Guaranty Bank acquired 42 acres of a northwest Springfield industrial park in a trustee's sale this week on the Greene County Courthouse steps.
Bayless Industrial Park, 4300–4400 W. Kearney St., was sold to the bank for $928,000, the amount former owners John O. and Lisa A. Bayless still owed Guaranty Bank on the property, according to Guaranty Senior Vice President of Commercial Lending Eric Leonard.
The industrial park comprises four parcels on the east side of Alliance Drive and one parcel on the street’s west side. A pair of buildings on tracts of land that border the industrial park site, 4320 and 4520 W. Kearney Ave., were not included in the foreclosure, said Rich Kramer of Rich Kramer Construction, who partnered with John Bayless to construct the buildings. Kramer and Bayless own the buildings under Design-Build-Lease LLC. Rich Kramer Construction was not named in the foreclosure.
The industrial park is adjacent to Partnership Industrial Center West.
Bayless and his wife – doing business as Bayless Auto Salvage Inc. – sought Chapter 11 bankruptcy protection in an April 2, 2009, filing, which led to the foreclosure on the industrial park, according to Springfield attorney Gary Bishop, successor trustee in the foreclosure.
Foreclosure documents valued the property at $1.41 million, the amount agreed upon by Bayless and Guaranty Bank on the original deed of trust, Leonard said.
Multiple phone calls to John Bayless were not returned as of Friday afternoon.
Read more about the foreclosure in Springfield Business Journal's June 7 issue.[[In-content Ad]]
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