The Whitworth Farms shopping center outside of Boynton Beach has sold for $11.2 million in a short sale, a $17.5 million discount from its $28.7 million mortgage, the South Florida Business Journal reported.
Whitworth Farms Partners, an affiliate of Sunrise-based Global Fund Investments, purchased the 89,438-square-foot retail center, located at 12425 Hagen Ranch Road, from Cadence Bank following a foreclosure last year. Prior to the foreclosure, Boynton-Whitworth Farms owned the Publix grocery-anchored property.
Whitworth Farms Partners was able to buy the shopping center at the 61 percent discount only after filing a lawsuit in January against Boynton-Whitworth, forcing it to act on a deal to sell it the property. Coral Gables-based Mercantile Commerce Bank financed the Whitworth Farms Partners deal with a $6.5 million mortgage, the Journal said. [SFBJ] —Christopher Cameorn