Four commercial properties in South Florida have been scheduled for foreclosure auctions. A fifth building has recently been seized by a loan investor.
The owner of the largest property to be put up for sale lost an $11.5 million foreclosure judgment. U.S. Bank was awarded the judgment against Wellington Property Group for an $8.6 million mortgage, plus interest and fees.
The three buildings are located at 1200, 1300 and 1500 Corporate Center Way and total 47,264 sq ft. They are scheduled for online auction May 28.
The largest tenant of the property is B/E Aerospace. This company has leased 10,911 sq ft, according to Trepp LLC, a CMBS analysis firm. B/E Aerospace also owns its own corporate headquarters located next door at 1400 Corporate Center Way.
According to the borrower, the buildings were 72 per cent occupied. Wellington Property Group bought the buildings in 2007 for $11.5 million. The property was appraised by the lender at $11.9 million at the time. Its recent appraisal valued the property at only $5.2 million.
A Palm Beach Gardens warehouse will be going to auction over a $7.2 million foreclosure judgment. Sabadell United Bank went to court over a $6.9 million mortgage, plus interest and fees. The loan was originally advanced by Lydian Private Bank, but the lender failed.
Lydian had filed foreclosure lawsuits against Fask Realty on two occasions but withdrew them. Sabedell United will seize the 86,372 sq ft office and warehouse complex located at 354 Hiatt Drive. The building is scheduled for online auction on June 24.
A senior apartment complex in West Palm Beach is going to be auctioned after its owner lost a $3.2 million foreclosure judgment. SPCP Group V LLC, an affiliate of Silver Point Capital, a Greenwich, Connecticut-based company, was successful in its suit over a $3.2 million mortgage. SPSC Group bought the loan from JPMorgan Chase Bank in September.
The apartment complex is located at 2210 N. Australian Avenue has 252 units and is slated for online auction on April 29.
In March, 4300 North University LLC filed a foreclosure lawsuit against Executive University courts over a $5 million mortgage. The plaintiff, which is an affiliate of Boxer Property Management, had acquired the loan at a 48 per cent discount from a CMBS trust, according to Trepp LLC.
On April 12, Executive University Courts turned over the property to 4300 Lauderhill LLC, which is also an affiliate of Boxer Property Management, for $3.1 million. The transfer price “represents mortgage relief.”
The property, located at 4300 N. University Drive, measures 113,063 sq ft. It was bought for $8.4 million in 2005. According to Trepp, it was 60 per cent occupied.
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