Indiana firms lose ground on Fortune 500 list
Five of the six Hoosier firms that appear in the 2013 rankings slipped from their positions in last year’s list of the largest U.S. companies.
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Browning exec Dye joining The Whitsett Group
Dennis Dye will become a partner at Whitsett, a prolific developer of affordable housing. He has served two stints at Browning totaling about 20 years.
Outback, Olive Garden slated for Michigan Road
The Carmel City Council on Monday agreed to pave the way—literally—for commercial development planned for the west side of Michigan Road south of 106th Street.
Judge grants class status to lawsuit against BMV
As many as 4 million Indiana drivers could become plaintiffs in a lawsuit alleging the Indiana Bureau of Motor Vehicles has overcharged for driver's licenses since 2007.
Residential
The average rate for 30-year mortgages fell from 3.57 percent to 3.52 percent for the week ended May 1, according to Bankrate.com. The rate for 15-year mortgages fell from 2.80 percent to 2.75 percent.
Sales/acquisitions
Underwood Tile bought a 4,217-square-foot industrial building at 640-650 Murray St. The buyer and seller, Thomas J. Williamson Revocable Trust, were represented by Bob Lindgren and Mike Medlock of Lee & Associates.
Leases/leasing contracts
-Heartland Food Products Group leased 309,600 square feet of industrial space at 4925 W. 86th St. The tenant was represented by Fritz Kauffman and Don Treibic of Cassidy Turley. The landlord, Duke Realty, represented itself.
-Central Indiana Education Service Center leased 13,245 square feet of office space at 6026 6036 Lakeside Blvd. The tenant was represented by Yumi Prater of Colliers International. The landlord, GI Partners, was represented by Bryan Poynter and Russell Van Til of Cassidy Turley.
-The Men’s Wearhouse leased 6,553 square feet at Clay Terrace, 146th Street and U.S. 31, Carmel. The tenant was represented by Mark Perlstein of Sitehawk Retail Real Estate. The landlord, Clay Terrace Partners LLC, was represented by Pat O’Hara of Simon Property Group.
-Pet Supplies Plus leased 6,400 square feet at Fishers Crossing, 7230 Fishers Crossing Drive, Fishers. The tenant was represented by Mark Perlstein of Sitehawk Retail Real Estate and John Liprando of Sullivan Hayes. The landlord, Viking Partners Fishers LLC, was represented by Kyle Hughes and Jamison Downs of Veritas Realty LLC.
-Jockamo Irvington LLC renewed its lease for 5,468 square feet of retail space at 5614-5646 E. Washington St. The landlord, Irv LLC, was represented by John Byrne of Cassidy Turley. The tenant represented itself.
-Indiana Association of 7th Day Adventists Inc. leased 2,773 square feet of office space at 7301 Georgetown Road. The tenant was represented by Nathan Smith of Colliers International. The landlord, GCP Investment LLC in care of Mann Properties Management, was represented by Craig Cleveland of Mann Properties.
-Preventive Care Medical LLC leased 2,750 square feet of office space at 7430 N. Shadeland Ave. The landlord, SNAG LLC, was represented by Paul Dick and Kevin Dick of Colliers International. The tenant represented itself.
-Stonegate Mortgage Corp. leased an additional 1,776 square feet at 1499 Windhorst Way, Greenwood. The tenant was represented by Nick Svarczkopf and John Vandenbark of CBRE. The landlord, South Park Group LLC, was represented by Brian Dell of Summit Realty Group.
-Thomas Mascari leased 1,600 square feet of retail space at 3001 Meridian Meadows, Greenwood. The landlord, Bayview Loan Servicing LLC, was represented by Jacque Haynes of Cassidy Turley. The tenant represented itself.
-H&R Block leased 1,400 square feet of retail space at 8958 8974 E. 96th St., Fishers. The landlord, C III Asset Management, was represented by Jacque Haynes of Cassidy Turley. The tenant represented itself.
-Great Clips leased 1,200 square feet of retail space at 1600 E. Michigan Road, Shelbyville. The landlord, C III Asset Management, was represented by Jacque Haynes of Cassidy Turley. The tenant represented itself.
-LCS Avon LLC leased 880 square feet of office space at 6845 E. U.S. Highway 36, Avon. The landlord, Westridge Office Park II LLC Receivership Estate, was represented by Nathan Smith of Colliers International. The tenant represented itself.
