Ownership of the Chauncey building, Plaza Towers, and Park@201 was returned to GreenState Credit Union after no bids came in during the sheriff’s sale at the Johnson County Sheriff’s Office Tuesday.
The sale took place outside the jail with roughly 30 attendees watching the proceedings. Bidding for the properties started at $24 million, but no cash was exchanged as no bids were made, and the properties returned to GreenState ownership.
Johnson County Sheriff’s Office Lieutenant Dave Broll said this sale was the biggest he had ever seen. He also said the parking lot on the intersection of S. Clinton Street and E. Burlington Street would not be a part of the sale, which was decided by the debtor, Marc Moen, and the plaintiff, GreenState.
The parking lot on the intersection of S. Clinton Street and E. Burlington Street will be sold separately as parking lot real estate.
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The audience watched as Broll read off the listing and asked for bidders. Pat Einarson, an attendee at the auction, was in attendance because of the opportunity the sale presented.
“It was an opportunity, I call them a white swan event, where something big can happen, and if you’re prepared, you could win,” he said. “We all have a dream. We have a dream, where one day, opportunity will strike us and we’re ready.”
The parking lot on the intersection of S. Clinton Street and E. Burlington Street will be sold separately as parking lot real estate.
The sale was held to satisfy a debt of roughly $28 million incurred by Moen and his associates from 2016 to 2023. GreenState Credit Union foreclosed on the four buildings in April after filing a suit against Moen and his associates on Feb. 4.
GreenState called all efforts to restructure or manage the debts “fruitless” and said it was being forced to foreclose and file a motion for summary judgment, according to court documents. The documents said the motion was filed to “enable a party to obtain judgment promptly and without the expense of a trial where there is no fact issue to try.”
The judge granted the summary judgment, ending the case without trial and sending the properties to the sheriff’s sale. The judgment also allowed GreenState to collect collateral from other properties owned by Moen and his associates.
The Chauncey, Plaza Towers, and Park@201 are all mixed-use buildings that overlook the Pedestrian Mall in Iowa City. The buildings are home to several Iowa City businesses, condos, and event spaces.