newsletter.story

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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People

May 19, 2014

Mary Myers, a registered nurse, has been named chief nursing officer of St. Vincent Indianapolis Hospital as well as the women’s and children’s hospitals on the West 86th Street campus. Myers previously served as chief nursing officer and vice president of patient care services at Indiana University Health West Hospital in Avon. Myers earned a master’s degree in nursing administration from the University of Indianapolis and a bachelor’s degree in nursing from Indiana University.

Dr. Susan Benson, an obstetrician and gynecologist, has joined St. Vincent Medical Group in McCordsville. Benson was previously chief of obstetrics and gynecology at Henry County Hospital in New Castle. She earned her medical degree from the Indiana University School of Medicine.

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Company news

May 19, 2014

Minnesota-based UnitedHealth Group Inc. will make the prices it pays for health care services available to consumers on the Internet, according to Bloomberg News. The effort, organized by the Health Care Cost Institute, will include two other insurers, Louisville-based Humana Inc. and Hartford, Conn.-based Aetna Inc. They will make public a “reference price” for health services in local communities, based on aggregated data from insurers. Customers of each insurer will get more precise information about prices, including how much they’ll have to pay out of pocket. Indianapolis-based WellPoint Inc. has been working recently to make prices available to its customers via a partnership with Castlight Health, a San Francisco-based software firm.

Eli Lilly and Co. lost a United Kingdom lawsuit over its Alimta lung cancer treatment but plans to appeal, according to Bloomberg News. A judge ruled May 15 that a generic version of Alimta, planned by Actavis Plc, doesn’t breach European patents. Indianapolis-based Lilly, which had first quarter sales of $632 million from Alimta this year, has fought lawsuits across the globe to protect patents related to the product. In March, a U.S. District Court upheld a patent regarding vitamin dosage in a dispute with Teva Pharmaceutical Industries Ltd. Some European patents for Alimta expire in December 2015, and Actavis is seeking regulatory approval for a rival treatment, according to a written decision by Judge Arnold handed down in London. Lilly said in its statement that it had won an Alimta patent case in Germany earlier this year. The company said it expected European patents related to vitamin dosage to remain in force until 2021.

Purdue University trustees authorized the completion of a $54 million flex lab, to be built south of the Birck Nanotechnology Center in Purdue’s Discovery Park. The 75,000-square-foot lab will be financed with up to $38 million in proceeds from bonds, up to $13.5 million in gift funds and up to $2.5 million in university central reserve funds. Also, the trustees OK’d a $14 million, 32,000-square-foot expansion of Jischke Hall to enhance the university's biomedical engineering research capabilities. Purdue will also spend $10 million to construct a 25,000-square-foot center for seed processing and analysis, and will spend $8.2 million to expand its Zucrow Laboratories to add 14,600 square feet of space.

HR Dimensions LLC has acquired by Chicago-based WIA Group to form HRD Advisory Group LLC. The merger gives HRD a practice that covers all types of employer insurance, including health benefits, as well as risk management consulting services. The combined firms will continue to operate out of HR Dimension’s offices in Carmel.

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Correction

May 13, 2014
The Huntington National Bank leased 2,478 square feet of retail space in Sophia Square, 110 W. Main St., Carmel. The tenant and landlord, Carmel Lofts LLC (an entity related to Keystone Realty Group), were represented by Scot Courtney and Bart Jackson of Lee & Associates. The relationship between Carmel Lofts and Keystone was misstated last week.
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Sales/acquisitions

May 13, 2014
-Trinity Episcopal Church bought the 24,808-square-foot Atkinson Building at 3231 N. Meridian St. The buyer was represented by Jon Owens of Cassidy Turley. The seller, Meridian Associates LLP, was represented by Matt Langfeldt, Rich Forslund, Amy Burmeister and Adam Ehret of Cushman & Wakefield/ Summit.

