IBJNews

Greenwood Shoppes seeks bankruptcy reorganization

Back to TopCommentsE-mailPrintBookmark and Share

A third shopping center operated by one of the Indianapolis area’s biggest retail developers has fallen into Chapter 11 bankruptcy.

Greenwood Shoppes LP, owner of the Greenwood Shoppes strip mall along U.S. 31 near County Line Road, filed for reorganization on Monday in U.S. Bankruptcy Court in Indianapolis.

The company is a subsidiary of Indianapolis-based Broadbent Co.

Greenwood Shoppes is located close to another Broadbent-operated shopping mall, Greenwood Point. Its owner, Broadbent’s Greenwood Point LP, filed for reorganization in January 2010.

In February, another Broadbent subsidiary, Castleton Plaza LP, which owns the Castleton Plaza strip mall along East 82nd Street in Indianapolis, filed Chapter 11.

Both cases are pending in federal court.

Greenwood Shoppes LP lists debt of $5.7 million and assets of $9 million. Most of its assets—$8.5 million—are tied to the value of the property. And much of its debt is the $5.6 million principal remaining on an $8.5 million mortgage.

The 80,257-square-foot shopping center is anchored by a Factory Card Outlet and has 18 tenants. Others include Half Price Books, Mattress World, Men’s Wearhouse and Uncle Bill’s Pet Center.

The nearby Greenwood Point lists both assets and liabilities of between $1 million and $10 million. Exact amounts were not available in court documents.

Meanwhile, Castleton Plaza lists assets of nearly $7.6 million, including more than $6.8 million in real property.

German American, a secured creditor, is seeking to foreclose on the property. It claims Castleton Plaza owes nearly $8.7 million on the balance of a $9.5 million loan made in August 2000, as well as $1.1 million in interest. Additional fees bring the total to $10.1 million.

The amount owed to German American includes the vast majority of the $10.4 million Castleton Plaza lists as liabilities in court filings. Much of the remainder of secured claims, $165,000, is owed in unpaid property taxes dating from 2009.

The shopping center, which has 18 tenants, contains 171,736 square feet of retail space and is anchored by a Sam Ash Mega Store and Dollar Tree.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
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
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

ADVERTISEMENT