First Internet up-shifts in commercial lending
First Internet Bank raised eyebrows this month when it filed a $25 million secondary stock offering said to be for organic growth and “other general corporate purposes.”
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Articles
Growing central Indiana suburbs mull class status
When Fishers becomes Hamilton County’s newest city in 2015, it also will be the first of Indianapolis’ northern suburbs to achieve “second-class” status. Others—including suburban standouts Carmel and Noblesville—qualify for an upgrade because of their growth but have not made the leap. Yet.
Future murky for Carmel’s 2-story development rule
City leaders are embroiled in a debate over the future of Range Line Road, through the heart of Carmel’s redeveloped downtown. Special density zoning rules are intended to create a consistent look and keep residents from bearing the brunt of the city’s significant infrastructure investment. The question is whether it’s working.
Leases/leasing contracts
-Transpacific Development Co. has hired Michael Weishaar and Luke Wessel of Cassidy Turley to lease a new, 450,000-square-foot warehouse/distribution property at 2450 Stanley Road, Plainfield.
-Fresh Thyme Farmers Market leased 30,000 square feet of retail space at Greenwood Shopping Center, 8750 U.S. 31. The tenant was represented by Jamison Downs and Kyle Hughes of Veritas Realty. The landlord, Greenwood Anchor Redevelopment LLC, was represented by Tom English and Larry Davis of Sitehawk Retail Real Estate.
-Fishers Soccer Club Inc. leased 19,200 square feet of industrial space at 9900 Westpoint Drive. The tenant was represented by Kyle Powell of Ambrose Property Group. The landlord, Clarion Partners, was represented by Fritz Kauffman and Bryan Poynter of Cassidy Turley.
-CVS leased 9,180 square feet of retail space at 135 N. Pennsylvania St. The tenant was represented by Ron Foster of Echelon Realty Advisors. The landlord, True North Management Group, was represented by Jon Owens and Russ Van Til of Cassidy Turley.
-Medxcell leased 6,979 square feet of office space at 7102 7196 Lakeview Parkway. The tenant was represented by Michael Semler of Cassidy Turley. The landlord, Duke Realty Corp., was represented by Duke's Traci Kapsalis.
-Stacked Pickle leased 3,515 square feet in River's Edge, 4705 E. 96th St. The tenant was represented by Brian Epstein of UrbanSpace. The landlord, Broadbent Cos., was represented by Broadbent's John Beuoy.
-Cycle Gear leased 3,100 square feet at Castleton Shoppes, 6024-6066 E. 82nd St. The tenant was represented by Mark Perlstein or Sitehawk Retail Real Estate. The landlord, Broadbent Cos., was represented by Broadbent's Jim Mosher.
-The Sandpiper Restaurant & Pub renewed its lease for 3,100 square feet at Harbourtown Center on Morse Reservoir, Noblesville. The landlord, Harbourtown Center LLC, was represented by J.W. Ernst of Charter Commercial Realty Group LLC. The tenant represented itself.
-Reforming Indy Pilates Studio leased 2,500 square feet of retail space at Fall Creek Harbour, 11250 Brooks School Road, Fishers. The tenant was represented by Brent Benge of Paradigm Real Estate Investments. The landlord, FCH Associates LLC, was represented by Cindy Hoskinson of Lee & Associates.
-Do-Tique leased 1,854 square feet of retail space in Sophia Square, 110 W. Main St., Carmel. The tenant was represented by Jason Challand of Echelon Realty. The landlord, Carmel Lofts LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.
-Exercise Specialties leased 1,452 square feet of retail space in Sophia Square located, 110 W. Main St., Carmel. The tenant was represented by Gary Perel of Newmark Knight Frank Halakar. The landlord, Carmel Lofts LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.
-Pietro’s Pizza leased 1,200 square feet of retail space in Nora Shoppes, 1113 E. 86th St. The tenant was represented by Ron Mannon of Lee & Associates. The landlord, LOR Corp., was represented by LOR's Suzanne Storer.
-Alexander The Vape leased 992 square feet at Castleton Plaza, 8238-8284 Center Run Drive. The landlord, Broadbent Cos., was represented by Broadbent's Josh Broadbent. The tenant represented itself.
-Bolden Dry Cleaners renewed its lease for 950 square feet at Harbourtown Center on Morse Reservoir, Noblesville. The landlord, Harbourtown Center LLC, was represented by J.W. Ernst of Charter Commercial Realty Group LLC. The tenant represented itself.Ex-employer accused new CIRTA chief of stealing trade secrets
Jeffrey D. Jackson, a 25-year transportation veteran named Thursday to head the Central Indiana Regional Transportation Authority, was sued by Durango, Colo.-based American Heritage Railways in May.
CIRTA hires industry veteran as new director
The Central Indiana Regional Transportation Authority has hired a native Hoosier as executive director, replacing outgoing leader Ehren Bingaman, CIRTA announced Wednesday.
Hearing draws lively debate on Fishers food-drink tax
The Fishers Chamber of Commerce and some individual business owners are on opposite sides of a debate over imposing a 1-percent food-and-beverage tax to help fund economic development efforts in the town.
Menard’s fight with Hilberts to surface in trial with Trump
A skirmish in the ongoing legal war between hardware store magnate John Menard and former business partner Stephen Hilbert will arise in open court on Tuesday, as a trial begins between one of Menard's companies and former model Melania Trump.
