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Cumberland eyes pavilion for markets, festivals

Town officials are eyeing a $1 million project to turn the former Schreiber Lumber pavilion near Carroll Road into a trailhead to host farmers markets, festivals, fundraisers and more.

Indiana casinos want wagering, admission taxes cut

A legislative committee is weighing requests from Indiana casino operators to reduce the state's wagering tax rates and eliminate the $3 admission tax for everyone who enters a riverboat, even if not gambling.

High demand for road salt pushes costs up for state, city

The Indianapolis Department of Public Works will pay 11.5 percent more for road salt this winter than it did a year ago. Salt prices on regional bids across the state are now an average of 57 percent higher than last year's prices, according to INDOT.

Leases/leasing contracts

-Aldi grocery store leased 18,825 square feet at Greyhound Plaza, 146 N. Meridian St, Carmel. The tenant was represented by Jim Abel of Lee & Associates. The landlord, The Broadbent Co., was represented by John Beuoy of Broadbent.

-Delivra Inc. leased 9,016 square feet of office space at 8415 Allison Pointe Blvd. The tenant was represented by Kevin Dick and Paul Dick of Colliers International. The landlord, E-L Allison Pointe IV LLP, was represented by Adam Broderick of JLL.

-Gary L. Bacon DDS PC leased 5,964 square feet of office space at 9650-9670 E. Washington St. The tenant was represented by Spud Dick and John Crisp of Cassidy Turley. The landlord, HTA-Medical Portfolio 3 LLC, was represented by Julia Schnepper of Healthcare Management of America Inc.

-Planned Investment Co. Inc. renewed its lease for 3,200 square feet at Precedent Office Park, 9265 Counselors Row. The tenant was represented by Andrew Follman of NAI Meridian. The landlord, Precedent Co-Investor LLC, was represented by Tammy Recker and John Robinson of JLL.

-Gimbal Financial leased 2,228 square feet of office space at 10100 Lantern Road, Fishers. The tenant was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The landlord, Genesis Development Group LLC, was represented by Paul Dick of Colliers International.

-Master Installers Inc. 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 Teresa Harwood of Lee & Associates.

-Classic Kitchen & Granite renewed its lease for 1,170 square feet at 705 S. Rangeline Road, Carmel. The landlord, Mohawk Investments LLC, was represented by Ryan Smith of Lauth. The tenant represented itself.

-OSpa leased 940 square feet of retail space at 715 S. Rangeline Road, Carmel.  The landlord, Mohawk Investments LLC, was represented by Ryan Smith of Lauth. The tenant represented itself.
 
-Allstate Insurance renewed its lease for 814 square feet at 725 S. Rangeline Road, Carmel. The landlord, Mohawk Investments LLC, was represented by Ryan Smith of Lauth. The tenant represented itself.

Sales/acquisitions

-FORUM Credit Union bought 1.32 acres in Brookville Crossing, 7855 Brookville Road. The buyer was represented by Stephen Daum of Cushman & Wakefield/Summit. The seller, Brookville Crossing LLC, was represented by Shawn Deitch of Kaiser Land Co.

-Speedway LLC bought .99 acres in Brookville Crossing, 7850 Brookville Road. The seller, Brookville Crossing LLC, was represented by Shawn Deitch of Kaiser Land Co. The buyer represented itself.

-Raymond C. Bauman bought a 13,200-square-foot retail center at 4202 S. Meridian St. The buyer was represented by Craig Heindel of Artisan Realtors. The seller, First Financial Collateral Inc., was represented by Joseph DiSalvo and Matt Deahl of Marcus & Millichap.

-IDI Rental Properties LLC bought a 3,063-square-foot office property at 8970 Fitness Lane, Fishers. The buyer was represented by Paul Dick of Colliers International. The seller, HREC LLC, was represented by Darrin Boyd and Dave Moore of Cassidy Turley.

Construction

-Capitol Construction has completed a 2,500-square-foot fitness center for Zeller Realty Corp. at Meridian Plaza Building III, 10333 N. Meridian St, Carmel.

-Capitol Construction has completed a 3,000-square-foot conference center for Zeller Realty Corp. at Meridian Plaza Building III, 10333 N. Meridian St., Carmel.