-National Retail Hardware Association bought the 31,138-square-foot Empire Square building at 136 N. Delaware St. The seller, DMS Property Group LLC, was represented by Matt Langfeldt and Rich Forslund of Cushman & Wakefield/Summit. The buyer represented itself.
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Leases/leasing contracts

May 13, 2014
-Hellman Worldwide Logistics renewed its lease for 96,336 square feet at Park 100 Building 99, 5075 W. 74th St. The tenant was represented by David Creiner of Jackson Cooksey and Chris Black of CBRE. The landlord, Pinchal & Co., was represented by Jake Sturman and Chip Barnes of JLL.

-Keronite Inc. renewed its lease for 13,600 square feet of industrial space at 2121 Southtech Drive, Greenwood. The tenant was represented by Michael Weishaar of Cassidy Turley. The landlord, Liberty Property Trust, was represented by Brian Buschuk and Jake Sturman of JLL.

-Indiana Soccer Association Inc. leased 4,774 square feet of office space at 9333 N. Meridian St. The tenant and landlord, Landmark Properties Inc., represented themselves in the transaction.

-Nimble Jacks leased 3,801 square feet of office space at 47 S. Pennsylvania St. The tenant was represented by Bennett Williams and Andrew Martin of Cassidy Turley. The landlord, Pillar Majestic LLC, was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar.

-Advanced Engineering Consultants-Indiana LLC leased 2,541 square feet of office space at 8606 Allisonville Road. The tenant was represented by Kevin Dick of Colliers International. The landlord, Castle Creek Office LLC, was represented by Brian Fitzgerald of Citimark.

-The Huntington National Bank NA leased 2,430 square feet of retail space in Providence at Old Meridian at 12505 Old Meridian, Carmel. The tenant was represented by Scot Courtney and Bart Jackson of Lee & Associates. The landlord, Providence HUD LLC, was represented by Gary Perel of Newmark Knight Frank Halakar.

-Rocker Sign & Graphics leased 1,500 square feet of office space in Greenwood Oaks Business Centre, 500 S. Polk St., Greenwood. The tenant and landlord, Greenwood Oaks Investments LLC, were represented by Teresa Clements of Lee & Associates.

-VIP Wireless leased 900 square feet of retail space at 2918 W. 16th St. The tenant and landlord, Indy Management Group Inc., were represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.
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Construction

May 13, 2014
-Capitol Construction has completed a 9,000-square-foot office build-out for Sun Life at 301 Pennsylvania Parkway.

-Mattingly Construction has completed a 19,500-square-foot build-out for Parabellum Gun Range at 8217 Kingston Ave., Avon.
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Residential

May 13, 2014
The average rate for 30-year mortgages fell from 4.44 percent to 4.37 percent in the week ended May 8, according to Bankrate.com. The rate for 15-year mortgages fell from 3.51 percent to 3.45 percent.
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Company news

May 12, 2014

A judge in Brazil fined Eli Lilly and Co. and a unit of Italy's ACS Dobfar an estimated $450 million on May 9 for allegedly exposing workers at a Brazilian plant to toxic substances. According to Reuters, the ruling followed a 2008 lawsuit that accused Indianapolis-based Lilly of incinerating toxic waste from third parties, releasing heavy metals and gases that poisoned some of the 500 workers. Lilly made agricultural chemicals at the plant north of Sao Paulo from 1977 to 2003. Lilly will appeal the ruling, General Counsel Michael Harrington said in a statement. The alleged contaminants–benzene and heavy metals–were never used in manufacturing operations, Harrington said, and the court’s ruling is based on inaccurate scientific claims as well as mathematical errors.

Eli Lilly and Co. announced Monday that its once-a-day insulin injection did a better job in clinical trials controlling diabetic patients’ blood sugar than Lantus, the dominant diabetes medicine sold by France-based Sanofi. But Lilly’s basal insulin also raised safety concerns, according to Bloomberg News. The clinical studies showed increases in liver enzymes, a potential sign of toxicity, and lower rates of good, or HDL, cholesterol. Those issues could hamper Lilly’s sales efforts, said ISI Group LLC analyst Mark Schoenebaum. U.S. regulators may also require another trial before granting approval, he said. Lilly said it plans to file the drug for U.S. regulatory approval in the first quarter. “We are reasonably bearish on this molecule due to potential toxicity concerns,” Schoenebaum wrote in an email to Bloomberg. Annual sales of the drug may be $600 million by 2020 if it is approved, he said. Lantus generated $7.6 billion for Sanofi last year. Lilly’s drug “is the first basal insulin to demonstrate consistently superior HbA1c reduction versus insulin glargine in Phase III clinical trials,” Enrique Conterno, president of Lilly’s diabetes business, said in a statement. In three trials including 3,373 patients, Lilly’s insulin was superior to Lantus in controlling blood sugar. It was tested in patients who’d never used an insulin before, those switching over from another insulin, and in combination with a shorter-acting insulin meant to control blood sugar after meals.

