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Residential

Mortgage rates were steady for the week ended Jan. 23. The average rate for 30-year mortgages fell from 4.57 percent to 4.56 percent, according to Bankrate.com. The rate for 15-year mortgages fell from 3.62 percent to 3.61 percent.

Leases/leasing contracts

-Southern Wine & Spirits of America renewed its lease for 211,500 square feet of industrial space at 800 Commerce Parkway Drive, Greenwood. The tenant was represented by Patrick Lindley of Cassidy Turley. The landlord, Liberty Property Trust, was represented by Jake Sturman of Jones Lang LaSalle.

-Golf Galaxy leased 35,056 square feet at Castleton Square Pavilion, 5625 E. 86th St. The tenant was represented by Paul Gold of ECHO Real Estate Services. The landlord, Castleton Anchor Redevelopment II LLC, was represented by Thomas English and Larry Davis of Sitehawk Retail Real Estate.

-Ingredion Inc. leased 13,864 square feet at 5521 W. 74th St. The tenant was represented by Matt Jackson of Jackson IG. The landlord, Duke Limited Partnership, was represented by Kate Willen of Duke Realty Corp.

-Winner Woodworking Inc. leased 6,300 square feet of industrial space at 2205 National Ave.  The tenant and landlord, Donald Kosten, were represented by Mike Medlock of Lee & Associates.
 
-Mattress Firm leased 4,500 square feet at U.S. 40 Shops at Perry Road and U.S. 40, Plainfield. The tenant was represented by Scott Gray of Sitehawk Retail Real Estate. The landlord, ECC Main Street Property LLC, was represented by Larry Davis and Thomas English of Sitehawk Retail Real Estate.

-MS Consultants Inc. leased 3,627 square feet at 8900 Keystone Crossing. The tenant was represented by Nick Svarczkopf of CBRE. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle.   
 
-Provident Funding Associates LP leased 3,050 square feet at 8900 Keystone Crossing. The tenant was represented by Kevin Gillihan of Jones Lang LaSalle. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle.        

-Symetra Life Insurance leased 2,830 square feet at 9100 Keystone Crossing. The tenant was represented by Chris Carmen of Carmen Commercial Real Estate Group. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle.

-Blaze Pizza leased 2,400 square feet at Meijer Outlot Shops II, 12697 N. Pennsylvania St., Carmel.  The tenant was represented by Allison Hawley of Niessink Commercial. The landlord, ECC Carmel Meijer Shops II LLC, was represented by Larry Davis, Tom English and John Baker of Sitehawk Retail Real Estate.

-National Electrical Contractors Associates leased 2,247 square feet at 8900 Keystone Crossing. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle. The tenant represented itself.    

-Chipotle Mexican Grill leased 2,240 square feet at Meijer Outlot Shops II, 12697 N. Pennsylvania St., Carmel. The tenant was represented by Bryan Chandler of Eclipse Real Estate. The landlord, ECC Carmel Meijer Shops II LLC, was represented by Larry Davis and Tom English of Sitehawk Retail Real Estate.

-Diagnotes Inc. leased 2,025 square feet at 8900 Keystone Crossing. The tenant was represented by Chris Carmen of Carmen Commercial Real Estate Inc. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle.

-Combined Insurance Co. of America leased 1,854 square feet at 8900 Keystone Crossing. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle. The tenant represented itself.   

-TKH Holdings LLC leased 1,750 square feet at Harbourtown Shoppes, located at North Harbour, Noblesville, for a Friends & Company restaurant. The landlord, Harbourtown Center LLC, was represented by J.W. Ernst of Charter Commercial Realty Group. The tenant represented itself.

Sales/acquisitions

-DAST 2 LLC bought a 21,400-square-foot office building at 2500 E. 46th St. The buyer was represented by Tom Ferguson of Premier Commercial Real Estate. The seller, 46th Street LLC, was represented by Tom Osborne, Kim Hartman and R.J. Rudolph of Colliers International. 

-Vijayakumar Vemulapallli bought the 183,000-square-foot North Eastwood Shopping Center at 38th Street and Post Road. The seller, LNR Partners, was represented by Brian F. Knapp and Janice Paine of Colliers International. The buyer represented himself.

-Esponda Associates Inc. bought a 6,000-square-foot group home at 8560 N College Ave. The seller, JB & MJM of Indiana Inc., was represented by Ross Reller and Nathan Smith of Colliers International. The buyer represented itself.

Bar Association stands against gay-marriage amendment

Backed by nearly three-fourths of its members, the Indianapolis Bar has taken the unusual step of announcing its opposition to the state constitutional amendment under debate at the Statehouse.

