The site of a halted development in Jupiter has been sold for $2.7 million, a 72 percent discount from the price of its mortgage, the South Florida Business Journal reported. PNC Bank sold the site, which is located at 160 Mangrove Bay in Jupiter to Mangrove Bay Housing. The original developer, New Wave, paid $12 million for the site five years ago. [SFBJ]

Woolbright Development is facing foreclosure at its 18-acre Glades Plaza complex in Boca Raton — the latest in a string of shopping center defaults for the company. Woolbright recently lost Albacoa Town Center in Jupiter and is also in foreclosure on its loans for the Riverwalk Plazai n Boynton beach and a gym and bowling alley in Boca Raton. At Glades Plaza, the foreclosure lawsuit, which was filed by PNC Bank this week, is for a $44.8 million mortgage that was last modified in 2008. Woolbright bought the complex for $51.8 million in 2005 and refinanced two years later in order to fund upgrades at the 189,158-square-foot property. Woolbright said it is working with its lender to resolve the situation. [SFBJ]

Boca Raton-based Altman paid $8.3 million for the Waterbrook Peninsula
in Boynton Beach to seller PNC Bank, according to a source familiar with
the deal. Earlier in the summer, the bank hired Apartment Realty
Advisors in Boca Raton to sell the project. The deal closed last week,
the source said. The project is located at 2649 North Federal Highway in
Boynton Beach, with 50 nearly completed condos and townhouses and room
for about 20 more. [SFBJ]

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The company is looking to open up to 15 locations in the tri-county area

Continental Real Estate Companies, a Florida commercial real estate
services firm, announced that it has been tapped to introduce PNC Bank
and restaurant chain Corner Bakery Cafe to Florida. Continental has
been tasked with negotiating deals for up to 15 Corner Bakery Cafe
locations in the tri-county area. PNC is also looking to expand to
Florida in Broward County. Corner Bakery Cafe has locations in 12
states but none in Florida. Continental Real Estate also leases and
manages approximately 11.4 million square feet of office and
multifamily space statewide. TRD

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What was to be green-friendly office park with a putting green on the
roof has become yet another casualty of Florida’s foreclosure crisis.
PNC Bank has filed a foreclosure action against the Sea Gate Plaza
office development in Fort Lauderdale. The amount of the mortgage is
$10.9 milllion, which belonged to another bank which PNC took over in
2008. The developers had hoped that expansion at the Broward County Courthouse
would propel the growth of the project, which was aimed at law firms.
There has not yet been any construction on the site at the corner of SW
9 St and SE 3 Ave in Fort Lauderdale.  [SFBJ]

PNC Bank, a subsidiary of Pittsburgh-based PNC Financial Services Group, has filed to foreclose on the Flamingo Commons Office Park in Davie. The seven-building, 73,499-square-foot complex at 4351 S.W. 124th Avenue was built in 2003 and has a mortgage which was last modified at $13 million in 2007. The office vacancy rate for Broward County exceeded 14 percent in the third quarter, according to Colliers Abood Wood-Fay. [SFBJ]

Duane Stiller, president of Woolbright Development

Shopping center specialist Woolbright Development has a third property headed to foreclosure. Lender PNC Bank filed the action Oct. 7 against Plaza at Coral Springs II and Duane Stiller, president of the Boca Raton-based development company, according to Broward County Circuit Court records. Pittsburgh-based PNC wrote a $29.9 million mortgage to Woolbright in 2007 when the developer bought the shopping center for $22.6 million and began renovation. Woolbright Development was hit with its first foreclosures in August, when Guaranty Bank filed lawsuits against West Sunset Square in Kendall and Wekiva Riverwalk in Apopka. [SFBJ]  [more]