CNO Financial boosts fourth-quarter profit
The Carmel-based holding company for insurance firms reported fourth-quarter 2012 net income of $101.2 million, or 41 cents a share. That was a 57 percent jump over the same quarter in 2011.
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Indiana University Health Physicians added 39 doctors from the division of gastroenterology and hepatology at the IU School of Medicine. The group was founded in 1958 and is consistently ranked as one of the top 20 programs nationally. IU Health Physicians now employs more than 1,000 doctors. The group, which also includes five nurse practitioners, offers care at IU Health University Hospital, Wishard Health Services and the Richard L. Roudebush VA Medical Center, and will soon expand to IU Health North and IU Health Saxony hospitals. They also see patients in satellite offices in Batesville, Carmel, Greenfield, Greensburg, Lebanon, Martinsville, McCordsville and Zionsville.
Elona Biotechnologies Inc., a drugmaker trying to launch a generic version of insulin, says it has found a solution to its default on more than $8 million in economic development loans and incentives from the city of Greenwood. Elona announced Feb. 6 that it has reached an agreement under which the company will be acquired by a group of private investors. It did not disclose the names of the investors or the amount of financing. "While terms of the transaction are confidential, Elona will receive sufficient funds to correct its default situation with the city of Greenwood, hire management and scientific talent to move the company forward, and proceed with clinical trials to support the registration of its generic human insulin under development for the treatment of diabetes," the company said in a prepared statement. An executive team of pharmaceutical industry veterans with extensive experience will join Elona as staff or consultants, the company said. The company told Greenwood officials of its financial troubles in late January. That information prompted the Greenwood Redevelopment Commission to vote to declare Elona in default on $8.4 million worth of economic development incentives the city approved for the company in 2010. The city loaned $6.4 million to help Elona build a 50,000-square-foot, $28 million insulin production plant in Greenwood and hire 70 workers. The city also gave Elona $1.5 million to help it win approval for its insulin from the U.S. Food and Drug Administration and $500,000 for equipment.
Eli Lilly and Co. said it is halting testing of an experimental drug for rheumatoid arthritis because the studies show the medicine is not effective. The decision to stop testing the therapy, called tabalumab, in rheumatoid arthritis wasn’t based on safety concerns, the Indianapolis-based drugmaker said Feb. 7 in a prepared statement. Lilly said it will continue to develop the drug as a treatment for lupus. In December, Lilly said it was stopping one of three late-stage rheumatoid arthritis studies of tabalumab after it failed to provide a benefit. Lilly then analyzed the other two studies and determined the drug was unlikely to help patients. The setback comes as Lilly, counting on sales of new medicines to revive growth, faces generic competition to schizophrenia drug Zyprexa, which generated $5 billion in annual revenue before losing patent protection in October 2011.
Hospitals paying big to snag surgeons
Across the four largest hospital systems in central Indiana, six physicians received more than $1 million in compensation in 2011 while two others received more than $900,000 and nine others received $700,000 or more, according to the hospitals’ most recent reports to the IRS.
Sisters put sophisticated spin on popcorn
Just Pop In! retail stores feature traditional, popular flavors like caramel and cheddar—and an “Indy Style” mixture of the two—but a dizzying array of more imaginative concoctions sets the local chain apart.
Kite sells 3 area buildings in dealmaking blitz
The Indianapolis-based real estate company disclosed the transactions in its fourth-quarter financial report. Kite said it lost $6.5 million in the quarter on nearly $27 million in revenue.
Roundup: Hobby Lobby, Bakersfield, Orange Leaf
Chain stores Hobby Lobby and DXL plan new Indianapolis-locations, two yogurt chains are expanding and a popular Cincinnati-area restaurant prepares for its Indy grand-opening.
Leases/leasing contracts
-Shoppers World leased 27,000 square feet of retail space in Esquire Plaza, 8311 Pendleton Pike. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Planet Fitness leased 23,000 square feet of retail space in Washington Market, 10435 E. Washington St. The tenant was represented by Bart Jackson and Scot Courtney of Lee & Associates. The landlord, Washington Market Realty LLC, was represented by Jeff Roberts of Sandor Development.
-Unclaimed Furniture leased 9,504 square feet of retail space in Esquire Plaza, 8101 Pendleton Pike, Unit A1. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Stage 1 Dance Academy leased 7,455 square feet of retail space at Ashley Crossing, 740 Lowes Blvd., Greenwood. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Consigned by Design leased 6,174 square feet of retail space at Indy Pavilions, 7035 E. 96th St., Unit A. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.
-Body N Motion leased 6,000 square feet of industrial space in Fairfield Business Park 9327 Castlegate Drive. The tenant was represented by Spero Pulos of Lee & Associates. The landlord, First Industrial Realty Trust, was represented by Chris Black and John Hanley of CBRE.
-Ports of Indiana renewed its lease for 5,681 square feet at 150 W. Market St. The tenant was represented by John Crisp of Cassidy Turley. The landlord, NEA Properties Inc., was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.
