The Real Deal Miami

Prime Jupiter shopping center in foreclosure

May 12, 2010 08:38PM

Jupiter’s Abacoa Town Center has been hit with a foreclosure action, marking another suit filed against the owner of the shopping center, Woolbright Developments. Wells Fargo Bank filed the action in Palm Beach County Circuit Court May 5, concerning the repayment of a $15.6 million loan. Woolbright ATC, an affiliate of Woolbright Developments, bought the 91,00-square-foot town center, whose tenants include J.J. Muggs Stadium Grill and Jumby Bay Restaurant, three years ago for $11 million. There are two other lawsuits against Woolbright, both filed by KeyBank National Association, including one against MS Woolbright Boca Grove and another against Woolbright Sunshine. The two other loans total more than $47 million. [Palm Beach Post]