On the verge of losing its main tenant Cobb Theatres, the Shoppes at Jupiter are facing a $29.5 million foreclosure suit, the South Florida Business Jouranl reported. Representing a CMBS, JPMCC 2006-LDP7 Retail 201 LLC filed the foreclosure suit against Holiday Jupiter LLC — controlled by Totowa, N.J.-based Crimson Capital — last week. The property’s loan has been past due since August and Fitch Ratings reported that the property was placed into special servicing with Miami Beach-based LNR Properties in August for “imminent default,” according to the Business Journal.
The Shoppes are 213,105 square feet on 24.2 acres at 101 and 181 N. U.S. Highway 1 and are 93 percent occupied. Besides Cobb Theaters, other tenants include Bealls, McDonald’s and Chili’s. [SFBJ] —Christopher Cameron