Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home News Regions Eastern Virginia A part of Peninsula Town Center will go up for auction on Feb. 14

A part of Peninsula Town Center will go up for auction on Feb. 14

Published February 4, 2013 by Paula C. Squires

The Daily Press in Hampton Roads reports that a portion of the Peninsula Town Center in Hampton will be put up for public auction later this month.  According to a legal notice published in the newspaper last week, the owners of the outdoor shopping center, New-York based Mall Properties Inc., defaulted on a $168.5 million loan.

The Daily Press story said that HSBC, a New York-based banking firm, has hired the law firm of LeClairRyan to sell the properties to the highest bidder after the bank restructured the loan with the owner on three occasions.

The foreclosure reportedly includes 18 subdivided tax parcels. The property does not appear to include Target and some of the center’s other major anchors. The center’s stores, which include major national retail chains, are expected to remain open throughout the sale. 

The public auction will be held at noon on Feb. 14 at the Embassy Suites Hampton Roads Hotel, Spa and Convention Center. 

Since the 1.1 million-square-foot, mixed-use Peninsula Town Center opened in 2010 at the former site of the Coliseum Mall, it has generated millions in sales tax revenues and excise taxes.

In spite of defaulting on its HSBC loan, the Daily Press said Mall Properties is current on its $92.5 million loan with the Peninsula Town Center Community Development Authority. The city and owners of Peninsula Town Center created the authority to oversee the construction of the property’s infrastructure, parks and parking garage. Financially independent of the city, the authority adds a special assessment, a 0.5 percent charge on purchases made at businesses at Peninsula Town Center,  to pay for the infrastructure improvements.

Related Stories

Virginia Business logo

Harvey Lindsay Commercial Real Estate announces industrial and retail leases in Hampton Roads

Thalhimer reports sales of two industrial properties in Hampton Roads

Virginia Business logo

Wilmik to expand Virginia Beach headquarters

Trending

$100M donor gift to launch U.Va. biotech institute

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Amazon Web Services to invest $35B in Va. data center campuses

Report: Capital One cuts 1,100 jobs

Rivers Casino Portsmouth opens to big crowds

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

$100M donor gift to launch U.Va. biotech institute

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Amazon Web Services to invest $35B in Va. data center campuses

Report: Capital One cuts 1,100 jobs

Rivers Casino Portsmouth opens to big crowds

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk