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Retail/office building goes back to bank March 23, 2011

Posted by Sean Tufts in Research/Data, Retail News, Sale.
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A deed in lieu of foreclosure was negotiated on a two story retail/office building in Lynnwood, WA conveying title to the lender, Center Bank. The 25,509 sf building was built in 2006 and struggled to attract enough tenants to fill property. The property was ultimately given back to the bank at a value roughly equal to the debt plus closing cost totaling $5,179,000 ($203/sf).

During the height of the boom, the property was unsuccessfully marketed for sale at $9,400,000.

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