Lender forecloses on West End office building

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)

After a courthouse auction produced no outside bids, an office building in Forest Office Park is in the hands of a national bank.

Wells Fargo on Thursday foreclosed on the Tyler Building, a 34,000-square-foot property at 1603 Santa Rosa Road.

The bank, which was the lender on a defaulted loan on the property, took the asset back with a $2.5 million credit bid at auction.

The building had been owned by Tyler Building LLC, an entity tied to John Hanky Jr. of White Stone, Virginia, according to county and state records.

The LLC paid about $5.4 million for the property in October 2008, county records show, near the peak of the pre-recession boom. Part of that total came from a $4 million loan on the 2.02-acre property in September 2007, according to Trepp, a commercial loan tracking firm.

The loan had a balance of around $3.6 million as of October 2018, according to Trepp, and has been in default since August 2017.

Wells Fargo could not be reached for comment.

Pulmonary Association of Richmond is moving out of the building.

Mainly a medical office building, the property will fall to 25 percent occupancy next month when Pulmonary Association of Richmond moves out in favor of 32,000 square feet in the Brookfield Commons building at 6600 W. Broad St.

Forest Park Dialysis Center will be Tyler Building’s primary long-term tenant.

Constructed in 1975, the building most recently was assessed by the county at $3 million.

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