newsletter.story

People

June 16, 2014

Kelli Burress, a nurse practitioner, has joined St. Vincent Medical Group in Greencastle. Burress earned an associate’s degree from Ivy Tech State College in Indianapolis and a bachelor’s degree in nursing from Indiana Wesleyan University in Indianapolis.

Dr. Mohammed Tarrabain, a family physician, has joined St. Vincent Medical Group in Carmel. Tarrabain earned his medical degree from The American University of Beirut in Lebanon.

Dr. Tim Franson has joined Indianapolis-based YourEncore as chief medical officer. Franson was vice president of global regulatory affairs at Eli Lilly and Co. and since then has worked as a consultant, on his own and at FaegreBD Consulting. Franson holds a bachelor’s degree from the University of Iowa and a medical degree from the University of Illinois College of Medicine.

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Correction

June 10, 2014
Andrew Leonard is with 7D Commercial Real Estate. The firm name was incorrect in the 3 Sisters Cafe lease published last week.
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Leases/leasing contracts

June 10, 2014
-HJ Umbaugh & Associates leased 20,937 square feet of office space at 8365 Keystone Crossing. The tenant was represented by Christopher Carmen of Carmen Commercial Real Estate Services Inc. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin and Bennett Williams of Cassidy Turley.
 
-3xLogic Inc. leased 14,182 square feet of industrial space at 9880-9896 E. 121st St., Fishers. The tenant was represented by Bryan Poynter of Cassidy Turley. The landlord, Duke Realty Corp., was represented by Duke's Kate Willen Ems.

-The Tamale Place leased 2,590 square feet at 1155 Stop 11 Road, Suite D. The tenant was represented by Andrew Clifford of 7D Commercial Real Estate. The landlord, J&J Partners LLC, was represented by Ryan Zickler of Zickler and Associates.

-Wynright Corp. leased 2,400 square feet of industrial space at 5603 W. Raymond St. The landlord, Iron Point Titan Asset Management LLC, was represented by Bryan Poynter of Cassidy Turley. The tenant represented itself.

-Dr. Billie J. Jameson  leased 2,270 square feet of office space in the Meridian Professional Building, 3266 N. Meridian St. The landlord, PBB III LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.

-Omni Tech Calibration Services Inc. leased 2,250 square feet of industrial space at 5545 W. Raymond St. The tenant was represented by Matt Kiger and Derek Menerey of Newmark Knight Frank Halakar. The landlord, Iron Point Titan Asset Management LLC, was represented by Bryan Poynter of Cassidy Turley.

-Force Holding Company LLC leased 2,160 square feet of industrial space at 6911-7061 Corporate Circle. The tenant was represented by Todd Vannatta of Cassidy Turley. The landlord, CrossLake Partners, was represented by Bryan Poynter and Russell Van Til of Cassidy Turley.

-Dajac Inc. leased 2,000 square feet of industrial space at 17406 Tiller Court, Westfield. The tenant was represented by Grant Lindley of Cassidy Turley. The landlord, First Financial Bank NA, was represented by J.D. Graves of CBRE.

-Encanto De Yemaya leased 1,420 square feet of retail space at Grant Plaza, 3035 Lafayette Road.The landlord, Harshman & Hays LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.

-The Bully Store leased 850 square feet of retail space at 2405 Lafayette Road. The landlord, 2405 Lafayette Road LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.
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People

June 10, 2014
Meyer Najem Construction Executive Vice President Sam Mishelow has been promoted to chief strategy officer of the company.
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Rates

June 10, 2014
The average rate for 30-year mortgages rose from 4.25 percent to 4.32 percent in the week ended June 5, according to Bankrate.com. The rate for 15-year mortgages rose from 3.35 percent to 3.41 percent.
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Construction

June 10, 2014
-Capitol Construction has completed a 3,000-square-foot retail build-out for MG Tates at 8702 Keystone Crossing.

