Landmark Conference and Reception Centre, one of the Fort Wayne bank owned properties that are up for sale, has gained the attention of several interested buyers, according to CB Richard Ellis Sturges, the firm representing property owner First Merchants Bank.
Several bank owned properties in Indiana have come in the market in the last few months and the conference center is one of a handful that has attracted multiple buyer interests. The conference venue was owned by Jane and Roger Speicher prior to its sale to First Merchants. The couple encountered financial troubles and were forced to sell the structure.
According to local real estate brokers, Landmark is a perfect example of an overleveraged property, a trend that has become quite common not only among commercial real estate structures but also among residential properties and bank owned houses. Brokers stated that with the decline of the economy, the conference center suffered from events cancellations and delayed corporate functions.
The Speichers revealed that there was already a buyer for Landmark, but the deal broke down when the buyer backed out. The couple then opted for a friendly foreclosure, a process wherein borrowers cooperate with the lender to come up with a better alternative. A lot of other properties ended as Fort Wayne bank owned properties after owners take advantage of the friendly foreclosure process.
Reports revealed that the Speichers spent almost $3 million to build the center in 2005. They also owned the North Star Civic Center which they eventually offered for sale so that they can focus solely on Landmark.
Brokers handling the sale of the center stated that the property is in great condition and can accommodate 700 people. They expect to conduct several tours of the property for interested buyers in the coming weeks. Brokers involved in the sale have added that the conference center will likely remain as an events venue, although some interested buyers might convert it into an office or a school building.
According to CB Richard Ellis, several buyers have shown interest in Landmark, one of the high profile Fort Wayne bank owned properties that has come in the market lately. Real estate brokers handling the sale are optimistic that the property will soon be sold by its owner First Merchants Bank.
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