Bankruptcy and Commercial Real Estate and Shopping Centers and Retailers and Banking & Finance and Retail and Broadbent Co.

Greenwood Shoppes seeks bankruptcy reorganization

April 22, 2011

A third shopping center operated by one of the Indianapolis area’s biggest retail developers has fallen into Chapter 11 bankruptcy.

Greenwood Shoppes LP, owner of the Greenwood Shoppes strip mall along U.S. 31 near County Line Road, filed for reorganization on Monday in U.S. Bankruptcy Court in Indianapolis.

The company is a subsidiary of Indianapolis-based Broadbent Co.

Greenwood Shoppes is located close to another Broadbent-operated shopping mall, Greenwood Point. Its owner, Broadbent’s Greenwood Point LP, filed for reorganization in January 2010.

In February, another Broadbent subsidiary, Castleton Plaza LP, which owns the Castleton Plaza strip mall along East 82nd Street in Indianapolis, filed Chapter 11.

Both cases are pending in federal court.

Greenwood Shoppes LP lists debt of $5.7 million and assets of $9 million. Most of its assets—$8.5 million—are tied to the value of the property. And much of its debt is the $5.6 million principal remaining on an $8.5 million mortgage.

The 80,257-square-foot shopping center is anchored by a Factory Card Outlet and has 18 tenants. Others include Half Price Books, Mattress World, Men’s Wearhouse and Uncle Bill’s Pet Center.

The nearby Greenwood Point lists both assets and liabilities of between $1 million and $10 million. Exact amounts were not available in court documents.

Meanwhile, Castleton Plaza lists assets of nearly $7.6 million, including more than $6.8 million in real property.

German American, a secured creditor, is seeking to foreclose on the property. It claims Castleton Plaza owes nearly $8.7 million on the balance of a $9.5 million loan made in August 2000, as well as $1.1 million in interest. Additional fees bring the total to $10.1 million.

The amount owed to German American includes the vast majority of the $10.4 million Castleton Plaza lists as liabilities in court filings. Much of the remainder of secured claims, $165,000, is owed in unpaid property taxes dating from 2009.

The shopping center, which has 18 tenants, contains 171,736 square feet of retail space and is anchored by a Sam Ash Mega Store and Dollar Tree.
 

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