Unemployment aid applications drop to 9-month low
Employers added a net total of 120,000 jobs last month. The economy has generated 100,000 or more jobs five months in a row — the first time that has happened since April 2006.
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Articles
Indianapolis’ revitalized Georgia Street is work in progress
Workers finished $12.5 million in improvements between the Indiana Convention Center and Conseco Fieldhouse in November. Now will building owners bring the entertainment spot to life?
New deals add to robust year in apartment sales
The number of transactions has more than doubled compared with last year, a spike in deal flow caused by healthy occupancy rates and a combination of ample supply and low borrowing costs.
Sales/acquisitions
Rookwood Custom Builders LLC bought 17 acres at Fishers Marketplace, at the northeast corner of State Road 37 and 131st Street in Fishers. The price wasn’t disclosed. The buyer, which plans to develop the 300-unit Addison Landing apartments on the eastern portion of the site, represented itself in the transaction. The seller, ONB Realty I LLC, was represented by Ashlee Boyd and Chris Hake of Thompson Thrift Development.
IYER: A manufacturing resurgence? Maybe
As the United States—and Indiana—looks to manufacturing as a way out of recession, they will be well-served by a move toward more energy-efficient, earth-friendly, competitive manufacturing processes.
What’s New: Acting Up Productions
Meet Brian Noffke and Beth Hofmann, who opened acting school/production company/art gallery Acting Up Productions in downtown Greenfield in late summer.
Black Friday boosts car sales to best rate since ‘Clunkers’
U.S. consumers, who set records for retail purchases during Thanksgiving weekend, helped boost U.S. auto sales in November to what is likely to be their fastest pace in more than two years.
Leases/leasing contracts
-Fillpoint LLC leased 51,200 square feet at Park 100, 5845 W. 82nd St. The tenant was represented by Tom Cooler of CBRE. The landlord, Prologis, represented itself.
-King Systems Storage leased 12,900 square feet in Northparke One in Saxony, 14425 Bergen Blvd., Noblesville. The tenant was represented by Andrew Morris of Summit Realty Group. The landlord, First Industrial Realty Trust Inc., represented itself.
-Security Equipment Supply renewed its lease of 4,800 square feet of office space in Park Castlewood, 8455 Castlewood Drive. The tenant and landlord, KHK Investments LLC, were represented by Spero Pulos of Lee & Associates.-Graphicon renewed its lease of 4,039 square feet of office space in Park Castlewood, 8459 Castlewood Drive. The tenant and landlord, KHK Investments LLC, were represented by Spero Pulos of Lee & Associates.
-Integrity Flight Academy leased 4,000 square feet of industrial flex space at 5301 Commerce Circle. The tenant was represented by Robert J. Lane of Carpenter Commercial Associates. The landlord, Midwest Systems, was represented by Brenda Richards of Carpenter Commercial Associates.
-Periculum Capital Co. leased 3,769 square feet in the James Building, Four Center Green, Carmel. The tenant was represented by Douglas E. Jones, an independent broker. The landlord, Carmel City Center Community Development Corp., was represented by Mike Napariu of REI Real Estate Services LLC.
-DPS leased 3,564 square feet in the James Building, Four Center Green, Carmel. The tenant was represented by Darrell Pike of Pike Real Estate Services. The landlord, Carmel City Center Community Development Corp., was represented by Mike Napariu of REI Real Estate Services LLC.
-Academy Mortgage leased 3,100 square feet at 1624 W. Smith Valley Road, Suite B, Greenwood. The tenant and landlord, Tom Ray Builder Inc., were represented by Brenda Richards and Robert J. Lane of Carpenter Commercial Associates.
-Vortek Surgical leased 2,250 square feet of office space in Park Castlewood 8455 Castlewood Drive. The tenant was represented by Keith Dedrick of Corporate Commercial Group. The landlord, KHK Investments LLC, was represented by Spero Pulos of Lee & Associates.
-Icon Equity Partners LLC leased 1,719 square feet at 11590 N. Meridian St., Carmel. The landlord, Fidelity Office Building II LP, was represented by Mike Napariu of REI Real Estate Services LLC. The tenant represented itself.-7th Sky Hair and Nail Salon leased 1,600 square feet of retail space at Uptown Center, 9520 Uptown Drive. The landlord, KLC Realty LLC, was represented by Greg Smith and Joe Tarpey of Colliers International. The tenant represented itself.
-Ocularis leased 1,600 square feet of retail space in Winthrop Commons, 5345 N. Winthrop Ave. The landlord, Crum Realty, was represented by Ron Mannon and Scott Herider of Lee & Associates. The tenant represented itself.
-Noble Roman’s leased 1,260 square feet of retail space at Zionsville Station, 78 Brendon Way, Zionsville. The owner, KLC Realty LLC, was represented by Greg Smith and Joe Tarpey of Colliers International. The tenant represented itself.
-Edward Jones leased 1,200 square feet of retail space in Lebanon Crossing,1377 S. Lebanon St., Lebanon. The tenant was represented by David Ellis of Fenway Group. The landlord, Lebanon 39 LLC, was represented by Robyn Smart of Lee & Associates.
Martinsville Candy Kitchen hangs hopes on handmade canes
Shop owners John and Pam Badger churn out more than 20,000 candy canes in November and December, but they'd like to boost business the other 10 months of the year.Flaherty nears deal for Cosmopolitan investment
The developer of downtown’s Cosmopolitan on the Canal is nearing a deal to sell a stake in the building to an investor in a move that could free up capital to launch a $24 million second phase.
