The Real Deal Miami

CREC acquires mortgage for distressed Weston mall

November 25, 2013 04:30PM


From left: 2300 Weston Road in Weston, and CREC’s Warren Weiser

Commercial real estate services firm Continental Real Estate Companies, the exclusive leasing agent for several South Florida shopping centers, has taken on the distressed mortgage of the Waterway Shoppes II in Weston.

The 33,600-square-foot retail center at 2300 Weston Road, which sits on a 4.6-acre lot, was hit with an $11.6 million foreclosure lawsuit in April. Wells Fargo Bank represented a commercial mortgage-backed securities trust when filing the suit.

The occupancy rate dropped to 82 percent from 93 percent after a 2005 loan. Tenants include Mitch’s Westside Bagels, Acquolina and Patrick Taleb Salon & Spa.

CREC represents El Mercado, Clewiston Town Center, Polo Grounds, #1 Marketplace, the Shops of Bird Road, Tropical Plaza, Gables Grand Plaza and Red Road Commons, as previously reported. [South Florida Business Journal]Mark Maurer