WASHINGTON, DC-The struggling Penn Branch Shopping Center is facing foreclosure and is scheduled for auction next week.
The owner, ICG Properties, spent $24 million to purchase the property in 2005 that is now leased to a mix of shops and government offices. The firm spent eight years in an attempt to redevelop it, according to the Washington Post. However, ICG was unable to secure the necessary approval of the redevelopment plans with its lender, according to ICG principal David Stern.
Special servicing firm CW Capital put the property into foreclosure proceedings due to defaults on a more than $20-million loan. Alex Cooper Auctioneers has set a foreclosure auction on the shopping center located at the corner of Pennsylvania and Branch avenues for May 8. See story in the Washington Post.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
