Proposal would make school start after Labor Day
A state senator from Carmel says he’ll file legislation that would prevent Indiana schools from starting classes before Labor
Day and ending after June 10.
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Housing meltdown claims at least one homebuilder
Two more local homebuilders fell victim in 2009 to the prolonged meltdown of the housing market. Carmel-based
C.P. Morgan Communities LP closed in February, and Indianapolis-based Hansen & Horn Group Inc. is teetering on the edge
of bankruptcy.Slump sets Hoosier job levels back 14 years
The 131,000 jobs lost
in the 12 months ended in November amounted to a 7.2-percent decline and were nearly equivalent to the combined populations
of Carmel and Fishers.SBA loan approvals – November 2009
SBA loan approvals above $100,000 for the Indianapolis area for November 2009
Estate tax confusion leaving family businesses in limbo
Federal estate taxes are set to expire next year, but increase in 2011. Confusion is leaving family businesses like Greenwood-based Byrd Enterprises in limbo. Vice President Jonathan Byrd II is still sorting through the aftermath of his father’s August death.
Conseco raises nearly $223 million in stock offering
The Carmel-based life and health insurer immediately applied $161 million of the funds to its bank loans.
Construction
-D.B. Klain Builders LLC, Carmel, has started a 1,162-square-foot tenant build-out for Edward Jones & Co. at 2159 Glebe St. The project is scheduled to be completed Jan. 5.
-GVK Contracting + Remodeling, Westfield, has completed a 35-day, 1,420-square-foot build-out for Saku Japan restaurant at Hamilton Town Center, Noblesville.
-Domain Contractors has completed a 6,000-square-foot office remodel for Caregivers Inc., 3536 Washington Blvd.
Correction
An item in last week’s Real Estate Weekly listed the wrong landlord for Providence Shoppes, 12545 Old Meridian St., Carmel. The landlord for the center, where Stacked Pickle leased 4,313 square feet, is Providence Partners LLC.
Company news
Carmel-based Dormir Inc. acquired a string of sleep-study centers and equipment stores in California,
Oregon and Utah, making it the nation’s second-largest provider of sleep-diagnostic services in the country behind SleepMed
Inc., headquartered in Columbia, S.C. The sleep centers and equipment stores were part of two subsidiaries of Australia-based
Avastra Sleep Centres Ltd. They give Dormir 85 locations in 16 states. Financial terms of the deal were
not disclosed.Eli Lilly and Co. said it won approval for a new long-acting
version of its bestselling antipsychotic Zyprexa. The new version has patents that could extend until
2018. Investors have shunned Lilly’s stock this year because they say Indianapolis-based Lilly does not have enough new
drugs to offset the loss of Zyprexa revenue that will occur after the drug loses its patents in 2011. Lilly issued a forecast
for 2012-2014 that suggested its profits could fall by as much as one-third from their present levels.Lilly
Endowment Inc. will give $60 million to the Indiana University School of Medicine
to implement its new Indiana Physician Scientist Initiative that aims to turn discoveries that could
improve human health into products and treatments that benefit patients and produce new businesses. Dr. David Wilkes,
executive associate dean for research affairs at the IU School of Medicine, will direct the Indiana Physician Scientist Initiative.
Its biggest goal is to recruit 20 physician-scientists to the IU med school to focus on cancer, neurosciences and diabetes/vascular
disease.Scientists have made chemotherapy drugs better at reducing side effects by engineering them to bind only
to cancerous cells. But researchers at Purdue University are taking an entirely different approach. They
used cold and magnetic particles to create nanorods—about 1,000 times smaller than a human hair. They then coated these
rods with the breast cancer drug Herceptin and inserted them into breast tumors. Professor Joseph Irudayaraj and graduate
student Jiji Chen wrote about their work in the journal ACS Nano.The Eli Lilly and Co. Foundation
gave $1 million to Indiana University to form a school of public health at IUPUI. Indiana University will
build the school using faculty from its medical school and the School of Public and Environmental Affairs.Two Fort Wayne consulting firms are joining forces in an attempt to do more work for financially
strapped doctors and hospitals. MedOptima and Ruffolo Benson LLC now
offer expertise in improving billing and other processes, as well as finding capital.In the
latest combination of fitness and physicians, St. Vincent Health has opened
a rehab therapy clinic at the Fishers YMCA. The 3,900-square-foot clinic will offer
orthopedic, neurological and general rehab care. The first local example of such a partnership is the Westview Healthplex
Sports Club on Guion Road operated by Westview Hospital. Also, Hendricks Regional Health
is working with YMCA to build a joint facility in Avon.Carmel City Court joins state courts network
Carmel City Court has joined more than 40 other Indiana courts in using the state Supreme Court’s electronic case management
system.Conseco offering new shares at $4.73 apiece
Carmel-based insurer hopes to raise $234 million through public offering.
