The Real Deal Miami

GE arm may leave Boca Raton building in foreclosure

U.S. Bank files suit against Michigan-based owner

September 16, 2013 04:00PM

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791-park-of-commerce

791 Park of Commerce in Boca Raton

A General Electric subsidiary may vacate a Boca Raton office as the building comes close to being seized in foreclosure.

GE/Interlogix is the largest tenant at Arvida Park of Commerce, with 88,729 square feet. The 156,898-square-foot building sits on 10 acres at 791 Park of Commerce Boulevard. The company not yet renewed its lease that expires at the end of next year.

The lack of a renewal deal thus far has forced the property owner, Birmingham, Mich.-based Fla Properties #116, to make a reserve payment. The payment, however, hasn’t been made. The borrower is remitting all of its net operating income during lease negotiations.

Last week, U.S. Bank, representing a commercial mortgage-backed securities trust, filed a foreclosure suit against the owner. [South Florida Business Journal]Mark Maurer

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