newsletter.story

Construction

April 8, 2014
-TJK Property Services has completed a 3,900-square-foot interior remodel of Anytime Fitness at 10302 Prosperity Drive, Camby.

-TJK Property Services has completed a 1,400-square-foot build-out for Cell Phone Repair at 1280 N. U.S. 31 North, Greenwood.
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Residential

April 8, 2014
The average rate for 30-year mortgages rose from 4.51 percent to 4.54 percent in the week ended April 3, according to Bankrate.com. The rate for 15-year mortgages rose from 3.56 percent to 3.58 percent.
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Leases/leasing contracts

April 8, 2014
-Spartan Logistics leased 243,200 square feet of industrial space at Prologis Park 100 Building 22, 5645 W. 82nd St. The tenant was represented by Dallas Paul of Industrial Developers Ltd. The landlord, Prologis, was represented by Brian Seitz and Jake Sturman of JLL.

-Dollar Tree leased 10,200 square feet of retail space in Walmart Plaza, 2239 N. Morton St., Franklin. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Fifth Third Bank renewed its lease for 3,200 square feet of retail space in Eagledale Plaza, 2802 N. Lafayette Road. The landlord, Sandor Development, was represented by Lloyd Otani of Sandor. The tenant represented itself.

-Avalon Group renewed its lease for 2,768 square feet at The Precedent Office Park, 9225 Priority Way West Drive. The landlord, Pace-Keystone Associates LLC, was represented by Kim Hartman and Tom Osborne of Colliers International. The tenant represented itself.

-LPL Financial LLC leased 2,489 square feet of office space at 8465 Keystone Crossing. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, Corporate Park Development Inc., represented itself.

-Indiana State University Foundation Inc. leased 2,477 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.

-Sally Beauty renewed its lease for 2,000 square feet of retail space in Cherry Tree Plaza, 9709 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Wingstop Indy LLC leased 1,709 square feet of retail space at 7411 N. Keystone Ave. The tenant was represented by Beth Patterson of Colliers International. The landlord, Heidner Property Management Co. Inc., represented itself.

-Sally Beauty renewed its lease for 1,605 square feet of retail space in College Park Plaza, 3443 W. 86th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-York Risk Services Group Inc. leased 1,550 square feet in Fidelity Keystone Office Tower, 650 E. Carmel Drive, Carmel. The tenant was represented by Mohr Partners. The landlord, Network Capitol LLC, was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar.

-Indy C's LLC leased 1,530 square feet of retail space at 10777 E. Washington St. The tenant was represented by Seth Biggerstaff of Veritas Realty LLC. The landlord, Indiana Properties Group LLC, was represented by Jacque Haynes of Cassidy Turley.

-Gamestop renewed its lease for 1,500 square feet of retail space in College Park Plaza, 3269 W. 86th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Watson CPA LLC leased 1,076 square feet at Fidelity Keystone Office Tower, 650 E. Carmel Drive, Carmel. The landlord, Network Capitol LLC, was represented by Ralph Balber and Ashley Bussell of Newmark Knight Frank Halakar. The tenant represented itself.

-Troutman's Barber & Beauty Salon leased 1,037 square feet of retail space at Lafayette Center, 4233 Lafayette Road. The tenant was represented by Lisa Ruscetti of Evolution Development Group LLC. The landlord, Lafayette Center LLC, was represented by Greg Smith and Bill Marsh of Colliers International.
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Sales/acquisitions

April 8, 2014
-Ossip Real Estate bought a 41,121-square-foot office building at Crosspoint IV, 9795 Crosspoint Blvd. The buyer was represented by Jacque Haynes and Bennett Williams of Cassidy Turley. The seller, OldOhio LLC, was represented by Jon Owens and Russ Van Til of Cassidy Turley.

-Youngsmith Properties LLC bought a 12,000-square-foot office property at 5455 Harrison Park Lane. The buyer was represented by Mike Kensill of Lee & Associates. The seller, Ossip Real Estate LLC, was represented by Jacque Haynes and Bennett Williams of Cassidy Turley.

-Garners Towing bought a 2,400-square-foot office building at 411 S. Ritter Ave. The buyer was represented by RE/MAX Real Estate Group. The seller, Alpha Kappa, was represented by Keith Turnbill of RE/MAX Select Commercial Division.

