent managing Monroe’s operations but was a step short of a merger—and will instead settle for a clinical partnership for cardiology, orthopedic and critical care services. Longtime St. Vincent executive Joe Roche, who had led the attempt to integrate the systems, will now become the CEO of Monroe Hospital, starting Monday. “We are appreciative for the opportunity to have explored integration options with Monroe Hospital, and to continue our clinical partnerships to serve the residents of Bloomington and surrounding communities,” Ian Worden, interim CEO of St. Vincent Health, said in a prepared statement. The Bloomington market is dominated by St. Vincent’s archrival, Indianapolis-based Indiana University Health, which owns IU Health Bloomington Hospital there. Monroe, which boasts 32 inpatient beds, was having financial difficulties and had been looking at a partnership with Franciscan St. Francis Health before it struck its deal with St. Vincent last year.

Less-than-expected profit in emerging markets and a decline in the Japanese yen could make it difficult for Eli Lilly and Co. to meet a goal of at least $20 billion in revenue next year, the Indianapolis-based drugmaker said Thursday. But the company said it would cut costs, if necessary, to reach its other 2014 goals of $3 billion in profit and $4 billion in operating cash flow. “I am confident in our outlook to return to a period of growth and expanding margins,” Chief Financial Officer Derica Rice said in a statement. Lilly will also take a hit from Obamacare. The 2010 law, known as the Patient Protection and Affordable Care Act, required drugmakers to give larger rebates to federally funded health plans and will add a tax onto all U.S. sales of prescription drugs. Those impacts, as well as Obamacare's elimination of a tax benefit for retiree drug coverage, will cost Lilly about $500 million this year. But Lilly might also see its sales hampered by the Obamacare exchanges, the online marketplaces that started Tuesday in all 50 states. That's because health insurers, in an attempt to keep premiums low, are creating narrower formularies that exclude some drugs from coverage. Similarly, insurers are creating "narrow networks" that offer coverage for fewer doctors and hospitals.

Indiana University Health plans to eliminate 935 workers in Indianapolis, Carmel, Fishers and Muncie, according to documents filed by the hospital system with the state. The cuts will affect 746 in Indianapolis at Methodist Hospital, Riley Hospital for Children, University Hospital and IU Health Physicians. In Carmel, 67 will be cut at IU Health North Hospital. Two will be trimmed at Saxony Hospital in Fishers. In Muncie, IU Health plans 120 cuts at Ball Memorial Hospital. IU Health employs about 36,000 statewide. It says it's looking to save $1 billion in costs over the next four years. The Indianapolis-based system said last month it must make the cuts because fewer patients have been coming to hospitals, and payment rates for its services have been declining.

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People

October 7, 2013

Dr. Sarah Curry, a family physician, has been hired by Community Physician Network, part of the Indianapolis-based Community Health Network hospital system. Curry earned her medical degree at the Indiana University School of Medicine.

Dr. Megan Gruesser, a pediatrician, has been hired by Community Physician Network. She completed her medical degree at IU School of Medicine.

Dr. Joshua Kluetz, a family and sports medicine physician, has been hired by Community Physician Network. He did his medical training at Midwestern University Chicago College of Osteopathic Medicine.

Indianapolis-based OurHealth, which operates employer-sponsored health clinics, has hired Ashley Davis as its in-house graphical designer. She holds a master’s degree in design from IUPUI and a bachelor’s degree from Loyola University of Chicago.

Brandon Rogers has joined OurHealth as a senior engineer for information technology systems. He previously worked for Indianapolis-based consulting firm The Brookfield Group.

Over the next year, the six Daughters of Charity nuns who serve at Indianapolis-based hospital system St. Vincent Health leave to serve other areas. The sisters are Mary Kay Tyrell, Louise Busby, Rita Joyce DiNardo, Mary Satala, Mary Powers and Cecilia Ann West. In their place, St. Vincent and its parent, St. Louis-based Ascension Health, will use formation programs to train up lay leaders in the values of the Catholic church and the sisters’ tradition. Also, Sister Mary Kay Tyrell will continue to serve on the St. Vincent Indianapolis Hospital and Foundation boards, and Sister Renee Rose will serve as a member of the St. Vincent Health board.

