Emmis acquires majority stake in software firm
Emmis Communications Corp. said Monday that it acquired a controlling interest in Indianapolis-based pricing software firm Digonex Technologies Inc. in a deal worth about $5 million.
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Indiana social services chief Minott leaving post
The head of the Indiana Family and Social Services Administration is on her way out just as negotiations heat up with federal officials over Gov. Mike Pence’s alternative to a traditional Medicaid expansion.
2014 Palladium season includes Randy Newman, George Benson & much more
Wynton Marsalis, Trace Atkins, and Emerson String Quartet also make the cut. Schedule announced prior to the Great American Songbook Hall of Fame weekend.
Town waives fees to accelerate $17.6M senior-living project
Fishers will forgive as much as $300,000 in development fees to get a $17.6 million expansion project started by Aug. 1.
Construction
-Holladay Construction Group LLC. has completed an 8,612-square-foot bank renovation for Centier at 568 Carmel Drive.
-Holladay Construction Group LLC has partnered with Holladay Properties and Schahet Hotels to begin construction of a five-story, 122-room, 82,000-square-foot, full service Holiday Inn near Indianapolis International Airport. Completion is scheduled for the winter of 2015.
People
–Tammy Recker, brokerage coordinator for JLL's industrial services team, has been promoted to leasing associate for the firm's office services team.
–Sarah Morey has joined JLL as brokerage coordinator for the industrial services team.
–Ryan Room has joined JLL as general manager and vice president of the firm's property management team.
Rates
The average rate for 30-year mortgages rose from 4.32 percent to 4.34 percent in the week ended June 12, according to Bankrate.com. The rate for 15-year mortgages rose from 3.41 percent to 3.43 percent.
Leases/leasing contracts
-TriMedX leased 26,029 square feet of office space at 5555-5587 W. 73rd St. The tenant was represented by Mike Semler of Cassidy Turley. The landlord, Duke Realty Corp., represented itself.
-HopCat-Broad Ripple leased 9,620 square feet of retail space in the Broad Ripple Parking Garage, 6280 N. College Ave. The tenant was represented by Ben Andrews of Sperry Van Ness. The landlord, 6280 LLC, was represented by Bart Jackson and Scot Courtney of Lee & Associates.
-Bspot leased 3,887 square feet at Ironworks at Keystone, 2727 E. 86th St. The tenant was represented by Brian Epstein of UrbanSpace. The landlord, Ironworks Indianapolis LLC, was represented by Mark Perlstein and Steve Delaney of Sitehawk Retail Real Estate.
-GPE leased 3,740 square feet of flex space at Roosevelt Business Park, 2506 Roosevelt Ave. The landlord, Gilliatte Family Realty LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.
-Now Courier Inc. leased 3,200 square feet of industrial space at 2525 N. Shadeland Ave. The tenant was represented by Ryan Kelly of Cushman & Wakefield/Summit. The landlord, Orton Development Inc., was represented by Todd Vannatta and Michael Weishaar of Cassidy Turley.
-General Services Administration renewed its lease for 2,407 square feet of office space at 10 W. Market St. The landlord, MT Acquisitions LLC, was represented by Bennett Williams and Andrew Martin of Cassidy Turley. The tenant represented itself.
-Dr. Kenneth Ackles Sr. leased 1,466 square feet of office space in the Meridian Professional Building, 3266 N. Meridian St. The landlord, PBB III LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.
-Protis Executive Innovations Inc. leased 1,217 square feet of office space in the Barrister Building, 155 E. Market St. The landlord, Crown Barrister LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.
-Unique Heart Productions LLC leased 517 square feet of office space in the Stock Yards Bank Building, 136 E. Market St. The landlord, Crown Stock Yards LLC, was represented by Larry W. Harshman of Harshman Property Services LLC. The tenant represented itself.
Correction
Andrew Clifford's name was incorrect in the June 10 Real Estate Weekly. Clifford is with 7D Commercial Real Estate and represented 3 Sisters Cafe in a recent lease transaction.
Sales/acquisitions
-TWG Investors bought the original Lawrence High School, a 15,000-square-foot building on 2.4 acres at 8301 E. 46th St. The seller, Metropolitan School District of Lawrence Township, was represented by Tim Norton, Katie Sobotowski and Tony Hupp of Cushman & Wakefield/Summit. The buyer represented itself.
-Robert's Distributing bought a 35,000-square-foot industrial building at 220 E. St. Clair St. The buyer was represented by Bill French and Fritz Kauffman of Cassidy Turley. The seller, Office Furniture Mart, was represented by J.D. Graves of CBRE.
-Ray Penn LLC bought a 57,358-square-foot industrial building at 927 S. Pennsylvania St. The buyer was represented by Walter Freihofer of Freihofer Commercial Real Estate. The seller, 927 S. Penn LLC, was represented by Patrick Lindley of Cassidy Turley.
