U.S. jobless rate falls as employers add 200,000 jobs
The Labor Department said Friday that employers added a net 200,000 jobs last month and the unemployment rate fell to 8.5 percent, the lowest since February 2009.
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State eyes roundabouts for 31 intersections
The Indiana Department of Transportation has ambitious plans to build roundabouts at 31 intersections statewide over the next five years, including a dozen in the metro area.
Company news
Forbes blogger Peter Cohan estimates that orthopedic implant companies—including Warsaw-based Zimmer Holdings Inc. and DePuy Orthopaedics Inc.—will pay out $5 billion to cover legal claims that their all-metal hip implants have failed, causing new health issues. The metal pieces of the implants allegedly generate debris as they rub against each other, and the debris is damaging tissue, causing infections and, in extreme cases, leading to crippling complications. Cohan broadcast his prediction after the New York Times published an article on the problem last week. The Times noted that private health insurers are moving in court to recover their expenses for the follow-up medical care caused by the hip implants. The federal Medicare program is expected to follow suit. Cohan estimates there will be 30,000 claims before the issue is settled. Multiply that number by likely settlement amounts—he notes it was $147,000 per patient 10 years ago in a case involving Sulzer Orthopedics—and you get pretty close to $5 billion.
A long-running dispute between two local food companies that serve nursing homes was resolved in October by Hamilton County Judge Steve Nation. Anderson-based Rubicon Foods LLC was ordered to pay $94,600 to Indianapolis-based Darlington Cookie Co. for misappropriation of trade secrets and trespassing on computers. Rubicon is also on the hook for nearly $276,000 in attorney's fees racked up by Darlington’s law firm, Indianapolis-based Bose McKinney & Evans LLP. Darlington is led by Phil Hockemeyer, and Rubicon is led by his younger brothers, Steve and Todd Hockemeyer. All three brothers worked together at Darlington before the younger two left in 2006 to form Rubicon, claiming they were forced out. But Darlington claimed successfully that Steve and Todd Hockemeyer stole trade secrets from Darlington’s computers before leaving. Both companies make food mixes that whip up into sliced bread, rice, pasta and cookies that dissolve immediately when eaten by nursing home patients. The mixes are designed to help patients who are malnourished or sometimes even die because they can’t swallow solid food properly.
St. Vincent Randolph Hospital in Winchester will join the Indiana Telehealth Network. Construction of about 25 miles of fiber-optic cabling to the hospital will begin in the coming weeks. Construction will be completed this summer. The project brings broadband Internet access to the 25-bed hospital, as well as establishes a connection hub for broadband connectivity for surrounding Randolph County. The Indiana Telehealth Network already includes 23 rural hospitals and five urban partner hospitals. The network is primarily funded by the Federal Communications Commission and is administered by the Indiana Rural Health Association. St. Vincent Randolph is part of the Indianapolis-based St. Vincent Health chain of hospitals.
Daniels, Beshear reach agreement on bridges
Construction on two new bridges costing $2.6 billion and spanning the Ohio River between Kentucky and Indiana could begin in late 2012, with the spans open before the end of the decade, Kentucky and Indiana officials said Thursday.
Indiana construction biz acquired by Swedish firm
Stockholm-based Skanska AB, the Nordic region’s biggest builder, has purchased Industrial Contractors Inc. for $135 million, boosting its U.S. presence with its first acquisition in the United States in a decade.
Company news
Quarterly sales rose at Warsaw-based Biomet Inc., lifting investors’ sentiment that the recession-induced slowdown in orthopedic surgeries may be ending. Biomet, one of the largest makers of orthopedic implants, reported sales of $725.1 million in the three months ended Nov. 30, a 4-percent increase over the same quarter a year ago. Excluding foreign currency fluctuations, Biomet’s sales would have risen 3 percent. Still, investors took it as a positive sign for the industry, trading up the shares of other orthopedics companies, including Warsaw-based Zimmer Holdings Inc. and Michigan-based Stryker Corp. “We would view the Biomet large joint reconstruction results with cautious optimism for the broader hip and knee markets,” Derrick Sung, an analyst with Sanford C. Bernstein & Co., told investors Dec. 20, according to Bloomberg News. “Investors are generally pricing in no expectation for an orthopedic market recovery in 2012, so we would view any signs of such as incrementally positive for Stryker and Zimmer, the pure-play orthopedic companies.” Biomet reported that sales of its knee implants rose 2 percent worldwide, while sales of hip implants rose 7 percent, and sales of its sports, extremity and trauma implants rose 13 percent. Biomet’s figures are preliminary, and the company has not yet reported its quarterly profits.
