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Wells Fargo Reclaims BayWalk Complex

ST. PETERSBURG, FL-The bank, which holds a $14.5-million mortgage, is the sole bidder.

By Carl Cronan | Updated on February 17, 2009

(Carl Cronan is editor of Real Estate Florida.)

ST. PETERSBURG, FL-Wells Fargo & Co. has reclaimed possession of the BayWalk retail and entertainment complex and will attempt to resell it on the open market. The San Francisco-based bank was the sole bidder at an auction last week, offering only $100.

Wells Fargo holds a $14.5-million mortgage on the 130,000-square-foot property that it inherited through its acquisition of Charlotte, NC-based Wachovia Corp. late last year. Bank executives decline to discuss their immediate plans for the complex, pending a mandatory 10-day waiting period to assume ownership.

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