Indiana Legislature set for new right-to-work fight
Indiana House Speaker Brian Bosma says that passing a contentious right-to-work proposal will be his top priority during the coming legislative session.
Sales/acquisitions
-SolTerra Investment Co. LLC bought a 9,100-square-foot Dollar General store at 37th Street and Keystone Avenue for $1.2 million. The buyer was represented by Chris Stuard of Sperry Van Ness/Martin Commercial Group. The seller, First Circle Investments LLC, was represented by Jordan Klink and Kahlil Barnard of the Indianapolis office of Marcus & Millichap.
-Douglas Realty Group bought the 55,000-square-foot Northeast Office Center at 56th St. and Interstate 465. The price was not disclosed. The buyer was represented by Paul Sommers, an independent broker. The seller, Indy Holdings Inc., was represented by independent broker Ron Stewart.
Company news
WellPoint Inc. is one of several health insurers weighing bids as high as $2 billion for XLHealth Corp., a provider of managed care for chronically ill Medicare members, according to Bloomberg News. According to unnamed sources cited by Bloomberg, the bids for XLHealth may value the company in a rage from $1.5 billion to $2 billion. A deal may be announced in the coming weeks, Bloomberg reported. Indianapolis-based WellPoint and its peers have made a point of expanding their services to beneficiaries of the federal Medicare program, which is expected to grow rapidly thanks to aging baby boomers. By contrast, WellPoint expects its bread-and-butter employer business to stagnate soon. In June, WellPoint purchased California-based CareMore Health Group, which serves Medicare patients. XLHealth, started in 1997, provides managed care services for Medicare patients with diabetes, heart disease and other chronic conditions. It has 111,000 members in Medicare products, including the Part D drug plan and the Advantage plan for physician fees and hospital charges.
West Lafayette-based Medtric Biotech LLC won $65,000 in cash and services at the Purdue University Life Sciences Business Plan Competition for its winning presentation on its innovative wound-care technology. Medtric’s technology uses "nanobubbles" in its antimicrobial process for destroying bacteria to help prevent and treat infected wounds. Two other West Lafayette companies—BioRegeneration Technologies and QuantIon Technologies Inc.—placed third and fourth, respectively. The runner-up company was OneBreath, of Palo Alto, Calif., which is developing a simpler platform to provide mechanical ventilation for those with respiratory problems from flu or other trauma.
Indianapolis-based Better Healthcare for Indiana is convening community leaders to improve health and health care in cities around Indiana. The not-for-profit group’s third annual “All Healthcare is Local” conference will take place on Nov. 16 at Second Presbyterian Church in Indianapolis. Leaders from Terre Haute, Columbus, Kokomo and Evansville will all give presentations on the efforts in their communities. Keith Reissaus, vice president of community and work force initiatives at Goodwill Industries of Central Indiana, will give the lunchtime talk. The keynote speech, titled “Healthy Communities Mean Lower Costs,” will be delivered by Tyler Norris, president of Community Initiatives Inc. in Boulder, Colo., and a senior adviser to the California-based health insurer and medical provider Kaiser Permanente.
In an early example of enforced rebates, Indianapolis-based WellPoint Inc. is one of 11 health insurers ordered by New York Gov. Andrew Cuomo to refund $114.5 million to policyholders, according to Bloomberg News. That’s because the insurers failed to spend at least 82 cents of each premium dollar on health care as required by the state. A mandate to spend a certain amount on medical care also is a federal requirement under the 2010 U.S. health reform law. WellPoint’s Empire BlueCross BlueShield was ordered to pay $61.1 million, which is the largest rebate demanded from insurers in New York and nearly three times as much as the second-largest rebate. WellPoint’s Empire payments represent about 3 percent of its total premium revenue for insurance products subject to these laws, Kristin Binns, a WellPoint spokeswoman, told Bloomberg. “As in previous years, and consistent with New York law, if the amount Empire pays for medical claims is unexpectedly low, Empire pays refunds to its customers,” she said.
Biomedical research at the Indiana University School of Medicine and its partner hospitals pumped $370 million into Indiana's economy in 2009, according to a new study detailed by the Associated Press. The study by the Association of American Medical Colleges estimates the medical school pumped an estimated $142.5 million into the economy directly through federal and state-funded research. That research generated another $228 million in indirect economic activity. It also estimates the Indianapolis medical school's research supported about 2,470 jobs in Indiana in 2009. The report doesn't include economic activity of businesses that commercialize biomedical discoveries made by IU researchers.
Cancer-drug firm Endocyte to build commercial team in Indianapolis
Endocyte employs 12 people in Indianapolis and plans to add three or four more commercial executives there over the next year and a half as it anticipates approval of its ovarian cancer medication in Europe.
KIM: Tax credit gives Hoosiers edge in saving for college
There may be a $5 or $1,000 bill lying on the sidewalk, but it’s up to you to pick it up.
PROXY CORNER: Republic Airways Holdings Inc.
Republic Airways Holdings Inc. operates airlines and provides more than 1,500 flights daily.
SEC filing: Ex-IPL chief Murtlow qualified for large payout
Indianapolis Power & Light chief Ann Murtlow left the utility this spring under terms of a separation agreement that would have entitled her to at least $404,410, according to documents the utility filed Nov. 3 with the Securities and Exchange Commission.
Area home-sale deals show another monthly increase
In the nine-county metropolitan area, sale agreements for existing homes climbed nearly 12 percent, to 1,541, in October, an increase of 163 from the same month last year.
Study: IU med school, hospitals boost Indiana economy
A new study says biomedical research at the Indiana University School of Medicine and its partner hospitals pumped about $370 million into Indiana's economy in 2009.