Two foreclosed Palm Beach office properties are heading to the auction block.
The first auction is for a group of four office buildings occupying 87,744 square feet of space near the Gardens Mall in Palm Beach Gardens. The auction, scheduled for Jan. 5, comes after the buildings’ owner, Centre at the Gardens Mall, lost a $26.6 million foreclosure lawsuit to WBCMT 2006-C29 Kew Office, representing a commercial mortgage-backed securities trust.
The buildings are only 45 percent occupied, according to the South Florida Business Journal.
Separately, a West Palm Beach office building will be auctioned after owner Belvedere Investment Associates lost an $11.3 million foreclosure judgment. Belvedere lost the suit to Wells Fargo Bank, which represented a CMBS. The 110,795-square-foot office building, located at 1601 Belvedere Road, will also be auctioned on Jan. 5, the Journal reports. [South Florida Business Journal] — Chris Guanche