Indiana University biologists will receive more than $6.2 million from the U.S. Army Research Office to study how bacteria evolve in response to their environments. The five-year grant will fund research in the labs of professors Michael Lynch, Patricia Foster, Jake McKinley and Jay Lennon. They will sequence entire genomes of the bacteria that replicate under changes in conditions. The researchers hope to pinpoint—and possibly predict—molecular mechanisms of evolutionary change.

The Indianapolis-based American Legion, the nation's largest veterans service group, called for the resignations of U.S. Veterans Affairs Secretary Eric Shinseki and two of his top aides amid an investigation into allegations of corruption and unnecessary deaths at the veterans' hospital in Phoenix. "The existing leadership has exhibited a pattern of bureaucratic incompetence and failed leadership that has been amplified in recent weeks," National Commander Daniel Dellinger said in a news conference at legion headquarters. According to the Associated Press, the Department of Veterans Affairs issued a statement rejecting the call for the resignations. The Phoenix hospital has been under fire over allegations that as many as 40 patients might have died because of delays in care and that the hospital kept a secret list of patients waiting for appointments, to hide the treatment delays. Shinseki announced May 8 that three officials there have been placed on leave. Dellinger also cited VA's acknowledgement that 23 have died as a result of delayed care in recent years and the findings of a VA Office of Medical Inspector investigation that clerks at the Fort Collins, Colo., clinic were instructed last year how to falsify appointment records.

Algaeon Inc. plans to use $2.75 million in new funding to begin commercial production of its algae-based nutritional supplements. The Indianapolis-based biotech company will move into an acre of greenhouse space owned by Heartland Growers at 2621 E. 186th St. in Westfield. The 18-employee firm plans to install more than 800 of its bioreactors that produce algae. The company in June will begin selling antioxidant supplement Astaxanthin. Its immune system booster Beta glucan will hit the market later this year. Algaeon markets Astaxanthin as a prevention for eye, heart and brain degeneration as well as an anti-inflammatory for joints. Beta glucan replaces antibiotics in animal feed. Last year, the company signed a “multi-year, multimillion-dollar” contract with Florida-based supplement manufacturer Valensa International to produce Astaxanthin. Three prior rounds of funding raised a total of $2 million for Algaeon.
 

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People

May 12, 2014

Dr. Jamie Cooper, an obstetrician and gynecologist, has joined St. Vincent Medical Group in McCordsville. She previously ran a private practice in Greenwood. Cooper earned her medical degree from New York College of Osteopathic Medicine.

Dr. Lawrence Cohen, a family physician, has joined Franciscan Physician Network Irvington Family Medicine. Cohen joins Dr. Mark Hodgkin and Dr. Bernard Herbst at their practice on East Washington Street. Cohen earned a bachelor’s degree from Wabash College and medical degree at Indiana University School of Medicine.

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Sales/acquisitions

May 6, 2014
-Highpointe Apartments LLC bought 12.81 acres of land at 136th and Illinois streets, Carmel. The seller, Frank K. Regan, was represented by Tom Osborne of Colliers International. The buyer represented itself.

-Yahya Sammour bought a 1,715-square-foot retail space at 3913 North Keystone Ave. The buyer and seller, C-Cat Properties LLC, were represented by Ron Escue of Colliers International.
 
