Foreclosed Property Returns to Lender

January 28, 2011 / Elizabeth Buckley, Commercial Property Analyst

The Greeley Mall at Greeley, Colorado is once again acquired by its lender on Wednesday, when the bank on the foreclosed property bids for about $33.8 million at the Weld County public trustee’s auction, which was thrice-delayed. The Chicago- based GK Development acquired the foreclosed property in 2006 for $41.4 million— then it was foreclosed in July with the entire note unpaid.

Foreclosed Property Returns to Lender

The court appointed CB Richard Ellis— real-estate services company as the receiver several months.

CB Richard Ellis managed the foreclosed property while GK Development worked the restructuring of its loan with its lender— LNR Property LLC, which is based in Miami Beach, Florida.

The foreclosed property was originally scheduled for a public auction on December 8, 2010, but a lack of bidders pushed the date back more than a few times.

According to the public trustee who oversees the auction, Susie Velasquez, the Greeley Mall will be acquired back by the lender but hoping that somebody would put a bid on it, besides the lender.

The listed name of the bidder is MLCFC 2006-4 Greeley Retail— the service lender of LNR Property, according to Colorado’s state records.

The foreclosed property is expected to continue its operations as CB Richard Ellis continues to handle its receivership, but after the auction, the new owner will be taking charge of the property after two months.

Greeley Mall is situated at 25th Avenue, Greeley, Colorado.

Major tenants in the foreclosed property includes The Gap, Montgomery Ward, Bath and Body Works, Buckle, Foot Locker, Perkins, Victoria’s Secret, and Dillard’s

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