Twelve Bridges shopping center sold back to bank for $9.8 million

By: Stephanie Dumm, News Messenger Reporter
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The Lincoln Village at Twelve Bridges shopping center was sold back to the bank July 1 for $9.8 million. The center, which is located at the intersection of Twelve Bridges Boulevard. and Fieldstone Drive, was sold in a trustee sale at the main entrance of Roseville’s City Hall. Until today, the former owner of the center was Twelve Bridges LLC, according to Michael Turner, a property manager for Borelli Investments, the company managing the center. The notice of trustee’s sale in the Lincoln News Messenger June 10 lists the unpaid balance for the center as $35 million. Lincoln Village at Twelve Bridges contains businesses including Waffle Farm, Edward Jones, and Diamond in the Ruff. It’s also the venue for a seasonal weekly farmers’ market that takes place every Monday morning through December. The center had been in receivership at the time of the trustee sale, according to Turner, who explained that the receiver is “a court appointed person that acts in the best interests of the entity as they try to work things out or foreclose.” The property had been on a commercial backed mortgage securities loan, which Turner said meant the loan had been divided into three bonds and then sold on Wall Street. The shopping center is now owned by the bank, which will turn around and sell it, according to Turner. “I give it 90 days to sell,” Turner said. “That’s where the markets at.” Twelve Bridges LLC lost the property because it went into default, after some tenants stopped paying rent, according to Turner, but would not say who those tenants were. As far as the impact on current tenants, Turner said their leases “will remain intact until they expire, and the leases can’t change.” Twelve Bridges LLC was unavailable for comment. The Lincoln News Messenger went out to the shopping center June 10 to see what business owners thought of the sale, and some weren’t aware it was up for sale. “I’m excited, because it’ll allow a lot of businesses to get in at a good price,” Mark Schumacher of Edward Jones said. “All the businesses here will be just fine, because I think they are good businesses and have great food.” Schumacher said the property is currently bank-owned. Tracey Unden, owner of pet grooming business Diamond in the Ruff, said she wasn’t worried about the center having a new owner. “I don’t know if anything will change once the new owner gets here, but if worse comes to worse we’ll move to a new location,” Unden said. “For our business, its nice being at the end (of the center) so we don’t have traffic as far as dogs going in and out.”