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Leases/leasing contracts

October 1, 2013
-Katz Sapper & Miller renewed its lease for 75,064 square feet in Eight Parkwood, 800 E. 96th St. The tenant was represented by John Crisp of Cassidy Turley. The landlord, Duke Realty, was represented by Duke's Traci Kapsalis.   

Firebelly Technologies, doing business as Element Three, leased 16,521 square feet of office space at 3500 Depauw Blvd. The tenant was represented by Darrell Pike of Pike Real Estate Services LLC. The landlord, Sterling American Property Inc., was represented by Dave Moore, Bennett Williams and Darrin Boyd of Cassidy Turley.

-Quadel Consulting leased 9,297 square feet of office space at 10 W. Market St. The tenant was represented by Graham Summers of Jones Lang LaSalle. The landlord, HDG Mansur, was represented by Andrew Martin and Bennett Williams of Cassidy Turley.

-Axia Technology Partners LLC leased 6,446 square feet of office space at 151 N. Delaware St. The tenant was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The landlord, Hertz Investment Group, was represented by Rick Trimpe of CBRE.

-Petersen Engineering Inc. leased 6,150 square feet of office space at 8902 Vincennes Circle in Fortune Park. The tenant was represented by Steve Beals and Richard R. King III of Lee & Associates. The landlord, Fortune Park 14 Partners LLC, was represented by Tom Frank of Summit Realty Group.

-Homestead Financial leased 4,955 square feet of office space at 8500 Keystone Crossing. The tenant was represented by Spud Dick and John Crisp of Cassidy Turley. The landlord, Ash Brokerage Corp., was represented by Nick Svarczkopf of CBRE.

-Sen. Joe Donnelly leased 3,995 square feet of office space at 10 W. Market St. The tenant was represented by Gordon Hendry of CBRE. The landlord, HDG Mansur, was represented by Andrew Martin and Bennett Williams of Cassidy Turley.

-Deeper Life Bible Church leased 3,200 square feet of retail space in Lafayette Place, 3635 Commercial Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Future Keys Inc. leased 2,094 square feet of office space at 3905 Vincennes Road. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, Halakar Property Management acting as court-appointed receiver, was represented by Matt Kiger of Newmark Knight Frank Halakar.

-World Finance Co. leased 1,900 square feet of retail space in Honey Creek Plaza, 3835-37 Moller Road. The tenant was represented by Seth Biggerstaff of Veritas Realty. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.

-$1.99 Cleaners leased 1,841 square feet of retail space in Norgate Plaza, 7235 N. Keystone Ave. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Hat Kings leased 1,600 square feet in Lafayette Place, 3740 Commercial Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Ministerios Torre Fuerte leased 1,600 square feet in Lafayette Place, 3643 Commercial Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Kumon Math and Reading Center leased 1,400 square feet of retail space in Old Town Shoppes, 1260 W. 86th St. The tenant was represented by Creighton Shook of Coldwell Banker Commercial. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.
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Sales/acquisitions

October 1, 2013
-Manasek Acquisition Company II LLC bought a 201,308-square-foot industrial plant at 11700 N. State Road 37, Elwood. The buyer was represented by Richard R. King III and Steve Beals of Lee & Associates. The seller, The city of Elwood, represented itself.

-TJ Investment Group LLC bought a 5,118-square-foot office-warehouse building at 10078 Lantern Road, Fishers. The buyer was represented by Mark Writt of CBRE. The seller, Applied Technology Inc., was represented by Dave Moore and Darrin Boyd of Cassidy Turley.

-Town of Brownsburg bought and leased back a 53,921-square-foot office and school property at 326 N. Green St., Brownsburg. The seller/tenant, the Archdiocese of Indianapolis (St. Malachy Parish), was represented by Kelly Williams and Ray Simons of Cassidy Turley. The buyer represented itself.