Workers not owed for changing time, Supreme Court rules

Companies in many cases don’t have to pay workers for the time they spend putting on and taking off safety gear, the U.S. Supreme Court ruled, siding with U.S. Steel Corp. in a lawsuit by 800 workers.

Former Indy Chamber leader joins Hagerman

Scott Miller, who stepped down May 31 as president of the Indy Chamber, has been hired as president of The Hagerman Group, one of the state’s largest construction contractors.

St. Vincent hospitals not quite as rich as they seem

St. Vincent Health has been sending roughly $50 million to $70 million every year to its parent company, St. Louis-based Ascension Health, to support other hospitals in Ascension’s 93-hospital network.

Indiana bill would limit use of drone surveillance

The bill introduced by Republican Rep. Eric Koch of Bedford would strictly regulate police use of unmanned aircraft and prohibit their use to conduct surveillance without a court warrant.

Minimum wage bills pushed in at least 30 states

A pitch last week from Indiana Democrats was a nonstarter. But a Quinnipiac University poll this month found 71 percent of Americans in favor of raising the minimum wage—including more than half of Republicans polled.

Propane costs soar amid winter supply squeeze

Many distributors in the Midwest are limiting the amount of propane they deliver to customers. And the Indiana attorney general’s office is urging Hoosiers to conserve the amount of propane used to heat their homes.

New tiered network trips up IU Health, UnitedHealthcare talks

In spite of offers to strike a short-term extension, UnitedHealthcare and Indiana University Health are still hung up in contract negotiations on one key point: Minnesota-based UnitedHealthcare wants to create a multi-tiered network of providers and services that would offer the lowest co-pays and deductibles for favored hospital systems—which IU Health is not.

Company news

Eli Lilly and Co. is reportedly willing to pay as much as $3.7 billion to acquire a Massachusetts-based biotech company with a troubled leukemia drug, according to the U.K. newspaper The Mail. The paper claims that Indianapolis-based Lilly is the leading suitor for Ariad Pharmaceuticals Inc., along with U.K.-based GlaxoSmithKline plc and Ireland-based Shire PLC. All three firms made “friendly approaches” to Ariad, according to The Mail, and are willing to pay up to $20 per share. Ariad currently has 185.7 million shares outstanding, meaning such a purchase price would total $3.7 billion. The Mail is not a regular source of financial news, and its article bases its report on “whispers heard across the Pond” by “dealers.” Lilly spokesman Mark Taylor declined to comment on the rumors.

Hill-Rom Holdings Inc. said it will eliminate about 350 jobs over the next two years as a cost-saving move after the maker of hospital equipment saw profit grow slower than expected. Batesville-based Hill-Rom said 200 of the cuts will occur in the United States, with the balance occurring in Europe. Because the cuts will be made, in part, via a voluntary retirement program, Hill-Rom said it does not yet know how many cuts will occur in Indiana. The U.S. portion of the cuts are scheduled to be complete by the end of March. The European job cuts will play out over the next two years. The cuts, which represent about 5 percent of Hill-Rom’s 6,800 workers, will save the company $30 million per year, boosting profit by about 35 cents per share. Over the past four years, Hill-Rom has already eliminated about 1,000 jobs. “Economic uncertainty for our customers continues to impact the timing and the level of capital spending for our key product categories. The weak order rates in the last two quarters and the volatility over the past year reflect the challenges we continue to experience in our core market,” Hill-Rom CEO John Greisch told investors last week. Hill-Rom reported earnings per share of 22 cents in the three months ended Dec. 31, down 44 percent from the same quarter of 2012. Revenue fell 8 percent from the previous year, to $393 million.

The Indiana Senate passed a bill Thursday that would halt construction on nursing homes. Senate Bill 173 would also prohibit additional comprehensive care beds at existing facilities, according to the StatehouseFile.com, but continuing care retirement homes and assisted living would be exempt from the construction moratorium. “Building new facilities will add more unneeded beds at a time when utilization of skilled nursing facilities is decreasing,” said Sen. Patricia Miller, R-Indianapolis, who authored the bill. The bill now moves to the House for consideration.

The Indiana Medical Licensing Board suspended the license of Dr. Frank Campbell, an Anderson physician linked to drug-related deaths of 31 people. The Herald Bulletin reported the board also fined Campbell $500 on each of the six counts of violating physician regulations filed by state authorities. Campbell can seek reinstatement in a year. Campbell was medical director of the Madison County Community Health Center until the Drug Enforcement Administration questioned him last year over allowing two physician assistants to prescribe controlled substances using prescriptions he pre-signed. Campbell said he trusted the assistants and pre-signed prescriptions for expediency. An Indiana Medicaid Fraud Control Unit investigator submitted a court affidavit saying 31 of Campbell's patients died drug-related deaths since January 2009.