Lexington Commons’ owners fell behind on its loan last summer.
It took a drizzly 13 minutes at the Henrico County courthouse for a West Broad Street shopping center to fall into the hands of its lender.
The Lexington Commons Shopping Center at 10156-10192 W. Broad St. was foreclosed on at an auction on Thursday and went under the control of LNR, a special servicer acting on behalf of the property’s note holder.
The 22,000-square-foot property had been owned by First Allied Corp., which bought Lexington Commons in 1999 for $3.21 million. Yesterday’s auction was prompted by First Allied defaulting on a $5.61 million loan originally issued in 2005 by Lehman Brothers. The note was eventually taken over by Wells Fargo and transferred to LNR in 2014 to manage the troubled loan.
Lexington Commons sits on 2.67 acres and was most recently assessed at $4.12 million. The 13-unit, one-story building was built in 1991. Its current tenants include Kulture, River City Tattoo and a Chanello’s Pizza.
Some of those tenants were among the dozen or so who attended yesterday’s auction. Only three bidders cut a check for the $250,000 deposit required to submit a bid.
Tom Dugan of law firm Sutherland Asbill & Brennan was on hand to bid on behalf of the lender. He started things off with a $2.63 million bid. Only one of the other two bidders tried to outbid the lawyer, who eventually had the final say with a winning bid of $3.3 million.
Dugan said there are no immediate plans for Lexington Commons.
Lexington Commons’ owners fell behind on its loan last summer.
It took a drizzly 13 minutes at the Henrico County courthouse for a West Broad Street shopping center to fall into the hands of its lender.
The Lexington Commons Shopping Center at 10156-10192 W. Broad St. was foreclosed on at an auction on Thursday and went under the control of LNR, a special servicer acting on behalf of the property’s note holder.
The 22,000-square-foot property had been owned by First Allied Corp., which bought Lexington Commons in 1999 for $3.21 million. Yesterday’s auction was prompted by First Allied defaulting on a $5.61 million loan originally issued in 2005 by Lehman Brothers. The note was eventually taken over by Wells Fargo and transferred to LNR in 2014 to manage the troubled loan.
Lexington Commons sits on 2.67 acres and was most recently assessed at $4.12 million. The 13-unit, one-story building was built in 1991. Its current tenants include Kulture, River City Tattoo and a Chanello’s Pizza.
Some of those tenants were among the dozen or so who attended yesterday’s auction. Only three bidders cut a check for the $250,000 deposit required to submit a bid.
Tom Dugan of law firm Sutherland Asbill & Brennan was on hand to bid on behalf of the lender. He started things off with a $2.63 million bid. Only one of the other two bidders tried to outbid the lawyer, who eventually had the final say with a winning bid of $3.3 million.
Dugan said there are no immediate plans for Lexington Commons.