-Empower Results bought a 2,200-square-foot building 1052 Woodlawn Ave. The buyer was represented by Bud Green of ReMax Centerstone. The seller, Southeast Community Services Inc., was represented by Catherine Esselman of Penn Real Estate Inc.

-Five Points Enterprises LLC bought a 3,840-square-foot building at 540 Virginia Ave. The buyer and seller, the Estate of Donald R. Jones, were represented by Catherine Esselman of Penn Real Estate Inc.
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Residential

October 1, 2013
The average rate for 30-year mortgages fell from 4.66 percent to 4.47 percent in the week ended Sept. 25, according to Bankrate.com. The rate for 15-year mortgages fell from 3.70 percent to 3.53 percent.
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People

October 1, 2013
-Mark Sergi has joined CBRE Group Inc.'s Indianapolis office as a vice president focusing on occupier services for mid-cap clients.

-Bob Moreland, Bill Spencer and Brett Rose have joined Capitol Construction as project managers.
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Construction

October 1, 2013
-S&B Construction Group has completed a 70,000-square-foot facility for Self Storage @ Anson at 6978 Central Blvd., Whitestown.

-S&B Construction Group has completed a 7,400-square-foot retail center at 13844 Olivia Way, Fishers.

-Kort Builders has completed a 4,000-square-foot build-out for First Financial Bank at 5004 W. 71st St.
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People

September 30, 2013

Derron Bishop has been named interim director of the Indiana University School of Medicine-Muncie campus and interim associate dean at IU School of Medicine. Bishop, a professor of cellular and integrative physiology at IU School of Medicine-Muncie, joined the IU faculty in 2002. Bishop holds a master’s degree in physiology from Ball State University and a doctorate in neurosciences from Washington University in St. Louis. Bishop succeeds T. Stuart Walker, who had served as associate dean and director since 2006. Walker will continue teaching at IU School of Medicine-Muncie as a professor of microbiology and immunology.

The Behavior Analysis Center for Autism promoted Stacy Apraez to director of operations, overseeing all four facilities run by the center. She was previously the clinical director at the Behavior Analysis Center for Autism’s Fishers facility. Apraez holds a bachelor’s from State University of New York at Brockport.

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Company news

September 30, 2013

The federal Medicare program has decided, at least for now, not to reimburse health care providers who conduct diagnostic imaging tests using an Eli Lilly and Co. imaging agent that can help identify the presence of Alzheimer’s disease. Medicare will pay for those scans if they are part of a clinical trial of a drug and will consider paying for broader use in the future. But Indianapolis-based Lilly, as well as the Chicago-based Alzheimer’s Association, had been hoping for wider reimbursement now. The Alzheimer’s Association noted that it typically takes seven years for a procedure to move from clinical-trial-only reimbursement to broad reimbursement. The narrower use of Lilly’s agent, which is called Amyvid, is a small hit financially for Lilly. The bigger impact is that Lilly hoped wide use of Amyvid could help it and other companies bring drugs to market to treat Alzheimer’s. Since there are currently no effective treatments for the disease, any drug that did help with treatment would be an instant blockbuster. Lilly’s experimental drug solanezumab could have sales topping $4 billion annually if it proves effective in patients with mild Alzheimer’s disease. The drug failed its clinical trials last year when tested in a mix of mild and moderate Alzheimer’s patients, but it showed encouraging results in patients with only mild Alzheimer’s disease. The only way to identify such patients is by using a special kind of imaging test that will show deposits of a protein called amyloid—which is one of two telltale signs of Alzheimer’s disease. The imaging test is called PET, or positron emission tomography. Before Amyvid, however, the only way to view these plaques was during an autopsy.