Ball State bilked in 2nd scheme for $5 million
Ball State University lost $5 million in an investment fraud scheme in addition to the $8.1 million scheme announced last week.
The worries of a hospital CEO
In a video presentation to his employees, Community Health CEO Bryan Mills discusses the threats hospitals face from retail clinics and employers—and how Community briefly discussed laying off 1,000 workers last year.
Lilly, IU expect $25M plan to create new model for drug R&D
A new research consortium spearheaded by the Indiana University School of Medicine and Eli Lilly and Co. could bring in $25 million to $50 million over five years to create a new approach for developing drugs that provide more precise treatment for small groups of patients.
State Fair prepares to pop cork on alcohol sales
Indiana beers and wines will be available this summer for the first time in seven decades, but there will be several limitations on their sale.
Company news
Indianapolis-based Harlan Laboratories quietly sold itself last month to United Kingdom-based Huntingdon Life Sciences. Huntingdon has 1,200 employees, most of them in the UK and Princeton, N.J. Harlan has about 2,300 employees worldwide, including 300 locally. “There are no plans to have any layoffs in the area, and Huntingdon is planning to continue an Indianapolis presence,” Harlan Chief Financial Officer Doug Vaughan said. “We would hope our business will grow locally.” Harlan had been weighed down by declining revenue in its contract research business and a pile of debt, which credit analysts deemed a serious liability. Already out of the picture is Harlan CEO Hans Thumen. Contacted via LinkedIn, Thumen declined to comment. But Vaughan said he left when the deal closed because “the combined company only needed one CEO.” The huge debt load was left over from the 2005 leveraged buyout of the company by San Francisco-based Genstar Capital. In early 2013, Harlan nearly engineered a $305 million restructuring, but the deal fell apart. Last fall, IBJ reported that Genstar might sell the company to avert default on $280 million in debt due to be paid off in July 2014.
Community Health Network and Eskenazi Health quietly called off their engagement months ago, when they found out federal laws effectively prohibited their marriage. Leaders of the two Indianapolis-based hospital systems are holding out hope they still may be able to join, but doing so would require Congress to change federal tax laws—and getting anything passed in Congress these days is extremely difficult. The two hospital systems announced in February 2013 a joint operating partnership that would create a joint board to form common strategies, pricing and clinical collaborations. They staged a splashy press conference at City Market, with public officials in attendance. Their plan would have created a primary care behemoth, with more front doors to access health care than any other hospital system in the area. That would have put Community and Eskenazi in a position to scoop up customers newly insured under Obamacare. But in late September, Community CEO Bryan Mills called off the deal so the organizations could focus on changes coming from Obamacare and so Eskenazi could focus on completing its new 315-bed hospital, which opened in December. The rules for the special bonds Eskenazi sold to finance its $754 million hospital require that the recipient of proceeds be separate from any private organizations. The bonds were part of the Build America section of President Obama’s 2009 stimulus package, and offered lower interest rates for publicly funded projects.
Dr. Ora Pescovitz, the former CEO of Riley Hospital for Children at Indiana University Health, is returning to Indianapolis to work for Eli Lilly and Co. Pescovitz, 57, spent the past five years as CEO of the University of Michigan Health System. Pescovitz, who stepped down from her Michigan position June 1, will join Lilly in October as a senior vice president, medical. Initially, she will work under Dr. Tim Garnett, Lilly’s chief medical officer, focusing on medical policy issues, such as Lilly’s relationship with health care professionals, expanding access to Lilly medicines, and patient support programs. After what Lilly is calling an “orientation period,” Pescovitz will move to “a senior medical leadership role,” according to a statement from Lilly spokeswoman Janice Chavers.
People
Kelli Burress, a nurse practitioner, has joined St. Vincent Medical Group in Greencastle. Burress earned an associate’s degree from Ivy Tech State College in Indianapolis and a bachelor’s degree in nursing from Indiana Wesleyan University in Indianapolis.
Dr. Mohammed Tarrabain, a family physician, has joined St. Vincent Medical Group in Carmel. Tarrabain earned his medical degree from The American University of Beirut in Lebanon.
Dr. Tim Franson has joined Indianapolis-based YourEncore as chief medical officer. Franson was vice president of global regulatory affairs at Eli Lilly and Co. and since then has worked as a consultant, on his own and at FaegreBD Consulting. Franson holds a bachelor’s degree from the University of Iowa and a medical degree from the University of Illinois College of Medicine.
Existing home sales continue dismaying trend
Figures for May add to evidence that about 14 percent fewer homes are selling this year in the nine-county area compared with the same point in 2013. But sale prices still are on the rise.