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Articles
We don’t know what we don’t know
I take no issue with the premise [March 5 Maurer column] that politics far too often prevail over wisdom, but his argument that “religious right groups are manipulating religion to further their intolerant political agendas” is far too short-sighted for a man of his character and wisdom.
Faster U.S. 31 plan proposed
A plan to speed up construction on U.S. 31 in Hamilton County may actually slow down drivers. The “Hyperfix” proposal would cut construction time by three years and save the state an estimated $50 million. But all four lanes of a portion of U.S. 31 in Carmel would close during construction in areas from 126th Street to 136th Street. An informational meeting to discuss the project will take place at Carmel High School on March 29 from 5 p.m. to 8 p.m.
Also this week
The Carmel Symphony Orchestra is joined by the Indianapolis Children’s Choir and the McGing Irish Dancers for a “Celtic Pops!” program at the Palladium March 10. Details here.
Crystal Gayle and Soweto Gospel perform in separate concerts at, respectively, the Center for the Performing Arts’ Tarkington Theatre and Palladium on March 9. Herbie Hancock also is featured in a March 14 concert. Details here.
Lisa Lampanelli stands up at the Egyptian Room March 9. Details here.
Kelly Clarkson performs at The Venue at Horseshoe Casino in Hammond March 10. Details here.
The JCC and Heartland Film Festival team up to screen the documentary “Waste Land” March 12. Details here.
The Indianapolis Symphony Orchestra’s annual “Side by Side” concert features top high school musicians paired with the pros. The ticketed-but-free concert is March 7. Details here
Franciscan pulls back Greenwood plans
Franciscan St. Francis Health said its plans to build an emergency room and physician office building in Greenwood are on hold due to uncertainty over the effects of health care reform.
Leases/leasing contracts
-City Thrift Store leased 29,700 square feet of retail space in Washington Market, 10435 E. Washington St. The tenant was represented by Frank Swiss of Swissco Real Estate. The landlord, Sandor Development, was represented by Sandor’s Jeff Roberts and Drew Kelly.
-A.H. Furnico renewed its lease for 14,400 square feet of industrial space at 6425 E. English Ave. The tenant was represented by Kelly Williams of Cassidy Turley. The landlord, English Avenue Properties LLC, was represented by Alex Blackburn of RE/MAX Real Estate.
-Meridian Title Corp. renewed its lease for 3,746 square feet at 11711 N. Pennsylvania St. The andlord, North Pennsylvania Associates LLC, was represented by Mike Napariu of REI Real Estate Services LLC. The tenant represented itself.
-The Bike Line leased 3,307 square feet at Carmel City Center, 723 Hanover Place, Carmel. The landlord, Carmel City Center LLC, was represented by Melissa Averitt of Carmel City Center. The tenant represented itself.
-Indianapolis Physical Therapy & Sports Medicine renewed its lease for 3,194 square feet of retail space in George Thomas Plaza, 1048 N. Shadeland Ave. The tenant was represented by Patty Toth of Jackson Cross Partners. The landlord, Ladywood Apartments LLC, was represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.
-San Antonio Shoe Inc., dba SAS Comfort Shoes, leased 2,250 square feet of retail space at 4909 E. 82nd St., Suite 100. The tenant was represented by Andrew Schrage of Coldwell Banker Commercial Realty Services. The landlord, PK Clearwater Springs LLC, was represented by PK Partners.
-Which Wich Superior Sandwiches leased 2,022 square feet of retail space in The Avenue, 860 W. 10th St. The tenant was represented by Bart Jackson and Scot Courtney of Lee & Associates. The landlord, Fall Creek Housing Partners LLC, was represented by Natasha Evans of Buckingham Cos.
-Midwest Tax Group expanded its lease to 1,519 square feet of office space in Castle Creek V, 5750 N. Castle Creek Parkway. The tenant was represented by Herb Feldmann and Cindy Hoskinson of Lee & Associates. The landlord, Castle Creek Pkwy LLC, was represented by David Gimple of Friedman Integrated Real Estate Services.
