Elmridge Center has a new owner

Kevin Oklobzija//February 3, 2021//

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Elmridge Center in Greece, which in recent years endured the loss of major tenants and a foreclosure proceeding, has a new owner.

Tabani Acquisitions, LLC, a Dallas-based real estate development company, purchased the 468,615-square-foot property during a recent online auction. The price was not disclosed.

Tabani owns property in 15 states, from California, New Mexico and Nevada in the west, Georgia, Florida and Mississippi in the south and Pennsylvania, Virginia and New York in the east.

Jaymes Keenan and Angelo Nole of CBRE|Rochester helped coordinate the sale on the RealINSIGHT Marketplace for the seller, CWCapital.

Elmridge Center is anchored by Walmart on the south end of the outdoor plaza. The retail center lost two major tenants in recent years, Sam’s Club and OfficeMax, which added to mounting financial difficulties.

The Commercial Mortgage-Backed Securities loan that financed the center had been sent to special serving by the lender in June of 2015, advanced to foreclosure in March of 2017 and progressed to REO status in November of 2018, according to loan data tracked by Trepp, Inc., a provider of structured finance, commercial real estate and banking data.

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