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Two Indianapolis office buildings in foreclosure

Scott Olson
November 5, 2012
Keywords
Banking & Finance, Commercial Real Estate, Foreclosures, Loans, Mortgages, Office Complexes, Real Estate & Retail
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Two office buildings on Indianapolis’ northwest side totaling nearly 200,000 square feet have fallen into foreclosure and are being operated by a court-appointed receiver.

Lakeside at College Park at 8777 Purdue Road and 10 Fortune Park at 3905 W. Vincennes Road, both near North Michigan Road and West 86th Street, are owned by IMG Realty Trust LLC.

IMG Realty owes nearly the entire principal of $12 million, in addition to $2.5 million in interest and penalties, on the two loans it received in 2006 from Winston-Salem, N.C.-based Wachovia Bank, according to an Oct. 26 filing in Marion Superior Court.

The company is an affiliate of Ewing, N.J.-based Indiana Memorial Group, which operates 12 cemeteries and four funeral homes throughout the state, including New Crown Cemetery on the southeast side of Indianapolis.

Indiana Memorial Group did not return a phone call seeking comment on the foreclosure.

10 Fortune Park is a five-story 101,069-square-foot Class A office building that is 85-percent occupied, according to IMG Realty’s website. Tenants include Accountemps, American Surety Co. and WebLink International Inc.

Lakeside at College Park is a three-story 83,528-square-foot Class B office building that is 68-percent occupied, according to IMG Realty’s website. Tenants include AIG Medical Express, Founders Insurance and Oracle.

Wachovia, which originally made the two loans to IMG Realty, since has been acquired by Wells Fargo & Co. It assigned the loans in March 2009 to Bank of America, which is represented by trustee U.S. Bank.

Judge David J. Dreyer assigned DTM Real Estate Services LLC in Indianapolis as receiver of the properties.

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