Developer shelves plan to buy city land, build Meijer
Opus Development Corp.’s proposal for the project north of downtown included buying and bulldozing dozens of historic homes in the Flanner House neighborhood.
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2 local sites make annual ‘Most Endangered’ list
New to this year’s lineup, announced Thursday morning by Indiana Landmarks, are the Flanner House Homes Historic District and Phillips Temple. Several homes in the district, in addition to the temple, are in danger of being demolished.
Roundup: Two new offerings coming to Castleton mall
Castleton Square Mall is set to welcome a couple of new entries to its food court lineup, including a restaurant that made its Indianapolis debut just last year. Also, the yogurt craze continues.
Company news
After six years of unsuccessfully recommending measures that could have made it easier for a suitor to acquire Eli Lilly and Co., the drugmaker’s board has given up this year. The board decided not to place two measures before shareholders again during Lilly’s May 6 annual meeting—one to require annual election of directors and another to remove an 80-percent super-majority requirement to approve a takeover of the company. In a proxy statement filed in March, the board said it opted against another vote because “we have concluded that the proposals would not be successful in 2013.”
Indiana University Health set a goal this year to cut expenses 20 percent to 25 percent over the next four years. That’s $1 billion to $1.2 billion annually, based on IU Health’s expenses last year. Even though President Obama’s 2010 health reform law likely will expand health insurance coverage to an extra 500,000 Hoosiers over the next few years, IU Health officials expect the amount the hospital system receives per patient to fall as the federal government, employers and patients all push back on sky-high health care costs. Most other hospitals are in the same boat. Community Health Network—whose Indianapolis market share is second only to IU Health’s—started trying to cut its expenses back in 2009, even before the health reform law passed. It set a goal to trim $300 million—about 20 percent of expenses—by 2015. Community is more than one-third of the way toward its goal, progress it achieved by streamlining its supply chain and leaving many vacant positions unfilled. It is now focusing on cutting waste out of its internal processes.
The city of Indianapolis is poised to pay Citizens Energy Group $6.5 million to buy a 19-acre parcel of real estate it’s targeting as the centerpiece of a life sciences corridor called 16 Tech. The site at 1220 Waterway Blvd. would accommodate about 1 million square feet of space for a single tenant or multiple users, said Deron Kintner, executive director of the Indianapolis Bond Bank. He is promoting the property as an ideal location for the proposed life-sciences-focused research institute supported by Gov. Mike Pence and Eli Lilly and Co. CEO John Lechleiter. Real estate developers and brokers say the city’s purchase of the Citizens property could help cement 16 Tech as an attractive option for life sciences and research firms looking to locate or expand in Indianapolis.
WellPoint Inc.’s top brass all enjoyed double-digit bumps in 2012 compensation, according to a proxy released April 2, even though the company’s stock price fell and it admittedly did not meet its financial goals. The Indianapolis-based health insurer’s board approved higher salaries and larger potential stock awards heading into 2012 after most of its top executives saw their pay hold steady or decline in 2011. The company’s performance merited its executives' receiving only 83 percent of their target stock awards. But because the board had already established larger pools of stock to award to executives, the value of those awards still rose over previous years. Bonus amounts fell in 2012 compared with the previous year. Former CEO Angela Braly received compensation of $20.6 million last year after she was allowed to stay on as an employee until year's end so that additional stock awards kicked in. WellPoint spokeswoman Kristin Binns said WellPoint achieved important goals in 2012.
Indiana University’s Kelley School of Business will launch a new MBA program for midcareer physicians in an attempt to help doctors figure out how to curb the health care industry’s soaring costs. According to Bloomberg News, about 30 students will join the program in its first year. Their first course will discuss the policy changes coming to health care as a result of President Obama’s 2010 health reform law, the Patient Protection and Affordable Care Act. Unlike most MD-MBA programs, which target medical students, the Business of Medicine MBA is only for currently practicing doctors who are around 40 to 55 years old and are taking on greater accountability for patient outcomes and costs.
