The vacant former Dick's Sporting Goods store on Meyer Road in Amherst has been taken over by the lender following a foreclosure auction.
U.S. Bancorp, as trustee for the investors who own the commercial mortgage-backed security that held the loan on the property, acquired the 55,826-square-foot big box retail store at 281 Meyer from Spirit DK Amherst NY LLC, an affiliate of Dallas-based Spirit Realty Capital. The "purchase price" or bid was listed in Erie County Clerk documents as $2.6 million, but that was only part of the $6.32 million that was owed on the 10-year-old loan.
Minneapolis-based U.S. Bank will now try to reposition and resell the property to recoup the investors' losses.
Dick's relocated to the Boulevard Mall in October 2015 with expanded space and enhanced features for customers that it touted at the time. Spirit attempted to sell the 5.8-acre property, with 243 parking spaces, through Pyramid Brokerage Co. for $6.75 million but was unsuccessful. Built in 1986 and owned by Benderson Development Co. for 12 years, the property is currently assessed at $3.25 million in Amherst.