-Salon Lofts leased 4,545 square feet of retail space at Ashley Crossing, 740A Lowes Blvd., Greenwood. The tenant was represented by Michael Cranfill and Scott Gray of Sitehawk Retail Real Estate. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor.
-Compendium Software LLC renewed its lease for 4,679 square feet in Circle Tower, 55 Monument Circle. The tenant was represented by Jenna Barnett of Newmark Knight Frank Halakar Real Estate. The landlord, Ambrose Property Group LLC, was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group.
-Anytime Fitness leased 4,200 square feet of retail space at Indy Pavilions, 7035 E. 96th St., Unit N. The tenant was represented Jim Runyon of FRE Advisors. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.
-Dog Track Resort leased 3,750 square feet of industrial space at 2101 Cunningham Road. The tenant was represented by Greg Smith of Colliers International. The landlord, B&W Services LP, was represented by Jim Karozos and Bob Lindgren of Lee & Associates.-Friends of The American Legion leased 1,820 square feet of retail space at East 40 Plaza, 8510 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Revol Wireless leased 1,622 square feet of retail space in Esquire Plaza, 8241 Pendleton Pike. The tenant was represented by Courtney Carper of Equity. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor.
-Hot Box Pizza leased 1,586 square feet of retail space in Village Commons III, 3147 W. Smith Valley Road, Greenwood. The tenant was represented by Jason Challand of Echelon Realty Advisors. The landlord, VC3 LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.
-Noble Roman’s Take-N-Bake Pizza leased 1,500 square feet of retail space in Sutton Park, 586 S. State Road 135, Greenwood. The tenant and landlord, Sutton Park LLC, were represented by Cathy Richards of Lee & Associates.
-Fannie Mae Candies subleased 1,440 square feet of retail space in North by Northeast Shoppes II, 8270 E. 96th St., Fishers. The tenant was represented by Greg Smith of Colliers International. The sublessor, iSOLDit on Ebay, was represented by Spero Pulos of Lee & Associates.
-Indiana State Building & Construction Trades Council leased 1,267 square feet at 150 W. Market St. The landlord, NEA Properties Inc., was represented by Matt Langfeldt and Rich Forslund of Summit Realty Group. The tenant represented itself.
-Crepe Guys leased 1,050 square feet of retail space in Old Town Shoppes, 1232 W. 86th St. The tenant was represented by Itamar Cohen of Indiana Realty Group. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.
-Lets Get Started LLC leased 1,000 square feet of retail space at Carmel Shopping Center, 1025 W Main St., Carmel. The tenant was represented by Brad Litz of Realty Partners.The landlord JR Farmer Finance LLC, was represented by Thomas Willey of Willey Commercial Real Estate.
Shuttle to Hamilton County job sites is tweaked
A reverse-commute shuttle that helps Indianapolis residents get to jobs in Carmel and Fishers is being expanded.
Pence ‘loser pays’ tort-reform bill withdrawn from Senate
A tort reform measure from Gov. Mike Pence's first-year agenda has gone down in defeat amid opposition in a key Senate committee.
TAFT: Indy arrives at new set of crossroads
Several recent zoning battles have revealed an opposition to change in many Indy neighborhoods that could sabotage the changes that are necessary if Indianapolis is to compete with other metro areas and even its own suburbs in coming decades.
House panel backs mass-transit funding referendum
A legislative committee on Wednesday overwhelmingly approved a bill that would let local voters decide whether to fund a $1.3 billion mass transit system in the Indianapolis area.
Priority list: A&E choices for Jan. 31-Feb 6
Events include a Clowes blues revue, a symphonic world premiere, and more.
Leases/leasing contracts
-Harshman Property Services LLC has been hired to lease and manage The Barrister Building at 155 E. Market St. and The Stock Yards Bank Building at 136 E. Market St. The buildings encompass 115,000 square feet of office space. Harshman's leasing representatives are Larry Harshman and Dawn McClanahan.
-Surgical Care Affiliates leased a 14,916-square-foot office building at Meridian Mark II, 11711 N. Meridian St., Carmel. The tenant was represented by Sam Smith of Colliers International. The landlord, Zeller Realty Group, was represented by Mark Vollbrecht of Zeller Realty Group.
-CD Enterprises leased 10,732 square feet of office space at 10 W. Market St. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, HDG Mansur, was represented by Andrew Martin, Dave Moore, Darrin Boyd and Bennett Williams of Cassidy Turley.
-Indiana Department of Administration leased 9,518 square feet of office space at 30 S. Meridian St. The tenant was represented by Michael Corr and Jake Sturman of Jones Lang LaSalle. The landlord, Kite Realty Group, was represented by John Crisp and Mike Semler of Cassidy Turley.-The Phoenix Group Inc. renewed its lease for 9,106 square feet of office space at 164 South Park Blvd., Greenwood. The tenant was represented by Rick Suja of Colliers International. The landlord, South Park Group LLC, was represented by Brian Dell of Summit Realty Group.
