The Real Deal Miami

CWCapital makes $1.55M gain on sale of foreclosed Boca Raton office complex

James Batmasian buys 62K sf property for just over $6M

July 16, 2013 03:00PM

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Jim-Batmasian

James Batmasian

Loan servicing giant CWCapital Asset Management made a $1.55 million profit on the sale of foreclosed office complex in Boca Raton, the South Florida Business Journal reported.

In 2011, CWCapital seized the 61,959-square-foot space at 141 Northwest 20th Street after foreclosing on a $4.5 million mortgage. Boca Raton real estate investor James Batmasian bought it for $6.05 million. Plum Park I previously owned the property, which is part of the Plum Park Condominium.

Last year, Batmasian — convicted in 2008 for tax evasion — bought Boca Raton’s Plumtree Centre retail space from U.S. Bank for $3.1 million. [South Florida Business Journal]Mark Maurer

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