-Mark A. Scott bought a 2,880-square-foot industrial property at 1225 Ransdell Court, Lebanon. The buyer was represented by Michael Weishaar of Cassidy Turley. The seller, Ridgway Revocable Trust Declaration, was represented by Jerry Alexander of Prudential Indiana Realty Group.
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Leases/leasing contracts

May 6, 2014
-DuCharrme McMillen & Associates Inc. leased 41,150 square feet at 9229 N. Delegates Row. The tenant was represented by Matt Waggoner and Brian Askins of Cushman & Wakefield/Summit. The landlord, PP Indianapolis VI Project Corp., was represented by Rick Trimpe and Tim Hull of CBRE.
 
-Mi Corral leased 2,879 square feet of retail space in Greenbriar Shopping Center, 8537 Ditch Road. The landlord, Prime Property Investors Fund VIII LP, was represented by Bart Jackson of Lee & Associates. The tenant represented itself.

-The Huntington National Bank leased 2,478 square feet of retail space in Sophia Square, 110 W. Main St., Carmel. The tenant and landlord, Carmel Lofts LLC (an entity of Keystone Realty Group), were represented by Scot Courtney and Bart Jackson of Lee & Associates.

-Moody Retail Shops LLC leased 2,160 square feet of retail space in Village Commons I, 862 S. State Road 135, Greenwood. The tenant was represented by Cathy Richards of Lee & Associates. The landlord, VC-1 LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.

-Avon Health Associates LLC leased 1,600 square feet at 9245 N. Meridian St. The tenant was represented by Ralph Balber of Newmark Knight Frank Halakar. The landlord, Echo Associates, was represented by Ashley Bussell of Newmark Knight Frank Halakar.

-Caplin Sniderman LLC leased 1,500 square feet at 9245 N. Meridian St. The tenant was represented by Alex Sanders of Newmark Knight Frank Halakar. The landlord, Echo Associates, was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar.

-Center Grove Foot & Ankle Care renewed its lease for 1,240 square feet of office space in The 1250 Building, 1250 E. County Line Road. The tenant and landlord, AMARD LLC, were represented by Cathy Richards of Lee & Associates.

-Errol Isaac  DDS leased 1,200 square feet of retail space in Sherman Commons, 3709 E. Washington St. The tenant and landlord, Indy Management Group Inc., were represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.
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Residential

May 6, 2014
The average rate for 30-year mortgages fell from 4.48 percent to 4.44 percent in the week ended May 1, according to Bankrate.com. The rate for 15-year mortgages fell from 3.54 percent to 3.51 percent.
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People

May 6, 2014
David Reed has joined the global property services firm DTZ as senior vice president and managing director of its Indianapolis office.
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Construction

May 6, 2014
Capitol Construction has completed a 13,000-square-foot office remodel for the Indiana Lieutenant Governor's Office at One North Capitol.
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People

May 5, 2014

Dr. Reva Sharma has joined McFarland Internal Medicine, part of the Franciscan Physician Network. She was most recently a hospitalist at Franciscan St. Francis Health-Mooresville. Sharma earned her medical degree at the Lady Harding Medical School at Delhi University in New Delhi, India.

Chase Kunkel has been appointed accountable care organization counselor for Senior Promise at Franciscan St. Francis Health. Kunkel, a licensed health and life insurance agent, most recently served as a financial consultant for Northwestern Mutual. He earned his undergraduate degree in social and behavioral science at Indiana University.

WellPoint, Inc. named Thomas Zielinski general counsel effective June 2. He replaces John Cannon, who was dismissed without cause from the Indianapolis-based health insurer in March. Zielinski most recently was a partner in the law firm of Morgan Lewis and has been retained as interim general counsel for WellPoint since February 2014.

Peter Haytaian has been named president of WellPoint’s government business division. He replaces Dick Zoretic who announced he will retire from WellPoint on May 31. Haytaian most recently served as president of the Medicaid business in WellPoint’s government business division.

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Company news

May 5, 2014

Indiana University plans to turn the former Wishard Memorial Hospital campus into a 26-acre, $200 million research complex that would bridge IU’s School of Medicine with the city’s life sciences firms, including those at the nascent 16 Tech business park. The plans call for classrooms, offices, labs and business-incubation space. The university is trying to lure the newly created Indiana Biosciences Research Institute to the facility. And the School of Medicine wants to set up a drug discovery center, which would house 12 of its faculty. IU’s public health and dentistry schools have eyed the complex as a possible home base, said Jay Hess, dean of the IU med school. The former Wishard will also become the new home of the Indiana University Research and Technology Corp, which tries to commercialize the intellectual property created at IU. The IURTC announced in April that it will sell its Innovation Center on West 10th Street.

