The Real Deal Miami

Soon-to-be former BJ’s site in foreclosure

January 10, 2011 08:13AM

The Sunrise location of B.J.’s Wholesale Club is set to close, and now
the center the store is leaving is in foreclosure. A commercial
mortgage-backed securities fund has filed a foreclosure action against
Oakland University Associates, the Jericho, N.Y.-based company that owns
the center. B.J.’s announced
last week it would be leaving the store
, which is located at 3469
North University Drive, Jan. 17. Oakland University Associates bought
the property 12 years ago for $10.2 million, obtaining a $9.1
million mortgage. According to analytics firm Trepp, the loan on the
137,326-square-foot property had $7.5 million outstanding. [SFBJ]