The Real Deal Miami

Miami Gardens warehouse headed for auction

Built in 1975, the 43,974-square-foot building last sold for $1.78 million in 1998.

July 18, 2015 10:35AM

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The online auction is set for Aug. 17.

The online auction is set for Aug. 17.

The owner of a Miami Gardens warehouse faces a $3.7 million foreclosure judgment and the property is scheduled for a foreclosure auction.

U.S. Bank represented a securitized commercial mortgage trust in winning the judgment against  the warehouse owner, 5244 Holdings, together with its managing members, Ricardo Julio Arias and Ana Maria Arias.

The warehouse at 5255 Northwest 165 Street, which measures 43,974 square feet, is scheduled for an online foreclosure auction on August 17.

U.S. Bank in 2009 won a foreclosure judgment against 5244 Holdings but increased the amount of the mortgage secured by the Miami Gardens warehouse to $3.05 million instead of seizing the property.

The South Florida Business Journal also reported that the Miami Gardens warehouse last sold for $1.78 million in 1998 and that it was built in 1975 on a 1.8-acre site. [South Florida Business Journal]Mike Seemuth