Cancer drug Erbitux, which is partly owned by Indianapolis-based Eli Lilly and Co., extended the lives of patients with a form of advanced colon cancer more than seven months longer than those taking Roche Holding AG’s Avastin, according to clinical trial results released Saturday. According to Bloomberg News, the results were presented at a scientific conference in Europe by Germany-based Merck KGaA, which sells the medicine outside North America. Lilly and New York-based Bristol-Myers Squibb Co. market the drug in the United States. Erbitux generated sales for Merck of $1.2 billion last year, while Lilly realized $400 million in revenue from the drug in 2012. According to Bloomberg, the findings suggest that Erbitux, already approved in Europe as a treatment for patients with so-called KRAS wild-type tumors, may have a role in a subgroup of patients with so-called RAS wild-type cancer.

Purdue University chemistry professor Graham Cooks, whose research has played a role in the launch of several Indiana startups, was awarded the 2013 Dreyfus Prize in Chemical Sciences, the highest award possible for a chemist, during a ceremony last week. Cooks won the prize and its $250,000 payment for his innovations in the fields of mass spectrometry and analytical chemistry. Cooks and his team have fine-tuned the tools for molecular imaging for cancer diagnostics and surgery; therapeutic drug monitoring; testing for biomarkers in urine; and the identification of food-borne pathogens, bacteria, pesticides and explosives residues. His research has contributed to the technology developed by Griffin Analytical Technologies Inc., Prosolia, Inc. and InProteo LLC.

In a big disappointment, Indianapolis-based Eli Lilly and Co. reported that its experimental cancer drug ramucirumab proved no better than a placebo as a treatment for breast cancer. According to the Associated Press, the Indianapolis-based firm no longer plans to seek regulatory approval for the drug as a treatment for patients with a form of breast cancer that has spread. However, Lilly will seek approval to use ramucirumab in combination with chemotherapy in stomach cancer patients after ramucirumab performed better in a separate study on those patients. Ramucirumab extended both overall and progression-free survival times for patients with advanced gastric cancer. Lilly will seek approval from regulators for that use. It also is studying ramucirumab in colorectal and lung cancers and expects more late-stage research results next year. Ramucirumab is one of Lilly’s best hopes to produce new revenue to offset the loss of sales it has been suffering since the 2011 patent expirations on its then-best-seller, Zyprexa, and the patent expiration coming at year’s end on its current best seller, Cymbalta.

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Sales/acquisitions

September 24, 2013
-Westlake Shoppes IN LLC bought Westlake Shoppes, a 8,250-square-foot retail center at 835 Beachway Drive. The seller, 835 Beachway Drive LLC, was represented by Kevin Broderick and Matt Gray of CBRE. The buyer represented itself.

-North Hill Realty Group bought the 9,068-square-foot former Lotus Garden Restaurant building at 1045 N. Rangeline Road, Carmel. The buyer was represented by Drew Pattyn of Northern Commercial. The landlord, Lotus Investment Co., was represented by Steve Delaney and Craig Ramsay of Sitehawk Retail Real Estate.

-Atlanta-based Radco Cos. bought the 454-unit Lakewood Lodge Apartments at 65th Street and Keystone Avenue. The buyer, which has renamed the complex Ashford at Keystone, and seller, an affiliate of New York-based Lehman Brothers Holdings, were represented by Tikijian Associates.
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Leases/leasing contracts

September 24, 2013
-Jones Lang LaSalle has been named leasing agent for the 110,600-square-foot Chamber of Commerce Building, 320 N. Meridian St. Kevin Gillihan and James Clark of JLL are the leasing representatives.
    
-Ollie’s Bargain Outlet leased 30,000 square feet of retail space in River Ridge Plaza, 1634-A Scatterfield Road, Anderson. The tenant was represented by Bobby Traynham of Rhino Realty Group. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor.

-Amarr Co. leased 14,400 square feet of industrial space at 7768 Zionsville Road. The tenant was represented by Michael Weishaar of Cassidy Turley and John Ruffin of Meridian Realty Group. The landlord, Zionsville Indy LLC, was represented by Michael Napariu of REI Investments.

