Reggie Miller elected into basketball hall of fame
Former Indiana Pacers great Reggie Miller has been elected into the Naismith Memorial Basketball Hall of Fame in Springfield, Mass., the hall announced Monday.
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Construction
-Capitol Construction has completed a 16,200-square-foot retail build-out for Destination XL at 8480 Castleton Corner Drive.
-Holladay Construction Group won the design/build contract for a 98,000-square-foot office for the Indiana Department of Revenue, Bureau of Motor Vehicles and Indiana State Police at 7811 Milhouse Road.
-Holladay Construction Group was hired to build a 2,300-square-foot addition to the Public Agency Training Council building at 5235 Decatur Blvd.
People
Maynard Soukup and Jeremy Stone have joined Capitol Construction Services as project managers.
Residential
The average rate for 30-year mortgages fell to 4.23 percent from 4.29 percent in the week ended March 28, according to Bankrate.com. The rate for 15-year mortgages fell to 3.44 percent from 3.48 percent.
Leases/leasing contracts
-Jacobson Warehouse Co. renewed its lease and expanded into 333,566 square feet of industrial space at 600 S. Perry Road, Plainfield. The tenant was represented by Joe Lauinger of Mohr Partners. The landlord, Westminster Plainfield LLC, was represented by Luke Wessel of Cassidy Turley.
-Rolls-Royce Corp. leased 81,500 square feet at 5345 Decatur Blvd., formerly known as the National Building, in Ameriplex Industrial Park. The tenant was represented by Michael D. Cook, David R. Byard and Chris Alexander of UGL Services. The landlord, Sacramento-based North Market Center LP, was represented by Michael Weishaar of Cassidy Turley.
-Paintman Auto Body LLC leased 8,680 square feet of industrial space at 4000 W. 10th St. The tenant was represented by Rob Christman of Colliers International. The landlord, Speedway Industrial Park LP, was represented by Bill Byram of Cassidy Turley.
-Shoe Show renewed its lease for 4,975 square feet of retail space in Esquire Plaza, 8101-E Pendleton Pike. The landlord was represented by Sandor Development. The tenant represented itself.
-Tienda Morelos renewed its lease for 4,000 square feet of retail space in Honey Creek Plaza, 5324 W. 38th St. The landlord was represented by Sandor Development. The tenant represented itself.
-Dots renewed its lease for 3,600 square feet of retail space in College Park Plaza, 3475 W. 86th St. The landlord was represented by Sandor Development. The tenant represented itself.
-Youniforms leased 3,500 square feet at Madison on the Mall, 1211 N. Madison Ave., Suite J, Greenwood. The landlord, Murnel Property LLC, was represented by Tracey Holtzman of Midland Atlantic Properties. The tenant represented itself.
-Bi Quin Shao restaurant leased 3,145 square feet at Pyramid Shops, 3502 W. 86th St. The tenant was represented by Jeff Hubley of Midland Atlantic Properties. The landlord, Centre Properties, was represented by Dean Almas of Sitehawk Retail Real Estate.
-Mi Casita Mexican Restaurant leased the freestanding 2,268-square-foot building at 5410 W. 34th St. The tenant was represented by Kelli Membreno of Libertad Real Estate. The landlord, Conrad Properties LLC, was represented by Tracey Holtzman of Midland Atlantic Properties.
-Great Clips renewed its lease for 2,000 square feet of retail space in Norgate Plaza, 7225-A N. Keystone Ave. The landlord was represented by Sandor Development. The tenant represented itself.
-Innovative Financial Partners LLC leased 1,900 square feet at 6350 Shadeland Ave. The tenant was represented by Darrel Pike of Pike Real Estate Services. The landlord, Shadeland Forest Realty Co. LLC, was represented by Joe Lonnemann of Ambrose Property Group.
-Koko Fit Club leased 1,800 square feet at Prairie Lakes Shopping Center, 14350 Mundy Drive, Noblesville. The landlord, Prairie Lake Development LLC, was represented by Tracey Holtzman of Midland Atlantic Properties. The tenant represented itself.
-Moorehead Communications renewed its lease for 1,600 square feet at Emerson Commons Shoppes II, 6815 S. Emerson Ave. The landlord, Emerson Commons II, was represented by John Baker of Sitehawk Retail Real Estate. The tenant represented itself.
