Because of a lack of bidders at a public auction on June 27, the three-story building at the corner of Ninth Street and Central Avenue has reverted to the loan holder, Bank of Agriculture and Commerce, according to Janet Jankins, the bank’s chief credit officer.
She said the leases held by the seven tenants of the building are “null and void” now that the bank has taken over the property, but bank officials are willing to work with them if they want to stay.
A couple of tenants who signed leases with former property owner Dennis Ward expressed confusion over their situation this week.
“I have a lease,” said Mohammad Hatef, owner of Tracy Bridal and Alterations. “The owner (Ward) said there won’t be changes in the lease. He said I would be fine. I will talk to them (bank officials) and find out.”
Patricia Munson, owner of Platinum Conference and Event Center, said she heard that the bank had negated the tenants’ leases and they are all on a month-to-month agreement.
“I love it here, but don’t know if I want that hanging over my head,” she said. “I just assume find a new home and move.”
Even if she moves her business, Munson said she may continue leasing an adjacent room on the third floor that is used as a meeting place for several local nonprofits and organizations, including the Tracy Woman’s Club and Advocates for the Aging.
“Those organizations meet weekly, biweekly or monthly, and there is really no place for them to go,” she said. “Even if I leave the building, I may very well continue to lease that room for month to month.”
The building was auctioned because Ward was financially unable to retain ownership.
Jankins said bank officials are formulating a marketing plan to sell the downtown building.
“We’re working with people who know the market well,” she said. “We like Tracy, and hopefully somebody will be interested in buying the property from us.”
• Contact Denise Ellen Rizzo at 830-4225 or email@example.com.