Company News
Shares of Endocyte Inc. came roaring back after the company’s executives finally convinced investors there’s a real possibility of getting European approval in the next two months for its first drug. Shares of West Lafayette-based Endocyte soared by nearly 41 percent from its close on Tuesday, just before the company issued its pipeline update, until the end of the week, when the shares closed at $11.64 apiece. Endocyte executives said they expect European regulators to render a decision on its ovarian cancer drug, vintafolide, in December or January. The European regulators have requested an oral presentation by Endocyte, which is usually a sign of some controvery, Wall Street analysts noted. If Endocyte gets the green light, it would start working with its partner, New Jersey-based Merck & Co. Inc., to sell vintalofide next year. Endocyte is also seeking approval for a companion imaging agent. Combined, analysts expect the two products could bring Endoycte as much as $200 million in revenue by 2018.
Two former Eli Lilly and Co. scientists accused of stealing the drugmaker’s trade secrets and passing them to a Chinese company have been released to a halfway house by a federal judge in Indianapolis. The judge, William Lawrence, also acknowledged that the men’s attorneys had “poked sufficient holes” in the case brought by U.S. Attorney Joe Hogsett against the men by suggesting that Guoqing Cao and Shuyu “Dan” Li, only passed on information that Lilly had already put into the public domain. Cao and Li, both of whom live in Carmel, were arrested in October for allegedly emailing sensitive information about nine of Lilly’s experimental drug programs to an employee of Jiangsu Hengrui Medicine Co. Ltd., which is based in China. An executive of Indianapolis-based Lilly estimated during a court hearing that the trade secrets were worth at least $55 million.
Paragon Medical Inc., a Pierceton, Ind.,-based supplier to orthopedic implant companies, has agreed to be acquired by Chicago-based private equity firm Beecken Petty O'Keefe & Co. Financial terms of the transaction, which is expected to close in December, were not disclosed. The company has 950 employees, according to its website.
Testosterone replacement drugs, including one made by Eli Lilly and Co., raised the risk of heart, attack, stroke or death by 29 percent, according to a study of 8,700 men released last week. According to Bloomberg News, the study is the first of a class of drugs, which includes Lilly’s Axiron, as well as AbbVie Inc.’s Androgel. Indianapolis-based Lilly is expected to achieve $168 million in sales this year from Axiron. Androgel could achieve $1.1 billion in sales, according to figures compiled by Bloomberg. An earlier study of testosterone supplements used in elderly males, funded by the U.S. National Institute on Aging and run at Boston Medical Center, was stopped in 2009 because an audit found it caused more heart attacks and high blood pressure. Teresa Shewman, a Lilly spokeswoman, said the company is aware of cardiovascular events in men taking testosterone therapies. “Lilly works with the scientific community and regulatory bodies to further understand and communicate the risks and benefits of testosterone replacement therapy,” Shewman said. “As a company responsible for developing medicines, Lilly is committed to providing advertising that is truthful, accurate and balanced.”
Development starts long before dirt starts moving
The growth of Carmel’s Meridian Street office corridor wasn’t a happy accident. It was city planning. Last month’s Hamilton County Leadership Academy session provided an up-close look at planning and development in the fast-growing suburbs.
New U.S. 31 bypass around Kokomo nears opening
The opening of the new 13-mile stretch around Kokomo's east side will be a key step in the state's project to upgrade the most-congested sections of U.S. 31 between Indianapolis and South Bend.
Carmel eatery expanding to Westfield
Veteran restaurateur John Perazzo is preparing to open a second location of his popular Italian eatery J. Razzo’s, on State Road 32 in Westfield.
Sales/acquisitions
-Pharmakon Pharmaceuticals Inc. bought a 37,265-square-foot building and three acres of land at 14450 Getz Road, Noblesville. The buyer was represented by Brian Askins and Matt Waggoner of Summit Realty Group. The seller of the building, PSTI Group LLC, was represented by Jim Shook of Coldwell Banker Commercial. The seller of the land, National Bank of Indianapolis, was represented by Ralph Balber of Newmark Knight Frank Halakar.
-Arc Design, PC purchased a 16,000 square foot building at 201 N Delaware Street. The buyer and seller, 201 North Delaware, LLC, were represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.
-Theta Chi Fraternity International Headquarters bought a 30,950-square-foot office building at 865 W. Carmel Drive, Carmel. The buyer was represented by Craig Kaiser of Northern Commercial. The seller, Browning Investments Inc., was represented by Jon Owens and Russ Van Til of Cassidy Turley.
Chocolate artisan sets sights on Carmel
Shelbyville-based Chocolate for the Spirit is opening a retail storefront in Carmel in time for the holiday shopping season.
Fishers looking to fund development with tax hike
Suburban neighbors already impose 1-percent levy on food and beverage sales.
EDITORIAL: Time for an end to Carmel drama
The implosion of the once-powerful Carmel Redevelopment Commission doesn’t look good in the headlines, but the turmoil has a silver lining. It should end a period in Carmel’s history when fast physical transformation of the town seemed to be leadership’s only concern.
Ag-oriented retailer eyes new Westfield development
Tractor Supply Co. plans to move its Westfield store next year from U.S. 31 to a new development planned for State Road 32 just east of Spring Mill Road.
Central Indiana city moves closer to solar park approval
The proposed 4,000-solar panel solar park would cover eight acres in Frankton, about 35 miles northeast of Indianapolis and be surrounded by a fence.