The Tyler Building at 1603 Santa Rosa Road in the Forest Office Park in Henrico County is headed to auction Jan. 10, 2019 after defaulting on its $4 million mortgage. (J. Elias O’Neal)
Behind on its $4 million mortgage, an office building in Henrico County has a date with the auction block next week.
Lenders of the Tyler Building at 1603 Santa Rosa Road in the Forest Office Park are pushing for foreclosure on the two-story, 34,000-square-foot structure, with an auction set for Jan. 10 on the steps of the Henrico Circuit Court building.
An auction had been scheduled for Dec. 19, but was cancelled.
Constructed in 1975, the Tyler Building is owned by Tyler Building LLC, an entity tied to John Hanky Jr. of White Stone, Virginia, according to county and state records. CBRE | Richmond handles leasing and management of the building.
The LLC paid about $5.4 million for property in October 2008, county records show, near the peak of the pre-recession boom. The company took out a loan on the 2.02-acre property in September 2007 for $4 million, according to commercial loan tracking firm Trepp.
As of October, the owner’s loan had a balance of around $3.6 million, according to Trepp, and has been in default since August 2017.
Hanky could not be reached for comment.
The property most recently was assessed for about $3 million, according to county records.
Mainly a medical office building, the property will be 25 percent occupied come February 2019, said Will Bradley, who is listing the building along with fellow CBRE broker Joe Marchetti.
Pulmonary Association of Richmond is moving to a new space in the Brookfield Commons building on West Broad Street. (J. Elias O’Neal)
Pulmonary Association of Richmond is moving out of the building to occupy 32,000 square feet in the Brookfield Commons building at 6600 W. Broad St.
Bradley said Forest Park Dialysis Center will be Tyler Building’s primary long-term tenant.
The looming foreclosure comes after the loan secured by the property was transferred to special servicer KeyBank National Association in September 2017, according to Trepp.
The most recent available figures show the building collected nearly $660,000 in revenue in 2016, according to Trepp. That’s down from about $719,000 collected in 2015.
The Tyler Building at 1603 Santa Rosa Road in the Forest Office Park in Henrico County is headed to auction Jan. 10, 2019 after defaulting on its $4 million mortgage. (J. Elias O’Neal)
Behind on its $4 million mortgage, an office building in Henrico County has a date with the auction block next week.
Lenders of the Tyler Building at 1603 Santa Rosa Road in the Forest Office Park are pushing for foreclosure on the two-story, 34,000-square-foot structure, with an auction set for Jan. 10 on the steps of the Henrico Circuit Court building.
An auction had been scheduled for Dec. 19, but was cancelled.
Constructed in 1975, the Tyler Building is owned by Tyler Building LLC, an entity tied to John Hanky Jr. of White Stone, Virginia, according to county and state records. CBRE | Richmond handles leasing and management of the building.
The LLC paid about $5.4 million for property in October 2008, county records show, near the peak of the pre-recession boom. The company took out a loan on the 2.02-acre property in September 2007 for $4 million, according to commercial loan tracking firm Trepp.
As of October, the owner’s loan had a balance of around $3.6 million, according to Trepp, and has been in default since August 2017.
Hanky could not be reached for comment.
The property most recently was assessed for about $3 million, according to county records.
Mainly a medical office building, the property will be 25 percent occupied come February 2019, said Will Bradley, who is listing the building along with fellow CBRE broker Joe Marchetti.
Pulmonary Association of Richmond is moving to a new space in the Brookfield Commons building on West Broad Street. (J. Elias O’Neal)
Pulmonary Association of Richmond is moving out of the building to occupy 32,000 square feet in the Brookfield Commons building at 6600 W. Broad St.
Bradley said Forest Park Dialysis Center will be Tyler Building’s primary long-term tenant.
The looming foreclosure comes after the loan secured by the property was transferred to special servicer KeyBank National Association in September 2017, according to Trepp.
The most recent available figures show the building collected nearly $660,000 in revenue in 2016, according to Trepp. That’s down from about $719,000 collected in 2015.