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Residential

The average rate for 30-year mortgages fell from 4.09 percent to 4.05 percent in the week ended May 2, according to Bankrate.com. The rate for 15-year mortgages fell from 3.28 percent to 3.25 percent.

Leasing/leasing contracts

-OHL, a third-party logistics provider, renewed its lease of a 413,280-square-foot distribution facility at 1100 Whitaker Road, Plainfield. The tenant was represented by Andrew Morris of Summit Realty Group and Steve Schwegman of Jones Lang LaSalle. The landlord, Transpacific Development Co., represented itself.

-Carrington Mortgage Services LLC leased 34,609 square feet of office space at 10500 Kincaid Drive, Fishers. The landlord, Kincaid Developers Inc., was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented itself.

-HFH Collision LLC, d/b/a Hubler Collision, renewed its lease for 25,000 square feet of industrial space at 9031 Technology Drive, Fishers. The tenant was represented by Kelly Williams and Ray Simons of Cassidy Turley. The landlord, The Ruzbasan Revocable Living Trust, was represented by Mark Writt of CBRE.

-GE Capital Real Estate leased 16,644 square feet of office space at 135 N. Pennsylvania St. The tenant was represented by Kathryn Sobotowski of Summit Realty Group. The landlord, True North Management Group LLC, was represented by Jon Owens and Russ Van Til of Cassidy Turley.

-Cork Medical LLC leased 7,896 square feet of industrial space at 6406 Castleway Court. The tenant was represented by Nick Galvin and Michael Cook of UGL Services. The landlord, NorthStar Realty Finance Corp., was represented by Dave Moore and Darrin Boyd of Cassidy Turley.

-AdminiStar Federal Inc. leased 6,337 square feet of office space at 8120-8160 W. Castleway Court. The tenant was represented by Allen Trowbridge of CresaPartners. The landlord, NorthStar Realty Finance Corp., was represented by Dave Moore and Darrin Boyd of Cassidy Turley.
 
-Furniture Installers leased 5,013 square feet of industrial space at 7750 N. Zionsville Road. The tenant was represented by Glenn Davis of Colliers International. The landlord, C III Asset Management LLC, was represented by Michael Weishaar of Cassidy Turley.

-R&R Logistics leased 3,600 square feet of industrial space at 8164 Zionsville Road in Park 100. The tenant was represented by Jim Karozos of Lee & Associates. The landlord, ProLogis, was represented by Jason Speckman of Summit Realty Group.

-Neptune Society leased 2,713 square feet at River Ridge Crossing, 4825 E. 96th St. The tenant was represented by Stephen Daum of Summit Realty Group. The landlord, Broadbent Co., was represented by Broadbent’s John Beouy.

-Potter Inc. leased 1,790 square feet of industrial space in Stony Creek Industrial Park, 15268 Herriman Blvd., Noblesville. The tenant was represented by Herb Feldmann of Lee & Associates. The landlord, Herriman & Keeler, was represented by Herb Feldmann and Cindy Hoskinson of Lee & Associates.

-Executive Image Building Services leased 1,500 square feet of industrial space in Greenwood Oaks Business Centre, 500 S. Polk St., Greenwood. The tenant and landlord, Greenwood Oaks Investments LLC, were represented by Cathy Richards of Lee & Associates.

-Big Red Inc. leased of 1,438 square feet of office space at 3500 Depauw Blvd. The landlord, Sterling American Property Inc, was represented by Dave Moore, Darrin Boyd and Bennett Williams of Cassidy Turley. The tenant represented itself.

-Indiana District of Kiwanis International leased 1,250 square feet of office space at 6415 W. Castleway Drive. The landlord, NorthStar Realty Finance Corp., was represented by Dave Moore and Darrin Boyd of Cassidy Turley. The tenant represented itself.

-Boost Mobile leased 1,200 square feet of retail space in George Thomas Plaza, 1014 N. Shadeland Ave. The tenant and landlord, Ladywood Apartments LLC, were represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.

-Chad Whaley leased 1,188 square feet of office space at 1060 N. Capitol Ave. The tenant was represented by Bennett Williams of Cassidy Turley. The landlord, Turner James Investments, was represented by Anne Jester of Turner James Investments.

