Bankruptcy Judge Erik Kimball has signed off on a heavily-discounted sale of 182 units in West Palm Beach. Developer Lucky Chase II filed for bankruptcy after a $15 million complaint concerning 182 units at the San Michele condo in West Palm Beach was filed in November. Regions Bank, the plaintiff in the foreclosure action, had moved to dismiss the bankruptcy filing because its original mortgage was for $45.5 million, with $12.5 million outstanding. The bank withdrew its motion, however, approving the developer’s plan to sell 182 units at a 37 percent discount. The units, at 8901 Okeechobee Boulevard, have been bought by Boca Raton-based Portofino Club. The condo association’s receiver, Richard Schurr, filed his own motion asking the court to reconsider the sale, fearing that Portofino Club might be absolved of its obligations to the condo board. [SFBJ] Comments
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Only the safest properties with the most stable occupancy rates are
selling in South Florida’s diminished market for retail buildings.
Among the few retail properties that are changing hands in
bank-financed transactions are single-tenant buildings with minimal
vacancy risk and shopping centers with attractive anchor tenants and
low turnover. “We don’t have loans on very many retail centers, and what we’ve come
to appreciate is that they vary distinctly one from another,” said
Thomas Lumpkin, chairman of the board of Biscayne Bank, a community
bank based in Miami. Among other retail properties Biscayne Bank holds as loan collateral,
“we have one center [on Camino Real in Boca Raton] that’s anchored by a
CVS pharmacy, and there’s a Chinese restaurant in that particular
center that has been there a long period of time,” said Lumpkin. “It’s
at a great location. It’s got great car and foot traffic. We’ve looked
at them and we don’t see that there’s cause for alarm over that type of
tenancy.” 1 CommentThe Dizengoff Trading Group, an Israeli real estate development and commodities firm, plans to start buying distressed commercial and residential real estate within the next year. The firm has opened an office in Boca Raton and will concentrate on shopping centers and half-sold condo communities, U.S. region manager Ronen Saban said. In July, Dizengoff bought the Shoppes at Monarch Lakes in Miramar, a 64,020-square-foot shopping center, for $8.29 million. Portofino in Jensen Beach, a 118-unit incomplete condominium complex, was another recent acquisition at $6.75 million. [Miami Herald] [more]
