Foreclosure sale of Hollander 95 business park canceled

Sale, scheduled for Friday, canceled after bankruptcy filing

March 05, 2010|By Baltimore Sun reporter

A foreclosure sale of the Hollander 95 Business Park in northeast Baltimore was canceled this week, after partners in the venture filed for bankruptcy protection and stopped the proceedings, according to auctioneer Paul Cooper of Alex Cooper Auctioneers.

Hollander Rock LLC, which bought the 51-acre site for $4 million several years ago from the city of Baltimore, had planned to build a warehouse, distribution and manufacturing center. Only the 82,000-square-foot warehouse has been completed, and tenants have moved into half of the building. The land was previously the site of the Hollander Ridge public housing development, which was demolished.

Alex Cooper was handling the sale for M&T Bank, after the developers defaulted on an $11.7 million construction loan from M&T. The sale, scheduled for Friday, would have been one of the first cases locally of an entire industrial park going on the auction block in a foreclosure sale.

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