-Health Mart Pharmacy leased 1,440 square feet at Hunter’s Quest, 102 E. Carmel Drive, Carmel. The tenant was represented by Jodi Milto of Midland Atlantic Properties. The landlord, The Fineberg Group, was represented by Patrick Boyle of Midland Atlantic Properties.
Supreme skepticism boosts WellPoint stock
Wall Street's favorable reaction came not only because harsh questioning by the U.S. Supreme Court’s conservative justices put in doubt the health reform law’s mandate that all Americans buy health insurance, but also because the justices raised the possibility that they would strike down requirements that insurers accept all customers, regardless of health.
Sales/acquisitions
An investor syndicate led by Barrett & Stokely Inc. bought Brockton, a 284-unit apartment complex at 56th and Rural streets. The property was listed for $13.5 million. The sale price wasn’t disclosed. The buyer and seller, Thomas S. Osborne, were represented by Tikijian Associates.
IndyCar emerges from disaster, but Indy awaits
After Dan Wheldon's death last season, few predicted the IndyCar Series would steer its new chassis and engine package into 2012 smoothly. But so far, the series has opened to mostly rave reviews. The series now faces its biggest test, and opportunity, at Indy.
Company news
Indianapolis-based Strand Diagnostics LLC will receive up to $30 million in investment capital over the next three years from Los Angeles-based NantWorks LLC, a seed-stage investment firm, the companies announced last week. Strand Diagnostics makes the Know Error system, which uses bar coding and DNA matching to make sure biopsy samples are matched to the correct patients when submitted to its labs for testing. The investment capital will help it scale up its operations and sales efforts, the company said in a news release. NantWorks is the same company that announced in January it would sink $85.5 million into a former Pfizer Inc. plant in Terre Haute to produce injectable drugs for use in cancer patients and in critical care situations. NantWorks predicted the plant would employ 234 people by 2016. Strand Diagnostics, which operates a testing lab south of Indianapolis International Airport, launched Know Error in 2009. The company has 58 employees, with 48 of them in Indiana.
The Federal Trade Commission gave the OK to the marriage of Express Scripts Inc. and Medco Health Solutions Inc., two pharmacy benefit managers that combined employ 800 people in the Indianapolis area. The $29 billion deal, according to Bloomberg News, would create the nation’s biggest manager of prescription-drug benefits for corporate and government clients. But it is unclear how the merger will affect staffing at St. Louis-based Express Scripts' facility near Indianapolis International Airport and Medco’s distribution center near Whitestown. A combined Express-Medco would handle 34 percent of prescriptions in the U.S. this year, according to Adam Fein, president of Pembroke Consulting Inc. in Philadelphia, who is a consultant for Express Scripts. However, that share will shrink to 29 percent next year because Minnesota-based UnitedHealth Group Inc. switched from Medco to its own pharmacy benefits unit, OptumRx.
Federal authorities charged a Carmel man on Friday with using his Indianapolis business to defraud the Indiana Medicaid program of more than $1 million. Donald Hamilton, 49, allegedly used his company, Hamilton Medical Inc., to generate false invoices showing that compression stockings for another of his companies, Indianapolis-based Compression Etc., cost almost three times what he paid for them. Hamilton sent invoices to the Indiana Medicaid program for reimbursement for an amount much higher than allowed by law, according to charges announced by Joseph Hogsett, U.S. attorney for the Southern District of Indiana. He said the investigation was a collaborative effort among the Department of Health and Human Services, Federal Bureau of Investigation, the Internal Revenue Service’s criminal investigations unit and the Indiana Attorney General’s Medicaid fraud control unit.
Roche Diagnostics Corp. plans to eliminate about 80 information technology jobs at its Indianapolis-area campus over the next two years. The first round of reductions is to be completed by June 30. The IT workers are actually part of Roche Group’s global pharmaceutical informatics unit, but live in the Indianapolis area, said Roche spokeswoman Julie Bower. Roche employs about 3,000 people at its Indianapolis and Fishers facilities. The company’s worldwide headquarters are in Basel, Switzerland.