-EMK Property Investors bought the 209-unite Villa Paree apartments at 6111 Allisonville Road. The seller, Villa Paree LLC, was represented by Tikijian Associates. The buyer represented itself.
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Company news

April 7, 2014

If Indiana hospitals want an expansion of insurance coverage for low-income Hoosiers, Gov. Mike Pence thinks they should contribute toward the hundreds of millions of dollars it would cost. The Pence administration has started discussions with hospital leaders to use an existing program known as the Hospital Assessment Fee to generate money to help the state cover costs it would incur under an expansion of health coverage to as many as 400,000 Hoosiers. That expansion, called for by President Obama’s Affordable Care Act, did not happen in Indiana this year, as it did in 26 other states, in large part due to Pence’s concerns about the fiscal impact on the state. The health insurance expansion would be paid for entirely by the federal government in 2015 and 2016, but then require state contributions that could rise to $393 million per year by 2020, according to estimates by the actuarial firm Milliman Inc. Other elements of Obamacare are estimated to cost state government $123 million per year by 2020. The Hospital Assessment Fee effectively taxes hospitals to provide the state government with the funds needed to raise its reimbursement rates for Medicaid patients. When the state does that, the federal government increases its 2-for-1 matching funds to support the Indiana Medicaid program. Hospitals end up getting twice as much in new revenue as they pay out in assessments. Doug Leonard, president of the Indiana Hospital Association, said hospitals are open to Pence’s approach, but are waiting until the idea is fleshed out and numbers are attached.

Indiana University Health was chosen by a Wisconsin hospital system to provide heart and aorta surgeries there after surgeons the hospital system had been using were employed by a competing provider. Wisconsin-based ProHealth Care will pay the salaries of the three IU Health surgeons who will work in ProHealth’s Waukesha Memorial Hospital, which is midway between Milwaukee and Madison. ProHealth performs more than 400 cardiothoracic surgeries each year. IU Health performs more than 1,900 cardiothoracic surgeries at its 19 hospitals in Indiana. “The goal for the two health systems is to collaborate to establish and oversee a premier surgery program in Waukesha that will incorporate the clinical protocols, care pathways and quality metrics that have been the foundation of IU Health’s nationally ranked cardiovascular program,” IU Health spokesman Gene Ford said in an email. IU Health said it would evaluate similar opportunities, but stopped short of saying it is making out-of-state partnerships a business strategy.

Eli Lilly and Co. is in a three-way race to introduce a new kind of breast cancer drug, which at least one analyst thinks could become a $6 billion-a-year blockbuster. According to Bloomberg News, Indianapolis-based Lilly, New York-based Pfizer Inc. and Switzerland-based Novartis AG all presented data on Sunday about experimental drugs that stopped growth of breast cancer tumors. Pfizer’s drug, palbociclib, stopped tumor growth for 20.2 months in advanced forms of hormone-related breast cancer, twice the time seen with an older therapy by itself. Lilly’s bemaciclib stopped tumor growth for an average of 9.1 months. Doctors told Bloomberg that the new class of drugs, called CDK inhibitors, offers the first major new therapy in a decade for patients whose breast cancer fails to respond to other treatments. Mark Schoenebaum, an ISI Group analyst in New York, predicted Pfizer’s drug could generate peak sales of $6 billion a year.

Indiana Attorney General Greg Zoeller filed Medicaid fraud charges April 2 against Sally Metzner, 57, owner of Anderson Dental Center, and eight of her employees. According to the Associated Press, the charges allege Metzner and her employees started a scheme in 2006 to submit false and inflated claims for payment of dental services to the Indiana Medicaid program, sometimes using forged documents, to receive more than $300,000 in ineligible Medicaid payments. The allegedly fraudulent billing continued even after state, federal and local authorities executed the first of three search warrants at the clinic, the attorney general's office said. For example, instead of billing Medicaid $30 for the routine use of the anesthesia nitrous oxide, the practice allegedly billed it as a $125 intravenous procedure known as "deep sedation.”

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People

April 7, 2014

Dr. Martha Dwenger joined Northwest Radiology Network on April 1. Dwenger previously worked for Columbus Radiology, Columbus Diagnostic Imaging, and as contract radiologist for Northwest Radiology since 2006. She earned a bachelor’s degree at Indiana State University and did her medical training at the Indiana University School of Medicine.

Indianapolis-based consulting organization YourEncore has hired Dr. Tim Franson as its chief medical officer. Most recently, Franson was a principal in the health and biosciences practice at FaegreBD Consulting. Franson will continue at Faegre BD until mid-May, when the firm will form an alliance with YourEncore to provide consulting services to life sciences clients. Prior to joining FaegreBD, Franson worked at Eli Lilly and Co. for more than 20 years, where he served as vice president of global regulatory affairs and patient safety, and led Lilly’s U.S. clinical research and trials organization.

