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South Florida

Shoppes at Jupiter face foreclosure

The Shoppes at Jupiter
The Shoppes at Jupiter

On the verge of losing its main tenant Cobb Theatres, the Shoppes at Jupiter are facing a $29.5 million foreclosure suit, the South Florida Business Jouranl reported. Representing a CMBS, JPMCC 2006-LDP7 Retail 201 LLC filed the foreclosure suit against Holiday Jupiter LLC — controlled by Totowa, N.J.-based Crimson Capital — last week. The property’s loan has been past due since August and Fitch Ratings reported that the property was placed into special servicing with Miami Beach-based LNR Properties in August for “imminent default,” according to the Business Journal.

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The Shoppes are 213,105 square feet on 24.2 acres at 101 and 181 N. U.S. Highway 1 and are 93 percent occupied. Besides Cobb Theaters, other tenants include Bealls, McDonald’s and Chili’s. [SFBJ] —Christopher Cameron