Zimmer Holdings Inc. will start giving its shareholders a dividend in the first quarter of 2012. The Warsaw-based maker of orthopedic implants will dole out 18 cents for each share of its common stock held on March 30. Zimmer also announced that it will buy back $1.5 billion of its own stock between now and the end of 2014. Zimmer is trying to make its stock more attractive after the economy forced many patients to put off elective orthopedic surgeries. Zimmer’s share price has been stuck between $50 and $60 for most of the past two years, even though it neared $70 earlier this year. Zimmer had $553 million in cash and cash equivalents as of Sept. 30.
Eli Lilly and Co. was one of the drug firms stung by an illegal importation ring, based in Houston, which sold copies of erectile dysfunction drugs as the real thing. According to the Houston Chronicle, the ring was led by an illegal immigrant from Pakistan named Irfan Qadir, who was recently sentenced to 13 months in prison and ordered to pay about $140,000 in restitution to pharmaceutical Indianapolis-based Lilly and to New York-based Pfizer. Lilly makes the impotence pill Cialis and Pfizer makes Viagra. In the six months leading up to his May arrest, Qadir received about 8,000 pills of those two drugs, according to the U.S. Department of Justice.
Greenwood site picked for new Interstate 65 interchange
Construction is expected to start in 2014, with the city paying about half the estimated $22 million cost out of its revenue from a special taxing district for infrastructure projects.
Construction
-Capitol Construction completed a 4,000-square-foot build-out for Capstone at 8910 Purdue Road.
-Capitol Construction completed a 3,500-square-foot build-out for Caterpillar at 10585 N. Meridian St.
Leases/leasing contracts
-Technical Youth LLC, dba Brooksource, leased 8,140 square feet of office space at 8365 Keystone Crossing and 8395 Keystone Crossing. The landlord, Sourwine Real Estate Services, was represented by Andrew Martin of Cassidy Turley. The tenant represented itself.
-The Medicaid Fraud Unit of the Office of the Attorney General leased 7,218 square feet of office space at 8005 Castleway Drive. The tenant was represented by Tim O’Brien of Colliers International. The landlord, NRFC Castleton Park Holdings LLC, was represented by Dave Moore and Darrin Boyd of Cassidy Turley.
-27 Beers Inc., dba Gatsby’s Bar & Grill, leased 3,200 square feet at Intech Commons Retail Center, 6335 Intech Commons Drive. The landlord, Inland American Retail Management LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
-Massage Envy leased 2,600 square feet at Emerson Commons I, 6815 S. Emerson Ave. The tenant was represented by Tracey Holtzman of Midland Atlantic. The landlord, First Emerson Commons Way LLC, was represented by Larry Davis and Tom English of Sitehawk Retail Real Estate.
-Alternative Construction/Re-Bath renewed its 2,550-square-foot lease for industrial space in Hawthorn Park, 6886 Hawthorn Park Drive. The tenant was represented by Jim Karozos of Lee & Associates. The landlord, Mann Properties, was represented by Craig Cleveland of Mann Properties.
-Toppers Pizza leased 2,520 square feet at Hamilton Crossing Centre, 12201 N. Meridian St., Carmel. The tenant was represented by Robyn Smart of Lee & Associates. The landlord, KRG Hamilton Crossing LLC, was represented by Blake Beaver of Kite Realty Group.
-Foundations Financial Group leased 2,400 square feet of retail space in Indy Pavilions, 7035 E. 96th St., Suite S. The tenant was represented by Kevin Piper of Colliers International. The landlord, Sandor Development, was represented by Drew Kelly of Sandor Development.-Dana T. Greenwood leased 2,019 square feet of office space at 9840 Westpoint Drive. The landlord, Crosspoint Partners IV LLC, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented herself.
