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Shopping center heads to foreclosure

David Larter March 1, 2013 2
The Shoppes at Twin Oaks. (Photo by David Larter)

The Shoppes at Twin Oaks. (Photo by Michael Schwartz)

A Short Pump shopping center has a date with the auction block.

The 39,000-square-foot Shoppes at Twin Oaks is headed to foreclosure after its owner and developer fell behind on its loan beginning last spring.

The five-acre property at Cox Road and Westerre Parkway is owned by developer Nathan Shor and Cox Road LLC.

LNR, a special servicer handling the loan, has scheduled an auction for March 11 at 10:30 a.m. on the Henrico County courthouse steps.

“We’ve been in discussions with [the lender] for a year, trying to figure out how to restructure the loan,” Shor said. “We offered them good money, but they weren’t going to budge.”

According to a report from the real estate tracking firm Trepp, the commercially backed mortgage on the property has been delinquent since April 2012. The $8.2 million loan has a balance of $7.74 million.

Berkadia Commercial Mortgage was the original lender, according to Trepp.

Shor said the center is about 12 percent vacant. But a few empty storefronts aren’t the problem: Twin Oaks isn’t making in rent what it was before the recession.

“The rents … are about 40 to 50 percent less than when the loan was placed in the property,” Shor said. The shopping center was built in 2006.

According to Trepp, the center has seen a precipitous drop in revenue. In 2009, the center posted $900,000 in revenue. By 2012, that number had dropped to about $447,000.

Twin Oaks doesn’t boast any large anchor tenants but has a collection of smaller retailers including Cupertino’s New York Bagels and Deli, Big Al’s Sports Bar and Grill, a CrossFit gym, Bank of America and a Bikram yoga studio. The property consists of three small separate strips centers.

David Lingerfelt and Stephen Scarce, with the law firm Parker Pollard Wilton & Peadon, are serving as trustees on the foreclosure.

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2 Comments »

  1. Brian Glass March 1, 2013 at 12:08 pm - Reply

    A major problem faced by this property from the outset is the inability to have direct access from Cox Road. You literally have to enter the shopping center from the rear.

    I realize that this was a dilemma for the county but it would have better served both the developer and the county if this problem could have been avoided. The County is losing a portion of it’s tax base and the developer is losing the shopping center.

  2. john coleman March 4, 2013 at 9:23 am - Reply

    Guess this is why colonial off track betting backed out of moving to Big Als.

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