Republic soars as lower fuel costs prompt analyst upgrade
Shares of Republic Airways enjoyed a 22-percent rocket ride on Monday after a stock analyst gave the beleaguered company an upgrade and the price of jet fuel continued to moderate.
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Rejected bidder cries foul over demolition of Keystone Towers
Titan Wrecking & Environmental bid about $255,000 less than the winning proposal to demolish Keystone Towers, but was rejected because of missing paperwork. The company owner says the city could have overlooked the omissions to save taxpayers money.
Stanley Black & Decker keys in on overseas security market
The Connecticut-based company on Monday agreed to buy Sweden’s Niscayah Group AB for $1.2 billion—its biggest deal since Stanley Works’ $4.4 billion purchase of Black & Decker Corp.
Community Health eyes expansion as it closes Westview merger
As part of its agreement to add Westview Hospital to its system, Community Health Network will assume $10 million in debt, spend $7.5 million on upgrades, and help open an outpatient center in Speedway, the two hospitals announced Tuesday morning.
UPDATE: Recount panel finds White eligible for office
The Indiana Recount Commission voted 3-0 Tuesday morning to allow Indiana Secretary of State Charlie White to remain in office, denying a challenge to his eligibility by the Democratic party. White still faces a criminal trial.
Logistics firm planning 415 jobs in Plainfield
Ozburn-Hessey Logistics plans to expand its distribution center in the Hendricks County town and create up to 415 new jobs by 2015. Based in Tennessee, OHL is one of the largest third-party logistics providers in the world.
Future uncertain for occupant of Marion factory
The TriEnda facility opened in late 2008 in part of Marion's closed 1 million-square-foot Thomson television picture tube plant.
Election panel chair’s law firm donated to White
The state elections panel that is weighing voter fraud allegations against Indiana Secretary of State Charlie White includes a Republican loosely linked to White through political contributions.
Residential
On a seasonally adjusted basis, the pace of mortgage loan activity fell 5.9 percent for the week ended June 17, according to the Mortgage Bankers Association. The rate for 30-year mortgages increased to 4.57 percent from 4.51 percent the previous week. The rate for 15-year mortgages increased to 3.70 percent from 3.67 percent.
People
The Indianapolis office of Messer Construction Co. has hired Adam W. Brandt as a project engineer and Dharaben V. Patel as a project management assistant.
Lilly plans more investment in two-in-one drugs
Indianapolis-based drugmaker Eli Lilly on Tuesday will announce a multimillion-dollar investment to develop drugs that act like two medicines in one. Lilly plans to add more scientists to back the effort.
Construction
Capitol Construction Services Inc. has completed an 11,150-square-foot build-out for Oak Street Funding at 11350 N. Meridian St., Carmel.
Leasing/leasing contracts
-Planet Fitness leased 15,763 square feet of retail space in Emerson Plaza, 5247 Thompson Road. The tenant was represented by Bart Jackson and Scot Courtney of Lee & Associates. The landlord, Horizon Sun/WB LLC, was represented by Jeff James of Lamar Cos.
-TIC International Corp. leased 15,391 square feet at 11590 N. Meridian St., Carmel. The landlord, Fidelity Office Building II LP, was represented by Mike Napariu of REI Real Estate Services LLC. The tenant represented itself.
-Apria Healthcare Inc. leased 9,652 square feet of office space at 11711 N. College Ave., Carmel. The tenant was represented by Jim Bowers of Corporate Realty Associates. The landlord, CFS at North College LLC, was represented by Darrin Boyd and Dave Moore of Cassidy Turley.
-Track Technology Systems Inc. leased 4,000 square feet at 6784 Hawthorn Park Drive. The tenant was represented by Fritz Kauffman of Cassidy Turley. The landlord, Hawthorn Park LLC, represented itself.
-Advantage Fluid Systems LLC leased 2,700 square feet at 8170 Zionsville Road in Park 100. The tenant was represented by Fritz Kauffman of Cassidy Turley. The landlord, ProLogis, was represented by Jason Speckman of Summit Realty Group.
-Statewide Title Company Inc. leased 2,109 square feet of office space at 6525 E. 82nd St. The tenant was represented by John Crisp of Cassidy Turley. The landlord, NRFC Castleton Park Holdings LLC, was represented by Dave Moore and Darrin Boyd of Cassidy Turley.
-Restorative Specialty Group Inc. leased 2,100 square feet of office space at 9860 Westpoint Drive. The landlord, Crosspoint Partners VII LLC, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented itself.
-Boogie Burger leased 1,986 square feet at 1904 Broad Ripple Ave. The tenant was represented by Catherine Esselman of Penn Real Estate Inc. The landlord, Marcus Burnell, was represented by Thomas Cortese III of Acorn Group Inc.
-Thien Phu Viatnamese Cuisine leased 1,458 square feet of retail space in the Fortune Plaza Shopping Center, 9655 U.S. Highway 36, Avon. The landlord, Fortune Plaza B LLC, was represented by Greg Smith of Colliers International. The tenant represented itself.
