KAR Auction reports higher earnings, profit
Carmel-based KAR Auction Services Inc. on Monday said it doubled its profit in the fourth quarter compared to the same quarter of the previous year.
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Leases/leasing contracts
-DZ Investments renewed its lease for 135,451 square feet in Franklin Road Business Center, 3131 N. Franklin Road. The landlord, Duke Realty, was represented by Duke’s Jay Archer. The tenant represented itself.
-Salvation Army leased 18,000 square feet at County Line Corners, 1285 N. State Road 135, Greenwood. The tenant was represented by Pat Boyle of Midland Atlantic Properties. The landlord, Friedman Management Co., was represented by Roger Curry of Presnell Cos.
-Amerisure Insurance leased 9,374 square feet in Three Parkwood, 450 E. 96th St. The tenant was represented by Tim Norton of Summit Realty Group. The landlord, Duke Realty, was represented by Duke’s Traci Kapsalis.
-National Conference of Insurance Guaranty Funds renewed its lease for 5,400 square feet at 300 N. Meridian St. The tenant was represented by Adam Broderick and Graham Summers of Jones Lang LaSalle. The landlord, University Park Associates LLC, was represented by Mike Napariu of REI Real Estate Services LLC.
-American Teleservices Association Inc. leased 2,930 square feet of office space at 8500 Keystone Crossing. The tenant was represented by Paul Dick and Kevin Dick of Colliers International. The landlord, PWA Keystone Crossing LP, was represented by Bennett Williams of Cassidy Turley.
-School of Rock leased 2,850 square feet at Mohawk Place Shopping Center, 626-628 S. Rangeline Road, Carmel. The tenant was represented by Tracey Holtzman of Midland Atlantic Properties. The landlord, Mohawk LP, represented itself.
-El Maguey Mexican Restaurant renewed its lease for 2,800 square feet of retail space in River Ridge Plaza, 2038 S. Scatterfield Road, Anderson. The landlord was represented by Sandor Development. The tenant represented itself.
-Radio Shack renewed its lease for 2,500 square feet of retail space in Honey Creek Plaza, 5418 W. 38th St. The landlord was represented by Sandor Development. The tenant represented itself.
-Delhi Palace Restaurant leased 1,966 square feet at Lockefield Commons, 901-921 Indiana Ave. The landlord, Lockefield Commons Limited Partnership, was represented by Mark Perlstein of Sitehawk Retail Real Estate. The tenant represented itself.
-The National Foundation for Special Needs Integrity Inc. leased 1,632 square feet of office space at Carmel Office Court, 301 E. Carmel Drive, Carmel. The tenant was represented by Craig Kaiser of Northern Commercial. The landlord, Carmel-301 LLC, was represented by Paul Dick and Kevin Dick of Colliers International.-Tri Star Filtration Inc. leased 1,200 square feet of industrial space at 5303 5331 W. 86th St. The landlord, Forester Properties Inc., was represented by Bryan Poynter of Cassidy Turley. The tenant represented itself.
-Solace Risk Management LLC has leased 981 square feet of office space at 5455 W 86th St. The landlord, Polaris Commercial Investments LLC, was represented by Dan Baldini of Polaris Real Estate. The tenant represented itself.Company news
Eli Lilly and Co. plans to invest about $440 million in a new drug plant at an existing company site in southern Ireland, according to Bloomberg News. The new facility in Kinsale in County Cork will require as many as 200 skilled employees when fully operational, according to a statement on economic development organization IDA Ireland's website. Indianapolis-based Lilly will begin construction on the 240,000-square-foot manufacturing facility next month and plans to have it operational by late 2013, according to the Belfast Telegraph. Lilly already employs about 700 people at four sites in Ireland. Its first plant in the country opened in 1981. The company opened the Kinsale campus in 2010 after announcing it would spend about $360 million on the project. The existing Kinsale facility manufactures active ingredients in treatments for cancer and diabetes. Lilly employs about 38,000 people worldwide.
