Tennessee company seeks to buy 20-acre Celadon site

Indianapolis-based Celadon Group Inc., which filed for bankruptcy protection and largely ceased operations last month, says it has found a buyer for a portion of its east-side campus.

In a court document filed Thursday, Celadon said Transport Enterprise Leasing LLC of Chattanooga, Tennessee, has agreed to purchase a 20-acre parcel for $2.25 million. The property, which houses a truck repair and maintenance facility, is directly east of Celadon’s corporate offices at 9503 E. 33rd St.

Celadon also said it intends to designate Transport Enterprise Leasing as a stalking horse bidder—meaning that other companies will have the chance to bid on the property but they cannot underbid Transport Enterprise Leasing.

Other interested parties have until Jan. 20 to submit their own bids. If other bidders emerge, an auction will be held Jan. 22 at the New York City office of Celadon’s bankruptcy counsel, DLA Piper LLP.

Transport Enterprise Leasing sells and leases trucks and trailers and has about 50 employees. The company did not return phone messages seeking comment.

Celadon is in the process of selling all its assets, including the 102 acres of real estate it owns in Indianapolis.

Celadon’s Indianapolis real estate exists in several non-contiguous parcels, most within about a mile of one another along Post and Mitthoefer roads and East 30th and East 33rd streets. (The company also owns a 6.28-acre site on the city’s southwest side, near the intersection of Raymond Street and Kentucky Avenue.)

Transport Enterprise Leasing is the first party to publicly emerge as an interested real estate purchaser.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.