A prime piece of commercial real estate on east Broadway is heading into foreclosure.
The property, at 175 E. Broadway, recently was posted on the list of pending foreclosures with the Teton County Sheriff’s Office. The website says Smartgrowth LLC owes about $5.29 million on the property.
“It was bad timing,” said real estate broker Rob Cheek, who is the listing agent for the property. “They bought it right before the bottom dropped out of the market.”
The property owners bought the .46-acre lot as part of a plan to develop a larger mixed-use project, Cheek said. The planned project also would have stretched onto an adjacent property.
The rectangular downtown parcel sits on the northwest corner of the intersection of Willow Street and Broadway. It extends from Broadway to Deloney Avenue.
The property has a single-family house on it. The house was once owned by Jim Rooks, who ran an insurance agency out of the front of the building.
The owners of the company that bought the land are Werner E. Minshall and John H. Stewart, according to the Wyoming secretary of state’s website. Their company, Marshall Stewart Properties, is based in Bethesda, Md.
Minshall serves as the development company’s chief executive officer. Stewart is president of the company.
The two longtime developers have overseen the purchase of more than 3.8 million square feet of commercial space and 549 residential units, according to their website. They have worked on projects in Washington,D.C., Maryland, Colorado, Ohio, Virginia, West Virginia and Michigan.
The Broadway property is the company’s only parcel in Jackson. It’s listed on the company’s website as having the potential for 80,000 square feet of commercial development.
Minshall didn’t return calls seeking comment about the foreclosure.
The company owes money to a limited liability company called 2010-1 CRE Venture, according to the county sheriff’s office. There’s no information about the company on the secretary of state’s website, nor is there any information about the entity in county land records.
The property is slated to head to auction on Dec. 13.
The county treasurer estimated the property’s 2012 market value at $2.68 million.
Cheek said there have been buyers interested in the property, but no one has approached him with specific plans.
“Most people see it as a house,” he said. “But it’s a very, very choice piece of commercial property.”