A portfolio of 11 flex buildings in Morrisville and North Raleigh has been foreclosed upon and taken back by the lender for $49 million, according to Wake County property records.
The 631,582-square-foot portfolio, which includes eight buildings on Perimeter Park Drive in Morrisville and three buildings on Spring Forest Road in Raleigh, was sold at auction on Jan. 2 in Raleigh.
Farmington Hills, Mich.-based Lutz Real Estate Investments and Capri Capital Partners had acquired the buildings in 2007 for $56.3 million.
The firms borrowed $53.7 million from UBS Real Estate Investments in 2007, according to property records. That loan was bundled with other commercial real estate loans and sold to Wall Street investors as a commercial mortgage-backed security.
U.S. Bank acquired the properties, acting as trustee for the note holders.