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Greenwood Shoppes seeks bankruptcy reorganization

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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.
 

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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