Rhonda Deluise, a registered nurse, has been appointed director of quality and support services at Franciscan Visiting Nurse Service, where she has been a manager the past five years. Before joining Franciscan VNS, Deluise was vice president of patient care services for Howard Regional Health System in Kokomo. Deluise received her associate and bachelor degrees in nursing from Indiana University.

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Sales/acquisitions

April 1, 2014
-The NIAMA Corp. bought a 27,292-square-foot warehouse at 6125 E. 38th St. The seller, Central Indiana District Council of Carpenters Joint Apprenticeship & Training Fund Trust and IN/KY/OH Regional Council of Carpenters JATF, were represented by Mark Writt of CBRE. The buyer represented itself.

-Hawthorne Partners LLC bought approximately 1.25 acres of land and a building at 8350 E. 48th St. The buyer was represented by Rob Kirkpatrick. The seller, Donna Forman, was represented by Keith Kleinmaier of Retail Realty.

-Monro Muffler Brake Inc. bought a 15,050-square-foot retail property at 130 Shiloh Crossing Drive, Avon. The seller, Goodwill Industries of Central Indiana, was represented by Bill French of Cassidy Turley. The buyer represented itself.

-Diversified Land Acquisition LLC bought a 27,129-square-foot retail property at 2342 W. 86th St. The seller, Arnold's Landholdings LLC, was represented by Bill French of Cassidy Turley. The buyer represented itself.
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People

April 1, 2014
William Fowler has joined Colliers International as senior valuation specialist.
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Construction

April 1, 2014
-Capitol Construction has completed a 7,400-square-foot office build-out for SmithAmundsen at 201 N. Illinois St.

-Capitol Construction has completed an 1,800-square-foot remodel for Starbucks at 9001 E. 116th St., Fishers.
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Residential

April 1, 2014
The average rate for 30-year mortgages rose from 4.46 percent to 4.51 percent in the week ended March 27, according to Bankrate.com. The rate for 15-year mortgages rose from 3.48 percent to 3.56 percent.
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Leases/leasing contracts

April 1, 2014
-Southern Wine & Spirits of Indiana Inc. leased 211,500 square feet of industrial space at 800 Commerce Parkway Drive West, Greenwood. The tenant was represented by Patrick Lindley of Cassidy Turley. The landlord, Liberty Property Trust, was represented by Jake Sturman and Brian Seitz of JLL.

-Landman & Beatty Lawyers LLP leased 8,666 square feet at 9100 Keystone Crossing. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL.  

-Davis & Sarbinoff LLC leased 3,425 square feet at 9000 Keystone Crossing. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL. The tenant represented itself.

-Al-Rahmah Foundation leased 3,200 square feet of retail space in Lafayette Place, 3639 Commercial Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.  
 
-LB & Gray LLC leased 3,186 square feet at 9100 Keystone Crossing. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL.    
 
-Health Management Associates Inc. leased 3,090 square feet at 9000 Keystone Crossing. The tenant was represented by Matt Wagoner of Summit Realty Group. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL.      

-Sushi House leased 2,245 square feet of retail space in Avon Creek, 10022 Rockville Road. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-AIO Wireless leased 1,622 square feet of retail space in Esquire Plaza, 8241 Pendelton Pike. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Metro PCS leased 1,600 square feet of retail space in Honey Creek Plaza, 5408 W. 38th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Hott Kammodity leased 1,600 square feet of retail space in Lafayette Place, 3711 Commercial Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Boost Mobile leased 1,516 square feet of retail space in Eagledale Plaza, 2802 N. Lafayette Road. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Shelbyville Nail Salon leased 1,200 square feet of retail space in Kroger Plaza, 1617 E. Michigan Road, Shelbyville. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.

-Dr. Fahad Javed Dental Office leased 1,200 square feet of space in Norgate Plaza, 7255B N. Keystone Ave. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Metro PCS leased 1,100 square feet of retail space in Norgate Plaza, 7255A N. Keystone Ave. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.  