Eli Lilly and Co. plans to double the size of a manufacturing plant already under construction southwest of downtown, investing another $180 million on insulin production and related products. The Indianapolis-based pharmaceutical giant announced in November that it would spend $140 million to construct an 80,000-square-foot plant for filling cartridges for insulin-injecting pens. The plant, on South Harding Street, adjoins the existing manufacturing complex known as Lilly Technology Center. The new $180 million investment would add 84,000 square feet to the project, allowing Lilly to add another cartridge-filling line, the firm announced Tuesday. The space also would be used to increase Lilly’s manufacturing capacity for the active ingredient in insulin. About 175 workers will staff the plant once it’s in full operation. The jobs will be filled by existing and new employees, according to Lilly spokesman Ed Sagebiel. In addition, Lilly is planning several other projects for its Indianapolis operations totaling $80 million, including a $40 million product-inspection center. The firm has submitted a request to city officials for a tax abatement on the full $400 million investment, between the two phases of the new plant and ancillary projects, Sagebiel said. Lilly’s request calls for a 10-year abatement that would save the firm $30 million. Construction of the production area for insulin’s active ingredient could be complete by December and in operation by March 2014, according to the company. Work on the additional cartridge filling line could be finished by 2016.
Reverie Estates plans Irvington apartment project
Locally based Reverie Estates has purchased the 53-unit Butler Apartments along Washington Street in Irvington and plans an extensive renovation.
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.
Data center N/Frame spending more on Carmel upgrade
The company that hosts outsourced computer operations is dramatically boosting its investment in its local operation.
Roundup: Athleta, WB Pizza, Sabbatical, Blaze BBQ
A fresh roundup includes a new yoga outfitter, a homegrown small-plates restaurant, and a pizza arrival/pizza departure.
Leases/leasing contracts
-Medline Industries leased 180,000 square feet of industrial space at 650 S. Perry Road, Plainfield. The tenant was represented by Brian Zurawski of Summit Realty Group. The landlord, Westminster Funds, was represented by Luke Wessel of Cassidy Turley.
-Bishop Steering Technology leased 41,810 square feet of industrial space at 8804 Bash St. The tenant was represented by Steve Beals of Lee & Associates. The landlord, Westminster Northeast, was represented by Todd Vannatta and Bryan Miller of Cassidy Turley.
-Indiana University Health Occupational Services leased 9,300 square feet of industrial space at 5603 W. Raymond St. The tenant was represented by Jeff Harris of NAI Meridian Real Estate Services. The landlord, Forester Properties Inc., was represented by Bryan Poynter of Cassidy Turley.
-Project Lead the Way Inc. leased an additional 5,640 square feet at The Precedent—Building 75, 3939 Priority Way, South Drive. The tenant was represented by Tom Frank of Summit realty Group. The landlord, PP Indianapolis VII Project Corp., was represented by Rick Trimpe and Tim Hull of CBRE.
-March of Dimes Foundation leased 5,261 square feet at Metrocentre Business Park, 75th Street and Binford Blvd. The tenant was represented by Mary Beth Kohart of CBRE. The landlord, Metro Center Office Park LLC, was represented by Nick Svarczkopf and J.D. Graves of CBRE.
-TITLE Boxing Club leased 5,498 square feet at Glendale Town Center, 6101 N. Keystone Ave. The tenant was represented by Chris Ray of Catalyst Commercial Group. The landlord, Glendale Centre LLC, was represented by Andrew Hasbrook of Kite Realty Group.
-El Agave leased 3,280 square feet of retail space at Indy Pavilions, 7035 E. 96th St., Unit P. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.
-World Finance leased 2,027 square feet of retail space at College Park, 3325 W. 86th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.
-Koko Fit Club leased 1,781 square feet at Geist Pavilion, 11501 Geist Pavilion Drive, Fishers. The tenant was represented by Beth Patterson of Colliers International. The landlord, 116th & Olio LLC, was represented by Blake Beaver of Kite Realty Group.
-Elite Styles leased 1,640 square feet of retail space at Indy Pavilions, 7035 E. 96th St., Unit Q. The tenant was represented by Jon Hardy of Coldwell Banker Commercial. The landlord, Sandor Development, was represented by Drew Kelly of Sandor.
-Menchie’s Frozen Yogurt leased 1,615 square feet of retail space in Stony Creek Marketplace, 17015 Mercantile Blvd., Noblesville. The tenant was represented by Bart Jackson and Scot Courtney of Lee & Associates. The landlord, Inland Southeast Stony Creek LLC, was represented by Larry Davis of Sitehawk Retail Real Estate.
-World Finance leased 1,440 square feet of retail space at Norgate Plaza, 7235 N. Keystone Ave., Unit L. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Family Empowerment Support Services leased 1,400 square feet of retail space at Washington Market, 10423 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Precision Point Inc. leased 1,222 square feet of office space at Carmel Office Court, 301 E. Carmel Drive, Carmel. The tenant was represented by Tom Hadley of Summit Realty. The landlord, Carmel-301 LLC, was represented by Paul Dick and Kevin Dick of Colliers International.
