Developer buys Waterford out of foreclosure
Posted: January 15, 2010
Sandor Development Company, which has offices in Indianapolis,IN, and Scottsdale,AZ, recently acquired a majority of the Waterford project located at the intersection of South Hastings Way and Main Street in Eau Claire.
Sand Capital, a division of Sandor, purchased the complex at 216 Pinnacle Way and a majority of the condominium building at 401 Pinnacle Way. The building at 310 Pinnacle Way, which is occupied by Alliance Bank and Goldridge Group, was not part of the acquisition. Terms of the deal were not disclosed.
According to Sandor Deal Analyst Jeff Carpenter, who is an Eau Claire native, the development firm specializes in buying distressed or foreclosed properties.
"We think this will fit in well with what we do," said Carpenter.
Sandor, which has been in business for 45 years, owns and operates more than seven million feet of shopping centers throughout the United States. The company's robust lineup of shopping centers are anchored by Best Buy, Home Depot, Kohl's, Kroger, Menard's, Safeway, Office Max, Sam's Club and Wal-Mart.
Waterford, which was developed by Goldridge Group in 2003, is located on the site of the former clubhouse for the Eau Claire Golf & Country Club. The original plans included 10 buildings on approximately 15 acres.
M&I Bank began foreclosure proceedings on Waterford and other Goldridge properties last summer. TBL