Lexington Commons’ owners fell behind on its loan last summer.
A retail strip just east of Innsbrook is headed to the auction block.
The Lexington Commons Shopping Center at 10156-10192 W. Broad St. is scheduled for a May 5 foreclosure auction on the steps of the Henrico County Circuit Court at 11 a.m.
The foreclosure was prompted by a default on a $5.61 million loan on the property, according to a legal notice.
The property has two units available for lease.
First Allied Corporation has owned the 21,995-square-foot property since buying it in 1999 for $3.21 million, according to a Henrico public record. The strip, which sits on 2.67 acres, was most recently assessed at $4.12 million.
A message left for First Allied Corporation was not returned by press time.
The now-defunct Lehman Brothers was the original lender in 2005 on the loan in question, according to a report from commercial mortgage tracking firm Trepp. The note was eventually taken over by Wells Fargo and transferred to special servicer LNR in 2014.
The property has struggled with cash flow as far back as 2010, Trepp found in its report. The owner fell behind on the loan beginning in July 2015.
Built in 1991, Lexington Commons is a 13-unit, one-story mix of retail and eateries such as Pho Saigon, Chanello’s Pizza, River City Tatto, Kulture and the forthcoming Ninja Hibachi.
According to a recent First Allied flier, Lexington Commons has two units available for lease that are 1,200 square feet and 1,400 square feet.
Northern Virginia law firm Blankingship & Keith is handling the foreclosure.
Lexington Commons’ owners fell behind on its loan last summer.
A retail strip just east of Innsbrook is headed to the auction block.
The Lexington Commons Shopping Center at 10156-10192 W. Broad St. is scheduled for a May 5 foreclosure auction on the steps of the Henrico County Circuit Court at 11 a.m.
The foreclosure was prompted by a default on a $5.61 million loan on the property, according to a legal notice.
The property has two units available for lease.
First Allied Corporation has owned the 21,995-square-foot property since buying it in 1999 for $3.21 million, according to a Henrico public record. The strip, which sits on 2.67 acres, was most recently assessed at $4.12 million.
A message left for First Allied Corporation was not returned by press time.
The now-defunct Lehman Brothers was the original lender in 2005 on the loan in question, according to a report from commercial mortgage tracking firm Trepp. The note was eventually taken over by Wells Fargo and transferred to special servicer LNR in 2014.
The property has struggled with cash flow as far back as 2010, Trepp found in its report. The owner fell behind on the loan beginning in July 2015.
Built in 1991, Lexington Commons is a 13-unit, one-story mix of retail and eateries such as Pho Saigon, Chanello’s Pizza, River City Tatto, Kulture and the forthcoming Ninja Hibachi.
According to a recent First Allied flier, Lexington Commons has two units available for lease that are 1,200 square feet and 1,400 square feet.
Northern Virginia law firm Blankingship & Keith is handling the foreclosure.