Two Governor’s Pointe office buildings will be sold at public auction, as a court-appointed receiver takes control of the properties whose tenants include Deerfield Township’s administrative offices and a Warren County Sheriff’s substation.
The 76,400 square foot properties at 4900 Parkway Drive and 4700 Duke Drive will be auctioned off at 10 a.m. Sept. 9 at the Warren County Administration Building, according to court records.
The buildings are collectively valued at $13.5 million and won’t be sold for less than $9 million, according to documents filed with the Warren County Sheriff’s Office.
A foreclosure action, filed in February by U.S. Bank in Warren County Common Pleas Court, claims Core Governor’s Pointe LLC defaulted on a $14 million mortgage loan it obtained from Wachovia Bank in 2007 on the two properties. The loan was later transferred and assigned to U.S. Bank.
In April, a Warren County judge appointed Cassidy Turley Commercial Real Estate Services, Inc. receiver of the properties, allowing the agent to bypass the property owners and collect rents directly from tenants, and to market, lease and sell the property.
A May foreclosure judgment ordered the property to be sold to satisfy the debt and other fees — which by early May totaled more than $18.4 million, according to court records.
The two properties are home to about 14 tenants, including Proscan Imaging, Canon, Siemens, Max Technical Training and Pratt Display, in addition to Deerfield’s administrative offices and a Warren County Sheriff’s substation.
Deerfield Township leases a total of 20,000-square-feet of space at 4900 Parkway Drive, including a 7,000-square-foot sheriff’s post.
The Delaware-based company paid $19 million in 2007 for both properties, which were built in 1987 by Duke Realty as part of the sprawling Governor’s Pointe office complex.