The bank bought back the Centre at Culpeper shopping center for $7 million, more than a 50% decrease from the original loan amount, after no other bids were received at a foreclosure auction last week. The 73,000 square foot building sitting on almost 9 acres is home to a Starbucks, Aldi’s, and Five Guys, which will still be bound by the terms of their respective leases and not likely to be affected by the foreclosure, according to the bank. Chili’s is another tenant but was not part of the foreclosure. A local planning official expressed dismay at the foreclosure and noted that the shopping center had experienced high tenant turnover, with the exception of the major tenants mentioned above. (more…)