DeBartolo Has LOI for 600,000-SF Mall, More

PLAINFIELD, IN-In the wake of Premier Properties’ bankruptcy and dissolution, Tampa-based DeBartolo Development has a letter of intent to acquire the 600,000-sf Metropolis Mall here. Dominion Capital Management, one of Premier’s lenders, has already taken control of many of the Indianapolis-based company’s properties. DeBartolo intends to acquire the mall many of the other sites, says Dominion’s attorney, Henry A. Efroymson.

Recently, US Bankruptcy Court Judge Basil H. Lorch III converted Premier’s bankruptcy claim from Chapter 7 to Chapter 11, and now all the assets will be liquidated. Premier, run by founder Christopher White, owned and developed many properties in the Midwest, including Bridgewater Falls in Hamilton, OH, Main Street Crossing here, and the Foundry, in Washington, PA. The company also was working on projects such as the 2.4-million-sf Venu lifestyle center in Indianapolis, and the 675,000-sf Current lifestyle center in Lee Vista, FL.

Efroymson says DeBartolo has a letter of intent signed for the Metropolis. Dominion has reportedly hired CB Richard Ellis to manage the mall until a new owner takes over. DeBartolo is now going through due diligence regarding the purchase of this and a few other properties, Efroymson tells GlobeSt.com.

A DeBartolo spokeswoman tells GlobeSt.com that she can’t comment about Premier. “Ask again in about a month,” she says. DeBartolo, a developer and owner, has completed properties such as Pineapple Commons at Stuart Square in Stuart, FL and Meadowlands Town Center in Chardon, OH.

Metropolis, located about 10 miles south of Indianapolis, has about 50 shops with anchors JC Penney, Rave Theater and Dick’s Sporting Goods, as well as Barnes & Noble and Old Navy. A 384,000-sf phase two expansion was planned, with a hotel component.