A last-minute cash infusion wasn’t enough to save a Chesterfield County retail property from the auction block.
The Shops at Stonehenge, at 2013-2077 Walmart Way in Midlothian, is set to be auctioned Friday in a foreclosure sale.
The auction is scheduled for 2 p.m. on the steps of the Chesterfield County courthouse at 9500 Courthouse Road.
At 31,000 square feet, the Shops at Stonehenge houses national and regional tenants such as Q Barbecue, Cato Fashion and Windows Depot. It is wedged between a Sam’s Club and a Walmart Supercenter, neither of which are part of the foreclosure. The auction does not include the neighboring Argent Credit Union property.
The property, about 4 acres, originally was scheduled for foreclosure on Feb. 24, according to a report from Trepp, a commercial real estate tracking firm. It was delayed after the owner – Fort Worth, Texas-based Melhi Richmond Properties – allocated $800,000 to pay down part of its debt in an attempt to refinance the loan and delay foreclosure. However the deadline for loan payoff came and went, leading to this latest attempt at foreclosure.
The strip center was built during the height of the real estate boom in 2006, and reported a 94.2 percent occupancy rate during the first quarter of 2016, according to Trepp. Its rent revenue and total operating expenses for 2015 were $350,000 and $132,000, respectively. That’s down from its peak rent revenue and total operating expenses of $614,000 and $172,000 in 2008.
The property most recently was assessed at $6.5 million by the county.
Melhi Richmond could not be reached for comment Monday afternoon. Shops at Stonehenge substitute trustee Andrew S. Hirsch with Tyson’s Corner-based law firm Venable LLP would not comment about the pending auction.
The outstanding balance on the retail center is $3.03 million, according to Trepp.
The loan was originated by Wachovia and later sold off into a commercial mortgaged-backed security.