Celadon Group inc. former Indianapolis headquarters was sold just over a year after the trucking company filed for bankruptcy.
IndyGo bought the Celadon site at 9503 E. 33rd St., on the east side of town for $ 3 million, according to documents filed with a U.S. bankruptcy court in Delaware. The sale of the approximately 11-acre site which contains three buildings and a parking lot was closed on December 17.
JLL is listed as Celadon’s real estate broker.
Faith Chadwick, head of public information for IndyGo, said by email that the agency had purchased the property to create a more functional space for the agency’s staff and operations.
The new facility will support administrative functions and provide additional space for bus operations, Chadwick said.
According to documents filed by the agency, IndyGo intends to use the property to store its fleet and to safely remove workers during the novel coronavirus pandemic.
The transit agency purchased additional buses to increase service for users, but the fleet is now larger than what can be accommodated at the agency’s facilities at 1501 W. Washington Street.
The new facilities would also allow the agency to have all of its staff on site and rotate workers inside and outside the building during the pandemic.
“Providing more space for IndyGo’s fleet and for social distancing were important considerations in the decision to purchase additional facilities,” Chadwick said. “The new property will provide more space for employee social distancing and vehicle storage. “
Celadon filed for bankruptcy in early December 2019, immediately shutting down, leaving nearly 4,000 unemployed employees and drivers stranded on the delivery route.
As the bankruptcy case progressed in court, the company sold assets.
“Confusion and aggravation”: Celadon truck drivers seek answers after bankruptcy
In addition to IndyGo, Palmer Trucks announced in July that it was expanding its operations in Indianapolis and moving into a 140,000 square foot former Celadon facility near North Post Road on East 30th Street.
Celadon’s collapse has been attributed to a variety of factors, including a market downturn and executive mismanagement. The former CFO and COO of the company have been charged in a complex fraud scheme.
Former CEO Paul Svindland, a business turnaround expert who led Celadon from July 2017 until the company went bankrupt, also had to take time off work to have a benign brain tumor removed.