The Real Deal Miami

WPB industrial park facing foreclosure

CMBS lender targets nearly 150,000 square feet of warehouses
September 15, 2014 03:45PM

 1700 Latham Road in Wedt Palm Beach

1700 Latham Road in Wedt Palm Beach

An industrial park near West Palm Beach is facing a $10.1 million foreclosure lawsuit.

U.S. Bank, representing a commercial mortgage-backed securities trust, filed a foreclosure lawsuit against Okeechobee, formerly known as Latham Road Commerce Center, according to the South Florida Business Journal.

The suit targets 148,599 square feet of warehouses spread across multiple buildings at 1560 and 1700 Latham Road.

The property has a vacancy rate of 78 percent, according to Trepp. [South Florida Business Journal] – Christopher Cameron