-Capitol Construction has completed a 3,800-square-foot retail build-out for AFSCME at 9075 N. Meridian St.
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Company news

June 9, 2014

Indianapolis-based VoCare Inc. has formed a partnership with Motorola Mobility LLC, a subsidiary of Google Inc., to offer telehealth and remote monitoring services to seniors via Motorola smartphones. The partnership comes as VoCare raised $5 million this spring and is now trying to raise another $20 million. Along with Motorola, VoCare will offer smartphones that come preloaded with applications that connect to health care monitoring peripherals, the peripherals themselves, along with the phone and data services needed to power them. The VoCare phones have a safety button that connects them immediately to a remote call center if they experience falls or other emergencies. Also, VoCare’s remote monitoring system can keep track of seniors' health status as they use the medical peripherals or if their typical movement patterns change, suggesting a change in health. VoCare CEO Steve Peabody said in a prepared statement that the service will allow doctors to keep track of their patients and, using the video functions on the smartphones, make “virtual house calls.”

Indianapolis-based Indigo BioSystems Inc. has changed CEOs after securing $8.5 million in venture capital. The north-side firm of 47 employees makes software used by medical and research labs to review and analyze chemical compounds and tissue samples. Its new CEO is past president Randall Julian, a former Eli Lilly and Co. researcher who founded the company in 2004 through the drugmaker’s venture group. Julian takes over from Raul Zavaleta, who had led the company since 2011 so Julian could focus on product development. Zavaleta remains with the company as a consultant and a board director. Bootstrap Venture Fund LP, headquartered in San Diego, led the $8.5 million investment round. The investment is Indigo's second from a venture capital firm. The company raised $1.8 million in 2011. It has also received $1.75 million in grants from the federally funded 21st Century Research and Technology Fund, as well as $700,000 in conditional tax credits through the Indiana Economic Development Corp.

Indianapolis-based Cornerstone Cos. could break ground this year on an $11 million medical office building, expected to be largely owned by the doctors who practice there. Cornerstone is planning to locate the three-story, 43,000-square-foot building along Interstate 69 on a four-acre site on Olivia Way, which is near both the St. Vincent Fishers Hospital and the Indiana University Health Saxony Hospital. The Fishers Town Council agreed to forgive two-thirds of the property taxes on the project for six years. When the abatement runs out, Deer Creek Point’s property tax bill is expected to be about $178,000 a year—$70,000 more than a retail project would generate, according to projections prepared by public finance firm H.J. Umbaugh & Associates.

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People

June 9, 2014

Thomas Mooney has been appointed CEO of Methodist Sports Medicine, overseeing three locations in Avon, Carmel and Greenwood. According to his LinkedIn profile, Mooney was most recently CEO of an orthopedic physician practice in central Pennsylvania. Mooney holds a bachelor’s degree in business from Towson State University and an MBA from the University of Phoenix.

Bob Wade, a health care attorney at Indianapolis law firm Krieg DeVault LLP, was named the compliance expert to the board of Halifax Health in Daytona Beach, Fla. The hospital system agreed to an $85 million settlement with the U.S. Department of Justice over alleged illegal contracts with doctors that violated the federal Stark statutes. Wade, an expert in the Stark laws, will help the hospital rewrite its contracts with physicians and establish a compliance program.

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Correction

June 3, 2014
CISolutions leased 20,307 square feet of industrial space at 3169 N. Shadeland Ave. The tenant was represented by Bryan Augustin of Alliance Commercial Group. The landlord, First Highland, was represented by Todd Vannatta of Cassidy Turley. The landlord was misidentified in last week's Real Estate Weekly.
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Sales/acquisitions

June 3, 2014
-Amerco Real Estate Co. bought 5.25 acres at 4015 S. East St. The seller, Madison Realty Capital, was represented by Craig Ramsay of Sitehawk Retail Real Estate. The buyer represented itself.

