Building for game maker Fundex set for July auction

Back to TopCommentsE-mailPrintBookmark and Share

One of the last remnants of the bankrupt Fundex Games Ltd. company—the headquarters building it occupied in Plainfield—is set to be sold at auction in late July.

Fundex, once the sole distributor of the game industry’s second-most-popular card game, Phase 10, folded late last year. Propel Equity Partners, parent of Plymouth, Mich.-based Poof-Slinky Inc., the maker of the iconic Slinky, paid $1.7 million to purchase Fundex in December.

“They took possession of the inventory after the sale closed, and that was all they needed,” said K.C. Cohen, a local bankruptcy attorney still representing Fundex in its liquidation.

The building is set for auction July 31 and will be sold regardless of the amount of the highest bid, said Jeff Doner, vice president and managing broker of Indianapolis-based Key Auctioneers.

“It’s got about anything anybody would want in a state-of-the-art distribution center,” he said. “We think we’ll have good interest in the property.”

The building technically is owned by 1570 S. Perry Road LLC, established by Fundex owner Chip Voigt and named for the building’s address. Fundex began occupying the building upon its completion in February 2007. The company signed a 21-year lease that was to expire in 2028, court records show.

Voigt listed the building before the bankruptcy for $5.2 million and lowered the asking price to $4.9 million before taking the building to auction. About $3 million is left on the mortgage, said Jeff Hester, a lawyer representing Voigt in the bankruptcy.

The 102,400-square-foot structure includes 15,000 square feet of office space on two floors and sits on more than 10 acres of land. A 1.75-acre pad has been built to accommodate a 50,000-square-foot expansion.

Other features include an on-site workout facility, eight loading docks and a 100-space parking lot.

The building is well-configured but actually might suffer from its large amount of office space, said Andrew Morris, a partner at the Summit Realty brokerage. Most companies locating to Plainfield’s industrial parks do so for large amounts of distribution space with little need for a lot of offices, he said.

A prime example is the former Galyan’s headquarters building that has had trouble through the years attracting office tenants, Morris said.

“You have a limited pool of prospects interested in owning [the Fundex] building in the Plainfield marketplace,” he said.  

Fundex’s bankruptcy represents a steep fall for the company that once had 50 employees, and offices in Hong Kong and New York. Besides Phase 10, its other popular games included Gnip Gnop and What’s in Ned’s Head?

What’s in Ned’s Head?, which lets children remove fake items like moldy cheese, vomit and a rat from a stuffed head’s orifices, won a slew of awards and helped make Fundex a growing player in the game industry.

Three years ago, Fundex boasted annual revenue of $25.8 million, according to court documents. Revenue, however, fell by nearly half, to $13.3 million, in 2011.

Some of its financial problems likely could be attributed to the loss of Phase 10, which is now distributed by Mattel.


Post a comment to this story

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

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. I am a Lyft driver who is a licensed CDL professional driver. ALL Lyft drivers take pride in providing quality service to the Indianapolis and surrounding areas, and we take the safety of our passengers and the public seriously.(passengers are required to put seat belts on when they get in our cars) We do go through background checks, driving records are checked as are the personal cars we drive, (these are OUR private cars we use) Unlike taxi cabs and their drivers Lyft (and yes Uber) provide passengers with a clean car inside and out, a friendly and courteous driver, and who is dressed appropriately and is groomed appropriately. I go so far as to offer mints, candy and/or small bottle of water to the my customers. It's a mutual respect between driver and passenger. With Best Regards

  2. to be the big fish in the little pond of IRL midwest racin' when yer up against Racin' Gardner

  3. In the first sentance "As a resident of one of these new Carmel Apartments the issue the local governments need to discuss are build quality & price." need a way to edit

  4. As a resident of one of these new Carmel Apartments the issue the local governments need to discuss is build quality & price. First none of these places is worth $1100 for a one bedroom. Downtown Carmel or Keystone at the Crossing in Indy. It doesn't matter. All require you to get in your car to get just about anywhere you need to go. I'm in one of the Carmel apartments now where after just 2.5 short years one of the kitchen cabinet doors is crooked and lawn and property maintenance seems to be lacking my old Indianapolis apartment which cost $300 less. This is one of the new star apartments. As they keep building throughout the area "deals" will start popping up creating shoppers. If your property is falling apart after year 3 what will it look like after year 5 or 10??? Why would one stay here if they could move to a new Broad Ripple in 2 to 3 years or another part of the Far Northside?? The complexes aren't going to let the "poor" move in without local permission so that's not that problem, but it the occupancy rate drops suddenly because the "Young" people moved back to Indy then look out.

  5. Why are you so concerned about Ace hardware? I don't understand why anyone goes there! Every time ive gone in the past, they don't have what I need and I end up going to the big box stores. I understand the service aspect and that they try to be helpful but if they are going to survive I think they might need to carry more specialty parts.