-Red Door Property Management leased 854 square feet of office space in Auburn Woods Park, 9640 Commerce Drive. The landlord, Sandor Development, was represented by Lawrance Morrissey of Corporate Commercial Group. The tenant represented itself.
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Company news

March 31, 2014

FAST BioMedical has been awarded a $1 million grant from the National Institutes of Health to conduct a clinical trial of the diagnostic tool it is developing to measure plasma volume and kidney function in hospitalized patients. The grant, part of the federal Small Business Innovation Research program, adds to more than $16 million FAST has raised. The Indianapolis-based company said in January that it wants to raise as much as $25 million in the next two years to bring its product to market. “We believe that a quantitative measurement of a patient’s plasma and blood volume status and kidney function will have a demonstrable impact on outcomes in an area of medicine that has seen only modest advances in previous decades,” Dr. Bruce Molitoris, FAST’s medical director, said in a prepared statement. “Currently, physicians don’t have either a direct or timely way to assess these key parameters clinically.”

West Lafayette-based Endocyte Inc. could fetch a takeover bid at one of the industry’s highest premiums on record, according to Bloomberg News. Endocyte’s drug vintafolide has proved effective against both ovarian and lung cancers during clinical trials, raising the prospects for the company’s entire technology for developing targeted drugs for cancer and inflammatory diseases. Endocyte may command about $50 per share in a sale, up from its closing price of $21.96 on Friday, according to the average of four estimates compiled by Bloomberg. The estimates ranged from $35 per share to $65 per share. That would be the second-highest takeover premium on record among similar U.S. deals in the industry. According to a report by the Royal Bank of Canada, that could spark a takeover bid from Merck & Co. Inc., which has already paid for vintafolide’s late-stage development and will sell it as an ovarian cancer treatment in Europe. But Endocyte retains rights to the underlying technology and other drugs developed from it. AstraZeneca plc or Roche Holding AG also could be interested, according to a report from Cowen Group Inc. If vintafolide is approved for ovarian and lung cancer in the U.S. and Europe, it could bring in as much as $2 billion in revenue, according to Edward Tenthoff, a New York-based analyst at Piper Jaffray Cos. Endocyte is now developing another cancer drug that targets cells in the same way as vintafolide, though with a potentially more potent chemotherapy drug. “If you have other ones that might be better, that might be problematic for Merck,” said Robert Hazlett, a pharmaceutical analyst at Roth Capital Partners LLC. “It may need to seriously consider Endocyte.”

Indianapolis-based Dow AgroSciences LLC is likely to become a stand-alone public company in the next three years, according to some Wall Street analysts—if in a year or two Dow Agro’s profits are on course to double from current levels. Of course, the parent company of Dow Agro, Michigan-based Dow Chemical Co., could sell Indianapolis-based Dow Agro to another agricultural company, as it tried to do back in 2009. Analysts said Dow Chemical didn’t like the offers it received at the time, which was in the darkest days of the global recession. One reason for selling Dow Agro to another company is that its fast-growing seed business has yet to achieve the scale needed to support the massive R&D investments Dow has made in that area in recent years. Dow Agro’s $7 billion in annual revenue would rank it as the fifth-largest public company in Indiana, behind only WellPoint Inc., Eli Lilly and Co., Cummins Inc. and Steel Dynamics Inc. The company has annual cash flow of about $1 billion, and thinks a raft of new products can double those profits in five to seven years. Dow Agro employs about 1,800 people here, and its most recent hiring expansion touted annual wages from $65,000 to $95,000.

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People

March 31, 2014

Dr. Shahid Athar, an endocrinologist, has joined St. Vincent Medical Group in Carmel. Athar received his medical degree from Dow Medical College in Karachi, Pakistan.

WellPoint Inc. named Thomas Miller chief information officer effective May 1. Miller previously served as CIO for Coca Cola Refreshments, which he joined in 1982. Miller holds a bachelor's degree in business management from Northwood University in Michigan and an MBA from the Goizueta Business School at Emory University.

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Sales/acquisitions

March 25, 2014
-Abraham Gershonwicz bought a 3,115-square-foot former KFC restaurant at 7102 N. Keystone Ave. The buyer was represented by Catherine Esselman of Penn Real Estate. The seller, KFC US Properties, was represented by Dean Almas of Sitehawk Retail Real Estate and Wally Egelanian of DJM Real Estate Services.

-Metonic bought the 244-unit Annaberry Park Apartments at 1808 Century Way. The seller, EMK Properties, was represented by Tikijian Associates. The buyer, which has renamed the complex Oakbrook Park, represented itself.
 
-JAWCO bought the 108-unit Arbor Manor Apartments at 206 Churchill Drive, Mooresville. The seller, Neff Properties, was represented by Tikijian Associates. The buyer represented itself.
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Leases/leasing contracts

March 25, 2014
-OHL renewed its lease for 414,424 square feet at 1100 Whitaker Road, Plainfield. The tenant was represented by Andrew Morris of Summit Realty Group and Steve Schwegman of JLL. The landlord, Transpacific Development Co., represented itself.