A highly touted partnership between St. Vincent Health, Community Health Network and the Suburban Health Organization is coming to an end—just 18 months after it began. The Accountable Care Consortium was envisioned as a vehicle through which the hospitals would eventually funnel all of their roughly $2.5 billion in annual contracts with health insurers and employers. Those contracts would have been based on the ability of St. Vincent, Community and the suburban hospitals to keep patients healthy and in need of less care, especially expensive hospitalizations and surgeries. The concept is known in health care circles as “population health management.” The consortium signed up 12 employers as customers—half of which were among the hospitals that formed the consortium. Those hospitals included the 22 operated by St. Vincent, eight operated by Community and six that are part of the Suburban Health Organization. But the hospitals found that changes in the marketplace were happening at a faster pace than they anticipated—making it difficult to coordinate responses fast enough.

Endocyte Inc. stock plunged more than 60 percent Friday after the drug it’s developing with Merck & Co. backing failed to help patients in an ovarian cancer trial. The news could be particularly bad for the West Lafayette-based company, which has no other marketed products. According to Bloomberg News, the Phase 3 study was stopped after an analysis showed that vintafolide didn’t demonstrate efficiency when treating patients with platinum-resistant ovarian cancer, the companies said in a statement Friday. Just over a month ago, Endocyte was being mentioned as a possible premium takeover target after it reported that vintafolide slowed progression of lung cancer and won European backing to treat ovarian cancer. Endocyte said it will continue to test vintafolide for lung cancer, with late-stage data possible toward the end of the year. Endocyte has 70 employees in West Lafayette and 25 in Indianapolis. An Endocyte spokeswoman declined to say whether Endocyte expects to trim its work force as a result of the setback with vintafolide.

Health information technology firm hc1.com promised to nearly triple its Indiana work force over the next five years, adding 175 jobs by 2019. Hc1.com currently employs 93 people, mostly in Indiana. The company makes software that helps medical labs, radiologists and other medical offices manage patient records, bills and other data critical to managing their operations. Hc1.com will invest $2.5 million to lease and renovate 9,466 square feet to expand its existing 16,626-square-foot headquarters in Northwest Technology Park at 96th Street and Zionsville Road. The firm has quietly raised more than $14 million from investors. CEO Brad Bostic told IBJ last year that hc1.com was on track to double its $10 million in annual sales. The Indiana Economic Development Corp. offered hc1.com Inc. up to $3 million in tax credits and up to $100,000 in training grants based on the company’s job-creation plans. The credits are performance-based, meaning the company only receives them once Hoosiers are hired. Boone County is contributing $50,000.

A group of prominent corporate executives has created a new organization to find ways to reduce obesity among central Indiana children. Jump IN for Healthy Kids has a budget of $1.5 million and hired Indianapolis attorney Ron Gifford to spearhead the effort. Jump IN was founded by 17 local executives, including Eli Lilly and Co. CEO John Lechleiter, Roche Diagnostics Corp. CEO Jack Phillips, Anthem Indiana President Rob Hillman, Indiana Pacers President Jim Morris, IUPUI Chancellor Charles Bantz, Indianapolis Star Publisher Karen Crotchfelt, Lilly Endowment CEO Clay Robbins, United Way of Central Indiana CEO Ann Murtlow, YMCA of Greater Indianapolis CEO Eric Ellsworth, and the CEOs of the major hospital systems in Indianapolis. The group hopes to identify successful efforts to improve diet, activity and healthy choices among children and their families—both around Indianapolis and around the country—and then work to replicate or adapt those efforts to reach more people in the metro area. Jump IN hopes to work with schools, churches, employers, medical providers, grocery stores, neighborhood associations and individual families.

