EVANSVILLE - The Kunkel Group has six of its properties — most of them Downtown — listed for sale online by Hilco Real Estate, a major real estate sales firm.
The total offering price for all six properties is $42.8 million, according to paperwork provide by Hilco Real Estate.
Adam Kunkel, vice president of The Kunkel Group, said the listings were a positive sign for the company.
“The ($42.8 million) figure is a testament to the success of our properties, and we decided to market a portion of our portfolio,” he said.
“...It sets the stage for future development locally and regionally. We look forward to more development.”
The Kunkel Group is in default on city loans totaling about $460,000, plus interest, for its development of a Downtown building, according to a lawsuit filed in Vanderburgh Circuit Court.
Adam Kunkel said the recent listings aren’t related to the city lawsuit.
“It’s something we’ve been working on the past year,” he said.
The Kunkel Group also owns the former McCurdy Hotel. The historic building was not among the listings.
The properties for sale include:
Park 41, the former Whirlpool manufacturing plant at 5401 U.S. 41 North
Court Building at 123 NW Fourth St.
Walker Building at 401 SE Sixth St.
Fendrich Plaza at 100 E. Sycamore St.
Hulman Building at 20 NW Fourth St. and 109 NW Third St.
Kunkel Square at 329 Main St.
Joel Schneider, a broker with Hilco Real Estate, said the listings went online about two weeks ago.
The city’s lawsuit was revealed on Aug. 15.
City loans received by The Kunkel Group date to 2006, when the company and then-Mayor Jonathan Weinzapfel announced development of the former de Jong’s building at Third and Main streets, now known as Meridian Plaza.
The Kunkel Group received two Housing Project loans from the city for $310,000, including a five-year loan with two years of interest-free financing, and a $150,000 Exterior Improvement Loan calling for regular payments over seven years.
In late 2012, The Kunkel Group debuted its Market Street Living apartments across from the Coliseum. The building includes some vacancies.
The company’s large collection of projects also has included the Renaissance in the former JCPenney building.
At Park 41, the former Whirlpool manufacturing facility, Kunkel has provided space for a mix of small businesses and industries. Some vacant space remains there.
Last October, Kunkel Group owner Ben Kunkel reported receiving a $12 million loan on a 1.2 million square-foot property from Maverick Commercial Mortgage Inc. in Chicago.
Kunkel said then the funding was provided to help him, as the developer, builder and designer, recoup some money he spent on the building since purchasing it for $2.9 million in April 2011.
The loan also was intended to assist with additional remodeling planned by Kunkel.