Memories, recipes all that remain of Indy bakery chain
There were 34 Roselyn stores in Marion and the surrounding counties before the business was closed 15 years ago following revelations of insect and rodent infestation at its production bakery.
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KAR Auction Services makes $30M acquisition
Carmel-based KAR Auction Services Inc., which released a solid quarterly earnings report Tuesday, acquired a 50-percent stake in Toronto-based Nth Gen Software Inc., which makes the TradeRev automotive remarketing system.
ITT cash crunch has analysts raising spectre of bankruptcy
Carmel-based ITT Educational Services no longer has a margin of error, as it tries to dig out from a scuttled real estate deal, tightened rules from lenders and the feds, and its CEO’s pending resignation.
Leases/leasing contracts
-Byrd Enterprises Inc. leased 37,378 square feet at Carmel Market Place, 502 E. Carmel Drive, Carmel. The tenant was represented by Bruce Richardson of Dieterl/Richardson. The landlord, Buckingham Fountains LLC, was represented by Gary Perel of Newmark Knight Frank Halakar and Tiffany Oliver of Buckingham Cos.
-HHGregg leased 25,078 square feet of retail space in Washington Place Shopping Center, 10255 E. Washington St. The tenant was represented by Jack Esselman of J.F. Esselman Commercial. The landlord, PEBB Indianapolis LLC, was represented by Jamison Downs, Seth Biggerstaff and Paul Rogozinski of Veritas Realty.
-AIMCO leased 14,342 square feet at 4670 Haven Point Blvd. The tenant was represented by Brian Askins of Cushman & Wakefield/Summit. The landlord, Performance Services Inc., was represented by Ron Foster of Reliant Partners.
-Harvest Church leased 8,640 square feet at 6107 Airport Blvd. The tenant was represented by Brian Askins of Cushman & Wakefield/Summit. The landlord, The Peterson Co. LLC, was represented by Matt Langfeldt and Rich Forslund of Cushman & Wakefield/Summit.-Corizon LLC leased 6,724 square feet of office space at 9245 N. Meridian St. The tenant was represented by Brook Sipe of Alliance Real Estate. The landlord, Echo Associates LLC, was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar.
-Madame Royale Nail Salon & Spa leased 2,800 square feet of retail space in Pine Creek Shoppes, 8790 E. 96th St., Fishers. The landlord, Pine Creek on 96th Street LLC, was represented by Seth Biggerstaff and Kyle Hughes of Veritas Realty. The tenant represented itself.
-Gutwein Law leased 2,504 square feet of office space at Station Place, 200 S. Meridian St. The tenant was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar. The landlord, Station Place, was represented by Zane Brown of CBRE.
-Louie’s Wine Dive Indianapolis LLC leased 2,500 square feet of retail space in the Massala Building, 345 Massachusettes Ave. The tenant was represented by Allison Hawley of Niessink Commercial Real estate Inc. The landlord, Massala Properties Inc., was represented by Ralph Balber and Ashley Bussell of Newmark Knight Frank Halakar.
-Jimmy Johns leased 1,760 square feet of retail space in Shelbyville Crossing, 2400 Marketplace Blvd, Suite C, Shelbyville. The tenant was represented by Drew Warner of Eclipse Realty. The landlord, Shelbyville Retail LLC, was represented by Jamison Downs and Kyle Hughes of Veritas Realty.
-A Nail Salon leased 1,608 square feet at Lebanon Crossing, 1370 S. Lebanon St., Lebanon. The landlord, Lebanon 39 LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
-Infinity Chiropractor leased 1,600 square feet of retail space in Pine Creek Shoppes, 8966 E. 96th St., Fishers. The tenant was represented by Seth Biggerstaff of Veritas Realty. The landlord, Pine Creek Shoppes on 96th Street LLC, was represented by Paul Rogozinski of Veritas Realty.
-Raw Juice leased 1,200 square feet at Clearwater Springs Shopping Center, 5025 E 82nd St. The landlord, PK Clearwater Springs LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.
ITT Educational CEO signals resignation amid stock freefall, federal scrutiny
Carmel-based ITT Educational Services Inc. announced late Monday afternoon that CEO Kevin Modany planned to resign within six months. The struggling for-profit education firm has drawn scrutiny from government officials for its marketing and lending practices.
ITT Educational shares reeling after deal falls through
The real estate deal would have brought as much as $119.1 million for the struggling, Carmel-based education firm.
Clay Township sewer-overflow project halted
The Clay Township Regional Waste District on Wednesday withdrew its offer to buy part of a church’s land and build a million-gallon sewage-overflow tank near 106th Street and Keystone Parkway.
Grand Park helps Hamilton County hotels run up score
Hotel business is booming in Hamilton County, with mid-year occupancy up 9 percent from the first half of 2013. Open since March, Westfield’s massive Grand Park Sports Campus has thrown its weight behind the surge.
Roundup: Tinker Coffee, Tilted Kilt, Bar Rio and more
Tinker Coffee Co., set to open just west of the Foundry Provisions cafe, will continue the trend of projects along 16th Street with Tinker in the title–a nod to 16th Street’s original name.
For-profit colleges tap GI Bill loophole for business
The so-called “90/10 rule” limits a for-profit college to getting no more than 90 percent of its revenue from the government. However, veterans’ and military tuition programs are excluded from the cap, and the colleges have aggressively recruited from the military.
Church wants to put sewer-overflow plan on hold
A Carmel church is asking a Clay Township utility to withdraw its offer to buy part of the church's land for a sewer-overflow tank so that church officials can conduct research and meet with neighbors for input.