Leasing/leasing contracts
-PricewaterhouseCoopers leased 21,945 square feet of office space at National City Center in downtown Indianapolis. The tenant was represented by John Vandenbark and Zane Brown of CB Richard Ellis. The landlord, REIT Management & Research, was represented by Rick Trimpe of CB Richard Ellis.
-PrimeCo Development, doing business as Cadillac Ranch All American Bar and Grill, leased 20,000 square feet on the ground floor of Union Station. Michael Cranfill and Larry Davis of Sitehawk Retail Real Estate represented the tenant. The landlord, the city of Indianapolis, was represented by Mary Hauser of Browning Investments.
-Ent & Imler leased 13,052 square feet at Five River Crossing, 8555 River Road. The tenant was represented by Jack Esselman of J.F. Esselman Inc. The landlord, PK Partners, was represented by Dan Richardson of CB Richard Ellis.
-Stacked Pickle leased 4,313 square feet at Providence Shoppes, 12545 Old Meridian St., Suite 150, Carmel. The tenant, a restaurant and bar, was represented by Brian Epstein of Urban Space. The landlord, Thompson Thrift, was represented by Susannah Gershman of Thompson Thrift and Natasha Evans of Buckingham Companies.
-The law firm Plunkett Cooney leased 4,000 square feet of office space at 300 N. Meridian St. The tenant was represented by Bill Ehret and Katie Gray of Summit Realty Group. The landlord, REI Real Estate Services, represented itself.
-Fox’s Pizza Den leased 1,600 square feet at Marketplace at Anson, 6579 E. State Road 334, Zionsville. Scot Courtney, Bart Jackson and Cindy Hoskinson of Grubb & Ellis Harding Dahm & Co. represented the landlord, Duke Realty. The tenant represented itself.
-ReMax at the Crossing leased 1,800 square feet of office space at Sycamore Springs, 4735 Statesman Drive. The landlord, MSE Realty LLC, was represented by Ralph Balber and Ashley Bussell of Halakar Real Estate. The tenant represented itself.
-Indy Spine & Rehab leased 1,236 square feet at Carmel Drive Executive Office Park, 755 W. Carmel Drive, Carmel. Mark Holtzlander of Grubb & Ellis Harding Dahm & Co. represented the tenant. The landlord, TIC Properties Management LLC, was represented by Matt Jackson of Halakar Properties.
-Deering Cleaners leased 1,300 square feet at Chapel Hill Shoppes, 7301 W. 10th St. Scot Courtney and Bart Jackson of Grubb & Ellis Harding Dahm & Co. represented the landlord, GSR LLC. The tenant represented itself.
KAR Auction Services shares inch up after IPO
Shares of KAR Auction Services Inc. Friday inched above prices set by the vehicle auctioneer in its initial public offering.
KAR Auction Services shares open lower after IPO
Stock in Carmel-based KAR Auction Services Inc. on Friday morning traded below prices set by the vehicle auctioneer in its
initial public offering.Dormir acquires two sleep companies
Carmel firm using $12 million in venture capital for buying spree is now nation’s second-largest operator of sleep centers.
Cash-strapped mayors may tap owners of tax-exempt property
A group of mayors led by Tom Henry of Fort Wayne and Greg Ballard of Indianapolis is seeking new sources of revenue to replace
the millions they’ll lose because of property tax caps.Stout’s Shoes still in step after 123 years
After more than a century in business, Indianapolis-based Stout’s Footwear Co. isn’t just
surviving. It also is proceeding with plans to open
a store next year on the city’s north side.Federal filing lists another link between Brizzi, Durham
A federal financial-disclosure statement Brizzi submitted in May lists the politician as an investor in Red Rock Pictures
Holdings Inc., a film-development firm also backed by Durham.