Update: This story has been updated to include information about the pending closure of the Kroger store in Creighton Crossing.
A Hanover retail strip has a date with the auction block this week.
Creighton Crossing I, an 18,000-square-foot retail property at 6102-6104 Brashier Blvd., is scheduled to go to foreclosure on Friday.
The property sits on about 2 acres and is part of the larger, Kroger-anchored Creighton Crossing Shopping Center off Mechanicsville Turnpike.
Its current owners, Fanaroff/Steppa-Hampton 1 D LLC, purchased the retail center in 2006 for $5.5 million before defaulting on a $3.35 million loan.
The strip had about 6,500 square feet of vacant space, according to a flier from Taylor Long Properties, which had been handling the property late last year. Its current tenants include Primo Pizza, Rico’s Restaurant and Solar Nails.
The larger shopping center is separated into parcels mostly owned by their own tenants, such as Virginia Credit Union, Kroger and Virginia Family Dentists.
Kroger plans to close its Creighton Crossing Shopping Center location in favor of a new Kroger Marketplace store about half a mile down Mechanicsville Turnpike where it intersects with Compass Point Lane.
Mike Carroll of General Land, which is working with Kroger on the new store, said the Creighton Crossing location has done very well, which made the grocery chain want to add one of its larger Marketplace stores to the area.
Carroll said construction should start next month and the store will open in early 2017. He added that Kroger is currently considering other uses for the Creighton Crossing location, which will close when the new location opens.
The foreclosure was prompted by a default on a loan balance of $3.3 million and is currently being held by LaSalle Bank National, now part of Bank of America. The loan was originally made in 2005 through lender Archon Financial LP to Creighton Crossing One LLC, which sold the property to the current owners.
It is unclear who exactly is behind the current ownership entity. The substitute trustee, Constantinos Panagopoulos of Ballard Spahr, declined to comment.
According to Hanover County assessments, the property was most recently valued at $3.01 million.
The foreclosure is set to take place at 11 a.m. on Friday in front of Hanover County Circuit Court at 7507 Library Drive.