As expected, SynCare LLC has filed for Chapter 7 bankruptcy protection. The once fast-growing, Indianapolis-based disease-management company listed in court papers liabilities of nearly $5.7 million and assets of just $125,864. The company’s decline pushed CEO Stephanie DeKemper into personal bankruptcy in late December, with the company itself expected to follow. SynCare’s largest secured creditors include Fifth Third Bank, which provided two loans totaling $850,000 to the company. Unsecured creditors include Bank of America, with a claim totaling $676,964, and Centene Corp. in St. Louis, which provided SynCare a loan totaling nearly $1.5 million. SynCare effectively ceased operation in September after it withdrew from a major contract it had with the Missouri Medicaid program. Also earlier last year, Centene—which was both a client and a lender to SynCare—stopped funding the company’s operations. SynCare used nurses and social workers to call and visit Medicaid patients to evaluate their needs and teach them how to handle their health issues, in order to avoid expensive hospitalizations.
Profit at CNO Financial Group Inc. was flat in the fourth quarter, but the Carmel-based life and health insurer still beat analysts’ predictions. CNO Financial announced Feb. 22 that it earned $73 million, or 26 cents per diluted share, in the three months ended Dec. 31. In the same quarter a year ago, the company earned $168.2 million—of which $95 million was one-time gain from an accounting adjustment. Excluding investment gains, CNO’s operations generated $60.1 million, or 22 cents per share, in its most recent quarter. On that basis, Wall Street analysts were expecting CNO to earn 19 cents per share in the quarter, according to a survey by Thomson Reuters. CNO’s revenue totaled $1.05 billion in the fourth quarter. That was 2 percent lower than the same quarter last year, driven by lower investment gains and income. Analysts were expecting only $1.01 billion in revenue.
Franciscan to mark Beech Grove closure
Franciscan St. Francis Health announced five years ago that it would consolidate its Beech Grove operations into an expanded hospital seven miles south, near Interstate 65 and Emerson Avenue. The last inpatient department to close at Beech Grove will be its emergency room, on March 16.
Bank seeks $2M from estate of London Witte Group founder
The estate of Richard J. Salewicz, who died in 2010, is named in the foreclosure suit that also targets Tyson Corp., the company he owned on the southwest side of Indianapolis. Local accounting firm London Witte is not part of the court action.
Serial entrepreneur builds more than business
Westfield resident Jenn Kampmeier is a CEO—that’s “chief everything officer” in the get-it-done world of startups—who prefers an even-loftier title: Mom.
Couple accused of tax fraud turning the tables on state
Real estate investor Chris Marten and his wife, Janice—a longtime Carmel jeweler—charge in a new federal lawsuit that investigators trampled on their constitutional rights during the inquiry, which resulted in 28 criminal charges.
DINING: Variety admirable at soup seller
Last in a month-long series of looks at new north-side restaurants.
CNO Financial profits beat analysts’ predictions
Excluding investment gains and one-time charges, CNO’s operations generated $60.1 million, or 22 cents per share, in the fourth quarter, up 16 percent from the same period last year.
Charlie White cries foul on residency, cites other cases
The ousted secretary of state claims Sen. Richard Lugar and former Sen. Evan Bayh vote from Indiana despite living near Washington, D.C. Lugar doesn't own a home in Indiana, and tea party activists want his candidacy disqualified as a result.
DINING: Two winners at Carmel City Center
The friendly wait staff and artisan breakfasts could lead you to not care at all about the oversized shell that surrounds superior newcomer Eggshell Bistro.
Electric-grid facility in Carmel suffers $11M in damages
In a filing earlier this month, the Midwest Independent Transmission System Operator Inc. told federal regulators that a mechanical failure in September contaminated the data center.