Warsaw-based orthopedic implant maker Biomet Inc. agreed to pay $22.7 million to settle allegations that it bribed government-employed doctors in Argentina, Brazil and China for more than eight years to win business with hospitals. The Justice Department and the Securities and Exchange Commission announced the settlements March 26. Biomet will pay a $17.3 million criminal penalty but won't be prosecuted by the Justice Department if it institutes strict internal controls to prevent bribery and hires an expert to monitor its compliance for 18 months. Biomet, which operates in about 90 countries, also agreed to pay $5.4 million in restitution to resolve the SEC's civil charges. Biomet is the third medical device company—in addition to New Jersey-based Johnson & Johnson and U.K.-based Smith & Nephew plc—to pay a criminal penalty and sign a deferred-prosecution agreement in the government's investigation into bribery by medical device makers of doctors employed by governments overseas.
New Indiana Supreme Court justice takes oath
The newest member of the Indiana Supreme Court has been sworn into office. The court says Mark Massa took the oath to become Indiana's 107th Supreme Court justice during a private ceremony Monday morning.
Wall Street observers blast Emmis plan to ax preferred shares
Emmis Communications Corp.'s effort to strip its preferred shareholders of their rights and avoid forking over about $10 million in unpaid dividends is drawing sharp criticism from top market observers, including a columnist for The New York Times.
People
Dr. Daniel Spitzberg has been named vice chair for adult clinical affairs in the Department of Ophthalmology at the Eugene and Marilyn Glick Eye Institute, which is part of the Indiana University School of Medicine. Spitzberg, who will serve under Dr. Louis Cantor, the chairman of the opthamology department, has been a full-time professor at the IU medical school since 2008. Spitzberg earned both his bachelor’s and medical degrees from IU.
Jeff Dill has been promoted to director of reporting and business analytics at Managed Health Services, the Indiana subsidiary of St. Louis-based Centene Corp., which manages Indiana Medicaid patients. Dill had been the MHS manager of data and enrollment.Prior to working at MHS, Dill served as an analyst with actuarial and consulting firm Milliman. Dill holds a bachelor’s degree from IUPUI.
Apartment fire displaces 32 residents
Fire officials believe a lightning strike might be to blame for an apartment fire on the northwest side of Indianapolis that displaced 32 residents. No injuries were reported in the blaze that broke out Sunday about 5 p.m. at Creekwood Apartment complex. The fire caused about $300,000 in damage, investigators said.
Woman charged in hit-and-run
Detectives arrested an 18-year-old Greenwood woman Saturday and charged her with a hit-and-run that sent a 6-year-old boy to the hospital. Gavin Rice was riding his bicycle Thursday about 5:30 p.m. when he was hit in a New Whiteland neighborhood off Country Gate Drive. Rice was in the hospital until Sunday after he suffered a compound fracture to his right leg and other injuries. Chassi Cole, 18, was charged with one count of leaving the scene of an accident causing serious bodily injury, which is a class D felony.
Henryville students back in school
About 500 students are heading back to classes for the first time since a tornado devastated their southern Indiana school a month ago. The Henryville Junior-Senior High School students arrived Monday morning at the Mid America Science Park in nearby Scottsburg, where conference rooms and storerooms have been converted into classrooms, computer labs and a cafeteria. West Clark schools Assistant Superintendent John Reed said the district is trying to help students get back in the academic groove following the March 2 storm. Elementary students returned to school March 21 at a rented church building in New Albany. School officials plan to ask the state to waive the requirement that students must attend 180 days of class.
Express Scripts-Medco deal approved by U.S. regulators
Express Scripts Inc.’s $29.1 billion bid for rival drug benefit manager Medco Health Solutions Inc. won unconditional approval from U.S. antitrust regulators, clearing the way to create the biggest manager of prescription-drug benefits for corporate and government clients.
Airlines’ treatment of passengers slowly getting better
Based on traditional yardsticks — lost bags, delayed flights, lousy service and bumpings from full planes — airlines are doing a better job, say private researchers who have analyzed federal data on airline performance.
Tribune Broadcasting says no DirecTV deal
Tribune Broadcasting said there's been no settlement with DirecTV Inc. in their contract negotiations, which means DirecTV subscribers in 19 U.S. markets, including Indianapolis, have lost access to certain programming.
