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Wilmington Retail LLC purchases Meadow Park

Last updated: July 18. 2014 4:09PM - 6429 Views
By - ghuffenberger@civitasmedia.com



Wilmington News Journal file photo
Wilmington News Journal file photo
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The Meadow Park Shopping Center in Wilmington was purchased at auction for $2.1 million.


The successful bidder, among four qualified bidders, was Wilmington Retail LLC, according to court papers.


A phone message left Friday afternoon with the owner of Wilmington Retail LLC was not immediately returned.


In May, a local court ordered an auction be held to sell the foreclosed-upon shopping center. As previously reported by the Wilmington News Journal, two would-be buyers had made offers of similar amounts for the 182,525-square-foot Rombach Avenue shopping complex, formerly home to Walmart and Kroger.


Fifth Third Bank had an open-end mortgage on the property and took foreclosure action against Meadow Park Plaza LLC when the mortgage was in default, according to a court paper submitted by Fifth Third Bank legal counsel.


Susan M. Argo, an attorney for the court-appointed receiver in the matter, wrote in a court paper that Matthew C. Daniels of Meadow Park Plaza LLC is part of Wilmington Retail LLC.


The shopping center has nine empty storefronts.


Tenants currently include TSC-Tractor Supply Co., Christian Books & Gifts, LA Nails, Happy Wok, a U.S. Marines Corps recruitment center, GNC, Tri-County Medical Imaging, 1st Choice Cash Advance, Lucky You Games of Skill Arcade, Charity Card Center, One Main Financial and Goodwill.


Gary Huffenberger can be reached at 937-382-2574 ext. 2512 or on Twitter @GHuffenberger.


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