Las Olas Centre foreclosed by Wells Fargo

Hallmark office building Las Olas Centre in Fort Lauderdale has been repossessed after losing a foreclosure action by Wells Fargo. The bank filed a suit against BF Las Olas, the building’s owner, and BentleyForbes Holdings in August. The foreclosure action related to a $166 million first mortgage. Wells Fargo said in an e-mail that it now owned the two buildings at 350 and 450 Las Olas Centre, which total nearly 470,000 square feet. Las Olas Centre was sold three years ago for $230.9 million, which was, at the time, a South Florida record at $492 per square foot. Notable tenants in the complex include Wachovia Bank and Citigroup. [SFBJ]