For-profit colleges lose incentive to target vets under bills
For-profit college operators such as Carmel-based ITT Educational Services Inc.would lose a financial incentive to enroll soldiers and veterans under U.S. Senate and House bills aimed at curbing what sponsors call aggressive marketing of subpar programs.
Review: Bernadette Peters at the Palladium
The star of “Song and Dance,” “A Little Night Music” and more didn’t need her Broadway best to shine.
Company news
The Indiana Health Information Exchange Inc., or IHIE, signed a collaboration agreement with Texas-based AT&T to use AT&T’s clinical message exchange system to help integrate new health care providers into IHIE’s database. The organizations think their collaboration could be used around the country. “Our vision is to establish a model of health information exchange for the nation,” said Harold J. Apple, CEO of IHIE, an Indianapolis-based not-for-profit . “We operate the most advanced system for connecting disparate health care IT systems in the nation, and AT&T is helping us take our efforts to the next level.” In fact, IHIE is launching a services organization to help other health information exchanges and large health care systems establish their own systems around the country. AT&T will also work with IHIE on that consulting effort. IHIE is the nation’s largest health information exchange. It has more than 80 hospital and long-term-care systems, more than 19,000 physicians and 10 million patients. IHIE’s services allow hospitals and doctors to exchange patient records electronically, as needed.
CHV Capital Inc., the venture capital arm of Indiana University Health, and Indianapolis-based Spring Mill Venture Partners participated in a $10.9 million investment in PerfectServe Inc. The Tennessee-based company provides communication software systems that route calls and messages to the right doctor on whatever platform they choose at a given moment: office phone, cell phone, text messaging, pager or e-mail. The “series C” funding round was led by PJC Capital LLC, the private equity arm of Minneapolis-based investment banking firm Piper Jaffray. PerfectServe already serves more than 17,500 physicians around the country, processing 30 million transactions each year.
A lawsuit contends that a Carmel-based health insurer ran a scheme to avoid paying in-home-care claims for potentially thousands of California's elderly, according to the Associated Press. Senior Health Insurance Company of Pennsylvania, or SHIP, had a claims process "designed to frustrate and confuse policyholders with needless demands for irrelevant information" in violation of its own policies and California law, according to the suit filed Feb. 4 in San Bernardino County Superior Court by the group Consumer Watchdog. The not-for-profit insurer is run by a trust created by the Pennsylvania Insurance Department. Senior Health Insurance operated as Conseco Senior Health Insurance until late 2008, but Carmel-based Conseco Inc. (now CNO Financial Group Inc.) transferred the unit to an independent trust based in Pennsylvania due to heavy losses. Conseco took a $1.2 billion charge to unload the unit. The new lawsuit claims that SHIP tried to avoid reimbursing policyholders for long-term care by ignoring or taking an unreasonably long time to respond to claims; requiring unnecessary paperwork and medical examinations, and requiring that the care givers have licenses in violation of company policy and California law. The suit, which seeks class-action status, was filed on behalf of Dr. William Hall, 78, of Upland. Hall, a retired chief of medicine at a California hospital, bought a long-term-care policy in 1994 and submitted claims in 2010. SHIP refused to reimburse all but 20 percent of his expenses, the lawsuit claims.
Leasing/leasing contracts
-Phoenix of Texas LLC leased 66,000 square feet of industrial space at Sugarland Business Park, 12630 West Airport Blvd. The tenant was represented by Rick Suja of Colliers International. The landlord, Cobalt Industrial REIT, was represented by Cobalt’s Gray Bouchillon.
-Respiratory Partners Inc. renewed its lease and expanded to 7,200 square feet at 2461 Directors Row in Park Fletcher Business Center. The landlord, American National Insurance Co., was represented by Don Wahle of Harshman Property Services. The tenant represented itself.
-Language Training Center renewed its lease for 5,932 square feet at 5750 Castle Creek Parkway. The tenant was represented by Graham Summers of Jones Lang LaSalle. The landlord, Friedman Real Estate Group Inc., was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.
