No one bid on the EpiCentre, except its lender

• Unless an upset bid happens over the next 10 days, which is uncommon for commercial real estate, the EpiCentre will belong to Deutsche Bank.

What’s happening: The auction for the once-bustling entertainment venue kicked off Tuesday on the first floor of the Mecklenburg County Courthouse with a $95-million credit bid.

• Normally a foreclosure sale starts with an offer from the lender such as this. It’s a bid using the debt the borrower owes.

Why it matters: The EpiCentre was the nightlife heart of Uptown but turned into a lifeless block during the pandemic. Before that, it faced its share of challenges, but there is still wonder about what it could rebound as, given its prominent location.

Of note: The auction was postponed twice since May. It’s unclear why.

Context: The EpiCentre went into receivership over a year ago after the owner, CIM Group of Los Angeles, defaulted on an $85-million loan with Deutsche Bank. Foreclosure proceedings started in March.

What’s next: Another party would need to pitch a higher offer of at least 5% the sale price, or close to $100 million.

• The center, which has 50 tenant spaces, is about 70% vacant, according to a June receiver’s report.
• It’s not yet clear what will happen with the EpiCentre or the handful of tenants that remain. The court-appointed receiver declined to comment.