Foreclosure proceedings wrapped up on Thursday for one of South Bend’s most iconic buildings.
The former owners of One Michiana Square fell some $8 million behind in loan payments. On Thursday, the building was auctioned off at a sheriff’s foreclosure sale for $3.8 million.
The high bid came from the corporation that bought the building’s debt in 2010 – The SPCP Group Five L.L.C.
The proceeds will be used to pay off back taxes and other outstanding obligations.
One Michiana Square was built in 1984. Day to day operations are being handled by a local property management firm.