-All Spark Wholesale leased 23,538 square feet of warehouse space in Washington Market, 10437 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.

-Thurston Springer Miller Herd & Titak Inc. leased 10,717 square feet at 9000 Keystone Crossing. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Zito of JLL. The tenant represented itself.

-Eskenazi Health renewed its lease for 5,300 square feet of space in Eagledale Plaza, 2802 N. Lafayette Road. The landlord, Sandor Development, was represented by Lloyd Otani of Sandor. The tenant represented itself.
 
-Visionworks leased 3,946 square feet at West Carmel Marketplace, 9893 Michigan Road, Carmel. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Casto, was represented by Jacque Haynes and John Byrne of Cassidy Turley.

-Goodwill Industries of Central Indiana leased 3,800 square feet of retail space at 2361 Broad Ripple Ave. The tenant was represented by Bill French of Cassidy Turley. The landlords, Ko Yun Sam and Chung Hee, were represented by Jacque Haynes and Bennett Williams of Cassidy Turley.

-Visionworks leased 3,640 square feet at Village Park Plaza, 2009 E. Greyhound Pass, Carmel. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Simon Property Group, was represented by Simon's Pat O’hara.
 
-Visionworks leased 3,500 square feet at Fishers Corner Shoppes II, 11761 Commercial Drive, Fishers. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, HI Fishers Corner LLC, was represented by George Dury of Dury Investments.

-Visionworks leased 3,027 square feet at 10777 E. Washington St. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Indiana Properties Group, was represented by Jacque Haynes of Cassidy Turley.

-Visionworks leased 3,000 square feet at Greenwood Park Mall. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Simon Property Group, was represented by Simon's Lorene Wright.

-Visionworks leased 3,000 square feet at Castleton Square Mall. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Simon Property Group, was represented by Simon's Lorene Wright.

-Visionworks leased 2,870 square feet at Avon Commons, 10445 E U.S. 36, Avon. The tenant was represented by Patrick Boyle of Midland Atlantic Properties in conjunction with The Retail Connection of Dallas, Texas. The landlord, Aviana Company 3 LLC, was represented by Joseph Khouri of Carnegie Management & Development.

-Hanzo Logistics Inc. leased 2,285 square feet of freezer/cooler space at 4001 W. Minnesota St. The tenant was represented by Cam Kucic and Matt McGrady of Summit Realty Group. The landlord, Tippmann Properties Inc., was represented by Tippmann's Larry Hughes.

-RadioShack Corp. leased 1,800 square feet of retail space at 791 S. State Road 135, Greenwood. The tenant was represented by Bill French of Cassidy Turley. The landlord, Schoolcraft Commercial Real Estate, was represented by Bart Jackson of Lee & Associates.

-Spark Holdings Group Inc. leased 1,217 square feet of retail space at 9893 N. Michigan Road, Carmel. The tenant was represented by Joe Faulkner of Sycamore Group Associates. The landlord, CASTO, was represented by Jacque Haynes of Cassidy Turley.
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Residential

March 25, 2014
The average rate for 30-year mortgages fell from 4.50 percent to 4.46 percent in the week ended March 20, according to Bankrate.com. The rate for 15-year mortgages fell from 3.51 percent to 3.48 percent.
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Construction

March 25, 2014
-TJK Property Services has completed a 2,100-square-foot interior remodel of a medical office at 2160 W. 86th St.

-TJK Property Services has completed a 2,800-square-foot interior remodel of Anytime Fitness at 1168 N. Main St., Franklin.
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Company news

March 24, 2014

A larger stock award boosted cash and stock payments to John Lechleiter, CEO of Eli Lilly and Co. in 2013, but overall compensation fell for the top executives of the Indianapolis-based drugmaker. Lechleiter was paid $11.22 million in salary, bonus, stock and perks, according to Lilly’s proxy statement filed Monday morning. That represented a 10-percent increase over his take of cash and stock in 2012. A rise in the value of Lechleiter’s pension boosted his 2012 total compensation more than $4.4 million, but his pension value remained flat in 2013 because Lilly raised the discount rate it used to calculate the present value of its pension liabilities. As a result, when pension values are included, Lechleiter’s total compensation actually fell 23 percent last year compared with the previous year. Smaller increases in pension values also depressed overall compensation of three other top executives at Lilly, ranging from as little as 1.5 percent for Jan Lundberg, president of Lilly Research Laboratories, to as much as 25 percent for Derica Rice, Lilly’s chief financial officer. When those actuarial fluctuations are excluded, compensation for those other executives remained flat from 2012 to 2013.

