FourthWave News

Location to put two local companies close to firms, agencies they deal with; art gallery in discussion stage.

  
Northern Indiana Public Service Co. plans to sell its downtown building for more than $2 million to the founders of two local companies on the hunt for acquisitions.

Jerry Henry Jr. will relocate his Arlington Capital and Don Willis will relocate his FourthWave to the building in the coming months after the purchase has closed.

The handsome, two-story, 35,000 square-foot building has outstanding mechanics and "a beautiful location at the corner of Clinton and Main... (with) a powerful address," Henry said.

"The quality of the building and location speaks to what Arlington Capital and FourthWave are all about," he said. "We're about making investments... in undervalued opportunity, whether it's a business or a building."

The location will put the companies close to downtown banks and law firms, and to government and economic development offices they deal with frequently, Henry said.

Arlington Capital employs about 10 and owns nine businesses it bought within the last 14 months. It has developed a specialty in turnarounds.

FourthWave was founded last April to deliver breakthrough software and unique consulting packages for emergency and non-emergency management by governments, universities and the healthcare industry. It also is developing the adVenture fund an investment group for business startups.

The companies are committed to growing businesses in the Fort Wayne area, and their purchase of the NIPSCO building will demonstrate their support of the city's downtown district, Henry said.

"Don Willis and myself are very interested in our community and we've made a commitment to the community with time, treasure and talent. We have talked about different venture capital opportunities together and I hope that this will be the start of a long-standing relationship," Henry said.

It's a good fit. You've got a couple of entrepreneurs - one's more old school and ones more new school - and I trust Don and (I) am just real pleased to have him as a partner."

In addition to Arlington Capital and FourthWave, the building probably will lease space to two or three upscale professional tenants.

The Fort Wayne Museum of Art across the street from the NIPSCO building had set up a task force to consider buying it in order to double its space for exhibition and educational programs.

"We may be about to work out something (that) will be complementary (with the art museum), said Karen Goldner, special projects director for FourthWave.