Northeast-side office building target of foreclosure

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The owners of a nearly 40,000-square-foot office building on Indianapolis’ northeast side are facing foreclosure on a $3 million bank note.

Bank of America, as trustee for original lender Wells Fargo Bank, filed a lawsuit on March 2 in Marion Superior Court, seeking foreclosure and the appointment of a receiver for the property at 6801 Lake Plaza Drive.

The building, called Lake Plaza Office Park, is owned by Wisconsin-based Lake Plaza LLC and LeBaron Investments Lake Park LLC.

Both entered into a loan agreement with Wells Fargo on May 2, 2007, in the amount of $3 million. Including interest on the loan, the lender claims it is owed $3.1 million.

As of February, Lake Plaza and LeBaron Investments had missed nine consecutive monthly loan payments, according to court documents.

Charlotte, N.C.-based Bank of America is requesting the property, near East 71st Street and Binford Boulevard, be sold at a sheriff’s sale.

The office complex was built in 1978 and renovated in 2006. With more than 9,000 square feet available for lease, it is roughly 77-percent occupied, according to commercial listings.

Rental rates range from $10 to $13.50 per square foot.

The most recent appraisal valued the property at $2.8 million.


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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.

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