WellPoint Inc.’s first-quarter medical enrollment rose 1.3 million from the prior three-month period as WellPoint benefited from new customers through the Obamacare exchanges. According to Bloomberg News, WellPoint has the highest share of enrollments of insurers through Obamacare, with 400,000 on government exchanges through Feb. 14. Those customers also are younger than anticipated, making the company’s prediction of “double-digit” rate increases next year less likely. WellPoint said it now expects 600,000 enrollments through the public exchanges this year. WellPoint's profit swooned in the first quarter, but less than analysts expected. It earned $701 million, down 21 percent from a year earlier. Excluding investment gains and one-time charges, those profits translated into earnings per share of $2.30, down from $2.94 a year ago. But Wall Street analysts expected profit to dip as low as $2.13 per share, according to a survey by Thomson Reuters. For all of 2014, WellPoint now expects to earn more than $8.40 per share, up from a forecast of more than $8.20 it issued in March, and a forecast of $8 it issued in January.

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Sales/acquisitions

April 29, 2014
-Carmel Medical Office Building LLC, an affiliate of Multi-Specialty Surgery Center, bought the 23,000-square-foot North Meridian Medical Center at 10601 N. Meridian St., Carmel. The buyer was represented by Ryan Sarbinoff of Marcus + Millichap. The seller, HSA PrimeCare, was represented by Robert Titzer of HSA PrimeCare.

-Circle City Outdoor Management LLC bought an 8,505-square-foot building at 5851 E. 34th St. The buyer was represented by Derek Menerey and Ashley Bussell of Newmark Knight Frank Halakar Real Estate. The seller, Last Chance Wrecker & Sales Inc., was represented by Chris Black of CBRE.
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Leases/leasing contracts

April 29, 2014
-Big Lots leased 41,228 square feet at Southtown Center, 4358 S. Scatterfield Road, Anderson. The tenant was represented by Robert Matias and Jake Fiorino of Equity. The landlord, CSN LLC, was represented by Scott Gray of Sitehawk Retail Real Estate.

-DSI NW Indy Renal Center leased 5,600 square feet of industrial space at 6000-6488 Corporate Way. The tenant was represented by Kevin Smith of Avison Young. The landlord, GI Partners, was represented by Russ Van Til and Bryan Poynter of Cassidy Turley.

-Off the Hanger leased 4,961 square feet at Southport Centre, 7259 U.S. 31 South. The landlord, Southport Centre LLC, was represented by Dean Almas and Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

-Indianapolis Concrete Inc. leased 3,652 square feet of industrial space at 5333-5367 W. 86th St. The tenant and landlord, Iron Point Titan Asset Management LLC, were represented by Bryan Poynter of Cassidy Turley.  

-Vocational College of the Arts leased 3,500 square feet of retail space at Sunnyside Village Shoppes, 10830 Pendleton Pike. The tenant and landlord, Sunnyside Realty Investors LLC, were represented by Creighton Shook and Luke Householder of Coldwell Banker Commercial Realty Services.

-Graeter’s Ice Cream leased 1,900 square feet at Fishers Marketplace, State Road 37 and 131st Street, Fishers. The tenant was represented by Steve Delaney of Sitehawk Retail Real Estate. The landlord, Hoosier Que LLC, was represented by Don Feibel with Feibel Realty.  

-Q Nails renewed its lease for 1,760 square feet of retail space at Sunnyside Village Shoppes, 10830 Pendleton Pike. The tenant and landlord, Sunnyside Realty Investors LLC, were represented by Creighton Shook and Luke Householder of Coldwell Banker Commercial Realty Services.

-Passione Pane Corp. leased 1,400 square feet at Sandstone Commons, 11640 Brooks School Road, Fishers. The tenant was represented by Andy Sandler of A.M. Sandler & Associates. The landlord, CPM III LLC, was represented by Keith Fried of Sitehawk Retail Real Estate.
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Residential

April 29, 2014
The average rate for 30-year mortgages rose from 4.43 percent to 4.48 percent in the week ended April 24, according to Bankrate.com. The rate for 15-year mortgages rose from 3.48 percent to 3.54 percent.
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Company news

