The Real Deal Miami

BBX Capital buys PB Gardens retail center

Former BankAtlantic parent pays $5.6M for PGA property
January 07, 2014 09:45AM

3801 Design Center Drive

3801 Design Center Drive

A company tied to BBX Capital Corp. has acquired the PGA Professional & Design Center in Palm Beach Gardens for $5.6 million.

The purchase price for BBX-managed PGA Design Center represents a $24.4 million discount from the foreclosed mortgage previously given to former owner RCA Center II, South Florida Business Journal reported. Developer Dan Catalfumo built PGA Professional & Design Center and is the manager of RCA Center. Lender U.S. Bank had taken title to the nearly 146,000-square-foot retail center at 3801 Design Center Drive to resolve the foreclosure.

Fort Lauderdale-based BBX is the former parent of BankAtlantic. It has foreclosed on several Catalfumo-owned properties and previously reached a settlement with the builder over personal guarantees made on the loans. [South Florida Business Journal]Eric Kalis