The stock price of West Lafayette-based Endocyte Inc. skyrocketed 92 percent Friday after the drug company got a thumbs up in Europe to market its first drug and received a new round of favorable clinical trial results. The drug, vintafolide, received a positive opinion from the Committee for Medicinal Products for Human Use of the European Medicines Agency to treat a small group of ovarian cancer patients who have tried other treatments. Assuming that opinion is followed by the European Commission, Endocyte and its partner Merck & Co. Inc. would begin selling the drug and its companion imaging agent later this year. The drug, which will be sold by Merck, has received the brand name of Vynfinit while the imaging agent will have the brand Folcepri, and will be sold by Endocyte. Also, West Lafayette-based Endocyte announced that vintafolide proved effective at treating non-small cell lung cancer in a Phase 2 trial. Patients receiving vintafolide and traditional chemotherapy agents had a 25-percent reduction in the risk of death or of their cancer worsening, compared with patients receiving only chemotherapy. The dual announcements, both released before the markets opened Friday, ignited investor interest. Endocyte’s shares closed at $28.17 on Friday, up from $14.64 the previous day.

A new master of public health program at the University of Indianapolis beginning this fall will prepare professionals to identify health disparities and develop community-based approaches to close the gaps. The two-year program will be conducted primarily online, and will ramp up to enroll more than 30 students. It will be the only one in Indiana focused on health disparities, which are the preventable differences in health among populations that can occur along lines of age, sex, ethnicity, geography and socioeconomic status. UIndy expects to develop other concentrations within the master of public health program as part of a broader expansion of its health sciences facilities, faculty and programs.

A European Medicines Agency panel recommended approval of a Type 2 diabetes drug from Boehringer Ingelheim GmbH and Eli Lilly and Co. that was delayed this month by U.S. regulators due to manufacturing deficiencies. The drug, empagliflozin, is expected to bring Indianapolis-based Lilly $519 million in annual revenue by 2019, according to an average of five analyst estimates compiled by Bloomberg News. Empagliflozin would be sold under the brand name Jardiance, according to the European Committee for Medicinal Products for Human Use, whose recommendation must still be OK’d by the European Commission. The U.S. Food and Drug Administration said this month it wouldn’t approve the drug until Boehringer fixes problems disclosed in May after a 2012 inspection of a plant at the company’s headquarters in Ingelheim am Rhein, Germany.

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People

March 24, 2014

Antonio Galindez, CEO of Dow AgroSciences LLC, will retire May 1 after nearly five years leading the agricultural biotech company. Tim Hassinger, Dow Agro’s global commercial leader and global leader of the company’s crop protection business unit, will be the new CEO of the Indianapolis-based subsidiary of Dow Chemical Co. Galindez joined Dow in 1983 as a field sales representative for agricultural products in Spain and held several leadership positions before becoming CEO. Hassinger has worked for Dow since 1984. Dow Agro, which has about 1,800 employees in Indianapolis, had global sales of $7.1 billion in 2013.

Methodist Health Foundation, the philanthropic arm of Indiana University Health Methodist Hospital, has hired five new staff members. Laura Gaybrick, Jane Manning, Jama Pryor and Dana Shank all worked in other parts of the IU Health organization. Gaybrick is now the foundation’s director of innovation and neuroscience development officer. Manning is a development officer. Pryor is director of marketing and communications. And Shank is a major gifts officer. In addition, the Methodist Health Foundation hired Kathleen Custer, formerly of the Indianapolis Symphony Orchestra, as executive assistant.

Dr. Aaron Carroll, a pediatrician and the director of the Center for Health Policy and Professionalism Research at the Indiana University School of Medicine, has been named a regular contributor to The Upshot, a new publication of The New York Times. Carroll is co-editor of a blog on health economics called The Incidental Economist, along with the blog’s creator, Dr. Austin Frakt. Both Carroll and Frakt will contribute to The Upshot, a data-driven site focusing on politics, policy and economic analysis.

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People

March 17, 2014

Jiali Han has been named the Rachel Cecile Efroymson Professor in Cancer Research at the IU Simon Cancer Center. Han came to the Richard M. Fairbanks School of Public Health at IUPUI last year from Harvard Medical School, where he was an associate professor of dermatology and medicine. Han is chairman of the Department of Epidemiology at the Fairbanks school of public health, and intends to hire three additional faculty members to his department. Han earned his doctorate in biological sciences in public health from Harvard University.

