The Real Deal Miami

U.S. Century Bank sells 117 acres in Homestead for $10M

Bank seized property mid-2014

January 07, 2015 09:45AM

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soldfeechThe commercial developer GBX Homestead, which is managed by Brazilian commercial developer Interstones Real Estate, has purchased 117 acres in Homestead for $10 million.

A U.S. Century Bank affiliate sold the repossessed site at Southwest 147th Avenue and Park of Commerce Boulevard after the bank seized the property in mid-2014, according to a published report.

U.S. Century Bank, which had foreclosed on A & H Commerce Park’s $10.8 million mortgage last year, provided the new owners with an $8 million mortgage, the South Florida Business Journal reported. The buyer plans to restart development of a business park there. [South Florida Business Journal]Katherine Kallergis

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