Hillsboro Commons, a mixed-use building in Deerfield Beach, dodged foreclosure after it was purchased for more than its outstanding mortgage.
In January 2013, an entity known as GSMS 2005-GG4 Retail 1000 LLC, representing a commercial mortgage-backed securities trust, filed a foreclosure lawsuit against Hillsboro Partners over a $10 million mortgage, according to the South Florida Business Journal.
However, the 82,000-square-foot building, located at 1000 East Hillsboro Boulevard, was acquired by Boca Raton-based Investments Limited for $12.3 million.
“Investments Limited was the logical buyer,” Nancy Dockerty of Dockerty Romer & Co., who co-brokered the deal with Phil Bloom of Bellestar Partners, said in a press release. “Based on the considerable amount of real estate they own and manage in the surrounding area, I thought this asset would fit well in their portfolio.” [South Florida Business Journal] – Christopher Cameron