Community Health Network named Julie O’Toole its vice president of patient experience, focused on access and service. O’Toole has worked at Community for six years as director of practice excellence at Community Physician Network. She will continue that work, in addition to her duties across the Community hospital network. O’Toole holds a bachelor’s degree from Purdue University in organizational leadership. 

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Company news

March 17, 2014

Anthem Blue Cross and Blue Shield has signed a new accountable care contract with the Franciscan Alliance hospital system that allows Franciscan to make more money only if it saves money for Anthem. If more doctors and hospitals sign similar deals with Anthem, it would start to end the payment arrangements that are widely blamed for the ever-rising costs in health care. Under the contract, Franciscan is financially accountable for what it spends to care for 63,000 patients its doctors and hospitals treat regularly, who also have Anthem benefits provided via employers or purchased individually. The three-year contract, which begins April 1, involves all 11 of Franciscan’s hospitals around Indiana, including the three it operates in the Indianapolis area. About 300 physicians are also part of the contract. This is the first accountable care organization, or ACO, Anthem has formed in Indiana. Its parent company, Indianapolis-based WellPoint Inc., now has 84 ACOs nationwide. Other health insurers are looking to sign similar arrangements with health care providers. The new deal also will score Franciscan on 38 quality measures. If Franciscan earns enough points for its quality, it will qualify for a year-end bonus.

Biomet Inc. is planning a $40.5 million expansion company officials say would create 150 high-paying jobs at its Warsaw headquarters by 2018. The project by the maker of orthopedic implants calls for building renovations and adding 3-D printing and optical scanning technology. Biomet would also upgrade a center where surgeons interested in introducing a new product, technology or technique can explore the idea with an expert. According to the Journal Gazette, Biomet's global vice president of finance presented the project March 13 to the Kosciusko County Council, which voted unanimously to move the company's request for incentives to the next stage. Paperwork prepared by the company says the jobs the expansion would bring are projected to pay $75,000 a year on average and will be added in stages.

Last-minute lobbying and big promises about jobs and investment killed a nursing home construction moratorium, according to one of the bill’s proponents. “The experience illustrates how quickly things can change behind closed doors,” said Rep. Ed Clere, R-New Albany, on Friday morning. The Indiana House late Thursday night approved House Bill 1391, which, during conference committee negotiations, replaced Senate Bill 173 as the primary vehicle for a nursing home moratorium. The version of HB 1391 that finally went to the House, however, was stripped of any moratorium language because there wasn’t enough support in the House Republican caucus, Clere said. The turn of events is surprising, considering SB 173, which proposed a five-year moratorium, passed the Senate, and a watered-down version with a one-year moratorium passed the House, 55-40. A compromise version with a two-year ban appeared ready for passage on Tuesday. The Indiana Health Care Association and others in the long-term-care industry argued that the moratorium was needed to cut nursing-home vacancy rates and ensure better care for Medicaid patients.

OnTarget Laboratories LLC, a company developing cancer-imaging technology discovered at Purdue University, has raised $15 million to pay for human trials and other development work. The West Lafayette-based company raised the funding from the Pension Fund of the Christian Church, which is based in Indianapolis, and from Tom Hurvis, the founder of Illinois-based Old World Industries LLC, which makes antifreeze and other auto products. Hurvis had previously invested an undisclosed amount into OnTarget. The company’s technology was created by Philip Low, a Purdue chemistry professor who also created the technology behind Endocyte Inc., a West Lafayette-based drug development company that is likely to launch its first drug this year. Low discovered that cancer tumors have a greater number of certain kinds of “receptors” on the surface of their cells. By combining a molecule that binds to these receptors with a fluorescent molecule, OnTarget’s technology can make the cancer cells light up during surgery. The Pension Fund of the Christian Church, which also invested in Endocyte, provides retirement plans to employees of several denominations, including Disciples of Christ and Churches of Christ.

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Construction

March 17, 2014

-Capitol Construction has completed a 4,500-square-foot retail build-out for Maurices at 6020 E. 82nd St.

-Capitol Construction has completed a 3,000-square-foot office remodel for Proscan at 9780 Lantern Road, Fishers.

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Residential

March 17, 2014

The average rate for 30-year mortgages from from 4.45 percent to 4.5 percent in the week ended March 13, according to Bankrate.com. The rate for 15-year mortgages rose from 3.46 percent to 3.51 percent. 

