Struggling strip centers reorganizing under bankruptcy

A local retail developer that has struggled in recent years has filed to reorganize the assets of two of its area strip centers.

Meanwhile, in a separate court filing involving a different company, a lender is seeking to foreclose on several west-side industrial buildings.

Indianapolis-based Centre Properties listed both assets and liabilities of $1 million to $10 million for the two strip centers—West 38th Street Plaza and East Washington Centre—according to the Jan. 20 Chapter 11 court filings.

The 152,400-square-foot West 38th Street Plaza is at Interstate 465 and West 38th Street. According to Centre Properties’ online marketing materials, the center is 68-percent occupied and tenants include American Jeweler, Discount Appliance and The Fireplace Center.

The 166,000-square-foot East Washington Centre, at Franklin Road and East Washington Street, is just 22-percent occupied, largely due to the hole left by anchor Wholesale Furniture, which occupied nearly 93,000 square feet.

Tenants or former tenants have included China Buffet, Craig’s Hair Care and Chuck E. Cheese, according to a Centre Properties’ flier.

A phone call to Centre Properties seeking comment on the bankruptcy reorganizations was not immediately returned.

In July 2013, Centre Properties renegotiated terms on mortgages for 12 Indianapolis-area commercial properties that had been threatened by foreclosure from as long ago as 2008.

Meanwhile, an Emeryville, California-based lender has filed to foreclose on 16 buildings, many of which are in the west-side Park Fletcher industrial park near the old Indianapolis International Airport terminal.

Filbert Orton Eat LLC claims in a Jan. 7 Marion Superior Court filing that Indianapolis-based Park Fletcher Realty LLC owes it roughly $12.6 million after defaulting on a loan.

Overall, 16 buildings owned by Park Fletcher Realty are listed in the complaint.

Filbert Orton is asking Judge Gary Miller to appoint a receiver to manage the properties through the foreclosure. A hearing on the request has been set for Feb. 25.

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