With one bid, lender reclaims retail strip

The Wistar Center, along Staples Mill Road, went to auction on Monday. Photo by Katie Demeria.

The Wistar Center, along Staples Mill Road, went to auction on Monday. Photo by Katie Demeria.

A strip center on Staples Mill Road was reclaimed by its lender at a foreclosure auction on Monday.

The Wistar Center, a 50,000-square-foot office and retail property in Henrico County, was put on the auction block after its owner defaulted on its $3.38 million loan.

About 10 potential bidders attended yesterday’s auction in front of the Henrico County courthouse, but none tried to outbid the bank’s starting amount of $3.27 million.

Two bidders approached trustee Henry Brandenstein, of Tysons Corner-based law firm Venable LLP, before the auction took place but left saying the starting bid was too high.

Brandenstein declined to comment on the foreclosure, and none of the potential bidders wanted to comment.

Bank of America is the note holder for the 5-acre Wistar Center property. The loan was originally borrowed in November 2005, and Morgan Stanley Mortgage Capital Inc. was the original lender.

The owner had been Delaware-based DBSI Wistar Center LLC. It was tied to DBSI Cos., an Idaho real estate investment firm that was accused of plotting a massive Ponzi scheme in 2008 and subsequently went belly-up.

A special servicer took hold of the loan on the property for the first time in 2008, but then later returned it to the owners. It again took over the loan early last year, according to real estate tracking firm Trepp.

The center consists of three buildings spanning 8101 through 8157 Staples Mill Road. The first fronts Staples Mill Road with tenants including Tip Thai Restaurant, Crown Trophy, Unitek Computers and Beverly Hill Jewelers. The other two buildings, behind the first, are mostly empty store fronts.

Cushman & Wakefield | Thalhimer handles leasing for the Wistar Center. According to the company’s website, it currently has 23,936 square feet available.

The Wistar Center, along Staples Mill Road, went to auction on Monday. Photo by Katie Demeria.

The Wistar Center, along Staples Mill Road, went to auction on Monday. Photo by Katie Demeria.

A strip center on Staples Mill Road was reclaimed by its lender at a foreclosure auction on Monday.

The Wistar Center, a 50,000-square-foot office and retail property in Henrico County, was put on the auction block after its owner defaulted on its $3.38 million loan.

About 10 potential bidders attended yesterday’s auction in front of the Henrico County courthouse, but none tried to outbid the bank’s starting amount of $3.27 million.

Two bidders approached trustee Henry Brandenstein, of Tysons Corner-based law firm Venable LLP, before the auction took place but left saying the starting bid was too high.

Brandenstein declined to comment on the foreclosure, and none of the potential bidders wanted to comment.

Bank of America is the note holder for the 5-acre Wistar Center property. The loan was originally borrowed in November 2005, and Morgan Stanley Mortgage Capital Inc. was the original lender.

The owner had been Delaware-based DBSI Wistar Center LLC. It was tied to DBSI Cos., an Idaho real estate investment firm that was accused of plotting a massive Ponzi scheme in 2008 and subsequently went belly-up.

A special servicer took hold of the loan on the property for the first time in 2008, but then later returned it to the owners. It again took over the loan early last year, according to real estate tracking firm Trepp.

The center consists of three buildings spanning 8101 through 8157 Staples Mill Road. The first fronts Staples Mill Road with tenants including Tip Thai Restaurant, Crown Trophy, Unitek Computers and Beverly Hill Jewelers. The other two buildings, behind the first, are mostly empty store fronts.

Cushman & Wakefield | Thalhimer handles leasing for the Wistar Center. According to the company’s website, it currently has 23,936 square feet available.

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