The Herald Bulletin

Morning Update

Local Business

June 14, 2013

Wells Fargo Bank assumes control of former Remy headquarters

Property is prime Flagship location

ANDERSON — The former Remy International world headquarters at Flagship Enterprise Center has languished under neglectful stewardship, but now is back in the hands of an owner that cares.

Or, so Anderson Interim Economic Development Director Greg Winkler hopes.

Wells Fargo Bank on Friday took control of the 70,000-square-foot building at a Madison County Sheriff's sale after its owner, Breezy Indiana LLC, defaulted on a $7.4 million loan it secured to buy the building in 2007.

Representatives of Breezy Indiana could not be reached for comment. The company is located in Woodland Hills, California.

Winkler said Breezy never updated the building, which was built in 1995. According to Madison County assessment records, the property was valued at slighly more than $28 million in 2012.

Wells Fargo acquired the right to take control of the building after bidding $3.45 million on the property.

"I see this as a good thing, because it puts that building back into play," Winkler said after Friday's sheriff sale.

Cassidy Turley Commercial Real Estate Services is marketing the property. Wells Fargo's takeover is expected to be finalized next month. Winkler said he hopes quick action will be taken to install a new roof and heating and air conditioning so that the building will be more attractive to potential investors.

What makes the building unique, Winkler added, is that it can be easily subdivided into executive offices and laboratories for product development and testing functions.

The building, at 2902 Enterprise Drive, served as Remy International's headquarters from 1996 until 2007, according to a company spokesman.

The company vacated the building and consolidated its executive offices in Pendleton in the spring of 2007, which is when Breezy Indiana surfaced as a buyer.

In June 2007, Remy International Inc., filed a voluntary Chapter 11 bankruptcy reorganization to reduce its debt from $700 million to $360 million.

Breezy Indiana questioned certain technical aspects of the bankruptcy, according to court documents, but it was not immediately clear from the records available online how those questions were resolved.

Remy International produces starters and alternators for the auto industry. As Delco Remy America, it spun off from GM in 1994 and employed nearly 1,500 people locally until the company moved production out of the country in 2003.

Like Stu Hirsch on Facebook and follow him @stuhirsch on Twitter, or call 640-4861.

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