View Full Version : Centennial Plaza Up For Auction



OKCTalker
01-04-2011, 09:28 AM
Forgive me if this has been covered (I searched the threads) - Today's JR has the headline, "Centennial Plaza Up For Auction." I don't subscribe so I can't read the article, but is this the same Centennial Plaza at 58th & N. May anchored by Best Buy & Home Depot? What happened?

Pete
01-04-2011, 09:43 AM
" Centennial Plaza, a four-year-old, 50,000-square-foot “green” office development in Edmond’s Kelley Pointe area, is headed to sheriff’s sale in February after falling into foreclosure. The three-story building at 33rd Street and Kelley Avenue"

Kerry
01-04-2011, 09:46 AM
But it's "green", don't they get a reprieve from the laws of finance and nature? Seriously, the first thing that went through my mind was the Centennial on the canal. Glad it wasn't that.

warreng88
01-04-2011, 10:37 AM
Here you go:

Centennial Plaza up for auction
By Brianna Bailey
Journal Record
Oklahoma City reporter - Contact 405-278-2847
Posted: 10:13 PM Monday, January 3, 2011

EDMOND – Centennial Plaza, a four-year-old, 50,000-square-foot “green” office development in Edmond’s Kelley Pointe area, is headed to sheriff’s sale in February after falling into foreclosure.

The three-story building at 33rd Street and Kelley Avenue has been appraised at $5.6 million and is slated to be auctioned off at the Oklahoma County Courthouse on Feb. 10.

Developed by Aduddell Development Group, Centennial Plaza cost an estimated $9.5 million to build in 2007 and 2008.

Lender Oklahoma Fidelity Bank began foreclosure proceedings on Centennial Plaza in July 2010, claiming the building’s owners had defaulted on a $7.5 million note on the property.

The Oklahoma limited liability company CP2 Properties took over the note on Centennial Plaza for Oklahoma Fidelity Bank in October, according to court documents.

Debra Morehead, an Edmond certified public accountant, is listed as the registered agent for CP2 Properties. Calls to Morehead and CP2 Properties attorney Gary Bryant were not immediately returned on Monday.

A phone number listed for Aduddell Development Group was no longer in service on Monday and company Chief Executive David Aduddell could not immediately be reached for comment.

Aduddell Development Group was formed in 2002 as a full-service commercial real estate developer specializing in ownership and management of office buildings, office parks, shopping centers, apartments and university housing.

Several of the company’s development projects were halted over the past few years because of a lack of financing. Also in 2010, David Aduddell lost control of Norman’s Crimson Park, a 792-bed off-campus apartment complex that Aduddell Development Group developed in 2005. Lender First United Bank and Trust Co. claimed in court documents that Crimson Park’s owners had defaulted on a $25.7 million note on the property, which suffered from low occupancy. A San Diego-based real estate company took over the note on Crimson Park in August.

MustangGT
01-04-2011, 10:41 AM
I bet most if not all the involved parties here are going to take a bath.

Leaseme
01-04-2011, 12:56 PM
Or, it could be that they (the new owners) are working with the bank to go to go through foreclosure on the original note to clear the title up.

metro
01-04-2011, 09:14 PM
The plaza in front of Harkins in Bricktown is also called Centennial Plaza.

Larry OKC
01-04-2011, 09:25 PM
It cost almost double to build it than what it is worth? ($9.5M down to $5.6M)