Kensington Place office condo headed to auction block

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The 1525 E. Republic Road, Unit 5, Bldg. B, office condominium is scheduled to be auctioned next week.

A Kensington Place office condominium in south Springfield is headed to the auction block Oct. 5, according to a trustee’s sale notice published in The Daily Events.

The trustee’s sale notice indicates $866,000 was borrowed against the deed of trust for 1525 E. Republic Road, Unit 5, Bldg. B, and BB & SW LLC defaulted on the note. The 5,272-square-foot unit on the eastern end of the office complex has a taxable appraised value of $552,000, according to Greene County assessor records. The sale is scheduled at 2 p.m. on the Greene County courthouse steps. The condo will go to the highest cash bidder.

The current tenant is USA Mortgage.

“That’s our landlord,” said Steve Kitrell, USA Mortgage’s branch manager, noting he’s not been informed of any potential property transfers. “We just rent from them.”

The registration papers for BB & SW filed with the Missouri secretary of state’s office identify Bruce Brown and Steve Wagner as organizers. Brown, a mortgage loan officer for Simmons Bank, did not return calls for comment on the trustee’s sale, and Wagner could not be reached.

Brown and Wagner previously co-owned Brown and Wagner Mortgage Inc., which operated in the Kensington Place suite until it was absorbed by Simmons Bank in 2009.

Wagner opened USA Mortgage’s Springfield office in 2011 and rapid growth a year later prompted the move to Kensington Place. Wagner no longer works for USA Mortgage, according to Kitrel.

Kensington Place is a Class A office complex on two acres split between two buildings and seven condo unit owners. Other tenants are Century 21 Integrity Group, Hogan Land Title, Achieve Private Wealth/Ameriprise Financial and Wealth Partners/Raymond James.