The Real Deal Miami

Promenade at Coconut Creek offloaded in short sale to New York investment group

June 27, 2011 12:41PM

Coconut Creek Development and Stanbery Coconut Creek have sold the Promenade at Coconut Creek mixed-use center to an affiliate of New York-based Garrison Investment Group in a short sale for $44.5 million, or 50 percent less than its mortgage, according to the South Florida Business Journal. The affiliate did not take out a mortgage on the center.

The center, built in 2007, has 200,000 square feet of retail space and 50,000 square feet of office space.

In September, Bank of America signed a forbearance and modification agreement with Stanberry on its $88.5 million mortgage. The loan had previously gone into default. [SFBJ]