The Shoppes at Twin Oaks. (Photo by Michael Schwartz)
A foreclosure has sent a Short Pump shopping center back to its lenders.
The Shoppes at Twin Oaks, at Cox Road and Westerre Parkway, is now in the hands of LNR, a special servicer that handles commercial mortgage-backed securities. A foreclosure auction was held Monday for the 39,000-square-foot property after its owner defaulted on an $8.2 million loan.
Eric Robison, a broker with Cushman & Wakefield | Thalhimer, said his firm is handling the five-acre property for LNR.
Tenants include Cupertino’s New York Bagels and Deli, Big Al’s Sports Bar and Grill, a CrossFit gym, Bank of America and a Bikram yoga studio. The shopping center consists of three small separate strips centers.
One of the property’s former owners, developer Nathan Shor, told BizSense last week that the recession ate into the profitability of the shopping center because the rents he could demand kept shrinking after it was built in 2006.
Harrison Hall, a retail broker with NAI Eagle, said that retail rents have begun to creep up but that it is a mixed bag.
“I think they’ve shifted a little bit toward pre-recession levels, but it’s hard to say,” Hall said. “We’re seeing it all over the map – it’s really project by project. Some landlords are giving breaks, and some are starting to look for rates closer to pre-recession levels.”
According to a Thalhimer market report, the average rent in Short Pump for retailers is $23.25 per square foot per year. That’s down from the fourth quarter of 2009, when the asking price was almost $27 per square foot, but up from the end of 2011, when it was $21.90 per square foot.
Twin Oaks’ loan was a commercial mortgage-backed security, which is when a bank’s loan on a commercial property is bundled with other loans and sold to investors as securities.
As a special servicer, LNR acts as the building’s owner and finds a way to repay the lenders, whether by leasing up the space or selling the property.
The center’s original owner, Cox Road LLC, had been delinquent since April 2012, according to a report from the real estate tracking firm Trepp.
The Shoppes at Twin Oaks. (Photo by Michael Schwartz)
A foreclosure has sent a Short Pump shopping center back to its lenders.
The Shoppes at Twin Oaks, at Cox Road and Westerre Parkway, is now in the hands of LNR, a special servicer that handles commercial mortgage-backed securities. A foreclosure auction was held Monday for the 39,000-square-foot property after its owner defaulted on an $8.2 million loan.
Eric Robison, a broker with Cushman & Wakefield | Thalhimer, said his firm is handling the five-acre property for LNR.
Tenants include Cupertino’s New York Bagels and Deli, Big Al’s Sports Bar and Grill, a CrossFit gym, Bank of America and a Bikram yoga studio. The shopping center consists of three small separate strips centers.
One of the property’s former owners, developer Nathan Shor, told BizSense last week that the recession ate into the profitability of the shopping center because the rents he could demand kept shrinking after it was built in 2006.
Harrison Hall, a retail broker with NAI Eagle, said that retail rents have begun to creep up but that it is a mixed bag.
“I think they’ve shifted a little bit toward pre-recession levels, but it’s hard to say,” Hall said. “We’re seeing it all over the map – it’s really project by project. Some landlords are giving breaks, and some are starting to look for rates closer to pre-recession levels.”
According to a Thalhimer market report, the average rent in Short Pump for retailers is $23.25 per square foot per year. That’s down from the fourth quarter of 2009, when the asking price was almost $27 per square foot, but up from the end of 2011, when it was $21.90 per square foot.
Twin Oaks’ loan was a commercial mortgage-backed security, which is when a bank’s loan on a commercial property is bundled with other loans and sold to investors as securities.
As a special servicer, LNR acts as the building’s owner and finds a way to repay the lenders, whether by leasing up the space or selling the property.
The center’s original owner, Cox Road LLC, had been delinquent since April 2012, according to a report from the real estate tracking firm Trepp.
An additional issue with this shopping center is that it’s difficult to get in and out of. Most shopping centers around Short Pump have bizarre maze-like parking lots, but this one is particularly annoying. Cupertino’s has the best bagels in the entire metro area, though so that makes it worth the aggravation.