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Downtown's historic Century Building set for sheriff’s sale

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The historic Century Building downtown is headed for a sheriff’s sale after a Marion Superior Court judge on Tuesday finalized a foreclosure request from the building owner’s lender.

The 112-year-old office building at 36 S. Pennsylvania St. will enter the market in a precarious position, as a major tenant plans to depart.

U.S. Bank filed in February 2012 to foreclose on the building owned by Century Building Investment Group LLC, a unit of California-based Blue Real Estate. The bank claimed it was owed $10.5 million on a loan default.

Judge Robert Altice Jr. signed off on the foreclosure Tuesday. A date for the sale has not been set.

Blue Real Estate, which entered the Indianapolis market as an investor in 2006, lost most of its local holdings in 2011 after lenders took control of several properties.

The seven-story Century Building was built in 1901 and is the corporate home of Steak n Shake. Major tenants also include ExactTarget and Denison Parking.

Steak n Shake, however, has purchased the Ober Building on the opposite corner of Pennsylvania and Maryland streets and will be vacating its space in the Century Building.

The departure actually could create new opportunities for a buyer, said Jon Owens, vice president and principal in the local office of Cassidy Turley.

“They might find themselves in a good position to recruit tenants to backfill the space left by Steak n Shake,” he said. “Since there’s nothing being built in the market, the absorption of existing space is going to be important going forward.”

Attractive qualities of the building include its historic architecture and close proximity to several major downtown amenities, Owens said. Bankers Life Fieldhouse and Circle Centre mall are within a block.

Conversely, its unusual configuration—floor plates are U-shaped around an atrium—and lack of building-controlled parking are among its drawbacks, Owens said.

The Century Building contains 115,526 square feet of rentable space. The latest figures available show the building was 89-percent occupied at the end of 2011.

Locally based DTM Real Estate Services LLC was appointed by the court to manage the seven-story building during the foreclosure process.
 

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  • Cricket!
    Maybe Mayor Bollard could buy it and give it to the cricket people.
  • Building is crap
    Hopefully a new owner will actually fix this place. Glass Roof above lobby has a giant hole in it for over a month now, with a tarp on it. Bathroom toilets flood continually. Elevators don't work - people get stuck weekly. Piece of crap. Perhaps things were in better condition when their was someone who actually cared about its status/condition.
  • Sounds like great apartment or condo space with offices, retail and restaurants on the first floor. Market to people who live and work downtown and don't want to own a car.

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  1. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

  2. 85 feet for an ambitious project? I could shoot ej*culate farther than that.

  3. I tried, can't take it anymore. Untill Katz is replaced I can't listen anymore.

  4. Perhaps, but they've had a very active program to reduce rainwater/sump pump inflows for a number of years. But you are correct that controlling these peak flows will require spending more money - surge tanks, lines or removing storm water inflow at the source.

  5. All sewage goes to the Carmel treatment plant on the White River at 96th St. Rainfall should not affect sewage flows, but somehow it does - and the increased rate is more than the plant can handle a few times each year. One big source is typically homeowners who have their sump pumps connect into the sanitary sewer line rather than to the storm sewer line or yard. So we (Carmel and Clay Twp) need someway to hold the excess flow for a few days until the plant can process this material. Carmel wants the surge tank located at the treatment plant but than means an expensive underground line has to be installed through residential areas while CTRWD wants the surge tank located further 'upstream' from the treatment plant which costs less. Either solution works from an environmental control perspective. The less expensive solution means some people would likely have an unsightly tank near them. Carmel wants the more expensive solution - surprise!

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