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BREAKING: Lender to sell Premier properties

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An auction this month could strip locally based Premier Properties USA Inc. of most of its real estate holdings.

Atlanta-based Dominion Capital Management LLC - one of Premier's largest lenders - plans to auction ownership interests in eight properties on April 17 at the Indianapolis offices of law firm Ice Miller LLP. Dominion plans to sell Metropolis mall in Plainfield separately.

Dominion is selling the properties to collect on loans that exceed $100 million.

Successful bidders would have to shoulder debts owed to other creditors after taking ownership, said Ice Miller attorney Henry A. Efroymson, who is organizing the sale.

The auction properties include the Plainfield Commons strip center and a parcel at 86th Street and Haverstick Road where another developer had proposed a Whole Foods. The auction also will include a ground lease on 44 acres in Las Vegas and several lifestyle malls in various stages of development: Sixteen West in Georgia; Bridgewater Falls in Ohio; The Foundry in Pennsylvania; The Marquis in Virginia; and The Current in Florida.

Dominion has taken ownership of the 600,000-square-foot Metropolis outdoor mall in Plainfield until it finds a buyer, Efroymson said.

Premier and its founder, Christopher P. White, face scores of lawsuits
alleging unpaid bills, defaulted loans, illegally redirected rent payments and check fraud. The company laid off half of its headquarters staff - about 40 employees - at the end of March.

The sale of Premier's real estate holdings could signal that an end is near for the 15-year-old company, which
built its name on outsize deals with little margin for error but has sputtered since credit markets tightened and easy credit disappeared.

"If these sales go through on the 17th, Chris White's ownership interest will have been transferred away from him and he will no longer have the legal right to control those entities," Efroymson said.

Dominion revealed its plan for an auction in an advertisement in The Wall Street Journal this morning.

White did not return an e-mail message this afternoon. His attorneys also could not be reached.

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

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  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

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