James Center in Richmond Slated for Foreclosure Auction

by San Antonio Attorney

The James Center located in Richmond may soon head for foreclosure.

The official auction for the property will be take place at the John Marshall Courts Building on March 8.

Sean Barrie, a research analyst, said that unless both parties such as the servicer or the lender will change their mind.  It will not be rescheduled at all and the foreclosure will most likely proceed.

Barrie is connected to Trepp, a data and research provider based in New York.

The debt, worth $150 million, was split into $100 million and $50 million.

Both of these loans were transferred to a special service almost two years ago due to impending fiscal default.  The loan worth $50 million has been reported as more than 90 days late last January.

The complex, located near East Cary Street, has experience financial difficulties since the primary tenant, McGuire Woods law firm moved in last year into a nearby building, a newly constructed tower.  The property lost another tenant again, CCA Industries, also moved into the new building last year.

The foreclosure auction will cover three office buildings of James Center, including the plaza and parking tract.

Since vacating James Center, McGuire Woods left a totally empty space since it rented out nine floors and an area of 240,000 square feet for the past 30 years.

James Center was purchased by JEMB Realty in 2005 at a cost of $185 million.  The estimated current price of the property is $132 million, discounted from $136 million last August 2014.

It was then appraised for $192.5 million last September 2005.  James Center was assessed for a total amount of $155.3 million.

The bidder’s primary requirement will be a deposit in form of a cashier’s check, in an amount of $5 million.  The only exception is on behalf of the note holder or affiliate.

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