April 28, 2014

When John Lechleiter was named CEO of Eli Lilly and Co. in late 2007, the Indianapolis-based drugmaker derived just 5 percent of its annual revenue from its Elanco Animal Health subsidiary. But next year, after Lilly completes its $5.4 billion acquisition of Novartis Animal Health, Elanco will contribute 17 percent of revenue—or one out of every six dollars flowing into Lilly’s coffers. It’s been a swift transformation for Greenfield-based Elanco. In the mid-2000s, Lilly employees often tried to avoid or leave posts at Elanco because its future was in doubt. “Five years ago, people said, ‘Don’t go to Elanco because they’re going to get sold,’” Elanco President Jeff Simmons said in a 2010 interview. But the 2007 decision by Lechleiter and the Lilly board to invest in Elanco turned things around. Elanco now employs 3,500 worldwide, up from 2,500 a few years ago. Elanco’s revenue has shot up from $996 million in 2007 to $2.2 billion last year—growth of 120 percent, which is three times faster than the rest of the animal health industry. Of that growth, 60 percent has come organically, as Elanco aggressively pushed its products into foreign markets to complement its strong presence in the United States. The other 40 percent has come via acquisitions. The Novartis deal, expected to close in early 2015, will be Elanco’s eighth purchase in as many years.

Two Warsaw-based orthopedic implant companies agreed to merge last week in a $13.4 billion deal. Zimmer Holdings Inc. will acquire Biomet Inc., whose private equity owners had planned to stage a public stock offering this year. Biomet posted $3.1 billion in revenue in 2013, up from $2.8 billion in 2012, according to IBJ research. It employs 9,000 people worldwide. Zimmer reported $4.6 billion in revenue in 2013. It has about 9,500 employees. “This will give Zimmer some leverage when they go to hospitals, and help them compete,” said Jason McGorman, an analyst at Bloomberg Industries in Princeton, N.J., according to a report by Bloomberg News. Also, “they get a little more in terms of products in other areas, like sports medicine, extremities and trauma, where Zimmer has less exposure.” Zimmer will pay $10.4 billion in cash and issue shares of its common stock valued at $3 billion to Biomet Inc.'s equity holders.

Eli Lilly and Co.’s drug ramucirumab won approval from U.S. regulators to be sold under the brand name Cyramza as a treatment for gastric cancer. According to Bloomberg News, analysts expect the drug could bring in annual sales of more than $1 billion. Lilly is trying to launch new cancer and diabetes drugs to offset the loss of revenue from the anti-depressant Cymbalta, which saw its U.S. patent expire in December. Lilly obtained the drug Cyramza in its acquisition of ImClone Systems Inc. in 2008. Lilly is also studying the drug in lung, liver and colorectal cancers.

Dow AgroSciences LLC reported record sales of $2.1 billion in the first quarter, an increase of 1 percent over last year's first period, the Indianapolis-based company reported April 23. The subsidiary of Midland, Mich.-based Dow Chemical Co. also reported record earnings before interest, taxes, depreciation and amortization, or EBITDA, of $529 million, up 9 percent from a year ago. Dow Agro said higher sales and lower expenses boosted profit. Sales of crop-protection products grew 4 percent overall in the quarter, mainly due to gains in foreign markets. Sales of new crop-protection products rose 28 percent. Sales of seeds and seed traits fell 7 percent in the quarter, partly due to the late planting season in the United States.

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People

April 28, 2014

Dr. Alexia Torke, an internist, has been named associate director of the Indiana University Center for Aging Research. Torke is a researcher at the Indianapolis-based Regenstrief Institute and a professor at the IU School of Medicine. The Center for Aging Research works with scientists, clinicians, patients and others to develop and test innovative strategies to improve the quality of health care and self-care of older adults. Torke graduated from Carleton College and received a medical degree from the IU School of Medicine.

Mark Anderson has been named director of Franciscan Physician Network’s Joint Replacement Surgeons of Indiana and the Center for Hip and Knee Surgery at Franciscan St. Francis Health. Anderson, who has worked at Franciscan for 16 years, graduated from Indiana University’s physical therapy program in 1997 and earned an MBA from Indiana Wesleyan University in 2009.

