Wayne Plaza in Downtown Silver Spring Sold at Foreclosure Auction

Brookfield sold six properties in Montgomery County, including Wayne Plaza, at a foreclosure auction last month. The lender, a coalition of Commercial Mortgage-Backed Securities investors represented by Wells Fargo Bank, acquired the properties after Brookfield defaulted on a loan associated with its portfolio. Wayne Plaza, located at 962 Wayne Ave. , features 101,940 square feet of office space and includes businesses like Firepan Korean BBQ, which opened in 2022. The properties were part of a larger acquisition from Washington Real Estate Investment Trust in 2016.

Following the sale, Brookfield continues to have a strong presence in downtown Silver Spring, with holdings such as the Silver Spring Metro Plaza and various office and apartment complexes. The Montrose Metro I building in North Bethesda also changed hands, sold to an unidentified buyer. This development reflects ongoing shifts in the local commercial real estate landscape. The auction underscores the challenges faced by Brookfield in managing its portfolio amid financial difficulties.