By Adrian Maties, Associate Editor
The Breeden Co. has been celebrating the groundbreaking and opening of new apartment communities in Virginia all year long. But life isn’t all fun and games. This week, the Virginia Beach-based company is getting ready to see one of its Richmond area shopping centers hit the auction block.
The Woodlake Commons Shopping Center in Chesterfield County will be sold at a foreclosure auction on Tuesday, September 8, according to Virginia Business. The newspaper said that the $8.7 million mortgage loan on the property was transferred to C-III Asset Management LLC—a special servicer—in late January, because the borrower was unable to remit future payments due to low occupancy and cash flow. Since then, Breeden has defaulted on the loan.
Woodlake Commons was constructed in 2006, on a 23-acre site at 6800 Woodlake Commons Loop, in Midlothian. The property offers 47,400 square feet of space and features such major tenants as Virginia ABC Store, Shogun Steak & Sushi, Spotlight Studio of Dance, Salon De’Amaz, Rio Skincare and Allstate. According to PropertyShark, its current market value is $6.7 million.
Virginia Business also announced that Jay Kepley of the Kepley Broscious & Biggs law firm is the trustee in charge of the auction.
Although it looks like the story of Breeden and Woodlake Commons will end on a sad note, the Virginia Beach company still has reason to celebrate this week. On September 10, it will open the $70 million Marshall Springs at Gayton West development, one of the company’s largest projects in the Richmond region.
Photo credit: The Breeden Co.