Rottman Group’s Annex property on the auction block
April 3, 2012
On April 24, as part of a bank foreclosure, five Rottman Group properties which are located in the area of Del Rio Road and El Camino Real, are scheduled to be sold at an auction to be held in the breezeway adjacent to the county general services building in San Luis Obispo.
In October, Montecito Bank & Trust filed a lawsuit in Santa Barbara Superior Court alleging the Rottman Group was in default for $6.2 million in interest, fees, a line of credit and several loans taken on its Atascadero properties.
In 2006, the Rottman Group and Wal-Mart submitted a joint application to build retail complexes at the city’s northern end. Wal-Mart is slated to build a 125,000 square-foot store.
Compass Real Estate, an arm of the Rottman Group, was planning to build a 116,000 square-foot retail center known as the Annex. In addition, the group was also slated to construct a work-force housing development, according to the group’s website.
The principals of Compass Real Estate are Steven Rottman, Maury Froman, and Keith Mathias.