A West Palm Beach office complex is being marketed for sale as the current property owner fights a foreclosure lawsuit from its lender.
The 110,795-square-foot complex at 1601 Belvedere Road is set to be sold through a competitive bidding process with no minimum asking price, the Daily Business Review reported. The pair of five-story buildings at the property were built in 1983 and renovated 11 years ago. The Fort Lauderdale office of Avison Young is marketing the complex.
Owner Belvedere Investment Associates is in the midst of litigation with Wells Fargo Bank, which is serving as trustee for a group of lenders. Belvedere Investment filed a motion to dismiss the $9.9 million foreclosure complaint on Jan. 3. Palm Beach Circuit Judge Janis Keyser scheduled a March 25 hearing for the owner to make the case for not paying its lender. [Daily Business Review] — Eric Kalis