IBJNews

BREAKING: Lender to sell Premier properties

Back to TopCommentsE-mailPrintBookmark and Share
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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. The deductible is entirely paid by the POWER account. No one ever has to contribute more than $25/month into the POWER account and it is often less. The only cost not paid out of the POWER account is the ER copay ($8-25) for non-emergent use of the ER. And under HIP 2.0, if a member calls the toll-free, 24 hour nurse line, and the nurse tells them to go to the ER, the copay is waived. It's also waived if the member is admitted to the hospital. Honestly, although it is certainly not "free" - I think Indiana has created a decent plan for the currently uninsured. Also consider that if a member obtains preventive care, she can lower her monthly contribution for the next year. Non-profits may pay up to 75% of the contribution on behalf of the member, and the member's employer may pay up to 50% of the contribution.

  2. I wonder if the governor could multi-task and talk to CMS about helping Indiana get our state based exchange going so Hoosiers don't lose subsidy if the court decision holds. One option I've seen is for states to contract with healthcare.gov. Or maybe Indiana isn't really interested in healthcare insurance coverage for Hoosiers.

  3. So, how much did either of YOU contribute? HGH Thank you Mr. Ozdemir for your investments in this city and your contribution to the arts.

  4. So heres brilliant planning for you...build a $30 M sports complex with tax dollars, yet send all the hotel tax revenue to Carmel and Fishers. Westfield will unlikely never see a payback but the hotel "centers" of Carmel and Fishers will get rich. Lousy strategy Andy Cook!

  5. AlanB, this is how it works...A corporate welfare queen makes a tiny contribution to the arts and gets tons of positive media from outlets like the IBJ. In turn, they are more easily to get their 10s of millions of dollars of corporate welfare (ironically from the same people who are against welfare for humans).

ADVERTISEMENT