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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Wachovia, which originally made the two loans to IMG Realty, since has been acquired by Wells Fargo & Co. It assigned the loans in March 2009 to Bank of America, which is represented by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. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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