jump to navigation

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

Posted by Sean Tufts in Research/Data, Retail News, Sale.
Tags: , , , , , , ,

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.



No comments yet — be the first.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: