Pan Am sale called off

Pan Am PlazaA Texas company has terminated its contract to buy Pan Am Plaza because of turmoil in the credit markets. Principle Equity Management had hoped to build a $50 million restaurant and retail development after acquiring the office buildings and ice rinks from California-based Coastal Partners LLC. But a lender scaled back its commitment two days before Principle planned to close. The deal is the first sign that fallout from the subprime mortgage mess could take a toll on commercial transactions in Indy. The full IBJ story is here. In an undated letter sent last week to tenants of the Pan Am office building, Coastal CEO Brett Baumgarten says the company does not intend to offer the building for sale “at this time.”

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