The Real Deal Miami

Fort Lauderdale offices headed to auction block

Property owner hit with $23 million foreclosure judgment

April 14, 2014 10:30AM

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5300 Northwest 33rd Avenue

5300 Northwest 33rd Avenue

Two Fort Lauderdale office properties are set to be auctioned off following a nearly $23 million foreclosure judgment.

A commercial mortgage-backed securities lender was awarded the judgment against an affiliate of Boston-based Cabot Investment Properties, South Florida Business Journal reported. The judgment related to a $19.7 million mortgage secured by the properties. Cabot paid a combined $25.5 million for the buildings in 2005.

The foreclosure auction of the 110,010-square-foot complex at 5300 Northwest 33rd Avenue and 69,959-square-foot building at 2200 West Commercial Boulevard is scheduled on May 28. Zimmerman & Partners Advertising previously anchored the smaller building but relocated elsewhere in Fort Lauderdale. [South Florida Business Journal]Eric Kalis

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