Akers Center in Gastonia Due for Foreclosure

by San Antonio Attorney

Akers Center, a shopping center located in Gastonia, recently filed for foreclosure.  Akers houses the famous retailers such as Ollie’s, Tuesday Morning, Showmars and Jackson’s Cafeteria.

Akers Improvements, LLC, a company based in Delaware, will be sold to the highest bidder at the public auction on September 14, according to legal classified section of the Gazette.  The stores in the shopping center will retain its operations but will have to give payments through a new landlord.  Public auctions may happen before a property can be totally foreclosed and even the involved companies can negotiate a deal before the foreclosure can proceed, according to Susan Lockridge, an employee from the Registry of Deeds.

Robert Kellogg, the manager and member of the Gastonia City Council, said that this is good news as someone will acquire the property in order to improve it.  The excluded properties are Gabe’s retail stores and Conn’s electrics, these stores are owned by a different management.

The shopping center with a land area of 24 acres, located in the Franklin Boulevard, serve as the main drop off point for most customers.  The other drop-off point is Burtonwood Drive near the South Hope Road.  The existing tenants in the Akers Center include: Rugged Wearhouse, UPS and Teal Insurance.

Akers Improvements acquired the property worth $17,650,000 last December 2006.

The official title deed of Akers Improvements was held by Column Financial, a New York-based company.  Column Financial also initiated the proceedings of the foreclosure.

If the foreclosure proceedings will push through, Column Financial’s lawyer will announce the notice of foreclosure in front of the courthouse and accept the most feasible offer by the potential bidders.

The final sale will be validated by the office of the Clerk of Court, so that the details of the sale will be processed.

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