A Chesterfield County shopping center has gone back to the bank.
The 47,000-square-foot Woodlake Commons Shopping Center was reclaimed by its lender Wells Fargo in a foreclosure auction Friday.
The auction drew out two active bidders, in addition to the bank, who offered $1 million and then $5.01 million but were unwilling to rise above the noteholder’s $8 million bid.
Broker Jeff Doxey of NAI Eagle represented the bank in its bidding efforts. Doxey said Eagle will handle leasing and management of the property, which fell into foreclosure after its previous owner, Virginia Beach-based Breeden Cos. defaulted on an $8.7 million loan.
Located at 6800 Woodlake Commons Loop off Hull Street Road near Swift Creek Reservoir, the shopping center’s tenants include an ABC store, Minnieland, Spotlight Dance Studio and Shogun Steak & Sushi.
“Well, it’s challenging because it’s off the road, but it’s on Hull Street, which is a major retail corridor, with great residential neighborhoods around it,” Doxey said. “There is potential.”
Breeden, known locally as the developer of Towne Center West, purchased the 14-acre property in 2003 through Woodlake Retail LLC and began developing the shopping center in 2006. The company has not returned calls seeking comment regarding the foreclosure.
The note currently has a $7.9 million balance. Special servicer C-III Asset Management took it over in January, according to the real estate tracking firm Trepp. The former LaSalle Bank was the original lender.
The county most recently assessed the property at $6.7 million.
Local attorney Jay Kepley of Kepley Broscious & Biggs handled the foreclosure auction. He declined to comment.
Breeden’s other local developments include the 422-unit Reflections of West Creek apartment complex. The company, through Woodlake Commons Shopping Center LLC, also owns an undeveloped 2.8-acre lot next to the shopping strip center between Woodlake Commons Loop and Woodlake Village Parkway, which was not included in the foreclosure.