Central Indiana housing market enjoys strong May
In May, pending sales of existing homes in the Indianapolis area increased 7 percent from the same month last year while building permits for new construction rose 20 percent.
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Lilly sinks $20M into Chinese firm for ‘branded generic’ drugs
Eli Lilly and Co. has invested $20 million in Chinese pharmaceutical company Novast Labs in an effort to build up a portfolio of branded generic medicines in the fast-growing Asian market.
Work delayed on new Purdue engineering hall
University officials overseeing plans for the $38 million Wang Hall of Electrical and Computer Engineering had hoped to start construction in early May but now say a September start is likely.
Lauth embarks on turnaround of The Congressional in Carmel
The local developer moved its offices into the building and plans more than $2 million in upgrades to reposition a property that fell on hard times at the dawn of the national real estate crisis.
Hammond school district laying off nearly 100 teachers
A northwestern Indiana school district has told nearly 100 teachers that they might be laid off as yet another of the state's large districts faces big staffing cuts.
WellPoint rivals to keep parts of health care law
Some of the nation's biggest health insurers will keep some popular parts of President Barack Obama's health care overhaul even if the law fails to survive U.S. Supreme Court scrutiny later this month. Indianapolis-based WellPoint will wait for the court ruling.
Durham trial: Fair Finance controller details cash crunch
The former controller at Fair Finance is testifying at the fraud trial of Tim Durham as a star witness for the federal government in exchange for immunity from prosecution.
Columbus auto parts maker plans to add 50 jobs
NTN Driveshaft Inc. said it will add the jobs by 2013 as part of an $18 million expansion that will include purchasing additional equipment for its 1-million-square-foot facility.
Lt. Gov. Skillman leads trade mission to China
Indiana Lt. Governor Becky Skillman has embarked on her second trade mission to China in hopes of boosting the market for Indiana-made goods.
Democrats see opportunities in non-Indy convention
Indiana Democrats will host their annual state convention outside Indianapolis for the first time as the party tries to energize voters in an area dominated by Republicans.
Carmel performing arts center hiring CEO from Tennessee
A spokesman for Center for the Performing Arts in Carmel on Monday afternoon confirmed that it has hired Tania Castroverde Moskalenko, executive director of the Germantown Performing Arts Centre in Germantown, Tenn., near Memphis, to replace Steve Libman.
Area sees May surge in residential building permits
New-home construction in the Indianapolis area rebounded last month from a poor April to post a big year-over-year increase.
Lilly chases Novo in insulin race
Eli Lilly and Co. announced positive results for an experiemental insulin at the annual American Diabetes Association conference in Philadelphia, but was still upstaged by Denmark-based Novo Nordisk A/S.
Company news
Elanco, the fast-growing animal health division of Eli Lilly and Co., wants to add 200 jobs at its headquarters in Greenfield, but says it needs taxpayer assistance to do it, according to the Greenfield Daily Reporter. Elanco asked the Greenfield City Council for a 10-year tax abatement on a $14 million expansion, which would add two buildings to the corporate campus Elanco opened in 2010. Elanco employs 475 workers there now, paying average slaries of $80,000. Elanco projects it would hire the 200 additional administrative employees—who would oversee the company’s marketing, manufacturing, finance and other operations—by the first half of 2015. The new jobs would pay on average $60,000 apiece. Elanco has been growing rapidly through both increased sales of its products for livestock and pets, as well as through acquisitions. Elanco’s revenue last year grew 21 percent to nearly $1.7 billion.
Minnesota-based UnitedHealthcare revamped its myHealthcare Cost Estimator tool for its customers in Indianapolis and 46 other markets, and now provides cost estimates based on the health insurer's actual contracted rates with physicians, hospitals, clinics and other health care providers. The cost estimator tool covers more than 100 common treatments and procedures, factoring in a UnitedHealthcare member’s specific benefits plan. It also allows health plan members to compare cost and quality information between different hospitals and physicians. And the tool even points out alternative treatment options that a patient might consider. “myHealthcare Cost Estimator meets a longstanding consumer need for thorough but simple online comparison shopping for health care by putting relevant information right at people’s fingertips,” UnitedHealthcare's Yasmine Winkler, chief product and marketing officer, said in a prepared statement. Many health insurers are rolling out tools to help consumers gauge cost and quality before making decisions on health care. This year, Indianapolis-based Anthem Blue Cross and Blue Shield expanded to more than 100 the procedures its cost-comparison tool covers. Anthem also rolled out a program in which employers can give its workers a cash payment each time they use the cost comparison tool before seeking care.
Indiana medical device companies enjoyed at least a symbolic victory last week when the Republican-led House of Representatives voted to repeal the 2.3 percent medical device tax that was part of the 2010 health reform law. The tax, estimated to raise $29 billion over the next decade, is scheduled to take effect next year. Indiana has more than 300 medical device manufacturers, employing almost 20,000 people, including Zimmer Holdings Inc., Biomet Inc., Cook Group, DePuy Orthopaedics Inc., Hill-Rom Inc. and Roche Diagnostics Corp. The repeal is not likely to even come up for a vote in the Senate, and if it does, will almost certainly be defeated by the Democrat-controlled chamber. Also, a repeal of the tax likely faces a veto from President Obama. However, the repeal vote is a sign of Republicans’ attempts to scale back the health care law that passed without a single Republican vote. The U.S. Supreme Court is expected to rule this month on the law’s constitutionality.
Construction
-Halakar Construction has completed a 9,053-square-foot office build-out for Gallagher Health Benefits at Fidelity Keystone Tower, 650 E. Carmel Drive, Carmel.
