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Residential

The average rate for 30-year mortgages fell from 4.16 percent to 4.10 percent for the week ended Feb. 29, according to Bankrate.com. The rate for 15-year mortgages fell from 3.38 percent to 3.35 percent.

Sales/acquisitions

-Jose Melendez bought 1.361 acres of retail land at West County Road 750 North and State Road 67,  McCordsville. The price wasn’t disclosed. The buyer and seller, Forty One Corp., were represented by John Reller and Ross Reller of Colliers International.

-Caymus Real Estate LLC bought 31 acres of industrial land near Perry and Stanley roads in the Plainfield Business Park, Plainfield. The price wasn’t disclosed. The buyer was represented by Sean McHale and Rick Suja of Colliers International.  The seller, CEVA Logistics US Inc., was represented by Terry Busch of CBRE.

Area under tornado watch

A tornado watch is in effect until 6 p.m. for central Indiana and until 7 p.m. Friday for surrounding areas. Hail up to 2 inches in diameter and wind gusts of 70 miles per hour are possible, as well as dangerous lightning. The greatest threat for tornados Friday exists in the south and eastern third of Indiana as well as in central Kentucky and Tennessee. The first wave of storms rolled through the Indianapolis area Friday morning but another wave is expected after 2 p.m.
 

Georgia Street pillars unveiled

Ten memorial pillars honoring the inaugural class of Hoosier legends were revealed Friday along Georgia Street in downtown Indianapolis. The 7-foot pillars feature a likeness and short biography of each honoree. Among the first group of legends are President Benjamin Harrison, Madam C.J. Walker, the Lilly family, Wes Montgomery, Ernie Pyle and Booth Tarkington. The plan is to build 30 pillars. The city said each pillar costs about $5,000. The Super Bowl Host Committee paid for nine of the first 10 pillars.
 

BrightPoint making local employment cutbacks

BrightPoint Inc. has laid off an undisclosed number of its local employees and decided not to fill another 120 open positions, the Indianapolis-based company acknowledged Thursday.

LEADING QUESTIONS: Ad exec boils down rules for success

LQ_Bryant_WatchVideoBruce Bryant founded Promotus Advertising with little experience as an entrepreneur. Through mentors, biblical scripture and hard-won experience, he has culled several tenets for staying solvent and keeping a clear head.

AIT Labs exec succeeding founder Evans as CEO

The promotions of several executives follow the Indianapolis-based clinical testing company’s announcement in January that it was cutting jobs and restructuring its business.

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.

Ener1 reorganizing; Bright Automotive folds

Both firms appeared a few years ago to be poised to hire thousands of workers. But they slid into a tailspin as anticipated funding failed to materialize and the market prospects for hybrid and electric engines dimmed.