-Forest Park Injury & Recovery Center Inc. leased 1,150 square feet of office space in Library Park, 1701 Library Blvd., Greenwood. The tenant was represented by Brenda Richards of Carpenter Realtors. The landlord, Ennis Co. Inc., was represented by Cathy Richards of Lee & Associates.
Indianapolis set for sweeping zoning overhaul
Code dating to 1969 to be updated to encourage density, sustainability and mass transit.
Greenwood shoots for upscale I-65 interchange
Greenwood’s leaders plan to be discriminating about what can be built near a new Interstate 65 interchange at Worthsville Road, slated for construction in 2014.
Leases/leasing contracts
-Recycle Force leased 51,500 square feet at Circle City Industrial Complex, 1125 Brookside Ave. The landlord, The National Bank of Indianapolis, was represented by Ashley Bussell, Ralph Balber and Conrad Jacobs of Newmark Knight Frank Halakar. The tenant represented itself.
-ERGO Office Furniture leased 40,794 square feet of industrial space at 2525 N. Shadeland Ave. The tenant was represented by Steven Schaub of Summit Realty Group. The landlord, Cassidy Turley acting as court-appointed receiver, was represented by Michael Weishaar and Todd Vannatta of Cassidy Turley.
-LaForce Inc. leased 12,403 square feet of industrial space at 7750 Zionsville Road. The tenant was represented by John Hanley of CBRE. The landlord, C III Asset Management LLC, was represented by Michael Weishaar of Cassidy Turley.
-Senex Services leased 8,601 square feet of office space in College Park, 3333 Founders Road. The tenant was represented by Brian Askins of UGL Services-Equis Corp. The landlord, Crestline Investments LLC, was represented by Matthew Broderick of Acorn Group.-IN Motion Orthopaedics Inc. leased 6,996 square feet of industrial space at 8904 Bash St. The tenant was represented by Jake Sturman of Jones Lang LaSalle. The landlord, Westminster Funds, was represented by Todd Vannatta and Bryan Miller of Cassidy Turley.
-Meridian Services Corp. leased 6,711 square feet of office space at 2506 Willowbrook Parkway. The tenant was represented by Monte Brown of CB Lunsford. The landlord, Oakleaf Properties LLP, was represented by Matthew Broderick and Charlie Waggoner of Acorn Group.
-GreenLight Collectibles leased 5,515 square feet at 5755-5857 W. 74th St. The tenant was represented by Matt Waggoner and Brad Williams of Summit Realty Group. The landlord, Duke Realty Corp., was represented by Duke’s Kate Ems.
-Benchmark Family Services leased 4,577 square feet of office space at 2506 Willowbrook Parkway. The tenant was represented by Anton Graves of DTM Real Estate Services LLC. The landlord, Oakleaf Properties LLP, was represented by Charlie Waggoner and Matthew Broderick of Acorn Group.
-Simeri’s Italian Restaurant leased 2,600 square feet at Geist Shoppes, 10410 Olio Road, Fishers. The tenant was represented by Craig Ramsay of Sitehawk Retail Real Estate. The landlord, Ameriana Bank, was represented by Dean Almas of Sitehawk Retail Real Estate.
-AT&T renewed its lease for 2,500 square feet at Southport Commons, 4850 E. Southport Road. The tenant was represented by Kevin K. Kancherla of Excess Space Retail Services. The landlord, Southport Commons, was represented by John Baker and Larry Davis of Sitehawk Retail Real Estate.-Panda Express leased 2,200 square feet at Charles Street North, 4682 S. Scatterfield Road, Anderson. The tenant was represented by Steve Delaney of Sitehawk Retail Real Estate. The landlord, Charles Street Associates LLC, was represented by Scott Gray of Sitehawk Retail Real Estate.
-Josue Villalta MD leased 1,809 square feet of office space in Methodist Medical Plaza I, 6920 Parkdale Place. The tenant was represented by Steve Beals and Richard R. King III of Lee & Associates. The landlord, HTA-Medical Portfolio 3 LLC, was represented by Andrew Nordhoff of Healthcare Trust of America.-Jack’s Pizza renewed its lease for 1,200 square feet of retail space in Sherman Commons, 3709 E. Washington St. The tenant and landlord, Indy Management Group, were represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.
-Fabulous Hair & Nail Salon leased 900 square feet of retail space at 2912 W. 16th St. The tenant and landlord, Indy Management Group, were represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.
