Last week, a signature piece of the Heart of the City development ended up on the auction block—another casualty of the ongoing foreclosure crisis.
On Aug. 9, an acquisitions firm called RREF SS1 Acquisitions bought Grande Market Square at 12750 Nicollet, a striking building that is home to and . The development sold for $2,000,000.
On May 24, George E. Sherman, president of Grande Market LLC, signed an agreement with the mortgage holder to voluntarily cede the building by foreclosure. The agreement revealed that Grande Market Square, LLC had been in default for at least one month prior to the date of the agreement. Other records indicate that the company owed a total of $4,636,375— $1,136,375 more than the original principal amount of $3,500,000. The mortgage was taken out in December of 2005.
Editor's Note: Check back for more. We are in the process of expanding on this story.