WASHINGTON, DC-After being postponed at least twice, the auctionfor the troubled Shops at Georgetown Park is moving forward today,according to a source. Jones Lang LaSalle‘s John Kevill and CollinsEge, who were tapped to handle the auction of the property earlierthis year, are taking bids in New York. It is unclear how long theprocess will last, the source said--it could range from hours todays.

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Getting to this point was a bumpy road for the participants:Western Development defaulted on the $70 million loan earlier thisyear. The now-owner of the loan, Capmark Finance, filed forbankruptcy last October. It reportedly tried to sell its stake inthe property twice, and then contacted JLL to auction it off.

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Meanwhile, Anthony Lanier, president of EastBanc, who alleges hewas illegally excluded from a deal to buy the retail center by hisformer partner, Herb Miller of Western Development, has teamed withJBG to bid on the mall, according to a story in the Washington Postearlier this month. Lanier and Miller have been locked inlitigation for the better part of a decade, hamstringing WesternDevelopment in its attempts to lease up the property.

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The winning bid--which could be any of these players or anunrelated party interested in the asset--will have to be approvedby the bankruptcy judge. JLL, Western Development and JBG didnot return a call to GlobeSt.com in time for publication.

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