-Capitol Construction has completed a 4,500-square-foot office build-out for Parr Richey at Capital Center, 201 N. Illinois St.

Rates

The average rate for 30-year mortgages fell from 4.33 percent to 4.30 percent in the week ended Sept. 25, according to Bankrate.com. The rate for 15-year mortgages was unchanged at 3.46 percent.

Washington Square Mall losing biggest tenant

Sears Roebuck and Co. plans to close its 194,680-square-foot anchor store in early December, the retailer confirmed Monday. A liquidation sale began Friday.

People

Kevin O’Toole has been named CEO of Managed Health Services, an Indiana-based unit of St. Louis-based Centene Corp. Managed Health Services administers health benefits for Hoosiers enrolled in Medicaid and the Healthy Indiana Plan, and also sells individual health insurance on the Obamacare exchange. O’Toole replaces Patrick Rooney, who has been promoted to senior vice president of health plans at Centene, overseeing five states, including Indiana. O’Toole joined Centene in 2012 as vice president of health plan operations in St. Louis. He previously worked as vice president of operations of Medco Health Solutions Inc. in Tennessee. O’Toole has a bachelor’s degree in microbiology, a master’s of health administration, and an MBA, all from the University of Missouri-Columbia.

Company news

Major Health Partners will construct an $89 million hospital on the north edge of Shelbyville, after nearly a decade of shifting services to that location. According to the Shelbyville News, Major’s board voted Sept. 22 to build a 300,000-square-foot facility in the Intelliplex technology park along Interstate 74 and move from downtown Shelbyville. Construction on the project could begin as early as next month and take about two years to complete. Major first revealed detailed plans for the hospital six weeks ago, but the project could not go forward until the board’s 6-0 vote. The hospital will include 56 beds, all in private rooms, and 38 outpatient observation beds. Major’s current hospital has 72 beds in mostly semi-private rooms. When completed, the new complex will also have four operating rooms and house 57 physicians and a staff of about 930.

Researchers at Purdue University and the Indiana University School of Medicine have received a $3.7 million grant to study how blueberries reduce bone loss in postmenopausal women. The five-year grant from the National Institutes of Health's National Center for Complementary and Alternative Medicine will pay for researchers to conduct human trials aimed at finding the most effective varieties and dosage levels of blueberriers for reducing bone loss. “This is one of the most compelling avenues to pursue in natural products research because blueberries would be a new alternative to osteoporosis drugs and their side effects,” said Connie Weaver, the head of Purdue’s department of nutrition science and one of the grant recipients.

Bernard Health, a health benefits brokerage firm based in Tennessee, opened its second retail store in Indianapolis last week. The 1,270-square-foot store is downtown on Pennsylvania Street, just north of Washington Street. Bernard, which now employs seven here in Indianapolis, opened its first local retail store in the Nora neighborhood in 2012 and now has 12 stores nationwide. For a fee, Bernard helps individuals and small businesses evaluate and purchase health benefits. It is one of several new models being tried out by benefits brokers in Indiana to adapt to new rules and opportunities under Obamacare.

The Indiana University School of Medicine received gifts totaling $1 million on the 40th anniversary of Dr. Larry Einhorn’s discovery of a drug combination therapy that nearly cured testicular cancer. In September 1974, Einhorn, a professor at the IU medical school, first tested the cancer drug cisplatin with two other cancer drugs—a combination that boosted survival rates from the cancer from about 20 percent to 95 percent. According to the medical school, 300,000 patients have survived testicular cancer after receiving the drug therapy Einhorn discovered. The most famous is Lance Armstrong, the cycling champion stripped of his victories after admitting to doping. The gifts will help launch a gene sequencing program among survivors so future patients can be given treatments that reduce side effects and complications. Half the donated money came from A. Farhad Moshiri of Monaco, who previously donated $2 million to IU. Another $300,000 will come from the children of local real estate magnate Sidney Eskenazi and his wife, Lois.

Veteran investment banker switches firms late in game

John Reed, 70, one of the state’s leading experts in bank mergers and acquisitions, starts a new job Monday with City Securities Corp. after 23 years with the local office of Chicago-based David A. Noyes & Co.