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South Florida

Gaddis purchases Fort Lauderdale building at 28 percent discount to foreclosed mortgage

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Taxi tycoon and real estate investor Jesse Gaddis has purchased a 21,637-square-foot building in Fort Lauderdale at 490 and 500 N. Federal Highway at a 28 percent discount to its foreclosed mortgage, the South Florida Business Journal reported. The building, which was formerly an auto dealership, was seized by Fifth Third Bank in early 2011, after the bank foreclosed on a $4.3 million mortgage with 5th Street FTL Partners and Boca Raton developer Gregory Talbott, the Journal said. [SFBJ]