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Office Depot agrees to buy OfficeMax for about $1.2B
The move would combine the No. 2 and No. 3 office supply retailers and lead to consolidation in an industry that analysts say is over-stored. Office Depot has eight stores in the Indianapolis area and OfficeMax has five.
Indiana panel advances $30B budget on partisan vote
A pair of Republican senators argued Tuesday for the personal income tax cut that Indiana Gov. Mike Pence has made his top priority, while House Republicans across the hall advanced a budget that swaps that cut for education and roads spending.
Even salvage auto buyers now have an app to make purchases easier
Bids have been taken via smart-phone applications for more than a year. Now a unit of Carmel-based KAR Auction Services has introduced an app to make paying easier.
BARANOWSKI: Indy is a great city, except…
It was my privilege to testify recently before the House Roads & Transportation Committee in support of House Bill 1011. I joined more than three dozen citizens, community leaders and elected officials to share our support for mass transit in central Indiana.
Local survey offers peek at social media strategy
Preliminary survey results of Carmel marketing firm Roundpeg’s annual survey show more than 30 percent of small businesses devote at least an hour to social media each day. Is the impact worth the effort?
Construction
-TMG Construction Management Inc. has been hired by Upland Brewing Co. to build a 2,400-square-foot restaurant and tasting room at 820 E. 116th St., Carmel.
-Mezzetta Inc. has been awarded the general conditions contract by the Indiana State Fair Commission for renovation of the Coliseum at the Indiana State Fairgrounds, 1202 E. 38th St. The work is to be completed by October of this year.
Leases/leasing contracts
-Jones Lang LaSalle has been named leasing agent for 909 Whitaker Road, a 381,493-square-foot distribution facility in Plainfield Business Park owned by Industrial Income Trust. JLL's brokers for the property are Jake Sturman and Brian Seitz.
-Balkamp Inc. renewed its lease for 123,840 square feet and leased an additional 61,920 square feet in North Airport Park Building 2, 7750-54 West Morris St. The tenant was represented by Chris Horton of One Source Realty Inc. The landlord, Duke Realty, was represented by Duke's Jay Archer.-Schenker Logistics Inc. leased 86,400 square feet in Park 100 Building 91, 4919 W. 78th St. The tenant was represented by Mark Writt of CBRE. The landlord, Duke Realty, was represented by Duke's Jay Archer.
-Quest Environmental & Safety renewed its lease for 27,492 square feet in Exit 5 Building 2, 11947-11955 Cumberland Road, Fishers. The tenant was represented by Mike Lubbers of Summit Realty. The landlord, Duke Realty, was represented by Duke's Jay Archer.
-Click Ship Commerce leased 25,850 square feet at Hillsdale Business Park, North Shadeland Avenue and Hillsdale Court. The tenant was represented by Brian Buschuk of Jones Lang LaSalle. The landlord, Hillsdale Property Co. LLC, was represented by Jack Hogan and Kevin Gillihan of Jones Lang LaSalle.
-Raymond James & Associates Inc. leased 6,734 square feet at 9100 Keystone Crossing. The tenant was represented by Eric Steiner of DTZ, a UGL company. The landlord, Philadelphia-based BPG Properties Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle.
-The McGraw Hill Cos. Inc. has leased 5,047 square feet at 8900 Keystone Crossing. The tenant was represented by Nick Arterburn CBRE. The landlord, Philadelphia-based BPG Properties Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle.
-Buffalo Wild Wings leased 5,020 square feet of retail space at 1600 E. Michigan Road, Shelbyville. The landlord, Cassidy Turley acting as court-appointed receiver, was represented by Jacque Haynes of Cassidy Turley. The tenant represented itself.
-TITLE Boxing Club leased 4,881 square feet at Fishers Station, 7400 E. Fishers Station Drive, Fishers. The tenant was represented by Chris Ray of Catalyst Commercial Group. The landlord, Fishers Station Development Co., was represented by Andrew Hasbrook of Kite Realty Group.
-Mutual of Omaha Insurance Co. leased 4,388 square feet at 9100 Keystone Crossing. The tenant was represented by R. J. Rudolph of Colliers International. The landlord, Philadelphia-based BPG Properties Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle.
-American Mattress leased 4,200 square feet at Rangeline Crossing,116th Street and Rangeline Road, Carmel. The tenant was represented by Jeff Haas of Julius M. Feinblum Real Estate. The landlord, KRG Centre LLC, was represented by Blake Beaver of Kite Realty Group.