-Masterlab renewed its lease for 2,000 square feet of retail space in Cherry Tree Plaza, 9731 E. Washington St. The tenant and landlord, Sandor Development, represented themselves.
-NZR Consulting Inc. leased 1,712 square feet of office space at 10425 Commerce Drive, Carmel. The landlord, West Carmel I LLC, was represented by Bennett Williams and Pete Anderson of Cassidy Turley. The tenant represented itself.
-Orange Leaf Frozen Yogurt leased 1,600 square feet at Green Street Square, 1551 N Green St., Brownsburg. The tenant was represented by Donna Hovey of CBRE. The landlord, Cranfill Enterprises LLC, was represented by Michael Cranfill of Sitehawk Retail Real Estate.
-Universal Barber Shop leased 1,600 square feet of retail space in Lafayette Place, 3748 Commercial Drive. The landlord, Sandor Development, was represented by Drew Kelly of Sandor Development. The tenant represented itself.-WeBuyAnyCar.com leased 1,280 square feet of retail space in Indy Pavilions, 7035 E. 96th St., Suite F1. The landlord, Sandor Development, was represented by Drew Kelly of Sandor Development. The tenant represented itself.
-Sandra’s Hair Braiding leased 1,176 square feet of retail space in Esquire Plaza, 8141 Pendleton Pike. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor Development. The tenant represented itself.
-We Buy Gold leased 1,060 square feet of retail space in River Ridge Plaza, 2040E S. Scatterfield Road, Anderson. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor Development. The tenant represented itself.
-Flory's Salon renewed its lease for 1,000 square feet of retail space in Honey Creek Plaza, 3841 Moller Road. The tenant and landlord, Sandor Development, represented themselves.
Progress slow on variety of metro area deals
Many projects we reported on here over the past year are still in progress, confirming that the real estate market is still sluggish.
Real estate meltdown leaves developers reeling
It was another rough year for the real estate sector in 2011, as the homebuilder Estridge filed for bankruptcy, strip-center specialist Broadbent struggled to hold onto its headquarters, and Centre Properties faced a $43 million foreclosure suit.
City backs string of high-profile real estate projects
The administration of Mayor Greg Ballard found its stride in the final year of its first four-year term, at least when it comes to major publicly supported real estate projects.
Area firms pledge 365 jobs
Two Central Indiana firms will receive tax incentives for growing their operations by a combined 365 workers by 2015, Indiana economic development officials announced Wednesday.
Daniels says opposition won’t stop Interstate 69 extension
Gov. Mitch Daniels said the state has options for funding a 1.75-mile stretch of highway that is the focus of a dispute with the Bloomington-Monroe County Metropolitan Planning Organization.
Park Tudor land purchase puts stop to housing development
The private school recently bought the 5.7 acres north of its campus that Dr. Bill Nunery, a local ophthalmologist, had planned to develop into an upscale residential enclave known as Grace Hill.
Construction
-Meyer Najem Construction has been hired to build the Westfield Grand Park Sports Complex at State Road 32 and U.S. 31. Construction of the 350-acre indoor/outdoor facility has started and is scheduled to be completed in the summer of 2013.
-Capitol Construction completed a 31,400-square-foot build-out for Belden at 401 N. Pennsylvania Parkway, Carmel.
-Capitol Construction completed a 4,000-square-foot build out for Watermark at 5875 Castle Creek Parkway.
Transit plan may boost real estate investment
A proposed $1.3 billion transit system might bring redevelopment to urban neighborhoods. Yet transit proponents have surprisingly little to say about how much the system could generate in new real estate investment.
Fisher’s IndyCar team building headquarters in Speedway
Sarah Fisher Hartman Racing plans to build a $2.7 million facility on Speedway’s new Main Street to house her race team. Construction on the 37,000-square-foot shop could start in February and be finished in September.
Indiana may be ground zero for right-to-work fight
Indiana’s anticipated battle next month over a right-to-work law is expected to rival last year’s epic Wisconsin union fight that drew 180,000 protestors to Madison rallies and became the focus of national media attention.