Chrysler to invest $843 million in Kokomo plants
The investment was announced just ahead of appearances Tuesday by President Barack Obama and Vice President Joe Biden at a Chrysler transmission plant.
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Ad Age: Steak n Shake seeking new agency
Two years and at least two advertising agencies after ending a long-term advertising deal, Steak n Shake is reviewing pitches from agencies interested in its business, according to a report from industry publication Advertising Age.
State’s unemployment rate drops below 10 percent
Indiana’s unemployment rate in October dipped to 9.9 percent, marking the first time the rate has been below double digits since March.
Keystone plans mixed-use project on Madison Avenue
A local developer is planning a $2 million mixed-use project for a vacant parcel along Madison Avenue just south of downtown.
Duke Energy exploring other uses for electric-vehicle batteries
The utility, which has about 780,000 customers in Indiana, is teaming with Japanese firm Itochu Corp. to test applications for used electric vehicle batteries. The pilot project builds on Indiana’s clean-tech initiative, Energy Systems Network.
Study: Indianapolis high-priced hospital market
Indianapolis-area hospitals have negotiated reimbursement rates with private health insurers that are two and three times higher than those paid by the federal Medicare program, suggesting the hospitals have the upper hand over insurers, according to a new study.
Scale Computing scores $17M in venture capital
The latest round of funding brings the total raised by the local data-storage upstart to $31 million and follows a $9 million investment it received in March.
Rolls-Royce lands $20M maintenance contract
Rolls-Royce Corp.’s local operation won a $20.3 million contract extension to provide maintenance services for the helicopter engines it makes for the U.S. military, the Department of Defense said Monday.
Nearly 2 million new court cases filed in state last year
The 2009 Indiana Judicial Service Report says the number of cases filed in state courts has increased by 16.5 percent since 2000.
Health insurance stocks rise after spending rules outlined
U.S. health insurers, including WellPoint Inc., can include the cost of federal taxes in determining whether they spend enough on patient care, the U.S. Health and Human Services Department said Tuesday.
Leases/leasing contracts
-Henry Schein leased 243,200 square feet of industrial space at 5645 W. 82nd St. in Park 100. The tenant was represented by Patrick Lindley of Cassidy Turley. The landlord, ProLogis, was represented by Luke Wessel of Cassidy Turley.
-nFrame leased 52,824 square feet at 701 Congressional Blvd., Carmel. The tenant was represented by Sam Smith and Yumi Prater of Colliers International. The landlord, Technology Center Associates LP, was represented by Mike Napariu of REI Real Estate Services.
-Culture Lighting Co. Inc. renewed its lease for 7,200 square feet at 5329 W. 86th St. The landlord, Forester Properties, was represented by Kyle Powell and Bryan Poynter of Cassidy Turley. The tenant represented itself.
-McAlister’s Deli leased 6,400 square feet at Allyne Park, 1011 N. State Road 135, Greenwood. The tenant was represented by Bill Talbott of The Talbott Group. The landlord, Allyne Park Dynasty, was represented by Liz Yoho of Providence Development.
-MCPC Indianapolis LLC leased 5,711 square feet in the Carmel Technology Center, Building 2, 12336 Hancock St., Carmel. The tenant was represented by Brian Buschuk of Jones Lang LaSalle. The landlord, ATAPCO Carmel Inc., was represented by John Vandenbark and Dan Richardson of CB Richard Ellis.
-Indianapolis Osteopathic Hospital Inc. leased 4,244 square feet at 3750 Guion Road. The tenant was represented by Brian Meeks and Jon Owens of Cassidy Turley. The landlord, Hoosier Motor Mutual Insurance, was represented by Nick Svarczkopf and John Vandenbark of CB Richard Ellis.
-MS Consultants leased 3,627 square feet at 8900 Keystone Crossing. The tenant was represented by Nick Svarczkopf and Dan Richardson of CB Richard Ellis. The landlord, Keystone Investors LLC, was represented by Abby Cooper and John Robinson of Jones Lang LaSalle.
-Freight Masters leased 3,192 square feet at 2629 Waterfront Parkway, East Drive. The landlord, New Boston Jacaranda LP, was represented by Gus Sevastianos and Brian Fitzgerald of Citimark Management Co. Inc. The tenant represented itself.
-Safe Sitters leased 2,281 square feet at 8604 Allisonville Road. The tenant was represented by MaryBeth Kohart of Cassidy Turley. The landlord, Castle Creek Office LLC., was represented by Gus Sevastianos and Brian Fitzgerald of Citimark Management Co. Inc.
-Utili-Comm South Inc. renewed its lease for 1,550 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 Cathy Richards of Lee & Associates.
-Meridian Group leased 976 square feet at 8604 Allisonville Road. The landlord, Castle Creek Office LLC, was represented by Gus Sevastianos and Brian Fitzgerald of Citimark Management Co. Inc. The tenant represented itself.
Construction
-Alt Construction has finished construction of a 4,408-square-foot Teddy’s Burger Joint at 2222 W. Southport Road.
-Alt Construction has finished construction of a 5,033-square-foot Jason’s Deli at 4026 E. 82nd St.
-Alt Construction has finished construction of a 3,750-square-foot Original Pancake House at Bridgewater Shoppes, 14631 North Gray Road, Noblesville.
-Alt Construction has been hired to build out a 12,000-square-foot space for Knowledge Services at 5875 Castle Creek Parkway. The project is scheduled to be completed next month.
People
-Tracey Holtzman has joined Midland Atlantic as a retail specialist.
-Carol Rice has joined Midland Atlantic as administrative manager.
Housing
On a seasonally adjusted basis, the pace of mortgage loan activity fell 14.4 percent for the week ended Nov. 12, according to the Mortgage Bankers Association. The rate for 30-year mortgages increased to 4.46 percent from 4.28 percent the previous week. The rate for 15-year mortgages jumped to 3.87 percent from 3.64 percent.
Sales/acquisitions
MJK Indiana LLC bought 2.02 acres of industrial land at 1102 W. 16th St. The price wasn’t disclosed. The seller, Canal Realty Inc., was represented by Bill Brennan of Lee & Associates. The buyer represented itself.
Geist apartment complex sale ends drought of Class A transactions
Grande Reserve at Geist fetched $13.3 million, just shy of the asking price.
Auto industry bailout pulls Kokomo back from brink
Kokomo's fortunes have been entwined with the auto industry since 1894, when Elwood Haynes invented one of the first automobiles in the United States there. Since the 1930s, when then-Delco (later Delphi) located there, followed by General Motors and Chrysler, the auto industry has been the town's bread and butter.
Clarian grows market share to 40 percent
Clarian Health has been growing faster than its peers in the Indianapolis market the past five years and is now generating healthy margins, according to a report this month by Moody’s Investors Service.
New renderings just in: Buckingham’s North of South
The local developer Buckingham Cos. just filed detailed plans of its $150-million North of South development, including street-level renderings of most of the proposed buildings.
The root of Indiana’s myriad problems
Longtime economist Morton Marcus says the objective truth is that Indiana is in decline. He also insists the solution is a change in the culture, not just job creation.