Foreclosures and Banking & Finance and Business Services and Economic Development and Real Estate & Retail

East-side biz incubator target of foreclosure

January 18, 2012

Wells Fargo Bank is seeking to foreclose on a near-east-side business incubator and is asking a Marion Superior Court judge to appoint a receiver to manage the property.

The San Francisco-based bank, serving as trustee for mortgage holder Bank of America, is suing Indianapolis Enterprise Center LLC at 55 S. State St. to recoup a $3.1 million loan balance.

Since receiving the loan in October 2007, Indianapolis Enterprise Center has paid just $50,000 of the principal and hasn’t made a payment since July 2009, the complaint said.

The former owner of the property sold the 200,000-square-foot incubator to a group known as Indianapolis Enterprise Center LLC in 2007. At that time the center had 72 tenants, according to IBJ records.

It’s unclear whether the incubator is operating. A phone number listed on its website for the center’s general manager was answered by voicemail for Indiana Loss Mitigation Inc. That company’s address is listed as 55 S. State St., the same as the incubator’s.

IBJ placed numerous calls to numerous businesses listed as tenants of the center, but reached only one. An employee for National Library Bindery Co. of Indiana Inc. said the company was still operating in the building, but he declined further comment.
 
Wells Fargo, which filed the suit on Jan. 9, wants the property sold to help satisfy the debt.

The 77-year-old building once served as a grocery warehouse for A&P. Half Price Books, Bosma Industries and HealthNet Inc. are former tenants of the center.


 

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