A foreclosed piece of a shopping center in Henrico County is heading to the auction block this month.
About 22,000 square feet of Virginia Center Station will be auctioned Dec. 18. Motley’s Auction and Realty Group is handling the sale.
The shopping center is 75,000 square feet and is divided into several parcels of land, all with different owners. Lenders are foreclosing on 11 units that total 22,000 square feet. The owner of the foreclosed piece is an out-of-town investment group called Tridelphia Properties that has a registered agent in Northern Virginia.
Tenants at the six-year-old property, at 1080 Virginia Center Parkway next to Virginia Center Commons, include Great Wraps, a Christian bookstore and a cleaners. Seven of the 11 units are leased, according to Motley’s. Four of those seven leased units are vacant. The shopping center is anchored by Best Buy and Buffalo Wild Wings.
County records show the 2.4-acre property lost a significant chunk of its value in the recession. Its assessment peaked at $6.1 million in 2008 and stands at $4.7 million today.
Motley’s president Mark Motley said the property owner fell behind on payments and let vacancy get out of hand, but he’s confident a new owner could do better.
“It’s a very nice location, very high end,” Motley said. “It’s an income-producing property and could have some nice cash flow once the new buyer comes in.”
The auction will be at the Motley’s headquarters at 4402 W. Broad St.
A bit off topic, but I worked near VCC a couple years ago, and used that dry cleaners. They are hands down the best dry cleaners I’ve ever used — very friendly employees and great quality work. I wish I could still use them, but have moved and it’s very out of the way for me now.
Mr. Motley is not blowing smoke, this property could return to gem of an investment property with proper managment.
And the downward spiral of VCC continues…