-Orbital Customs Inc. leased 4,960 square feet at 9750 E. 150th St., Noblesville. The tenant was represented by Cam Kucic of Summit Realty Group. The landlord, Noblesville Business Partners LLC, was represented by Chip Barnes of Jones Lang Lasalle.
-Mutual of Omaha Insurance Co. leased 4,388 square feet of office space at 9100 Keystone Crossing. The tenant was represented by R.J. Rudolph, Tom Osborne, and Kim Hartman of Colliers International. The landlord, Keystone Investors LLC, was represented by Abby Cooper and John Robinson of Jones Lang LaSalle.
-The Steritech Group Inc. renewed its lease for 3,980 square feet at 122 South Park Blvd., Greenwood. The landlord, South Park Group LLC, was represented by Brian Dell of Summit Realty Group. The tenant represented itself.
-Scientific Image Center Management Inc. leased 3,497 square feet of office space at 12265 Hancock St., Carmel. The tenant was represented by Timothy Craft of CBRE. The landlord, Carriger Properties LLC, was represented by Bryan Miller of Cassidy Turley.
-DCT Industrial Supply Co. leased 2,700 square feet at 5855 Kopetsky Drive. The landlord, Gateway South Industrial Park, was represented by Brian Dell of Summit Realty Group. The tenant represented itself.
-PEARings Frozen Yogurt & Beyond leased 2,177 square feet of retail space at 6 W. Washington St. The landlord, Two North Meridian Co., was represented by Nicholas Wright of Newbridge Commercial Real Estate. The tenant represented itself.
-Lumberman's Underwriting Alliance leased 2,125 square feet of office space at 10333 N. Meridian St. The landlord, Cassidy Turley acting as court-appointed receiver, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented itself.
-DAST Consulting leased 1,713 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.
-Penn Station East Coast Subs leased 1,600 square feet at 2558 E. State Road 44, Shelbyville. The tenant was represented by Nicholas Wright of Newbridge Commercial Real Estate. The landlord, SHIV Development LLC, represented itself.
-Body by GymRoots leased 1,523 square feet of office space at 11946 11980 Fishers Crossing Drive, Fishers. The landlord, Shamrock Builders, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented itself.
-Star Nails leased 1,400 square feet of retail space in Stafford Crossing, 2230 Stafford Road, Plainfield. The landlord, LOR Corp., was represented by Brett Burch and Jeff Daniel of Valenti Real Estate Services Inc. The tenant represented itself.
-Defender Direct leased 1,059 square feet at 5455 W. 86th St. The landlord, Polaris Commercial Investments LLC, was represented by Dan Baldini of Polaris Real Estate. The tenant represented itself.-The Gabriel Project extended its 684-square-foot lease at 5455 W 86th St. The landlord, Polaris Commercial Investments LLC, was represented by Dan Baldini of Polaris Real Estate. The tenant represented itself.
Sales/acquisitions
-QuinnCo LLC bought an 11,655-square-foot office building at 374 Meridian Parke Lane, Greenwood. The buyer was represented by Andrew Follman of NAI Meridian Real Estate Services. The seller, Republic Financial Corp., was represented by Andrew Martin and Bennett Williams of Cassidy Turley.
-The Gene B. Glick Family Housing Foundation bought the 200-unit Hunt Club Apartments at East 56th Street and Interstate 465. The property was listed for $7.95 million. The sale price wasn't disclosed. The buyer and seller, Eli Stefansky dba Hunt Club Apartments LLC, were represented by Tikijian Associates.
-An affiliate of Bickford Senior Living bought 8.88 acres of retail land in Northern Beach Park, 5829 E. 116th St., Carmel. The seller, Mansion Real Estate, was represented by Stan Elser of Lee & Associates. The buyer represented itself.-Denny’s Excavating bought a 90,123-square-foot building at 1329-1340 W. 29th St. The seller, D-A Lubricant Co. Inc., was represented by Steven Schaub of Summit Realty Group. The buyer represented itself.
-Butler Automotive Group bought 19.1 acres at 4200 East 96th Street. The property was listed for $4.9 million. The sale price wasn't disclosed. The buyer and seller, John P. Tyner Revocable Stewardship Trust, were represented by Michael P. Sloan of The Broadbent Group.
-Drew Investments LLC bought a 6,250-square-foot office building at 7160 Graham Road. The buyer was represented by Tom Frank of Summit Realty. The seller, 7160 Graham Road LLC, was represented by Paul Dick and Kevin Dick of Colliers International.
Butler Automotive snaps up 96th Street parcel for dealership
An affiliate of Butler Automotive Group bought more than 19 acres at the northwest corner of East 96th Street and Randall Drive in late December and is seeking permission from Carmel to build a structure that would house Butler Hyundai.
2013 Forty Under 40: Chad Pittman
In September 2001, Chad Pittman had a nice career going as a lawyer with Bose McKinney & Evans LLP, and his wife was about to deliver the first of their now-four children. Then 9/11 happened.