-Jack & Jill Children’s Shoppe leased 997 square feet at Carmel City Center, 727 Hanover Place, Carmel. The landlord, Carmel City Center LLC, was represented by Melissa Averitt of Carmel City Center. The tenant represented itself.
-Simply Holistic Health LLC leased 937 square feet of office space at 8801 N. Meridian St., Suite 100. The tenant was represented by Andrew Schrage of Coldwell Banker Commercial Realty Services. The landlord, Sun Life Assurance, was represented by Hokanson Cos. Inc.
Reverse-commuter lines to roll to Hendricks, Hamilton counties
Employers in Hamilton County and Hendricks County may find it easier to attract workers from Marion County, with the planned launch of a “reverse commuting” bus service.Fight over tuition for immigrants derails bill
Indiana senators fearing a backlash from conservatives scuttled an expansive education proposal this week after it was amended to grant in-state tuition to illegal immigrants already enrolled in state schools.
Crooked Stick buoyed by strong early sales for BMW event
Ticket and sponsorship sales for the BMW Championship—to be held Sept. 3-9 at Crooked Stick Golf Club in Carmel—are well under par. In golf parlance, that means they’re exceeding expectations—big time.
Arts groups run by founders lay groundwork for next generation
Succession planning is critical for any organization but even more so when the person making the hand-off is the creator and driving force, and several local arts groups are still led by their founders.
Local associations emerging to nurture small tech firms
Hamilton County and Bloomington are among places that are nurturing small technology firms in their own back yard. Local tech-focused organizations like theirs could stoke competition among Hoosier communities vying for coveted jobs.
CNO Financial approves $100M stock buyback
Carmel-based insurance holding company CNO Financial Group Inc. said Wednesday its board of directors approved the repurchase of up to $100 million in stock.
TORR: Right-to-work won’t cost a single legislator his or her job
Our own polling showed that even union members and self-identified Democrats supported right-to-work by slim margins.
Castleton Square Mall lands Borders replacement
Forever 21, a privately held California-based chain, has begun converting the roughly 25,000-square-foot former bookstore at the south entrance to the mall and is targeting a summer opening.
Roundup: Forever 21, Hollister, Cheddar’s, Aldi, Jack in the Box, Staples
The latest retail roundup includes a new Forever 21, a shuttered Hollister, new Staples and United Package Liquor stores, and new locations for Cheddar’s Casual Cafe and Jack in the Box.
KAR Auction reports higher earnings, profit
Carmel-based KAR Auction Services Inc. on Monday said it doubled its profit in the fourth quarter compared to the same quarter of the previous year.
Leases/leasing contracts
-DZ Investments renewed its lease for 135,451 square feet in Franklin Road Business Center, 3131 N. Franklin Road. The landlord, Duke Realty, was represented by Duke’s Jay Archer. The tenant represented itself.
-Salvation Army leased 18,000 square feet at County Line Corners, 1285 N. State Road 135, Greenwood. The tenant was represented by Pat Boyle of Midland Atlantic Properties. The landlord, Friedman Management Co., was represented by Roger Curry of Presnell Cos.
-Amerisure Insurance leased 9,374 square feet in Three Parkwood, 450 E. 96th St. The tenant was represented by Tim Norton of Summit Realty Group. The landlord, Duke Realty, was represented by Duke’s Traci Kapsalis.
-National Conference of Insurance Guaranty Funds renewed its lease for 5,400 square feet at 300 N. Meridian St. The tenant was represented by Adam Broderick and Graham Summers of Jones Lang LaSalle. The landlord, University Park Associates LLC, was represented by Mike Napariu of REI Real Estate Services LLC.
-American Teleservices Association Inc. leased 2,930 square feet of office space at 8500 Keystone Crossing. The tenant was represented by Paul Dick and Kevin Dick of Colliers International. The landlord, PWA Keystone Crossing LP, was represented by Bennett Williams of Cassidy Turley.
-School of Rock leased 2,850 square feet at Mohawk Place Shopping Center, 626-628 S. Rangeline Road, Carmel. The tenant was represented by Tracey Holtzman of Midland Atlantic Properties. The landlord, Mohawk LP, represented itself.
