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Former Lifestyle gym building target of foreclosure

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A north-side building formally occupied by a Lifestyle Family Fitness gym is the target of a $4.9 million foreclosure.

The building, at 4225 E. 82nd St. near Dean Road, is owned by Racquet Square Development LLC, named as defendant in the lawsuit. 4225 LLC, an entity of LOR Corp., a locally based developer of strip centers, brought the suit against Racquet Square.

Racquet Square originally borrowed $7.4 million from Huntington National Bank in November 2010 before 4225 LLC purchased the loan. It last received a payment from Racquet Square in June of this year, according to the suit.

As of Nov. 9, Racquet Square owed nearly $4.9 million, including $4.3 million in unpaid principal in addition to $599,661 in late fees, the complaint said.

Florida-based Lifestyle Family Fitness closed its facility at East 82nd Street, along with another on Shelby Street just south of Stop 10 Road, in November 2011.

4225 LLC filed to foreclose on the building earlier this month in Marion Superior Court.

Racquet Square’s address is listed as 8888 Keystone Crossing, Suite 120. A representative of the company could not be reached for comment on the foreclosure.

LOR Corp., which has common ownership with 4225 LLC, operates more than 30 retail properties in the Indianapolis area, according to its website. They include the 37,540-square-foot Broad Ripple Station at 1035 Broad Ripple Ave., the 16,000-square-foot Geist Crossing North at 9850 E. 79th St., and the 9,000-square-foot Zionsville Crossing at 5550 W. 86th St.
 

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  • haha
    John, Solid investment buddy.
  • I Think That's The Plan
    I would bet LOR bought the loan from Huntington at a pretty good discount with the idea of foreclosing on it and redeveloping the site.
  • Unfortunate
    This area is really taking off with the upgrades in the number and quality of stores. This space would be ideal for someone and hopefully something gets resolved soon so this property does not turn into the "red-headed step child" of the block.

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