Monday, December 07, 2009
Foreclosure auction of former Ukrop’s building postponed
A public auction has been postponed for the former Ukrop’s building at the Ivy Market retail center in Roanoke.
Bryce Hunter, substitute trustee for the sale, announced this news to a small group of people gathered Monday morning in front of the former grocery structure that’s in foreclosure.
Hunter said he could not comment about why the auction has been postponed and when or if it will be rescheduled.
There are a number of reasons why this sale has been postponed. Those include the chance that the owner of the development, IMD Investment Group, has found a private investor on its own, said Millie Moore, a Roanoke area leasing broker who attended the auction and represented a potential buyer from Missouri. She would not disclose whom she represented.
Also, Pulaski Bank of St. Louis, the lender to which IMD is indebted, may have found a buyer for the building.
A representative for Pulaski Bank did not show up for the auction, Moore said. James Howard, a vice president for Pulaski Bank, was not available on Monday.
According to court documents, IMD owes $3.3 million to Pulaski Bank. Bland Painter III of Troutville runs IMD.
Ivy Market on Franklin Road is an estimated $20 million project. Ukrop’s closed its store there in October, after opening in 2007.
Bryce Hunter, substitute trustee for the sale, announced this news to a small group of people gathered Monday morning in front of the former grocery structure that’s in foreclosure.
Hunter said he could not comment about why the auction has been postponed and when or if it will be rescheduled.
There are a number of reasons why this sale has been postponed. Those include the chance that the owner of the development, IMD Investment Group, has found a private investor on its own, said Millie Moore, a Roanoke area leasing broker who attended the auction and represented a potential buyer from Missouri. She would not disclose whom she represented.
Also, Pulaski Bank of St. Louis, the lender to which IMD is indebted, may have found a buyer for the building.
A representative for Pulaski Bank did not show up for the auction, Moore said. James Howard, a vice president for Pulaski Bank, was not available on Monday.
According to court documents, IMD owes $3.3 million to Pulaski Bank. Bland Painter III of Troutville runs IMD.
Ivy Market on Franklin Road is an estimated $20 million project. Ukrop’s closed its store there in October, after opening in 2007.
