Commercial foreclosures start to spread across Northern Va.
As commercial property owners across the country brace for an anticipated storm of foreclosures, even the relatively sturdy Washington market is starting to feel the increasing pressure from high vacancies, plummeting values and lenders who are done waiting for tenants to materialize.
Anyone who follows the commercial real estate market knows there are buildings in trouble throughout Washington, but as one drives along the Dulles Toll Road or Route 28, it’s hard to miss the signs of distress. “See-through buildings” dot the corridor, bereft of the interior office walls that don’t show up until a tenant does.
In recent weeks, at least two lenders have given up the waiting game and taken the keys and the title back from the owners: Lincoln Park III and Monument III.Full Story
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