Metropolitan Life Insurance Co. sold a five-asset portfolio to an affiliate of DRA Advisors for more than $44 million. The recently sold 345,000-square-foot is located at 5757, 5775, 5805, 6101 and 6161 Blue Lagoon Drive were built in 1980, and they are 80% leased. According to Mark Guilbert, these buildings were well maintained and upgraded [...]
South Florida properties lost about 50% of their value during the housing collapse, while research firms estimate the start of housing recovery somewhere in 2012. After an unprecedented six years of declines, prices in Broward and Palm Beach counties will hit their bottom in the next 10 or 15 months, Moody’s Analytics said. Voices say [...]
This year’s Christmas will be the last one they spend in the Sunrise sanctuary, as the lender, TD Bank won a $5.6 million foreclosure judgement. The judgement was signed December 5 in Broward County Circuit Court by Judge John B. Bowman, who sealed the church’s fate: they must leave the building. The judgement was based [...]
Mahammad Qureshi, a Palm Beach county-based businessman who filed for Chapter 11 bankruptcy six months ago, is one step away from losing three of his gas stations to foreclosure. The troubled businessman faces a foreclosure lawsuit filed by his lender, 1st National Bank of South Florida. The suit was filed last month in Palm Beach [...]
Coneca Properties faces another foreclosure lawsuit which targets its Courtyard office building in Boca Raton. Its lender, Branch Banking & Trust Co. took the step and filed a foreclosure lawsuit against Coneca Properties an managing member Randall L. Wood. The court papers reveal that the office building has $5.03 million outstanding mortgage, which has matured. [...]
Midtown Opportunities purchased a 22-acre land at Midtown Miami for $61.7 million, Miami-Dade County Circuit Court records show. This price is significantly less than the $84.6 million in mortgages on the property, with its two largest mortgage modified just a month before the sale was announced. In addition, right after the sale was announced by [...]
November 30 wasn’t the luckiest day for Panattoni Properties DE and Shelby Properties DE owners, as Wells Fargo filed a foreclosure lawsuit against them to take over their properties. The foreclosure lawsuit targets the 75,808 square-feet shopping center that sits on 5.7 acres at 11940 US Highway 1 and formerly known as Carls Plaza. According [...]
Plans of redeveloping a 2.6-acre site in Miami vanished, as its owner was pushed to turn over to a bank in a deed in lieu of foreclosure. Sergio Pino owned an entire block on the west side of Southwest 19th Avenue between and Southwest Ninth Street through his Century Homebuilders company. According to information published [...]
Another hotel in the state of Florida has been targeted for foreclosure. Comerica Bank filed a foreclosure lawsuit Nov. 17 against the owners of the 147-room Lauderdale Beachside Hotel. The lawsuit documents name Ocean 4600 LLC, entity which fell behind on its $11.85 million mortgage payments. The loan was granted in 2008. The loan guarantors, [...]