Sales/acquisitions

-The Redeemed Church of God Covenant House bought 14 acres of land at 5370 Lafayette Road. The price wasn’t disclosed. The seller, Lafayette Road Properties LLC, was represented by Bill Flanary of Cassidy Turley. The buyer represented itself.

-Ashmur LLC bought a 5,578-square-foot office building at 5948 N. College Ave. The price wasn’t disclosed. The buyer was represented by Kevin Gillihan of Jones Lang LaSalle. The seller, Ossip Optometry PC, was represented by Jacque Haynes and Bennett Williams of Cassidy Turley.

Indiana early voting down despite Lugar-Mourdock race

Early voting has wrapped up ahead of Indiana's primary, with the Republican Senate race between Richard Lugar and Richard Mourdock not grabbing voter interest like the Democratic presidential primary did four years ago.

Lilly: Forget Alzheimer’s; think diabetes

For more than a year, Eli Lilly and Co. has been viewed by investors as a laggard stock with one, slim shot at producing a huge jackpot: its experimental Alzheimer’s drug. But now company leaders are trying to direct investor attention toward the drugmaker’s diabetes portfolio.

State’s high court to weigh hospital bills

The Indiana Supreme Court this week will consider whether hospital billing practices should be put on trial. The state’s highest court will hear oral arguments Thursday in a case in which two uninsured patients have sued Indiana University Health for charging them much higher prices than it would have charged insured patients.

Police nab three car-theft suspects

Police in Boone County believe they have broken up a suspected car-theft ring that stole or broke into as many as 15 cars. Two 18-year-olds and a 19-year-old were taken into custody Sunday morning after police responded to a report of a car theft in progress about 4:30 a.m. at the Royal Run subdivision in Zionsville. Police arrived in time to see the suspects driving away from the neighborhood. After a short chase, the suspects crashed the vehicle into a utility pole. Two of the suspects were immediately captured. A third fled the scene but was taken into custody several hours later.
 

Ex-PTA treasurer arrested for theft

A former elementary school Parent Teacher Association treasurer was arrested Friday after police said she stole thousands of dollars in school funds. Candace Cadwell, 34, was charged with one count of theft, a class D felony, after a four-month investigation by a state police task force. Cadwell is accused of stealing about $11,000 from Glenns Valley Elementary School in Perry Township in Indianapolis. The thefts occurred from June 2009 to June 2011. Due to the lost funds, the school had to cancel several annual student events.
 

Fire damages downtown apartments

An apartment building under renovation in downtown Indianapolis caught fire Monday morning, causing an estimated $200,000 in damage. Firefighters were dispatched to the 23-unit Burton Building Apartments at 821 N. Pennsylvania St. at 6:42 a.m. No injuries were reported. A cause is being investigated. Partners in Housing typically uses the building to house U.S. military veterans who are at risk of being homeless. The building was slated to be filled with residents again in a month after renovations.
 

People

The board of directors of the Community Physician Network named Dr. Ramarao Yeleti president of the newly formed organization and named Dr. Ernest Asamoah chairman of the board. The physician network includes more than 500 physicians employed by the Community Health Network hospital system. Yeleti, a cardiologist, did his medical training at Northeastern Ohio Universities College of Medicine. Asamoah, an endocrinologist, earned his medical degree at the University of Ghana Medical School.

Company news

A major lender to Arcadia Resources Inc. has moved to foreclose on the struggling Indianapolis-based business, which in turn agreed to cease operations. Arcadia reported the foreclosure agreement with Dallas-based Comerica Bank, which Arcadia owed $11 million, in a May 3 filing to the Securities and Exchange Commission. The closing represents the probable final fall for the once-promising health care company. Just two years ago, the company announced a huge expansion that it expected would add 930 jobs in Indiana by 2013. In order to satisfy a debt to one of its suppliers, Arcadia completed the sale of its DailyMed pharmacy business in February to a subsidiary of Illinois-based Walgreen Co. for just $2 million. That left Arcadia with its home health care and medical staffing businesses, which were being funded by an $11 million line of credit from Comerica. Arcadia already had drawn on the entire line of credit, which came due on April 30. The company owed about $30 million to three private equity firms that likely will not be repaid. The company had less than $1 million in assets, according to the SEC filing. In the nine months ended Dec. 31, Arcadia had $61.5 million in revenue and posted a loss of $13.5 million.

