AIG forecloses on West End strip center

The 90,000-square-foot shopping center was returned to its lender in a foreclosure auction. Photo by Katie Demeria.

The 90,000-square-foot shopping center was returned to its lender in a foreclosure auction. Photo by Katie Demeria.

A West End shopping center has been snatched back by its lender.

Financial giant AIG took control of the 90,000-square-foot Deep Run Centre during a foreclosure auction on Jan. 26.

The strip center is located at 3955-3979 Deep Rock Rd., just off West Broad Street to the east of Innsbrook. It fell into foreclosure after its owner, the 1982 Austin Fort Street Land Trust out of Hawaii, defaulted on a $7.2 million to AIG, county records show.

The trust purchased the center in 2007 for $12.4 million.

AIG made the prevailing bid at auction of $6 million. Jeff Flinn with AIG Asset Management declined to comment on the property.

Cushman & Wakefield | Thalhimer’s Evan Magrill and Anthony Rotunda handle leasing for Deep Run Centre. Its tenants currently include Capel Rugs, Bella Rosa Bridal and Phyzique fitness club.

The property was fully leased when the trust purchased it in 2007, but “the tenants that were in place did not survive the recession,” Magrill said in an email.

One of the biggest casualties, he added, was Thomasville Furniture. The empty, 15,000-square-foot Thomasville storefront faces West Broad Street.

ECR Pharmaceuticals, which was purchased in 2009 by Hi-Tech Pharmacal, had also been a tenant there.

According to Thalhimer’s website, Deep Run Centre has about 40,000 square feet of vacant space available to lease.

Henrico County assessments show that the 6.5-acre property was most recently assessed at just under $6 million. It was constructed in 1983.

Vernon Geddy with Williamsburg-based firm Geddy, Harris, Franck & Hickman was the substitute trustee for the foreclosure auction. Geddy did not return a request for comment.

The 90,000-square-foot shopping center was returned to its lender in a foreclosure auction. Photo by Katie Demeria.

The 90,000-square-foot shopping center was returned to its lender in a foreclosure auction. Photo by Katie Demeria.

A West End shopping center has been snatched back by its lender.

Financial giant AIG took control of the 90,000-square-foot Deep Run Centre during a foreclosure auction on Jan. 26.

The strip center is located at 3955-3979 Deep Rock Rd., just off West Broad Street to the east of Innsbrook. It fell into foreclosure after its owner, the 1982 Austin Fort Street Land Trust out of Hawaii, defaulted on a $7.2 million to AIG, county records show.

The trust purchased the center in 2007 for $12.4 million.

AIG made the prevailing bid at auction of $6 million. Jeff Flinn with AIG Asset Management declined to comment on the property.

Cushman & Wakefield | Thalhimer’s Evan Magrill and Anthony Rotunda handle leasing for Deep Run Centre. Its tenants currently include Capel Rugs, Bella Rosa Bridal and Phyzique fitness club.

The property was fully leased when the trust purchased it in 2007, but “the tenants that were in place did not survive the recession,” Magrill said in an email.

One of the biggest casualties, he added, was Thomasville Furniture. The empty, 15,000-square-foot Thomasville storefront faces West Broad Street.

ECR Pharmaceuticals, which was purchased in 2009 by Hi-Tech Pharmacal, had also been a tenant there.

According to Thalhimer’s website, Deep Run Centre has about 40,000 square feet of vacant space available to lease.

Henrico County assessments show that the 6.5-acre property was most recently assessed at just under $6 million. It was constructed in 1983.

Vernon Geddy with Williamsburg-based firm Geddy, Harris, Franck & Hickman was the substitute trustee for the foreclosure auction. Geddy did not return a request for comment.

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