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Two Indianapolis office buildings in foreclosure

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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Wachovia, which originally made the two loans to IMG Realty, since has been acquired by Wells Fargo & Co. It assigned the loans in March 2009 to Bank of America, which is represented by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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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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