No bidders on foreclosed office portfolio
There were no bidders today on a debt-riddled midstate office portfolio.
The 16 properties owned by Corporate Gateway LP, a Delaware-based company that lists its headquarters in New York, are nearly $68 million in debt and are spread among four business parks in Lower Allen and Upper Allen townships in Cumberland County and Lower Paxton and Susquehanna townships in Dauphin County.
The sale was the result of a foreclosure by U.S. Bank last October, court records show. Bidding today was to start at $42.7 million, according to the lender.
Prior to the scheduled sale held by the U.S. Marshals Service in Harrisburg, lead attorney Raymond Quaglia said no bids would result in the portfolio going back to the lender for costs.
He was not immediately available to discuss the bank's intentions for the portfolio. The bank would be permitted to break it up and dispose of the properties as it sees fit.
The sale was originally scheduled for Oct. 9 and was postponed.