CNO sees higher earnings, revenue in latest quarter
CNO Financial Group Inc. earned $78.1 million compared with profit of $77.1 million in the same period of 2013.
Sales/acquisitions
-Pulte Homes of Indiana bought 35.46 acres at the southeast corner of West 146th Street and Little Eagle Creek Road, Carmel. The seller, Murphy Family Trust, was represented by Abbe Hohmann of Site Strategies Advisory. The buyer represented itself.
-Madison Avenue Planet RE LLC, doing business as Planet Fitness, bought a 13,800-square-foot, freestanding retail building at 2740 Madison Ave. The buyer was represented by Bart Jackson and Scot Courtney of Lee & Associates. The seller, Wabash College, was represented by Jim Karozos of Colliers International.
Company news
The Indiana University School of Medicine plans to hire 100 research professors over the next five years in a bid to vault into the top 25 medical schools. If successful, that recruitment drive could boost by 15 percent the number of research-oriented faculty at IU and bring in an extra $35 million to $40 million in annual research funding. If the plan plays out as Dean Dr. Jay L. Hess hopes, the school could become a closer partner with drugmaker Eli Lilly and Co., medical-device maker Cook Group Inc. and other major life sciences companies. Hess’ plans are actually a bit more modest than those advanced by his predecessor, Dr. Craig Brater, who retired last year. Brater wanted IU to become one of the 10 most richly funded medical schools for research, up from about 40th now. To get there, he estimated, the school needed to recruit 400 researchers, on top of the 700 it employs today. But Hess noted that IU would need hundreds of millions of dollars more per year in funding from the National Institutes of Health—IU receives about $100 million per year—to reach that level.
Four doctors who supposedly ran a system of clinics aimed at helping addicts kick painkillers were illegally selling a drug that's supposed to aid in rehabilitation, federal authorities said Friday after raiding the doctors’ clinics in Carmel, Noblesville, Muncie, Kokomo and Centerville. According to the Associated Press, Dr. Larry Ley, 68, of Noblesville, was being held on $1 million bond on drug-dealing charges in Hamilton County Jail. Prosecutors say Ley led the operation. A dozen additional suspects, including three other doctors, are under arrest or sought by police. The probable cause affidavit said patients would go to clinics operated by organizations called the Drug and Opiate Recovery Network or Living Life Clean and pay cash for prescriptions of Suboxone, a drug that can be used to treat addictions to opioid painkillers or heroin. The clinics did not accept insurance. Patients allegedly did not undergo medical or mental exams, and weren't asked to provide medical histories. Office employees allegedly handed out pre-signed prescriptions, the affidavit alleges. In 2013, Ley allegedly wrote nearly 8,500 prescriptions, generating an income of $718,000, the affidavit says.
Terre Haute-based Union Health System will cut 150 positions system-wide by the end of the year, according to the Tribune-Star. The cut represents a 5-percent reduction of the system’s 3,000 workers and is projected to produce savings of $200 million by 2020, according to a letter sent Thursday by CEO Pat Board to the hospital system’s employees. “We face numerous challenges due to changes in the healthcare environment and its impact on Union Health System, which include a shift to more outpatient services and declining reimbursement." Union Health includes Union Hospital in Terre Haute and Union Clinton Hospital in Vermillion County north of Terre Haute in western Indiana.
Community Health Network Foundation has been awarded a $1.5 million federal grant to discover ways to deliver better care at lower cost while strengthening its nursing staff. The Health Resources and Services Administration grant will fund a three-year project to encourage nurses to deliver care as teams at Community East Family Medicine Center and then replicate the model they create at seven Community hospitals and other sites of care. The grant covers 88 percent of the project’s estimated costs, and Community will provide the balance of the funding.
Dow AgroSciences LLC reported second-quarter sales of $1.9 billion, an increase of 3 percent over last year's second period. The Indianapolis-based subsidiary of Michigan-based Dow Chemical Co. reported quarterly earnings before interest, taxes, depreciation and amortization, or EBITDA, of $281 million. That was down $9 million, or 3 percent, from a year ago. Crop-protection sales rose 3 percent in the quarter, led by insecticides, which reported double-digit gains in all regions. Quarterly seed sales increased 3 percent, with growth in corn and soybeans in North America and Latin America.
UPDATE: Four doctors arrested in clinic raids
Dr. Larry Ley, 68, of Noblesville, was being held on $1 million bond on drug-dealing charges in Hamilton County Jail. A dozen additional suspects, including three other doctors, were either under arrest or being sought by police.
Sierra Club wants Indianapolis coal plant closed
The Sierra Club is pressing Indianapolis' local utility to retire an aging coal-fired power plant that's slated to continue burning coal for at least two more decades.
Roundup: Aurelio’s Pizza, ice cream ’emporium’ and Dottie Couture in Fishers
Chicagoland favorite Aurelio’s Pizza is extending its reach into central Indiana, with plans for a restaurant in Fishers. Plus: ice cream, sushi, and more Dottie Couture.
Byrd’s flying north to renovated Fountains facility
The Carmel banquet center formerly known as The Fountains is being remodeled to accommodate new tenant Jonathan Byrd’s Catering.
Construction
-Kort Builders has completed a 2,000-square-foot build-out for The Kolache Factory at 890 E. 116th St., Carmel.
-Kort Builders has completed a 7,000-square-foot build-out for PetPeople at Nora Plaza, 86th Street and Westfield Boulevard.