-Jessogne Restaurant Ventures, dba Little Caesars, leased 2,400 square feet of retail space at Irvington Plaza, 6200 E. Washington St. The tenant was represented by Ron Mannon of Lee & Associates. The landlord, Irvington Plaza Associates LLC, was represented by Patrick Boyle of Midland Atlantic.-LifeWatch Pharmacy leased 2,213 square feet at 4444 Decatur Blvd. The tenant was represented by Bryan Augustin of Alliance Commercial Group. The landlord, MPC Ventures LLC, was represented by Ryan Kelly and Brian Dell of Summit Realty Group.
-Jacobs Parts Inc. leased 1,662 square feet at Willow Lake East, 2632 Lake Center Drive. The landlord, Regency Centers, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.-Runners Forum leased 1,600 square feet at Avon Station, 8100 E. U.S. 36, Avon. The landlord, Avon Station Inc., was represented by Michael Cranfill of Sitehawk Retail Real Estate. The tenant represented itself.
-GoPath Global LLC leased 1,419 square feet at 8888 Keystone Crossing. The landlord, Philadelphia-based BPG Properties Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle. The tenant represented itself.
-BlumLux leased 400 square feet in the Canal Building at Rockdale, 6334 Westfield Blvd. The landlord, Rockdale LLC, was represented by Jack Hogan of Jones Lang LaSalle. The tenant represented itself.
CNO Financial boosts fourth-quarter profit
The Carmel-based holding company for insurance firms reported fourth-quarter 2012 net income of $101.2 million, or 41 cents a share. That was a 57 percent jump over the same quarter in 2011.
Company news
Indiana University Health Physicians added 39 doctors from the division of gastroenterology and hepatology at the IU School of Medicine. The group was founded in 1958 and is consistently ranked as one of the top 20 programs nationally. IU Health Physicians now employs more than 1,000 doctors. The group, which also includes five nurse practitioners, offers care at IU Health University Hospital, Wishard Health Services and the Richard L. Roudebush VA Medical Center, and will soon expand to IU Health North and IU Health Saxony hospitals. They also see patients in satellite offices in Batesville, Carmel, Greenfield, Greensburg, Lebanon, Martinsville, McCordsville and Zionsville.
Elona Biotechnologies Inc., a drugmaker trying to launch a generic version of insulin, says it has found a solution to its default on more than $8 million in economic development loans and incentives from the city of Greenwood. Elona announced Feb. 6 that it has reached an agreement under which the company will be acquired by a group of private investors. It did not disclose the names of the investors or the amount of financing. "While terms of the transaction are confidential, Elona will receive sufficient funds to correct its default situation with the city of Greenwood, hire management and scientific talent to move the company forward, and proceed with clinical trials to support the registration of its generic human insulin under development for the treatment of diabetes," the company said in a prepared statement. An executive team of pharmaceutical industry veterans with extensive experience will join Elona as staff or consultants, the company said. The company told Greenwood officials of its financial troubles in late January. That information prompted the Greenwood Redevelopment Commission to vote to declare Elona in default on $8.4 million worth of economic development incentives the city approved for the company in 2010. The city loaned $6.4 million to help Elona build a 50,000-square-foot, $28 million insulin production plant in Greenwood and hire 70 workers. The city also gave Elona $1.5 million to help it win approval for its insulin from the U.S. Food and Drug Administration and $500,000 for equipment.
Eli Lilly and Co. said it is halting testing of an experimental drug for rheumatoid arthritis because the studies show the medicine is not effective. The decision to stop testing the therapy, called tabalumab, in rheumatoid arthritis wasn’t based on safety concerns, the Indianapolis-based drugmaker said Feb. 7 in a prepared statement. Lilly said it will continue to develop the drug as a treatment for lupus. In December, Lilly said it was stopping one of three late-stage rheumatoid arthritis studies of tabalumab after it failed to provide a benefit. Lilly then analyzed the other two studies and determined the drug was unlikely to help patients. The setback comes as Lilly, counting on sales of new medicines to revive growth, faces generic competition to schizophrenia drug Zyprexa, which generated $5 billion in annual revenue before losing patent protection in October 2011.
Hospitals paying big to snag surgeons
Across the four largest hospital systems in central Indiana, six physicians received more than $1 million in compensation in 2011 while two others received more than $900,000 and nine others received $700,000 or more, according to the hospitals’ most recent reports to the IRS.
Sisters put sophisticated spin on popcorn
Just Pop In! retail stores feature traditional, popular flavors like caramel and cheddar—and an “Indy Style” mixture of the two—but a dizzying array of more imaginative concoctions sets the local chain apart.
Kite sells 3 area buildings in dealmaking blitz
The Indianapolis-based real estate company disclosed the transactions in its fourth-quarter financial report. Kite said it lost $6.5 million in the quarter on nearly $27 million in revenue.