-McAlister’s Deli leased 5,454 square feet at Cool Creek Commons, 2550 E. 146th St., Carmel. The tenant was represented by Bill Talbott of The Talbott Group. The landlord, Westfield One LLC, was represented by Andrew Hasbrook of Kite Realty Group.
-Best Buy Co. Inc. renewed its lease for 4,700 square feet of office space at Intech 11, 6625 Network Way. The tenant was represented by Ralph Balber of Newmark Knight Frank Halakar. The landlord, Network Way Properties LLC, was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.-Watermark leased 4,410 square feet at 5875 Castle Creek Parkway. The tenant was represented by Chris Carmen of Carmen Commercial Real Estate. The landlord, Friedman Real Estate Group Inc., was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.
-Radiology Associates of Indianapolis leased 3,402 square feet at Indiana American 2, 533 E. County Line Road. The tenant was represented by Mike Napariu of REI Real Estate Services. The landlord, Legan Property Management Inc., was represented by Tim Norton and Jeff Merritt of Summit Realty Group.
-Designer Floors of Indiana leased 3,200 square feet at Avon Station, 8100 E. US 36, Avon. The landlord, Cranfill Development, was represented by Michael Cranfill of Sitehawk Retail Real Estate. The tenant represented itself.
-Physiotherapy Associates Inc. renewed its lease for 3,054 square feet at Indiana American 4, 549 E. County Line Road. The landlord, Legan Property Management Inc. was represented by Tim Norton and Jeff Merritt of Summit Realty Group. The tenant represented itself.
-Starmaker Studio for Performing Arts leased 2,100 square feet of retail space at Decatur Depot, 5021 S. Kentucky Ave. The landlord, KLC Realty LLC, was represented by Greg Smith and Joe Tarpey of Colliers International. The tenant represented itself.
-American General leased 2,081 square feet of office space at 8604 Allisonville Road. The tenant was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group. The landlord, Citimark Management Co. Inc. was represented by Citimark’s Brian Fitzgerald.
-Evita Salon & Spa leased 1,956 square feet at Hamilton Crossing Centre, 12201 N. Meridian St. The landlord, KRG Hamilton Crossing LLC, was represented by Andrew Hasbrook of Kite Realty Group. The tenant represented itself.
-Phoenix Personnel leased 1,600 square feet of retail space at Eagle Creek Shoppes, 4930 Lafayette Road. The tenant was represented by Joe Tarpey of Colliers International. The landlord, Eagle Creek Shoppes Property Trust, was represented by Greg Smith of Colliers International.
-Marco’s Pizza leased 1,400 square feet at Green Street Square, 1521 N Green St., Brownsburg. The tenant was represented by Andrew Clifford of Clifford Realty. The landlord, Cranfill Development, was represented by Michael Cranfill of Sitehawk Retail Real Estate.
-Sports Clips leased 1,293 square feet at Hamilton Crossing Centre, 12201 N. Meridian St. The tenant was represented by Jeff Hubley of Midland Atlantic Properties. The landlord, KRG Hamilton Crossing LLC, was represented by Andrew Hasbrook of Kite Realty Group.
-Shani’s Beauty & Eyebrow Arch leased 1,200 square feet of retail space at Eagle Creek Shoppes, 4930 Lafayette Road. The landlord, Eagle Creek Shoppes Property Trust, was represented by Greg Smith and Joe Tarpey of Colliers International. The tenant represented itself.
ChaCha apologizing for ‘inflammatory’ answers
Carmel-based ChaCha Search Inc., a question-and-answer service for mobile phone and online users, is apologizing for providing what it calls "inflammatory answers to questions asked about sensitive subjects.”
Schools chief: No Child waiver helps Indiana students
Indiana will take advantage of a federal waiver on provisions of the No Child Left Behind act to create better education for students, State School Superintendent Tony Bennett said.