-RH of Indiana LP bought 41 acres at 5575 N. County Road 600 East, Brownsburg. The buyer was represented by Bo Leffel of Cassidy Turley. The sellers, Terry L. and Ramona G. Henderson, were represented by David Horth of Quest Commercial Real Estate.

-Grace Community Church of Hamilton County Inc. bought six parcels totaling 24.71 acres at the southwest corner of 126th Street and Olio Road in Fishers. The buyer was represented by Darrin Boyd and David Moore of Cassidy Turley and Jeffrey Luebker of CBRE. The six sellers were all represented by Bo Leffel of Cassidy Turley.
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Leases/leasing contracts

June 3, 2014
-DQE renewed its lease for 48,080 square feet at 9910 North by Northeast Blvd., Fishers. The tenant was represented by Andrew Morris of Cushman & Wakefield/Summit. The landlord, Meritex Enterprises Inc., represented itself.

-Brickman Group leased 28,734 square feet at 8731 Americana Blvd. The tenant was represented by Brian Buschuk and Jake Sturman of JLL. The landlord, Maddox Industrial Contractors Inc., was represented by John Demaree and Steven Schaub of Cushman & Wakefield/Summit.

-TVF Inc. leased 18,500 square feet of industrial space at 2855 N. Franklin Road. The tenant was represented by Patrick Lindley of Cassidy Turley. The landlord, Franklin Road Realty LLC, was represented by Janet Crump of Western Select Properties.

-Rainbow International of East Indianapolis leased 7,302 square feet of industrial space at 3940-44 Pendleton Way. The tenant was represented by Derek Menerey of Newmark Knight Frank Halakar. The landlord, Pendleton/Parkside LLC, was represented by Debbie Mann of Mann Properties.

-The Dawg House Dueling Piano Bar leased 4,769 square feet at 6235 N. Guilford Ave. The tenant was represented by Debra Williams of DTM Real Estate. The landlord, Monon Housing Partners LLC, was represented by Jason S. Challand of Echelon Realty Advisors.

-Giordano’s leased 4,000 square feet at River’s Edge, 4110 E. 82nd St. The tenant was represented by Mark Perlstein of Sitehawk Retail Real Estate. The landlord, KRG Rivers Edge LLC, was represented by Blake Beaver of Kite Realty Group.

-3 Sisters Cafe leased 2,665 square feet at 6223 Guilford Ave. The tenant was represented by Andrew Clifford of 7DRE. The landlord, Monon Housing Partners LLC, was represented by Jason S. Challand of Echelon Realty Advisors.

-Together Homecare of Indianapolis LLC leased 2,340 square feet of office space at 8365 Keystone Crossing. The tenant was represented by David Moore and Darrin Boyd of Cassidy Turley. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin and Bennett Williams of Cassidy Turley.
 
-Pinnacle Chiropractic & Wellness leased 2,100 square feet of retail space at Fall Creek Harbour, 10126 Brooks School Road, Fishers. The tenant and landlord, FCH Associates LLC, were represented by Cindy Hoskinson of Lee & Associates.

-Fast Tans renewed its lease for 1,600 square feet of retail space at George Thomas Plaza, 1016 N. Shadeland Ave. The tenant and landlord, Ladywood Apartments LLC, were represented by Cindy Hoskinson of Lee & Associates.
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Rates

June 3, 2014
The average rate for 30-year mortgages fell from 4.29 percent to 4.25 percent in the week ended May 29, according to Bankrate.com. The rate for 15-year mortgages fell from 3.38 percent to 3.35 percent.
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Construction

June 3, 2014
-Capitol Construction has completed a 3,000-square-foot office build-out for Lee Ford at 11595 N. Meridian St., Carmel.

