After evading an auction in September, a Chesterfield County shopping center is once again headed to foreclosure.
The Woodlake Commons Shopping Center at Hull Street Road and Woodlake Village Parkway has been rescheduled for foreclosure on Dec. 4.
The 47,000-square-foot property sits at 6800 Woodlake Commons Loop. It is owned by Virginia Beach-based Breeden Cos., which defaulted on an $8.7 million loan on the property.
Breeden, known locally as the developer of Towne Center West, owns the Woodlake property through Woodlake Retail LLC, according to state and county records. The company did not respond to a request for comment.
The auction is scheduled to take place at 10 a.m. on the steps of the Chesterfield County Circuit Court.
Attorney Jay Kepley of Kepley Broscious & Biggs, who is handling the auction as trustee, would not comment on why the previous foreclosure attempt was stalled.
The shopping center’s tenant list includes an ABC store, Minnieland, Spotlight Dance Studio and Shogun Steak & Sushi.
Breeden has owned the 14-acre property since at least 2003 and developed the shopping center in 2006. The most recent county assessment values it at $6.7 million.
Special servicer C-III Asset Management took over the property’s $8.7 million loan in January, according to the commercial real estate tracking firm Trepp. The former LaSalle Bank was the original lender on the note, which has a $7.9 million balance. Wells Fargo is the loan’s current owner.
Breeden also owns an adjacent undeveloped 2.8-acre lot between Woodlake Commons Loop and Woodlake Village Parkway through Woodlake Commons Shopping Center LLC that is not included in the foreclosure.
Breeden’s other local developments include the 422-unit Reflections of West Creek apartment complex.
According to its website, Breeden Cos. was founded in 1961 and has built and operated over 7,000 apartments and 2 million square feet of commercial, shopping center and office space.