Industries Commercial Real Estate

Gateway Village properties in Fredericksburg to be sold at a foreclosure auction

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The Fredericksburg Free Lance-Star reports that three commercial properties in Fredericksburg’s Gateway Village shopping center are scheduled to be sold at a foreclosure auction May 23.
The properties on Plank Road are currently leased to a restaurant and a hotel, and one is a vacant space that used to house Vinny’s and Cafe Davanzo restaurants.
The sale should not affect The Carlos O’Kelly’s restaurant and Quality Inn, which plan to continue to operate their businesses. According to the newspaper, Sun Hotel Inc. is the current owner of the properties, and SummitBridge Credit Investments III LLC is the lender.
The auction is scheduled for 11 a.m. May 23 in front of Fredericksburg Circuit Court. It will be held unless an agreement is reached between the lender and debtor, or if the debtor files for bankruptcy.

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