The Real Deal Miami

Coconut Creek center lost to foreclosure trades for $10M

Buyer is one of Palm Beach County's largest commercial property owners

September 06, 2016 11:15AM
By Sean Stewart-Muniz

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The Marketplace at Hillsboro (Inset: James Batmasian)

The Marketplace at Hillsboro (Inset: James Batmasian)

The Coconut Creek shopping center that developer Craig Menin lost to foreclosure two years ago was just sold by his lender for $10 million.

County records show C-III Asset Management, a special servicer representing a commercial mortgage-backed securities trust, just sold the retail plaza at 4301 West Hillsboro Boulevard to a company managed by controversial Boca Raton real estate mogul James Batmasian.

The sale also included an outparcel at 4411 West Hillsboro Boulevard, which is occupied by the Goodyear Tire & Rubber Company.

Menin, through an affiliate named Hillsboro-Lyons Investors, lost the 112,142-square-foot shopping center as part of a foreclosure suit in 2014, according to county documents. The company had purchased the Marketplace at Hillsboro in 1995 for $7.5 million, just a few years after it was built.

No financing was recorded with this latest deal. Batmasian, one of Palm Beach County’s largest commercial property owners, grabbed headlines in recent years after being sued by former employees who accused him of sexual harassment.

Including the outparcel, the sale breaks down to about $84 per square foot.