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Sales/acquisitions

April 22, 2014
-RH of Indiana LP bought 27.6 acres at 2271 Wood Creek Drive, Avon. The seller, Hendricks County Bank and Trust Co., was represented by Bo Leffel of Cassidy Turley. The buyer represented itself.

-Paradigm Real Estate Investments LLC bought a 92,779-square-foot retail property at 5250-5530 E. U.S. 36, Avon. The seller, Cassidy Turley acting as court-appointed receiver, was represented by Jacque Haynes and Bennett Williams of Cassidy Turley. The buyer represented itself.
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Leases/leasing contracts

April 22, 2014
-International Audio Visual Inc. leased 19,996 square feet of industrial space at 6635 E. 30th St. The tenant was represented by Ryan Kelly of Summit Realty Group. The landlord, Torah Realty ADA Compliant LP, was represented by Michael Weishaar and Todd Vannatta of Cassidy Turley.

-Utili Comm South Inc. leased 8,000 square feet of industrial space at 1435 Brookville Way. The tenant was represented by Michael Weishaar and Scott O'Neil of Cassidy Turley. The landlord, First Industrial Realty Trust, was represented by Brian Buschuk and Brian Seitz of JLL.

-Paint Shop Customs and Fabrication LLC leased 7,200 square feet of industrial space at 5214-5252 W. 79th St. The tenant was represented by Lawrance Morrisey of Corporate Commercial Group. The landlord, Iron Point Titan Asset Management LLC, was represented by Bryan Poynter of Cassidy Turley.

-Centaur Inc. leased 5,249 square feet of office space at 10 W. Market St. The tenant was represented by Thomas Hadley of Summit Realty Group. The landlord, HDG Mansur, was represented by Bennett Williams and Andrew Martin of Cassidy Turley.

-NTRACTS LLC leased 5,118 square feet of office space at 101 W. Ohio St. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, West Ohio II LLC, was represented by Renae Breitbach of Amerimar.

-Bon Advertising, dba Bandy.Carroll.Hellige Advertising, leased 4,885 square feet of office space at 101 W. Ohio St. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, West Ohio II LLC, represented itself.

-White's Residential & Family Services Inc. leased 3,120 square feet of industrial space at 6330 E. 75th St. The landlord, Henderson Global Investors (North America) Inc., was represented by Todd Vannatta and Bennett Williams of Cassidy Turley. The tenant represented itself.

-Cardinal Maintenance Inc. leased 2,125 square feet of industrial space at 8501 Bash St.  The tenant was represented by Dustin Looper of Colliers International. The landlord, Mann Properties, was represented by Sally Lewis of Mann Properties.

-Little Chin Asian Grocery leased 1,868 square feet at Southport Centre, 7300 U.S. 31 South. The tenant was represented by Nguncer Baulteng of Mang Tha Real Estate LLC. The landlord, Southport Centre LLC, was represented by Dean Almas of Sitehawk Retail Real Estate.

-Barbara's New Beginnings renewed its lease for 1,600 square feet of retail space at The Shops at River Crossing, 8635 River Crossing Blvd. The tenant and landlord, an affiliate of PK Partners, represented themselves.
 
-Cumberland Florist leased 1,600 square feet at Centre East, 10615 E. Washington St. The landlord, Centre East LLC, was represented by Dean Almas of Sitehawk Retail Real Estate. The tenant represented itself.

-Flying Cupcake leased 1,533 square feet at Greendale Centre, 745 U.S. 31 North, Greenwood. The tenant was represented by Bart Jackson of Lee & Associates. The landlord, Greendale LLC, was represented by Dean Almas of Sitehawk Retail Real Estate.

-Hull & Associates Inc. leased 1,523 square feet of office space at 8445 Keystone Crossing. The tenant was represented by Bennett Williams and Andrew Martin of Cassidy Turley. The landlord, Northside Realty Partners, was represented by Kevin Dick of Colliers International.
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Residential

April 22, 2014
The average rate for 30-year mortgages fell from 4.47 percent to 4.43 percent in the week ended April 17, according to Bankrate.com. The rate for 15-year mortgages fell from 3.52 percent to 3.48 percent.
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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).

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