Public auction of Woodlake Commons Shopping Center canceled
A foreclosure sale scheduled at 10 a.m. tuesday for Woodlake Commons Shopping Center in Chesterfield County was canceled. The auction’s trustee, Jay Kepley of Kepley, Broscious & Biggs, a law firm in Henrico County, said he could not comment on why the auction of the 47,000-square-foot property was not held.
The shopping center, located off U. S. 360, is close to the main entrance of the Woodlake subdivision. It is owned by the Virginia Beach-based Breeden Co. through an entity called Woodlake Retail, LLC, according to aproperty report from Trepp.
The report says the company has defaulted on the loan, which currently has a a balance of $7.9 million. Wells Fargo holds the note. The reason given in the report for the default is that Woodlake Retail was unable to make its mortgage payments on the center, “due to low occupancy/cash flow.”
The center was built in 2006.