The two buildings at 10561 and 10571 Telegraph Road and adjacent 3.3-acre plot. (Google Maps)
With only a lawyer and two onlookers present, a 163,000-square-foot office complex near Virginia Center Commons was foreclosed on Friday at an uneventful auction.
The two buildings at 10561 and 10571 Telegraph Road were reclaimed by the owner of the loan on the properties after no bidders showed up for the sale.
The foreclosure was prompted by a default on the loan by an affiliate of San Diego-based Westcore Properties, which was the borrower and property owner. It purchased the site in 2008 for $22.5 million.
The default was triggered earlier this year after the loan surpassed its maturation date and was not paid off or refinanced.
The auction opened with a $9 million credit bid, meaning the noteholder that’s owed the balance of the loan set the floor for bidding.
The property consists of two buildings: 10561 Telegraph Road, which comprises four stories and 120,000 square feet; the two-story, 49,000-square-foot 10571 Telegraph Road; and a 3.3-acre plot at 10551 Telegraph Road.
Citizens Bank anchors the two-building complex. (BizSense file photo)
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.
Pennsylvania-based Citizens Bank is the anchor tenant, occupying the bulk of the larger building with hundreds of employees. Its lease expires in 2019.
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, and a term of 10 years.
Wells Fargo is the master servicer of the loan. CWCapital Asset Management is the special servicer, which handles troubled loans and likely will decide the property’s fate following the foreclosure.
An attorney from the Venable law firm in Northern Virginia handled the auction.
The two buildings at 10561 and 10571 Telegraph Road and adjacent 3.3-acre plot. (Google Maps)
With only a lawyer and two onlookers present, a 163,000-square-foot office complex near Virginia Center Commons was foreclosed on Friday at an uneventful auction.
The two buildings at 10561 and 10571 Telegraph Road were reclaimed by the owner of the loan on the properties after no bidders showed up for the sale.
The foreclosure was prompted by a default on the loan by an affiliate of San Diego-based Westcore Properties, which was the borrower and property owner. It purchased the site in 2008 for $22.5 million.
The default was triggered earlier this year after the loan surpassed its maturation date and was not paid off or refinanced.
The auction opened with a $9 million credit bid, meaning the noteholder that’s owed the balance of the loan set the floor for bidding.
The property consists of two buildings: 10561 Telegraph Road, which comprises four stories and 120,000 square feet; the two-story, 49,000-square-foot 10571 Telegraph Road; and a 3.3-acre plot at 10551 Telegraph Road.
Citizens Bank anchors the two-building complex. (BizSense file photo)
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.
Pennsylvania-based Citizens Bank is the anchor tenant, occupying the bulk of the larger building with hundreds of employees. Its lease expires in 2019.
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, and a term of 10 years.
Wells Fargo is the master servicer of the loan. CWCapital Asset Management is the special servicer, which handles troubled loans and likely will decide the property’s fate following the foreclosure.
An attorney from the Venable law firm in Northern Virginia handled the auction.