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Greensburg auto-parts plant plans expansion, 200-plus hires

Automotive supplier Valeo expects to invest $15.5 million in new machinery for its Greensburg facility as part of its plans to expand operations in the plant and bring more than 200 workers onto the company payroll by 2014.

Measure advances to delay state farmland tax hike

The bill would stop Indiana from using updated soil productivity figures in setting new property tax rates this year. The Legislature would consider a revised approach next year.

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.

People

Brian Askins has joined Summit Realty Group as senior vice president in the office advisory services group.

Residential

The average rate for 30-year mortgages fell from 3.77 percent to 3.76 percent in the week ended Feb. 6, according to Bankrate.com. The rate for 15-year mortgages fell from 3.03 percent to 3.00 percent.

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.

Sales/acquisitions

-Heritage Project I LLC bought 69.2 acres of residential land at the northwest corner of New England Way Boulevard and Northfield Drive, Brownsburg. The seller, Rolling Hills LLC, was represented by Jason Challand of Echelon Realty Advisors. The buyer represented itself.

-Heritage Crossing LLC bought 12.154 acres of commercial land at the southwest corner of Northfield Drive and State Road 267, Brownsburg. The buyer was represented by Ron Foster of Echelon Realty Advisors. The seller, Rolling Hills LLC, was represented by Jason Challand of Echelon Realty Advisors.

-CFC Management LLC bought a 102,943-square-foot industrial property at 7750 Georgetown Road. The seller, Central Restaurant Products, was represented by Jeff Castell of Cassidy Turley. The buyer represented itself.

-IRC Roofing Inc. bought a 7,800-square-foot industrial property at 4050 Glen Arm Road. The seller, Myers Tire Supply, was represented by Michael Weishaar of Cassidy Turley. The buyer represented itself.  

-KJ Properties bought a 5,960-square-foot industrial property at 1726 W. 15th St. The buyer was represented by Tom Ferguson of Premier Commercial Real Estate. The seller, Sogard One LLC, was represented by Grant Lindley and Patrick Lindley of Cassidy Turley.

-Arbor Homes bought 14.5 acres at Finch Drive and East 63rd Street. The seller, Star Financial Bank, was represented by Bill Flanary of Cassidy Turley. The buyer represented itself.

-Shiloh Holdings LLC bought an 18,670-square-foot retail building at 6350 6380 Rockville Road. The seller, F.C. Tucker Co., was represented by Don Williams of Cassidy Turley. The buyer represented itself.

Downtown projects face crucial hurdles

Two downtown apartment projects seek critical government approvals in the next month, while  another commercial project is on track to start this year.

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.

CIB cuts price on Ober Building after inspections

The Capital Improvement Board of Marion County has agreed to slash its sale price on downtown's Ober Building by $700,000 after inspections showed problems including a leaky roof and damaged HVAC system.

People

Dr. Paula Gustafson has been elected to serve as medical chief of staff for Major Health Partners in Shelbyville. Gustafson replaces Dr. Gust T. Spenos. Gustafson serves as a pediatric hospitalist at Major Hospital in Shelbyville.

OrthoIndy and the Indiana Orthopaedic Hospital have added Dr. Prasanth Nuthakki, a physical medicine and rehabilitation specialist. Nuthakki holds a bachelor’s degree from Wright State University and earned his medical degree at Ross University School of Medicine in Dominica.

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.

Q&A

Don Kelso is executive director of the Indiana Rural Health Association. The trade group is trying to help its members navigate the changes coming from health care reform and the financial pressures being created by federal budget cuts. The association recently launched a service for its members called SuiteStats, which is data-management software to help hospital executives identify areas ripe for cost-cutting.

Pressure rises on lawmakers to expand Medicaid

Up until now, Gov. Mike Pence and his fellow Republicans in the Legislature have been playing a game of poker with the Obama administration over a potential expansion of Indiana’s Medicaid program. But all of a sudden, Indiana’s hand just got quite a bit weaker.

’12 worst year for life sciences since 1990s

To understand why Indiana’s life sciences entrepreneurs are frustrated with the flow of venture capital, look no further than this statistic from a recent PricewaterhouseCoopers report: 2012 was the slowest year for first-time life sciences investment since 1995.

Marsh pilot says he flew former CEO to see mistresses

At least twice a month during the year 2000, the pilot told jurors, he ferried Don Marsh to New York City to visit one of his mistresses. Marsh Supermarkets is suing its former CEO in an attempt to recoup more than $3 million in what it claims are personal expenses.

Police seek driver of truck in fatal crash

Indianapolis Metropolitan Police are looking for Seantel Marsden, 41, for questioning in connection with a fatal crash early Saturday morning in the Castleton area. Shanntel Lewis, 33, told police that Marsden, her ex-boyfriend, pursued the car she was driving from her northeast-side home to the 6000 block of East 82nd Street. Lewis careened from her lane, crossed a median barrier, and hit another car head on. The crash killed 29-year-old Rashshaad Artis, her current boyfriend, who was a passenger in her car. Lewis was unsure whether Marsden’s pickup truck struck her car before the crash, or that she simply lost control. Homicide detectives say Marsden is not a suspect but is wanted for questioning.

Two killed in car fire on I-70

Eastern Indiana police say two people died in a car fire along Interstate 70 near Richmond on Sunday afternoon after an occupant lit a cigarette as another person in the car was using medical oxygen. Of the car’s four occupants, the two in the back seat died after flames engulfed the car. The two in the front seat were able to escape, but with severe burns. The fire prompted police to close westbound lanes of I-70 for nearly three hours. Authorities have not yet released the names of the two deceased passengers.

Speedway request for tax money could start heated debate

The IMS's first request for taxpayer assistance after more than 100 years in business has triggered heavy sighs from people fighting against such sports subsidies. If approved, does this open the door for more?