Village Shoppes owner faces foreclosure

Aerial of Village Shoppes site
Aerial of Village Shoppes site

The owner of a large shopping center in Royal Palm Beach faces foreclosure.

A commercial mortgage-backed securities lender filed a foreclosure action against The Centre on 441 on April 10, South Florida Business Journal reported. The Centre’s mortgage has a $37.5 million outstanding balance and is secured by the 293,050-square-foot Village Shoppes. The shopping center is located on 30.3 acres at 10101, 10105 and 10109 Southern Boulevard.

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Tenants at Village Shoppes include Bealls, Burlington Coat Factory, Planet Fitness and the U.S. Postal Service. Burlington has the largest existing lease at more than 86,000 square feet. [South Florida Business Journal]Eric Kalis