-Capitol Construction has completed a 4,700-square-foot restaurant for The North End at 1250 E. 86th St.
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Company news

June 2, 2014

Indianapolis-based health insurer WellPoint Inc. will start paying cancer doctors $350 per month more for every WellPoint patient they treat—if the doctors agree to follow WellPoint’s recommended treatment plans, according to the Wall Street Journal. The program aims to curb the 25-percent annual growth in spending on cancer care and to reduce the nearly one-third of chemotherapy patients who receive treatment conflicting with current medical evidence and best practices. The extra payments are also designed to make it easier financially for oncology practices to prescribe lower-cost drugs—because the revenue oncologists make from those drugs is less than more expensive drugs. Because oncologists not only prescribe, but also infuse many cancer drugs into their patients, the drugs often account for a substantial amount of their practice revenue. The program will be implemented July 1 in Georgia, Indiana, Kentucky, Missouri and Wisconsin.

Radiopharmaceuticals maker Zevacor Molecular plans to open a $40 million medical isotope-production facility in Noblesville, creating nearly 50 jobs within five years. Noblesville will provide an estimated $1.9 million—about 85 percent of the new property taxes the project should produce—in equipment and other necessities, according to a development deal the Common Council unanimously approved Tuesday. The agreement also calls for Zevacor to get a 95-percent abatement on personal property taxes for 10 years. Zevacor, which has eight employees and an office in Fishers, is a for-profit subsidiary of Decatur, Ill.-based not-for-profit Illinois Health & Science—also the parent of Decatur Memorial Hospital. It operates hospital cyclotrons and nuclear pharmacies in several states, said Kenneth Smithmier, Illinois Health’s president and CEO. A similar facility in Noblesville had been planned three years ago by Positron Corp., but the company failed to line up the necessary financial support.

The Indiana University School of Medicine will help oversee a three-year, $30 million concussion study being funded by the Indianapolis-based NCAA and the U.S. Defense Department, according to the Associated Press. The study, which will involve athletes from as many as 30 universities, will be led by IU's School of Medicine in collaboration with the University of Michigan and the Medical College of Wisconsin. IU researchers aim to collect data on 37,000 athletes.

Indianapolis-based OurHealth LLC plans to create a network of health care clinics serving employers across Indiana over the next four years and hire up to 450 people. The 5-year-old company has pledged to invest nearly $20 million, which would include the cost of doubling the size of its headquarters downtown. It currently leases about 10,000 square feet at OneAmerica Tower. OurHealth also plans to lease real estate for a series of 3,500-square-foot health clinics across the state. In June, OurHealth plans to begin hiring certified medical assistants, health coaches, nurses, nurse practitioners, physician assistants and doctors to staff its clinics. OurHealth’s website already has posted job openings in Kokomo, Logansport, Madison, Merrillville and Indianapolis. The firm employs more than 120 people and operates 15 clinics, most of which are dedicated to a single employer. The new clinics typically would serve multiple employers.

French drug company Sanofi will seek to sell Eli Lilly and Co.’s erectile dysfunction drug Cialis without a prescription, the companies announced last week, according to Bloomberg News. Sanofi will apply for approval of Cialis as an over-the-counter treatment in the United States, Europe, Canada and Australia, and will market the drug after certain patents expire. The deal hinges on regulatory approval in each country—a big question mark, according to analysts. The plan gives Sanofi access to a drug that garnered $2.16 billion in sales last year and faces generic competition in 2017.

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People

June 2, 2014

Erica Wehrmeister will become chief operating officer of Indianapolis-based St. Vincent Indianapolis Hospital on June 30. For the past three years, Wehrmeister has been chief operating officer at Lutheran Hospital in Fort Wayne and before that was COO at Dupont Hospital in Fort Wayne. In addition, she served in a variety of Fort Wayne-based clinical and nursing positions at Orthopaedics Northeast and Parkview North Hospital. Wehrmeister earned an MBA with a concentration in health care from Indiana Tech and a bachelor’s degree in nursing from Ball State University.

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Sales/acquisitions

May 27, 2014
-Indiana Medical Weight Loss LLC bought a 4,432-square-foot medical office building at 12050 N. Michigan Road, Zionsville. The buyer was represented by Keith Claghorn of Sycamore Group. The seller, Forty One Corp., was represented by Bob Lindgren of Lee & Associates.

