Intracoastal Mall in foreclosure

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The Intracoastal Mall in North Miami Beach is in a $59.2 million
foreclosure action, according to the South Florida Business Journal.
CJUF III Intracoastal filed the action Oct. 7 against MSW Intracoastal
Mall and Boca-based developer Woolbright Development. Duane Stiller, CEO
of Woolbright, was also named in the suit. The company acquired the
property five years ago for $48 million, and tenants at the site include
TJ Maxx and Winn-Dixie. The mall is located at 3501 Sunny Isles
Boulevard. In 2010, the mortgage on the site was modified into two notes
of $52 million and $7.2 million. [SFBJ]

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