The Wistar Center, a retail strip along Staples Mill Road, is set to be auctioned next week. Photo by Katie Demeria.
A stretch of Staples Mill Road is hitting the auction block next week.
The 50,000-square-foot Wistar Center, a mixed-use office and retail property in Henrico County, will head to foreclosure Monday afternoon. The property’s owner, Delaware-based DBSI Wistar Center LLC, is in default on a $3.38 million loan.
The 5-acre strip center consists of three buildings spanning 8101 through 8157 Staples Mill Road. Its tenants include Tip Thai Restaurant, Crown Trophy, Unitek Computers and Beverly Hill Jewelers.
Bank of America is the note holder on the loan, which was originally borrowed in November 2005. Morgan Stanley Mortgage Capital Inc. was the original lender.
The foreclosure is continued fallout from the demise of DBSI Cos., an Idaho real estate investment firm that began to collapse in 2008 and was accused of plotting a massive Ponzi scheme. Many of its assets were subsequently put into bankruptcy.
Wistar Center’s special servicer initially took hold of the loan in 2008, when DBSI filed for Chapter 11 bankruptcy. The note was then returned to the owners after the bankruptcy issues were resolved, according to a report by real estate tracking firm Trepp.
The special servicer again took over the loan early last year.
The trustee handling the auction is Henry Brandenstein of Tysons Corner-based law firm Venable LLP. Brandenstein declined to comment on the impending auction.
Cushman & Wakefield | Thalhimer handles leasing for the Wistar Center. According to the company’s website, the center currently has 23,936 square feet available.
The auction will take place at 2 p.m. Monday at the Henrico County Courthouse.
The Wistar Center, a retail strip along Staples Mill Road, is set to be auctioned next week. Photo by Katie Demeria.
A stretch of Staples Mill Road is hitting the auction block next week.
The 50,000-square-foot Wistar Center, a mixed-use office and retail property in Henrico County, will head to foreclosure Monday afternoon. The property’s owner, Delaware-based DBSI Wistar Center LLC, is in default on a $3.38 million loan.
The 5-acre strip center consists of three buildings spanning 8101 through 8157 Staples Mill Road. Its tenants include Tip Thai Restaurant, Crown Trophy, Unitek Computers and Beverly Hill Jewelers.
Bank of America is the note holder on the loan, which was originally borrowed in November 2005. Morgan Stanley Mortgage Capital Inc. was the original lender.
The foreclosure is continued fallout from the demise of DBSI Cos., an Idaho real estate investment firm that began to collapse in 2008 and was accused of plotting a massive Ponzi scheme. Many of its assets were subsequently put into bankruptcy.
Wistar Center’s special servicer initially took hold of the loan in 2008, when DBSI filed for Chapter 11 bankruptcy. The note was then returned to the owners after the bankruptcy issues were resolved, according to a report by real estate tracking firm Trepp.
The special servicer again took over the loan early last year.
The trustee handling the auction is Henry Brandenstein of Tysons Corner-based law firm Venable LLP. Brandenstein declined to comment on the impending auction.
Cushman & Wakefield | Thalhimer handles leasing for the Wistar Center. According to the company’s website, the center currently has 23,936 square feet available.
The auction will take place at 2 p.m. Monday at the Henrico County Courthouse.