The building at 11501 North Lakeridge Parkway. (Photos by David Larter)
Two large warehouse and office buildings in Hanover County are heading to foreclosure.
The buildings, which make up the Commons at Northlake in Ashland, total about 105,000 square feet and are owned by Northlake Park, LLC.
Northlake is in default on a $5.5 million line of credit from 2003 that was secured by the 13-acre parcel, according to a foreclosure notice. The two buildings are at 11501 and 11505 North Lakeridge Parkway.
11505 North Lakeridge Parkway
Northlake Park’s principals include Gibson Wright and John Gibbs, major landholders in the area of the Lewistown Road and Lakeridge Parkway intersection, according to attorney Robert Henley, the LLC’s registered agent.
Calls and emails to Northlake Park were not returned by press time.
The foreclosure auction is scheduled for May 9 at the Hanover County Circuit Court.
Christopher Glaser and James Markels, attorneys with the firm Jackson & Campbell in Washington, are handling the foreclosure. Neither Glaser nor Markels responded to calls by press time.
Jason Hetherington, a broker with Colliers International who handles leasing for the two properties, said the buildings had about 24,000 square feet of vacancy. Tenants include Meyer Decorative Surfaces, Norandex Building Materials and Jefco Inc.
The Commons at Northlake is across the street from the site of a planned outlet mall being developed by the California-based Craig Realty Group.
Wright and his associates sold the land to Craig at the end of last year.
In December, Wright also sold a nearby 14.5-acre site to the state for the new Department of Game and Inland Fisheries headquarters. The agency is moving from its Richmond building on West Broad Street.
The state purchased the property for $1.48 million.
The building at 11501 North Lakeridge Parkway. (Photos by David Larter)
Two large warehouse and office buildings in Hanover County are heading to foreclosure.
The buildings, which make up the Commons at Northlake in Ashland, total about 105,000 square feet and are owned by Northlake Park, LLC.
Northlake is in default on a $5.5 million line of credit from 2003 that was secured by the 13-acre parcel, according to a foreclosure notice. The two buildings are at 11501 and 11505 North Lakeridge Parkway.
11505 North Lakeridge Parkway
Northlake Park’s principals include Gibson Wright and John Gibbs, major landholders in the area of the Lewistown Road and Lakeridge Parkway intersection, according to attorney Robert Henley, the LLC’s registered agent.
Calls and emails to Northlake Park were not returned by press time.
The foreclosure auction is scheduled for May 9 at the Hanover County Circuit Court.
Christopher Glaser and James Markels, attorneys with the firm Jackson & Campbell in Washington, are handling the foreclosure. Neither Glaser nor Markels responded to calls by press time.
Jason Hetherington, a broker with Colliers International who handles leasing for the two properties, said the buildings had about 24,000 square feet of vacancy. Tenants include Meyer Decorative Surfaces, Norandex Building Materials and Jefco Inc.
The Commons at Northlake is across the street from the site of a planned outlet mall being developed by the California-based Craig Realty Group.
Wright and his associates sold the land to Craig at the end of last year.
In December, Wright also sold a nearby 14.5-acre site to the state for the new Department of Game and Inland Fisheries headquarters. The agency is moving from its Richmond building on West Broad Street.
The state purchased the property for $1.48 million.