Toddler injured in drive-by shooting
A 2-year-old girl was hospitalized Sunday night after being struck by gunfire near West 16th and North Tremont streets. The girl’s mother told police her daughter was in a child seat in the back of a car traveling near the intersection about 11:45 p.m. when she was shot in the leg by someone in another vehicle. Police say the shots were fired from a vehicle belonging to the woman’s ex-boyfriend.
History on the block
This example of Jacobethan Revival architectural style, the Glossbrenner Mansion at 3202 N. Meridian St., is about to be listed for sale.
Leases/leasing contracts
-Jones Lang LaSalle has been appointed exclusive leasing agent for Lake Pointe II, at 8440 Allison Pointe Blvd., and Woodland Center I and II, 8275 and 8335 Allison Pointe Trail. The office properties total 215,961 square feet. John Robinson and Jimmy Clark are in charge of leasing the properties for Jones Lang LaSalle.
-Lovett Pallet LLC leased 72,490 square feet of industrial space at 217 S. Belmont Ave. The tenant was represented by Kelly Williams of Cassidy Turley. The landlord, Material Handling Exchange, represented itself.
-Aircom Manufacturing leased 35,000 square feet of industrial space at 2402 N. Shadeland Ave. The tenant was represented by Bart Book, Todd Vannatta and George Charbonneau of Cassidy Turley. The landlord, Shadeland South Business Park, represented itself.
-IDI Composites International renewed its lease for 9,750 square feet of industrial space at 3477 E. Conner St., Noblesville. The tenant was represented by Walter Freihofer of Freihofer Inc. The landlord, Kahlo III LLC, was represented by Bob Lindgren of Lee & Associates.
-American Mattress leased 6,315 square feet at North Willow Commons, 1410-1518 W. 86th St. The tenant was represented by Jeff Haas of Julius M. Fineblum Real Estate. The landlord, Broadbent Co., was represented by Broadbent's John Beuoy.
-American Healthcare Group Inc. leased 3,500 square feet of office space at 2920 E. 96th St. The tenant was represented by Darrell Pike of Pike Real Estate Services LLC. The landlord, Jean M. Weber Trust, was represented by Darrin Boyd and Dave Moore of Cassidy Turley.-Accelerated Health Systems leased 3,200 square feet at Fishers Town Commons, 8211 and 8235 E. 116th St., Fishers. The tenant was represented by Jonathan Sharp of HSA Commercial Real Estate. The landlord, Broadbent Co., was represented by Brian Broadbent.
-Game Time leased 2,638 square feet at Castleton Plaza, 6314-6398 E. 82nd St. The landlord, Broadbent Co., was represented by Josh Broadbent. The tenant represented itself.
-Firehouse Subs leased 2,400 square feet at Brownsburg Village, 124 E Northfield Drive, Brownsburg. The tenant was represented by Michael Cranfill of Sitehawk Retail Real Estate. The landlord, BVSC LLC, was represented by Jodi Milto of Midland Atlantic.
-Atlas Family Dental leased 1,613 square feet at Raceway Crossing, 10934-10976 E. U.S. 36, Avon. The tenant was represented by Jim Austin of Revel Underwood. The landlord, Broadbent Co., was represented by Brian Broadbent.
-Nutricion Y Salud leased 1,600 square feet at Lafayette Shoppes, 3840-3882 Lafayette Road. The landlord, Broadbent Co., and was represented by Brian Broadbent. The tenant represented itself.
-Runners Forum leased 1,547 square feet at The Shoppes at 141st Street, 14005-14099 Mundy Drive, Fishers. The landlord, Broadbent Co., was represented by Brian Broadbent. The tenant represented itself.
-Sweet Treats leased 1,400 square feet at Avon Crossing, 7900 E. U.S. 36, Avon. The landlord, Cranfill Development Corp., was represented by Michael Cranfill of Sitehawk Retail Real Estate. The tenant represented itself.
-Bernard Health LLC leased 1,229 square feet of retail space at Nora Plaza, 1300 E. 86th St., Suite C-150. The tenant was represented by Andrew Clifford of Clifford Realty. The landlord, Ramco Gershenson Inc., represented itself.
-Eclipse Hair leased 900 square feet at Castleton Plaza, 6314-6398 E. 82nd St. The landlord, Broadbent Co., was represented by Josh Broadbent. The tenant represented itself.Prominent downtown buildings offered for sale
Greater availability of debt financing has spurred renewed interest in real estate deal-making. Chase Tower and Rolls-Royce's downtown complex are for sale, while Capital Center is under contract.