The Real Deal Miami

Village Shoppes owner faces foreclosure

CMBS lender files action over $37.5M mortgage secured by Royal Palm Beach center
April 21, 2014 03:00PM

Aerial of Village Shoppes site

Aerial of Village Shoppes site

The owner of a large shopping center in Royal Palm Beach faces foreclosure.

A commercial mortgage-backed securities lender filed a foreclosure action against The Centre on 441 on April 10, South Florida Business Journal reported. The Centre’s mortgage has a $37.5 million outstanding balance and is secured by the 293,050-square-foot Village Shoppes. The shopping center is located on 30.3 acres at 10101, 10105 and 10109 Southern Boulevard.

Tenants at Village Shoppes include Bealls, Burlington Coat Factory, Planet Fitness and the U.S. Postal Service. Burlington has the largest existing lease at more than 86,000 square feet. [South Florida Business Journal]Eric Kalis