-Realty Income Properties bought the 62,707-square-foot Gander Mountain Store at 1049 Emerson Ave., Greenwood. The buyer was represented by Brian F. Knapp and Janice Paine of Colliers International offices in Indianapolis and Cincinnati. The seller, Indigan Inc., represented itself.
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Leases/leasing contracts

May 27, 2014
-CISolutions leased 20,307 square feet of industrial space at 3169 N. Shadeland Ave. The tenant was represented by Bryan Augustin of Alliance Commercial Group. The landlord, First Industrial Realty Trust, was represented by Todd Vannatta of Cassidy Turley.

-3xLogic Inc. leased 14,182 square feet of industrial space at 9880-9896 E. 121st St., Fishers. The tenant was represented by Bryan Poynter of Cassidy Turley. The landlord, Duke Realty Corp., was represented by Duke's Kate Willen Ems.

-Electric Power Systems International Inc. leased 4,000 square feet at the Pendleton Trade Center, 3912 Pendleton Way. The tenant was represented by Derek Menerey and Ashley Bussell of Newmark Knight Frank Halakar. The landlord, Mann Properties, was represented by Debbie Mann.

-Fishers Imports subleased the 3,500-square-foot former Key Bank branch on 126th Street, Fishers. The tenant was represented by Chris Hake of Thompson Thrift Development. The sublandlord, Key Bank, was represented by Jared Kately of JLL.

-Ultra Athlete LLC leased 3,500 square feet of office space at 11595 N. Meridian St., Carmel. The tenant was represented by Christopher Carmen of Carmen Commercial Real Estate Services Inc. The landlord, eSkye Solutions Inc., was represented by Michael Semler of Cassidy Turley.

-CIMA Energy LTD leased 2,657 square feet of space at 9245 N. Meridian St. The tenant was represented by Kelly Williams of ReMax. The landlord, Echo Associates LLC, was represented by Ralph Balber and Ashley Bussell of Newmark Knight Frank Halakar.    

-ManpowerGroup US Inc. leased 2,386 square feet of office space at 11350 N. Meridian St., Carmel. The tenant was represented by Spud Dick of Cassidy Turley. The landlord, HUB Properties GA LLC, was represented by Thomas Hadley and Matt Waggoner of Summit Realty Group.

-VFA Inc. leased 2,150 square feet of office space at 8365 Keystone Crossing. The tenant was represented by Andrew Follman of NAI Meridian Real Estate Services. The landlord, Jim Sourwine, was represented by Andrew Martin and Bennett Williams of Cassidy Turley.

-BoMar Pneumatics leased 1,800 square feet of industrial space at 5755-5857 W. 74th St. The landlord, CrossLake Properties LLC, was represented by Todd Vannatta and Fritz Kauffman of Cassidy Turley. The tenant represented itself.

-Brew By U leased 1,600 square feet at Meridian Meadows, 3021 Meridian Meadows Road, Greenwood. The tenant was represented by Barbara Dunn-Stear of KW Commercial, Indy Metro Partners. The landlord, Meridian Meadows LLC, was represented by Keith Fried of Sitehawk Retail Real Estate.
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Residential

May 27, 2014
The average rate for 30-year mortgages fell from 4.33 percent to 4.29 percent in the week ended May 22, according to Bankrate.com. The rate for 15-year mortgages fell from 3.42 percent to 3.38 percent.
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People

May 27, 2014
Meyer Najem Construction executives Kevin McGovern and Chris McCracken have become partners at the company. McGovern is vice president of institutional projects and McCracken is vice president of health care.
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Construction

May 27, 2014
-Kort Builders has completed a 2,400-square-foot build-out for Coalition Pizza at 365 W. 116th St., Carmel.

