North Miami Beach-based Kazi foods could lose five KFC restaurants to foreclosure, with a total of $23.1 million involved in two lawsuits. Colonial Pacific Leasing’s lawsuit is targeting two mortgages for $9.6 and $9.5 million, while a separate suit, by General Electric, involves a $4 million mortgage made in 2006. The five KFC franchises include one located in Carol City and four in Miami. The foreclosures were filed Feb. 2, with Citicorp Leasing assigning all of the loans to the plaintiffs. [SFBJ] Comments

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GE Capital, a unit of General Electric, is expecting $7 billion worth
of commercial real estate losses, executives told investors today. The
company’s commercial real estate portfolio has already declined in
equity by roughly 34 percent since its 2007 high, they said. The
company expects commercial property values to fall 13 percent next
year, driving future losses. In the Bloomberg News video below, experts discussed GE’s
prospects in the commercial real estate sector.

“GE has not been required to mark its portfolio and reserve its
portfolio like Citi and like Bank of America have as federally
chartered banks and as a result it has a lot more marking to do,” said
Nick Heymann, senior vice president at Sterne Agee. [MarketWatch]

Former General Electric chairman and chief executive Jack Welch has sold an adjacent pair of North Palm Beach oceanfront lots to Johnson & Johnson chairman and CEO William Weldon for $8.45 million, according to a deed filed Monday. Welch, a longtime resident of Lost Tree Village, purchased the lots, at 1264 and 1284 Lake Worth Lane, in 2006 for a combined $7.975M, Property Appraiser’s Office records showed. In a separate sale, Welch sold a 10,000-square-foot waterfront home at 11823 Turtle Beach Road, also in Lost Tree Village, for $5.15 million. The property, which Welch purchased in 2007 for $7.6 million, went to Donald Gogel, CEO of New York private equity firm Clayton, Dubilier & Rice, and his wife, Georgia. [Palm Beach Daily News]