-Silver Moon Salon leased 1,400 square feet at Greenwood Springs, 1279 Emerson Avenue, Suite A-2, Greenwood. The tenant was represented by Shannon Hicks of CB Richard Ellis. The landlord, Regency Realty Group Inc., was represented by Keith Fried of Sitehawk Retail Real Estate.
-Indianapolis TV Sales leased 1,366 square feet of retail space in the Eagle Creek Shopping Center, 3804 N. High School Road. The landlord, Eagle Creek Shopping Center LLC, was represented by Greg Smith and Kevin Piper of Colliers International. The tenant represented itself.
Sales/acquisitions
-Trinity Metals bought a 120,000-square-foot manufacturing facility at 6400 English Ave. The price wasn’t disclosed. The buyer was represented by Tadd Miller of Milhaus Realty. The seller, Covington Capital Corp., was represented by Mark Writt of CB Richard Ellis.
-Rapchak Holdings bought the 386-unit Harrison Point apartments at 42nd Street and Post Road. The price wasn’t disclosed. The buyer was represented by Tikijian Associations. The seller, Paladin Asset Preservation, was represented by ARA Midwest.
Owner of several properties south of Mass Ave starts to divest
The pending sale of two historic buildings and a vacant lot just south of Massachusetts Avenue is the first of what could be several deals in the area as one of its largest property owners begins to divest its holdings.
INSIDE DISH: King David Dogs nabs bigger digs
Thinking his emporium for all-beef franks has maxed out its sales potential, Brent Joseph cut a deal to relocate to an epicenter for downtown office complexes and triple seating.
Local contractor wins Keystone Towers demolition bid
Denney Excavating of Indianapolis has been granted the contract to demolish the vacant Keystone Towers apartment complex with a bid $827,000.
Q&A
Jim Alender has been CEO of Howard Regional Health System in Kokomo since 1997. He recently negotiated a letter of intent to merge the hospital with Indianapolis-based Indiana University Health. He spoke about the major factors that led to that decision, and the benefits he hopes to come from it. The deal, which still requires approval from Howard County officials, could close before the end of this year.
People
Jennifer Cohn, a registered nurse, has joined St. Vincent Neuroscience Institute as neuroscience clinical director. For the last five years, Cohn was the neuroscience clinical nurse specialist at Indiana University Health’s Methodist Hospital.
St. Vincent Medical Group named Brad McNabb its chief operating officer. McNabb held the same position with The Care Group, the large Indianapolis-based physician practice St. Vincent acquired last year.
Gregory D. Williamson has been appointed executive director for the St. Francis Healthcare Foundation. Williamson comes to the foundation from the Riley Children’s Foundation, where he most recently served as vice president for regional development. Williamson also worked previously for the Wishard Foundation.
Company news
Indiana has added 220 startups and more than 8,000 jobs in its $27 billion life sciences industry since 2002, according to a report commissioned by BioCrossroads, the Indianapolis-based life sciences development group. Despite the presence of pharmaceutical firms such as Eli Lilly and Co., medical-device manufacturing represented the biggest chunk of employment in Indiana: 20,300, or 35.5 percent, of life sciences workers. Indiana ranks third, behind New Jersey and Massachusetts, in highest quotient of life sciences workers. Though noting Indiana has made big strides to emerge as a national center in the life sciences, the report makes it clear the state still has needs. These include better access to seed/early-stage and venture capital, a more skilled work force and more focus on emerging areas such as health information technology and contract manufacturing.
The U.S. Supreme Court has refused to revive a bid to press a class-action suit against Eli Lilly and Co. over the marketing of the antipsychotic Zyprexa, according to Bloomberg News. A group of pension funds, unions and insurers claimed they represented a class of third-party payors who spent $6.8 billion more on Zyprexa than they should have, because Lilly made fraudulent claims about Zyprexa’s safety and effectiveness and promoted it for non-approved uses. A federal appeals court had said the case wasn’t appropriate for class-action status and told a trial judge to consider whether the plaintiffs filing the suit could press their individual claims. Indianapolis-based Lilly in 2009 pleaded guilty to promoting Zyprexa for unapproved uses and agreed to pay $1.4 billion in criminal and civil penalties.
Wishard Health Services will change its name to Eskenazi Health after receiving a $40 million gift from Indianapolis real estate developer Sidney Eskenazi and his wife, Lois, the county-owned hospital announced June 22. The $754 million hospital Wishard is building downtown will be renamed the Sidney and Lois Eskenazi Hospital when it opens in December 2013. The Eskenazis' gift is the largest in the history of Wishard, which began as City Hospital in 1859 and adopted the Wishard name in 1975. Wishard Foundation was trying to raise $50 million to help fund construction of the new hospital. With the Eskenazis' gift, it has now raised $54 million. Sid Eskenazi, 81, started Sandor Development Co. in 1963 and has grown it into one of the nation’s largest owners of strip malls. Sandor has long-standing relationships with major retailers such as Wal-Mart Stores Inc. and Kohl’s.