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Shopping Center Foreclosure

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The Bakersfield Californian reports about an in-progress shopping center development that is stalled because of a foreclosure. This story is interesting, in part, because there have been so few examples of this to date.

foreclosure

The brainchild of William Lee, the San Jose-based developer behind Union Avenue's Little Saigon Plaza shopping center, V Heritage Plaza was celebrated at its 2005 groundbreaking for its potential to brighten a blighted area. Offices, a health care facility and stores were slated for the southeast complex, the project's Web site shows.

On Wednesday the property was foreclosed on by lender Marc Lantzman, president of a San Diego-based private mortgage fund, according to county records and the lender's foreclosure servicing company.

Lee owed more than $1.6 million to Lantzman, and construction companies were seeking more than $2 million in alleged back payments for work on the site, records show. Several of the so-called “mechanics liens” recording the debt were filed against Platinum Dragon Empire Inc., the company Lee formed for the commercial venture.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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