Retail strip heads to foreclosure

The small retail strip on West Broad Street will be put to sale on Friday. Photo by Burl Rolett.

The small retail strip on West Broad Street will be put to sale on Friday. Photo by Burl Rolett.

A stretch of West Broad Street that houses some popular retailers will be put to auction this week.

The small retail center at 9460 W. Broad St., occupied by a TCBY, Qdoba and Leisure Fitness, will head to foreclosure this Friday. The property’s owner, 9460 West Broad Good Earth Investment LLC, is in default on a $2 million loan.

The 8,000-square-foot retail strip is fully occupied between the yogurt shop, restaurant and exercise equipment retailer. Friday’s sale will include the building and its 1.2 acres of land. The property fronts Broad Street near Old Springfield Road and backs up to the Kroger and Lowes parking lots.

Wells Fargo is the note holder on the 8-year-old mortgage. 9460 West Broad Good Earth Investment LLC bought the property in 2006, about the time the loan was issued, for $2.73 million. LaSalle Bank National Association originated the loan.

State Corporation Commission records show that Good Earth Investment is based in Sterling, Va. Kultar Kang is listed as the firm’s managing member on both the loan document and state records. Kang could not be reached for comment on the property.

The sale is slated for 11 a.m. on Aug. 22 at the Henrico County Courthouse.

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