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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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  1. why oh why does this state continue to elect these people....do you wonder how much was graft out of the 3.8 billion?

  2. i too think this is a great idea. I think the vision and need is there as well. But also agree with Wendy that there may be better location in our city to fulfill this vision and help grow the sports of hockey and figure skating in Indy. Also to help further develop other parts of the city that seem often forgotten. Any of the other 6 townships out side of the three northernmost could benefit greatly from a facility and a vision like this. For a vision that sounds philanthropic, the location is appears more about the money. Would really like to see it elsewhere, but still wish the development the best of luck, as we can always use more ice in the city. As for the Ice growth when they return, if schedules can be coordinated with the Fuel, what could be better than to have high level hockey available to go see every weekend of the season? Good luck with the development and the return of the Ice.

  3. How many parking spaces do they have at Ironworks? Will residents have reserved spaces or will they have to troll for a space among the people that are there at Ruth Chris & Sangiovese?

  4. You do not get speeding ticket first time you speed and this is not first time Mr.Page has speed. One act should not define a man and this one act won't. He got off with a slap on the wrist. I agree with judge no person was injured by his actions. The state was robbed of money by paying too much rent for a building and that money could have been used for social services. The Page family maybe "generous" with their money but for most part all of it is dirty money that he obtained for sources that are not on the upright. Page is the kind of lawyer that gives lawyers a bad name. He paid off this judge like he has many other tine and walked away. Does he still have his license. I believe so. Hire him to get you confiscated drug money back. He will. It will cost you.

  5. I remain amazed at the level of expertise of the average Internet Television Executive. Obviously they have all the answers and know the business inside and out.

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