Eli Lilly and Co., Pfizer Inc. and AstraZeneca plc will contribute two dozen failed compounds to launch a new $20 million program in which government-sponsored scientists will see if the compounds show promise against other diseases than the ones for which they were first tested. If they do, it could help the drugmakers, which will still own the compounds, to bring them to market faster. The academic researchers would share in the profits of any drugs that make it to market. The program, kicked off May 3 by the National Institutes of Health, hopes to add more compounds soon. “It’s an opportunity to get more value out of our molecules,” said Jan Lundberg, president of Lilly Research Laboratories in Indianapolis. “Instead of parking them, we can let the academic community and NIH continue the testing to see if they have a significant benefit that we actually don’t know of today.”

A researcher at the Indiana University School of Medicine got national attention for his study suggesting that Tasers wielded by police can induce fatal heart attacks. Dr. Doulas Zipes, an emeritus professor of cardiology at the IU med school, found that in eight healthy men who became unconscious after being stunned by a Taser, six developed abnormal heart rhythms. All eight of the men, who ranged in age from 16 to 48, lost consciousness after receiving the shock; seven of them died. “This study doesn’t say that we should abandon using Taser devices, but it does show that users should exercise caution, avoid chest shocks and monitor the person after shock to ensure there are no adverse reactions,” Zipes said after his study was published in the journal Circulation. The results of Zipes' study were covered by USA Today, the New York Times and CBS News. A spokesman for Arizona-based Taser International Inc. told USA Today that the small number of cases in Zipes' study are not enough to draw broad conclusions. "There have been 3 million uses of Taser devices worldwide, with this case series reporting eight of concern," said Steve Tuttle, who also noted that Zipes has testified against Taser as an expert witness in legal cases brought against the company. "This article does not support a cause-effect association and fails to accurately evaluate the risks versus the benefits of the thousands of lives saved by police with Taser devices," Tuttle told the newspaper.

Authorities have made arrests in the 2010 theft of about $80 million in Eli Lilly and Co. prescription drugs from a Connecticut warehouse, according to the Associated Press. Two Cuban brothers were arrested in Florida and charged with helping steal the pharmaceuticals, including Lilly’s drugs Prozac and Zyprexa. The thieves broke into the Enfield warehouse of Indianapolis-based pharmaceutical giant Lilly in March 2010 and stole enough pills to fill a tractor-trailer. The drugs were believed to be destined for the black market, perhaps overseas. After cutting a hole in the roof of the industrial park warehouse, they lowered themselves to the floor, disabled the alarms and spent at least an hour loading pallets of antidepressants and other drugs into a vehicle at the loading dock, authorities said. Lilly plans to destroy the medicines once they are no longer needed as evidence.

Indianapolis-based HealthNet Inc. received a $155,000 grant from the U.S. Department of Health & Human Services to renovate its Fountain Square facility to accommodate 1,150 more patient visits each year. HealthNet will use the money to turn a office space and a medical records storage area into three patient exam rooms. The center already handles more than 35,000 patient visits each year. The money is part of a series of grants to community health centers across the country. The funds were made available as part of the 2010 Patient Protection & Affordable Care Act. HealthNet operates 10 community health centers in the Indianapolis area.

Zionsville voters face lone area school-funding referendum

Zionsville’s school district is asking taxpayers to address a $2.5 million budget shortfall. Meanwhile, in Johnson County, voters will consider whether to help finance a $30 million project that includes the construction of a 70,000-square-foot library.

Q&A

Dr. Malaz Boustani, the medical director of Wishard Health Services’ Healthy Aging Brain Center, thinks pop-up alerts for physicians that are part of many electronic medical record and e-prescribing systems are ineffective and need to be re-engineered.

Six Hoosier firms among country’s 500 largest

Indianapolis-based WellPoint Inc. topped the list of Indiana companies, ranking 45th. Locally, Eli Lilly and Co. and BrightPoint Inc. also made Fortune magazine's latest annual ranking of the 500 largest corporations based on revenue.

Shareholder group advises against Simon CEO bonus pay

Simon Property Group Inc. is firing back at a corporate governance advisory firm that has recommended Simon shareholders vote against an employment agreement for CEO David Simon that includes a $120 million retention award.

You-review-it Monday

Did you get to First Friday? Or experience ‘Faust’ Friday? Or just get to ‘The Avengers’?