-El Maguey Mexican Restaurant renewed its lease for 2,800 square feet of retail space in River Ridge Plaza, 2038 S. Scatterfield Road, Anderson. The landlord was represented by Sandor Development. The tenant represented itself.
-Radio Shack renewed its lease for 2,500 square feet of retail space in Honey Creek Plaza, 5418 W. 38th St. The landlord was represented by Sandor Development. The tenant represented itself.
-Delhi Palace Restaurant leased 1,966 square feet at Lockefield Commons, 901-921 Indiana Ave. The landlord, Lockefield Commons Limited Partnership, was represented by Mark Perlstein of Sitehawk Retail Real Estate. The tenant represented itself.
-The National Foundation for Special Needs Integrity Inc. leased 1,632 square feet of office space at Carmel Office Court, 301 E. Carmel Drive, Carmel. The tenant was represented by Craig Kaiser of Northern Commercial. The landlord, Carmel-301 LLC, was represented by Paul Dick and Kevin Dick of Colliers International.-Tri Star Filtration Inc. leased 1,200 square feet of industrial space at 5303 5331 W. 86th St. The landlord, Forester Properties Inc., was represented by Bryan Poynter of Cassidy Turley. The tenant represented itself.
-Solace Risk Management LLC has leased 981 square feet of office space at 5455 W 86th St. The landlord, Polaris Commercial Investments LLC, was represented by Dan Baldini of Polaris Real Estate. The tenant represented itself.Company news
Eli Lilly and Co. plans to invest about $440 million in a new drug plant at an existing company site in southern Ireland, according to Bloomberg News. The new facility in Kinsale in County Cork will require as many as 200 skilled employees when fully operational, according to a statement on economic development organization IDA Ireland's website. Indianapolis-based Lilly will begin construction on the 240,000-square-foot manufacturing facility next month and plans to have it operational by late 2013, according to the Belfast Telegraph. Lilly already employs about 700 people at four sites in Ireland. Its first plant in the country opened in 1981. The company opened the Kinsale campus in 2010 after announcing it would spend about $360 million on the project. The existing Kinsale facility manufactures active ingredients in treatments for cancer and diabetes. Lilly employs about 38,000 people worldwide.
As expected, SynCare LLC has filed for Chapter 7 bankruptcy protection. The once fast-growing, Indianapolis-based disease-management company listed in court papers liabilities of nearly $5.7 million and assets of just $125,864. The company’s decline pushed CEO Stephanie DeKemper into personal bankruptcy in late December, with the company itself expected to follow. SynCare’s largest secured creditors include Fifth Third Bank, which provided two loans totaling $850,000 to the company. Unsecured creditors include Bank of America, with a claim totaling $676,964, and Centene Corp. in St. Louis, which provided SynCare a loan totaling nearly $1.5 million. SynCare effectively ceased operation in September after it withdrew from a major contract it had with the Missouri Medicaid program. Also earlier last year, Centene—which was both a client and a lender to SynCare—stopped funding the company’s operations. SynCare used nurses and social workers to call and visit Medicaid patients to evaluate their needs and teach them how to handle their health issues, in order to avoid expensive hospitalizations.
Profit at CNO Financial Group Inc. was flat in the fourth quarter, but the Carmel-based life and health insurer still beat analysts’ predictions. CNO Financial announced Feb. 22 that it earned $73 million, or 26 cents per diluted share, in the three months ended Dec. 31. In the same quarter a year ago, the company earned $168.2 million—of which $95 million was one-time gain from an accounting adjustment. Excluding investment gains, CNO’s operations generated $60.1 million, or 22 cents per share, in its most recent quarter. On that basis, Wall Street analysts were expecting CNO to earn 19 cents per share in the quarter, according to a survey by Thomson Reuters. CNO’s revenue totaled $1.05 billion in the fourth quarter. That was 2 percent lower than the same quarter last year, driven by lower investment gains and income. Analysts were expecting only $1.01 billion in revenue.