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Former Lifestyle gym building target of foreclosure

Scott Olson
December 28, 2012
Keywords
Banking & Finance, Commercial Real Estate, Mortgages, Real Estate & Retail, Retail Development
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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
    Ben MumbyDecember 28, 2012 4:36 PM
    John, Solid investment buddy.
    Reply to CommentFlag Comment
  • I Think That's The Plan
    EstaDecember 28, 2012 12:43 PM
    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.
    Reply to CommentFlag Comment
  • Unfortunate
    BenDecember 28, 2012 10:41 AM
    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.
    Reply to CommentFlag Comment

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  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

  2. I recall that MSA's pilings are still in the ground and hard to remove. It’s not likely any proposal will include significant underground construction/parking because of this. Start adding 2 floors of retail, 8 floors of parking and 5-10 floors of possible hotel, and/or 10-20 floors of residential, and you are at 30 floors already with possible expansion of all the uses. But then again I could be wrong.

  3. Accoriding to their website there is no deadline to the Do Not Call list. What is this article referring to??

  4. On what planet are they entitled to this largesse from the stockholders? These people make multi-million dollar salaries: Pay for your own personal travel.

  5. It matters because they're already paid enormously fat salaries: Pay for your own personal travel. Being "taxed on it" isn't a valid excuse--so what? They're still being gifted a raft of luxury perks from somebody else's money on top of an enormous, lavish salary.

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