The Real Deal Miami

Lender wins Stirling Town Center auction

Cooper City retail property sold through foreclosure

January 31, 2014 10:30AM

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Stirling Town Center

Stirling Town Center

A commercial mortgage-backed securities lender has acquired Stirling Town Center in Cooper City through a foreclosure auction, The Real Deal has learned.

With just a $6,000 bid, lender MLMT 2005-LC1 Stirling Road won Thursday’s online auction for the 8631 Stirling Road retail center, according to Broward County records. It was previously awarded a $16.7 million foreclosure judgment against prior owner Prince of Cooper City, which paid $14.1 million for the 57,000-square-foot center in January 2010. The CMBS lender gave Prince of Cooper City a $12.7 million loan for the purchase.

Built in 2005, Stirling Town Center is occupied by a mix of local and national retailers. Tenants include Aroma Market, Beef O Brady’s, Cold Stone Creamery, Great Florida Bank and Starbucks. — Eric Kalis

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