Roundup: Hobby Lobby, Bakersfield, Orange Leaf
Chain stores Hobby Lobby and DXL plan new Indianapolis-locations, two yogurt chains are expanding and a popular Cincinnati-area restaurant prepares for its Indy grand-opening.
Leases/leasing contracts
-Shoppers World leased 27,000 square feet of retail space in Esquire Plaza, 8311 Pendleton Pike. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Planet Fitness leased 23,000 square feet of retail space in Washington Market, 10435 E. Washington St. The tenant was represented by Bart Jackson and Scot Courtney of Lee & Associates. The landlord, Washington Market Realty LLC, was represented by Jeff Roberts of Sandor Development.
-Unclaimed Furniture leased 9,504 square feet of retail space in Esquire Plaza, 8101 Pendleton Pike, Unit A1. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Stage 1 Dance Academy leased 7,455 square feet of retail space at Ashley Crossing, 740 Lowes Blvd., Greenwood. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Consigned by Design leased 6,174 square feet of retail space at Indy Pavilions, 7035 E. 96th St., Unit A. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.
-Body N Motion leased 6,000 square feet of industrial space in Fairfield Business Park 9327 Castlegate Drive. The tenant was represented by Spero Pulos of Lee & Associates. The landlord, First Industrial Realty Trust, was represented by Chris Black and John Hanley of CBRE.
-Ports of Indiana renewed its lease for 5,681 square feet at 150 W. Market St. The tenant was represented by John Crisp of Cassidy Turley. The landlord, NEA Properties Inc., was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.
-Salon Lofts leased 4,545 square feet of retail space at Ashley Crossing, 740A Lowes Blvd., Greenwood. The tenant was represented by Michael Cranfill and Scott Gray of Sitehawk Retail Real Estate. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor.
-Compendium Software LLC renewed its lease for 4,679 square feet in Circle Tower, 55 Monument Circle. The tenant was represented by Jenna Barnett of Newmark Knight Frank Halakar Real Estate. The landlord, Ambrose Property Group LLC, was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.
-Anytime Fitness leased 4,200 square feet of retail space at Indy Pavilions, 7035 E. 96th St., Unit N. The tenant was represented Jim Runyon of FRE Advisors. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.
-Dog Track Resort leased 3,750 square feet of industrial space at 2101 Cunningham Road. The tenant was represented by Greg Smith of Colliers International. The landlord, B&W Services LP, was represented by Jim Karozos and Bob Lindgren of Lee & Associates.-Friends of The American Legion leased 1,820 square feet of retail space at East 40 Plaza, 8510 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Revol Wireless leased 1,622 square feet of retail space in Esquire Plaza, 8241 Pendleton Pike. The tenant was represented by Courtney Carper of Equity. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor.
-Hot Box Pizza leased 1,586 square feet of retail space in Village Commons III, 3147 W. Smith Valley Road, Greenwood. The tenant was represented by Jason Challand of Echelon Realty Advisors. The landlord, VC3 LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.
-Noble Roman’s Take-N-Bake Pizza leased 1,500 square feet of retail space in Sutton Park, 586 S. State Road 135, Greenwood. The tenant and landlord, Sutton Park LLC, were represented by Cathy Richards of Lee & Associates.
-Fannie Mae Candies subleased 1,440 square feet of retail space in North by Northeast Shoppes II, 8270 E. 96th St., Fishers. The tenant was represented by Greg Smith of Colliers International. The sublessor, iSOLDit on Ebay, was represented by Spero Pulos of Lee & Associates.
-Indiana State Building & Construction Trades Council leased 1,267 square feet at 150 W. Market St. The landlord, NEA Properties Inc., was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group. The tenant represented itself.
-Crepe Guys leased 1,050 square feet of retail space in Old Town Shoppes, 1232 W. 86th St. The tenant was represented by Itamar Cohen of Indiana Realty Group. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.
-Lets Get Started LLC leased 1,000 square feet of retail space at Carmel Shopping Center, 1025 W Main St., Carmel. The tenant was represented by Brad Litz of Realty Partners.The landlord JR Farmer Finance LLC, was represented by Thomas Willey of Willey Commercial Real Estate.
Renamed Carmel financing firm planning big growth
Dealer Services Corp. in Carmel has begun operating as NextGear Capital after being acquired by Atlanta-based Manheim Inc. NextGear plans to relocate in the next month and double its employment, to 450, in the next year.
Shuttle to Hamilton County job sites is tweaked
A reverse-commute shuttle that helps Indianapolis residents get to jobs in Carmel and Fishers is being expanded.