-Architectural Supplements LLC leased 11,555 square feet of industrial space at 7301 Georgetown Road. The tenant was represented by Joe Boarini of Quest Commercial Real Estate LLC. The landlord, Source Interlink Companies, was represented by Grant Lindley of Cassidy Turley.
 
-Comic Book University leased 4,800 square feet at Greenwood Place, 7623 S. Shelby St. The landlord, Broadbent Co., was represented by Josh Broadbent. The tenant represented itself.

-Body Mind and Core leased 4,053 square feet at Rangeline Crossing, 116th Street and Rangeline Road, Carmel. The landlord, KRG Centre LLC, was represented by Andrew Hasbrook of Kite Realty Group. The tenant represented itself.

-McFarling Foods leased 4,000 square feet of industrial space at 1234-1246 N. Capitol Ave. The landlord, 1234 N. Capitol LLC, was represented by Bill Byram of Cassidy Turley. The tenant represented itself.

-Mattress Firm Inc. leased 3,500 square feet of retail space in the Shoppes at Smith Valley, 791 State Road 135, Greenwood. The tenant was represented by Scott Gray of Sitehawk Retail Real Estate. The landlord, 791 SR 135 LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.  

-Shorty's Pub and Eatery leased 2,800 square feet at Washington Corner, 9976-9978 E. Washington St. The landlord, Broadbent Co., was represented by Josh Broadbent. The tenant represented itself.

-School on Wheels leased 2,369 square feet at Glendale Town Center, 6101 N. Keystone Ave. The landlord, Glendale Centre LLC, was represented by Andrew Hasbrook of Kite Realty Group. The tenant represented itself.

-Art’s Skillet leased 2,326 square feet of retail space in Esquire Plaza, 8255 Pendleton Pike. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Koko Fit Club leased 2,042 square feet at Rangeline Crossing, 116th Street and Rangeline Road, Carmel. The tenant was represented by Beth Patterson of Colliers International. The landlord, KRG Centre LLC, was represented by Blake Beaver of Kite Realty Group.

-Springleaf Financial leased 1,906 square feet of retail space in Cherry Tree Plaza, 9725 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
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People

September 24, 2013
Colliers International has added four people to its Investment & Multifamily Services team. Michael Wernke joined as senior vice president, Cory Detamore and Evan Bryant joined as associates, and Maria Stein was added as marketing coordinator.
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  1. If what you stated is true, then this article is entirely inaccurate. "State sells bonds" is same as "State borrows money". Supposedly the company will "pay for them". But since we are paying the company, we are still paying for this road with borrowed money, even though the state has $2 billion in the bank.

  2. Andrew hit the nail on the head. AMTRAK provides terrible service and that is why the state has found a contractor to improve the service. More trips, on-time performance, better times, cleanliness and adequate or better restrooms. WI-FI and food service will also be provided. Transit from outlying areas will also be provided. I wouldn't take it the way it is but with the above services and marketing of the service,ridership will improve and more folks will explore Indy and may even want to move here.

  3. They could take the property using eminent domain and save money by not paying the church or building a soccer field and a new driveway. Ctrwd has monthly meetings open to all customers of the district. The meetings are listed and if the customers really cared that much they would show. Ctrwd works hard in every way they can to make sure the customer is put first. Overflows damage the surrounding environment and cost a lot of money every year. There have been many upgrades done through the years to help not send flow to Carmel. Even with the upgrades ctrwd cannot always keep up. I understand how a storage tank could be an eye sore, but has anyone thought to look at other lift stations or storage tanks. Most lift stations are right in the middle of neighborhoods. Some close to schools and soccer fields, and some right in back yards, or at least next to a back yard. We all have to work together to come up with a proper solution. The proposed solution by ctrwd is the best one offered so far.

  4. Fox has comments from several people that seem to have some inside information. I would refer to their website. Changed my whole opionion of this story.

  5. This place is great! I'm piggy backing and saying the Cobb salad is great. But the ribs are awesome. $6.49 for ribs and 2 sides?! They're delicious. If you work downtown, head over there.

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