The Real Deal Miami

Downtown at the Gardens facing foreclosure

July 06, 2009 03:45PM

Downtown at the Gardens has been hit by a $138 million foreclosure suit. The struggling Palm Beach Gardens shopping center was owned by Institutional Mall Investors and the California State Teachers Retirement System, which paid between $150 million and $250 million for the 348,000-square-foot property. It is now in default and worth less than $138 million, said Andrew Miller of Institutional Mall Investors. Boca Raton-based Ashkenazy & Agus Ventures bought the mortgage note on the property about six months ago.