-Kort Builders has completed a 3,000-square-foot build-out for Ossip Optometry at 1583 W. Oak St., Zionsville.
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Sales/acquisitions

May 20, 2014
-St. Richard's School bought a 7,797-square-foot office property at 3231 N. Meridian St. The buyer was represented by Jon Owens of Cassidy Turley. The seller, Meridian Associates LLP, was represented by Rich Forslund and Amy Burmeister of Cushman & Wakefield/Summit.

-Voiture Nationale/La Societe des Quarante Hommes at Huit Chevaux bought a 5,168-square-foot office property at 250 E. 38th St. Both the buyer and seller, Indiana Opera Society Inc., were represented by Jon Owens of Cassidy Turley.
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Leases/leasing contracts

May 20, 2014
-Pallet Depot LLC leased 102,272 square feet in Hunter Creek II, 9222-9228 E. 33rd St. The tenant was represented by Matt Kiger of Newmark Knight Frank  Halakar. The landlord, Duke Realty, was represented by Duke's Jay Archer.

-Octapharma Plasma Inc. leased 19,440 square feet of retail space at 8727 E. Washington St. The tenant was represented by David Stafancic of DTZ Americas Inc. The landlord, AAA Holdings Group LLC, was represented by Scot Courtney of Lee & Associates.

-The ADT Corp. leased 12,262 square feet of office space at 11918 Exit Five Parkway, Fishers. The tenant was represented by Tim Craft of CBRE. The landlord, Sunbeam Development Corp., was represented by Paul Dick and Kevin Dick of Colliers International.

-Cardinal Health 414 Inc. renewed and expanded its lease to 10,707 square feet in Georgetown Road Building 3, 7920 Georgetown Road. The tenant was represented by Nick Svarczkopf of CBRE. The landlord, Duke Realty, was represented by Duke's Jay Archer.

-DBC Imaging Inc., doing business as Speed Pro Imaging, leased 3,990 square feet at Park 100 Building 122, 5501-5599 W. 74th St. The tenant was represented by Jeff Shuman of Shuman Realty. The landlord, Duke Realty, was represented by Duke's Jay Archer.

-Miracle Dining, LLC leased 2,832 square feet of retail space at Providence at Old Meridian, 300 Providence Blvd. The tenant was represented by Kurt Meyer of Baseline. The landlord, Buckingham Cos., was represented by Gary Perel of Newmark Knight Frank Halakar and Tiffany Oliver of Buckingham Companies.

-Urban Chalkboard leased 2,529 square feet of retail space at Carmel Marketplace, East Carmel Drive and Keystone Avenue, Carmel. The tenant was represented by Tracey Holtzman of Midland Atlantic. The landlord, Buckingham Companies, was represented by Gary Perel of Newmark Knight Frank Halakar and Tiffany Oliver of Buckingham Companies.

-Jack’s Donuts leased 2,123 square feet of retail space at Carmel Marketplace, East Carmel Drive and Keystone Avenue, Carmel. The tenant was represented by Ralph Balber of Newmark Knight Frank Halakar.  The landlord, Buckingham Companies, was represented by Gary Perel of Newmark Knight Frank Halakar and Tiffany Oliver of Buckingham Companies.

-Globalnet Insurance leased 800 square feet of retail space in Fall Creek Harbour, 10142 Brooks School Road, Fishers. The tenant and landlord, FCH Associates LLC, were represented by Cindy Hoskinson of Lee & Associates.
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Residential

May 20, 2014
The average rate for 30-year mortgages fell from 4.37 percent to 4.33 percent in the week ended May 15, according to Bankrate.com. The rate for 15-year mortgages fell from 3.45 percent to 3.42 percent.
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People

May 20, 2014
Steve McKibben has joined Westcore Properties as vice president of asset management.
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Construction

May 20, 2014
-Mattingly Construction has completed a 1,000-square-foot build-out La Mulita Mexican Cantina at 5212 N. College Ave.

-Mattingly Construction has completed a 1,900-square-foot office expansion for Hazel Dell Veterinary Hospital at 13190 Hazel Dell Parkway, Carmel.
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