A bank-anchored office property near Virginia Center Commons may soon have a new owner as its date with the auction block has been set.
The two-building, 163,000-square-foot complex at 10561 and 10571 Telegraph Road has been scheduled for a foreclosure sale after the loan on the property matured and went into default earlier this year.
A third 3.3-acre plot at 10551 Telegraph Road is also part of the foreclosure, which will be held Aug. 11 at 2 p.m. on the steps of the Henrico County Circuit courthouse, according to a legal notice.
The borrower and owner is an affiliate of San Diego-based Westcore Properties, which purchased the site in 2008 for $22.5 million.
A message left for CEO Donald Ankeny was not returned by press time.
The property consists of two buildings: 10561 Telegraph Road, which comprises four stories and 120,000 square feet; and the two-story, 49,000-square-foot 10571 Telegraph Road.
Pennsylvania-based Citizens Bank is the anchor tenant, occupying the bulk of the larger building with more than 600 employees. Its lease expires in 2019.
The complex was built in 2001 and comprises 16 acres. The two buildings most recently were assessed by Henrico County at a combined $18.4 million.
The loan in question was originated in December 2006 and packaged as a commercial mortgage backed security. It had a $16.6 million balance as of June, according to a report from commercial real estate tracking firm Trepp. It had a term of 10 years and a balloon payment due upon maturity in January, which prompted the default.
Wells Fargo is the master servicer of the loan. CWCapital Asset Management is the special servicer, which handles troubled loans.
Attorneys Henry Brandenstein Jr. and Andrew Hirsch of law firm Venable are substitute trustees handling the auction on behalf of the noteholder.