The Woodlake Commons shopping center is set to be sold off next week. Photos by Katie Demeria.
A Chesterfield County shopping center is heading to the auction block.
The 47,000-square-foot Woodlake Commons Shopping Center near the corner of Hull Street Road and Woodlake Village Parkway is scheduled for a foreclosure auction on Sept. 8.
The foreclosure was initiated after the property’s owner, Virginia Beach-based Breeden Cos., defaulted on an $8.7 million loan. It owns the property through Woodlake Retail LLC, according to state and county records.
According to Breeden Cos., about 35 percent of the shopping strip is vacant.
The shopping center sits on 14 acres at 6800 Woodlake Commons Loop, and its tenants include a Virginia ABC store, Minnieland, Spotlight Dance Studio and Shogun Steak & Sushi. According to the Breeden Cos. website, there is about 16,850 square feet of space available in the center.
Officials with Breeden did not return requests for comment.
The auction is set to take place at 10 a.m. on the steps of the Chesterfield County Circuit Court.
The company has owned the property since at least 2003 and developed Woodlake Commons in 2006. County records show that most recent assessments value it at $6.7 million.
According to a report by the commercial real estate tracking firm Trepp, the property’s $8.7 million loan was transferred to a special servicer, C-III Asset Management, in January. Special servicers are typically brought in on commercial mortgages when loans are headed to default.
Trepp reports that the owner provided a written statement indicating that it is “unable to remit future required payments due to low occupancy/low cash flow.”
LaSalle Bank National Association was the original lender on the $8.7 million note, which has a $7.9 million balance, according to Trepp. Wells Fargo is the current owner of the loan.
The trustee handling the auction is Jay Kepley of Kepley Broscious & Biggs. He declined to comment on the pending auction.
Breeden also owns an adjacent undeveloped 2.8-acre parcel between Woodlake Commons Loop and Woodlake Village Parkway through Woodlake Commons Shopping Center LLC. That land is not included in the foreclosure.
Breeden Cos.’ other Richmond projects have included the development of Towne Center West in Short Pump and the 422-unit Reflections of West Creek apartment complex. According to its website, Breeden was founded in 1961 and has developed, built and operated over 7,000 apartments and 2 million square feet of commercial, shopping center and office space.
The Woodlake Commons shopping center is set to be sold off next week. Photos by Katie Demeria.
A Chesterfield County shopping center is heading to the auction block.
The 47,000-square-foot Woodlake Commons Shopping Center near the corner of Hull Street Road and Woodlake Village Parkway is scheduled for a foreclosure auction on Sept. 8.
The foreclosure was initiated after the property’s owner, Virginia Beach-based Breeden Cos., defaulted on an $8.7 million loan. It owns the property through Woodlake Retail LLC, according to state and county records.
According to Breeden Cos., about 35 percent of the shopping strip is vacant.
The shopping center sits on 14 acres at 6800 Woodlake Commons Loop, and its tenants include a Virginia ABC store, Minnieland, Spotlight Dance Studio and Shogun Steak & Sushi. According to the Breeden Cos. website, there is about 16,850 square feet of space available in the center.
Officials with Breeden did not return requests for comment.
The auction is set to take place at 10 a.m. on the steps of the Chesterfield County Circuit Court.
The company has owned the property since at least 2003 and developed Woodlake Commons in 2006. County records show that most recent assessments value it at $6.7 million.
According to a report by the commercial real estate tracking firm Trepp, the property’s $8.7 million loan was transferred to a special servicer, C-III Asset Management, in January. Special servicers are typically brought in on commercial mortgages when loans are headed to default.
Trepp reports that the owner provided a written statement indicating that it is “unable to remit future required payments due to low occupancy/low cash flow.”
LaSalle Bank National Association was the original lender on the $8.7 million note, which has a $7.9 million balance, according to Trepp. Wells Fargo is the current owner of the loan.
The trustee handling the auction is Jay Kepley of Kepley Broscious & Biggs. He declined to comment on the pending auction.
Breeden also owns an adjacent undeveloped 2.8-acre parcel between Woodlake Commons Loop and Woodlake Village Parkway through Woodlake Commons Shopping Center LLC. That land is not included in the foreclosure.
Breeden Cos.’ other Richmond projects have included the development of Towne Center West in Short Pump and the 422-unit Reflections of West Creek apartment complex. According to its website, Breeden was founded in 1961 and has developed, built and operated over 7,000 apartments and 2 million square feet of commercial, shopping center and office space.