Lilly CEO to step down temporarily due to surgery
John Lechleiter has been suffering from a dilated aorta, Eli Lilly and Co. said Monday. Current CFO Derica Rice will take his place until later this summer.
Interactive Intelligence sees higher profit on more orders
Interactive Intelligence Group Inc. saw earnings jump to $1.46 million in the first quarter as sales orders rose 31 percent.
Horizon Bank gains access to Mass Ave with building purchase
Michigan City-based Horizon Bank bought the two-story building at 302 N. Alabama St. for $1.5 million and is embarking on a “substantial” investment in the property.
The ‘burbs: culinary wasteland or undiscovered territory?
Local food writer’s “Taste of Indy” feature got me thinking about destination dining in the northern suburbs. What would make your list?
Biosciences institute aims for $300M endowment
The effort to launch the Indiana Biosciences Research Institute got $25 million from the Legislature, but the life sciences institutions backing the effort have set their funding sights much higher.
Police seek hit-and-run driver
Police are searching for a dark-green Chevrolet Blazer with front-end damage that struck and killed a 52-year-old Indianapolis man late Saturday night. Earmon “Bud” Hubbard III was riding his bike southbound on North Emerson Avenue shortly before 10 p.m. when he was hit from behind by the SUV, which fled the scene. Hubbard later died at the hospital.
Pence lowers flags for Bowen
Gov. Mike Pence has directed flags across Indiana be flown at half-staff through next Saturday to honor former Gov. Otis "Doc" Bowen, who died Saturday night at 95. Services for Bowen will be held this week in Bremen, with callings on Wednesday and Thursday, and the funeral Friday at 11 a.m.
ISO fills key VP of finance position
Symphony stays local with latest hire, pulling Suzanne Sweeney from the Indiana Repertory Theatre.
There’s good reason for Pacers fans to love Knicks
Every hero needs a villain. And the Knicks have always been the perfect villain to galvanize the Pacers' fan base. The big-city Knicks are the bad guys again this year at a crucial time for the Pacers in Indianapolis.
Developer shelves plan to buy city land, build Meijer
Opus Development Corp.’s proposal for the project north of downtown included buying and bulldozing dozens of historic homes in the Flanner House neighborhood.
Indiana Amtrak riders suggest more frequent trains
State officials are studying the estimated $4 million to $5 million a year it might cost to continue Amtrak’s Hoosier State service between Indianapolis and Chicago.
Lilly’s sales-force restructuring to affect 1,600-plus
Lilly will eliminate 1,624 positions from its U.S. sales force in July, according to a notice the company made to state officials. But some of those workers may be rehired by the firm.
Company news
Diagnotes Inc., an Indianapolis-based health IT company, announced today that it has closed on $1 million in funding from life sciences and early-stage growth company investors. The investment group was led by Indiana University’s Innovate Indiana Fund and includes BioCrossroads’ Indiana Seed Fund II, Stepstone Angels and other investors. The funding will help Diagnotes commercialize its communication system for on-call health care providers. The Diagnotes system allows providers and patients to connect with on-call doctors and nurses while delivering key patient information from the electronic health record to the point of care.
Endocyte Inc. recorded $14.5 million in revenue during the first quarter and a loss of $3.9 million, or 11 cents per share. The West Lafayette-based drug development firm is still working with European regulators to win approval to launch its first drug, vintafolide. The drug, targeted for drug-resistant ovarian cancer, would be commercialized with New Jersey-based Merck & Co. Inc. Merck’s payment last year of $120 million is Endocyte’s sole source of revenue. The company’s cash pile declined during the first quarter from $201.4 million to $185.9 million. Endocyte officials reaffirmed their predictions that the company will have cash and cash equivalents between $145 million and $160 million at the end of 2013.
Franciscan St. Francis Health has partnered with WhatNext.com, a Carmel-based online support network that matches up cancer patients according to their diagnosis, stage and age. More than 10,000 Americans have registered to use WhatNext.com, including 400 patients in Indiana. “People are trying to make sense of a whole universe of new and staggering volume of medical information at the same time they are trying to figure out what’s next and to stay emotionally strong,” said David Wasilewski, who launched WhatNext.com in September 2011. “Our site helps patients benefit from those who have been there.”