235,805-SF Quadrant I-5 Center Back in Lender's Hands

LYNNWOOD, WA-Investor Life Insurance Co. of America is now the owner of Quadrant I-5 Center, a two-building, 235,805-sf development that has sat vacant since Boeing vacated the space in 1999.

The Cedar Rapids, IA-based lender took control after an auction earlier this week (Monday, March 3) by its bankrupt Texas-based owner turned up no qualified bidders. The court-ordered auction, handled by Kennedy Wilson International, was scheduled after CarrAmerica backed out of a deal to buy the complex for $18 million this past November, according to court documents. The minimum auction bid was $17.5 million, and that’s the amount that will be taken from the total the lender says it is owed.

The bankrupt Texas company that Investor Life Insurance took the property back from is Rosche One Interests LP, a unit of Corpus Christi, TX-based Rosche Corp. Life Investors held first and second deed of trust liens on Quadrant I-5 Center among other collateral and filed a proof of claim in the amount of $80.37 million, according to court documents.