Former Carls Furniture locations face foreclosure
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 to information acquired by the South Florida Business Journal, in 2007 Wachovia Bank (now owned by Wells Fargo) loaned $13.1 million to shopping center co-owners: Thomas Properties DE, DM Property Investments, Pintar Investment Properties DE, Borghese Investments, Brush Creek Investments, EPC North Palm Investor and EPC North Palm Associates. When they sold it to Panattoni Properties DE, led by Carl Panattoni and Shelby Properties DE led by Jacklyn Shelby, the mortgage was assumed by the buyers.
After the financial crisis hit the area, the number of tenants dropped, and when the owners decided to close the door of the shopping center, out from the 75,808-square-feet 50,050 square-feet were available for lease. The asking rate was $17 a square-foot.
On the same day, Wells Fargo Bank filed a foreclosure lawsuit against EPC West Palm Associates, EPC West Palm Investor and CF Acquisition Co. targeting the former Carls Furniture location at 1889 Palm Beach Lakes Blvd. That retail center has 49,802 square feet on 2.5 acres.