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Leases/leasing contracts

March 17, 2014

-Fresh Thyme Farmers Market leased 28,675 square feet of retail space in Racquet Square Shopping Center, 4225 E. 82nd St. The tenant was represented by Kyle Hughes and Jamison Downs of Veritas Realty. The Landlord, 4225 LLC, represented itself.

-Fresh Thyme Farmers Market leased 27,450 square feet of retail space at 2342 W. 86th St. The tenant was represented by Jamison Downs and Kyle Hughes of Veritas Realty. The landlord, Diversified Land Acquisitions LLC, was represented by Joe Downs of Lauth Group Inc.

-Expressenz Dance Studio LLC leased 8,783 square feet of space in College North Park Business Center, 9519-9595 Valparaiso Court. The tenant was represented by Derek Menerey and Ashley Bussell of Newmark Knight Frank Halakar. The landlord, John Levinsohn and College Park North LLC, was represented by John Corey of Levi Investment Realty Inc.

-Midwest Dollar leased 7,296 square feet at 6002 E. 38th St. The landlord, Gaines Land Group LLC, was represented by Keith Kleinmaier of Retail Realty. The tenant represented itself.
 
-Indy Tire leased 6,500 square feet at Castleton Plaza, 6314-6398 E. 82nd St. The landlord, The Broadbent Co., was represented by Broadbent's John Beuoy. The tenant represented itself.

-Geneva Hair Studio leased 4,350 square feet at 5541 E. Washington St. The landlord, 5535 E. Washington Associates, was represented by Keith Kleinmaier of Retail Realty. The tenant represented itself.

-Stacked Pickle leased 4,000 square feet of retail space at 7108 McFarland Blvd.  The tenant was represented by Brian Epstein of Urban Space Commercial Properties. The landlord, Ambrose Southport McFarland LLC, was represented by Bart Jackson of Lee & Associates.

-Popeyes Louisiana Kitchen Inc. leased 2,808 square feet of retail space in the Meridian Parke Shopping Center, 270 N. State Road 135, Greenwood. The tenant was represented by Kyle Hughes of Veritas Realty. The landlord, Meridian Parke Co. LLC, was represented by Kellams Enterprises Inc.

-The Cellular Connection, a Verizon Wireless Premium Retailer, leased 2,222 square feet of retail space in Allisonville Road Plaza, 11722 Allisonville Road, Suite 101, Fishers. The tenant was represented by Jamison Downs of Veritas Realty. The landlord, Freeland Realty LLC, represented itself.  
 
-9 Round Kickboxing leased 1,547 square feet at The Shoppes at 141st Street, 14005-14099 Mundy Drive, Fishers. The tenant was represented by Tom Schrump of Franchise Realty Exchange. The landlord, The Broadbent Co., was represented by Brian Broadbent.

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Sales/acquisitions

March 17, 2014

-French Associates #1 LLC bought an 11,001-square-foot industrial property at 922 N. Capitol Ave. The seller, Capitol Clutch, was represented by Ray Simons of Cassidy Turley. The buyer represented itself.

-WLBK Industrial Properties bought a nine-building portfolio totaling 439,194 square feet of industrial space in Park 100 Business Park bordered by West 71st Street, West 86th Street and Interstate 465. The seller, Duke Realty Corp., was represented by J. Jeffrey Castell of Cassidy Turley. The buyer represented itself.

-Union Streams LLC bought three parcels of retail land totaling 2.58 acres at 284-310 S. State Road 135, Greenwood. The buyer was represented by David Ellis of Fenway Real Estate Services and Jim Abel of Lee & Associates. The sellers, Menard Inc. and Dannemiller Enterprises, represented themselves.

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  1. They can always get jobs at the Post office.

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  3. "This was a very localized, Indiana issue," he said. As in, Indiana failed to expand Medicaid to cover its poor citizens resulting in the loss of essential medical services, including this EMS company. Well done, Indiana GOP. Here are the real death panels: GOP state governments who refuse to expand Medicaid for political reasons.

  4. In the "one for all, all for none" socialist doctrine the sick die...this plus obama"care" equates to caucasian genocide plus pushed flight to cities thus further eroding the conservative base and the continualed spiral toward complete liberal/progressive/marxist America.

  5. There is a simple reason why WISH is not reporting on this story. LIN has others stations in different markets that are affiliated with CBS. Reporting about CBS blindsiding WISH/LIN due to CBS's greed and bullying tatics would risk any future negoations LIN will have with CBS in other markets.

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