-Halakar Construction has completed a 9,000-square-foot office build-out for Exodus Refugee Immigration at the Circle City Industrial Complex, 1125 Brookside Ave.
-Halakar Construction has completed a 1,500-square-foot office build-out for Perio Indy at Sycamore Springs Office Park, 4715-4755 Statesmen Drive.
Residential
The average rate for 30-year mortgages fell from 3.94 percent to 3.92 percent for the week ended June 6, according to Bankrate.com. The rate for 15-year mortgages rose from 3.15 percent to 3.16 percent.
Leases/leasing contracts
-Jones Lang LaSalle has been appointed exclusive leasing agent for Lake Pointe II, at 8440 Allison Pointe Blvd., and Woodland Center I and II, 8275 and 8335 Allison Pointe Trail. The office properties total 215,961 square feet. John Robinson and Jimmy Clark are in charge of leasing the properties for Jones Lang LaSalle.
-Lovett Pallet LLC leased 72,490 square feet of industrial space at 217 S. Belmont Ave. The tenant was represented by Kelly Williams of Cassidy Turley. The landlord, Material Handling Exchange, represented itself.
-Aircom Manufacturing leased 35,000 square feet of industrial space at 2402 N. Shadeland Ave. The tenant was represented by Bart Book, Todd Vannatta and George Charbonneau of Cassidy Turley. The landlord, Shadeland South Business Park, represented itself.
-IDI Composites International renewed its lease for 9,750 square feet of industrial space at 3477 E. Conner St., Noblesville. The tenant was represented by Walter Freihofer of Freihofer Inc. The landlord, Kahlo III LLC, was represented by Bob Lindgren of Lee & Associates.
-American Mattress leased 6,315 square feet at North Willow Commons, 1410-1518 W. 86th St. The tenant was represented by Jeff Haas of Julius M. Fineblum Real Estate. The landlord, Broadbent Co., was represented by Broadbent's John Beuoy.
-American Healthcare Group Inc. leased 3,500 square feet of office space at 2920 E. 96th St. The tenant was represented by Darrell Pike of Pike Real Estate Services LLC. The landlord, Jean M. Weber Trust, was represented by Darrin Boyd and Dave Moore of Cassidy Turley.
-Accelerated Health Systems leased 3,200 square feet at Fishers Town Commons, 8211 and 8235 E. 116th St., Fishers. The tenant was represented by Jonathan Sharp of HSA Commercial Real Estate. The landlord, Broadbent Co., was represented by Brian Broadbent.
-Game Time leased 2,638 square feet at Castleton Plaza, 6314-6398 E. 82nd St. The landlord, Broadbent Co., was represented by Josh Broadbent. The tenant represented itself.
-Firehouse Subs leased 2,400 square feet at Brownsburg Village, 124 E Northfield Drive, Brownsburg. The tenant was represented by Michael Cranfill of Sitehawk Retail Real Estate. The landlord, BVSC LLC, was represented by Jodi Milto of Midland Atlantic.
-Atlas Family Dental leased 1,613 square feet at Raceway Crossing, 10934-10976 E. U.S. 36, Avon. The tenant was represented by Jim Austin of Revel Underwood. The landlord, Broadbent Co., was represented by Brian Broadbent.
-Nutricion Y Salud leased 1,600 square feet at Lafayette Shoppes, 3840-3882 Lafayette Road. The landlord, Broadbent Co., and was represented by Brian Broadbent. The tenant represented itself.
-Runners Forum leased 1,547 square feet at The Shoppes at 141st Street, 14005-14099 Mundy Drive, Fishers. The landlord, Broadbent Co., was represented by Brian Broadbent. The tenant represented itself.
-Sweet Treats leased 1,400 square feet at Avon Crossing, 7900 E. U.S. 36, Avon. The landlord, Cranfill Development Corp., was represented by Michael Cranfill of Sitehawk Retail Real Estate. The tenant represented itself.
-Bernard Health LLC leased 1,229 square feet of retail space at Nora Plaza, 1300 E. 86th St., Suite C-150. The tenant was represented by Andrew Clifford of Clifford Realty. The landlord, Ramco Gershenson Inc., represented itself.
-Eclipse Hair leased 900 square feet at Castleton Plaza, 6314-6398 E. 82nd St. The landlord, Broadbent Co., was represented by Josh Broadbent. The tenant represented itself.
Sales/acquisitions
-NDF III Raceway Commons LLC bought Raceway Commons, a 32,748-square-foot shopping center at 55 S. Raceway Road. The price was not disclosed. The seller, First Financial Bank, was represented by Kevin Broderick and Matt Gray of CBRE. The buyer represented itself.
-Kirby Real Estate bought Pennwood One and Two, a 78,000-square-foot, two-building office complex at 11405-11495 N. Pennsylvania St., Carmel. The price was not disclosed. The buyer was represented by Keith Dedrick of Corporate Commercial Group. The seller, Zeller Realty Group, was represented by Rebecca Wells of Cassidy Turley.
-Spectrum Janitorial Supply Corp. bought a 64,000-square-foot industrial building at 5629-5739 Professional Circle. The price was not disclosed. The buyer was represented by Tony Hupp of Summit Realty Group. The seller, Massie Holdings LLC, was represented by Fritz Kauffman of Cassidy Turley.
Employers slow to act on health reform
Even though employers expect the U.S. Supreme Court to strike down at least some of the 2010 health reform law later this month, few are actually doing any contingency planning.