Auction approved for Fashion Mall in Plantation

Ram Realty has offered $24M in stalking horse bid

TRD MIAMI /
Feb.February 13, 2015 11:15 AM

A bankruptcy judge on Thursday granted a motion authorizing an auction of the vacant Fashion Mall in Plantation with an initial, or “stalking horse,”  bid of $24 million.

Judge John K. Olson granted the auction motion filed by the Chapter 7 bankruptcy trustee representing debtors of the Fashion Mall, an enclosed shopping center with about 828,000 square feet of leaseable space on 32 acres of land at 321 North University Drive in Plantation.

The judge also denied a motion by the majority owner of the Fashion Mall property, Tangshan Ganglu Iron & Steel, to convert the bankruptcy case from Chapter 7 to a Chapter 11 reorganization.

“We applaud Judge [John K.] Olson’s decision,” Glenn D. Moses,  a shareholder of law firm Genovese Joblove & Battista, which represents the Chapter 7 bankruptcy trustee, said in a statement.

The Chapter 7 trustee, Kenneth A. Welt,  “believes that the best way to maximize the value of the Fashion Mall property is to sell it through open and competitive market conditions,” Moses said. “If the motion to convert to Chapter 11 were granted, this would not be possible and contentious litigation likely would have ensued.”

The stalking horse bidder, Palm Beach Gardens-based Ram Realty, will pay $24 million for the Fashion Mall property, unless a superior bid emerges in an auction. Commercial real estate brokerage CBRE will solicit auction bids for the mall property on behalf of Welt.

If another entity outbids Ram Realty, Ram would receive a $200,0000 “break-up fee” under the court motion Judge Olson approved.


Related Articles

arrow_forward_ios
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)

Madison Realty closes on Costa Hollywood Beach condos for $43M

Madison Realty closes on Costa Hollywood Beach condos for $43M
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)

Miami developer Metronomic files for bankruptcy

Miami developer Metronomic files for bankruptcy
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)

It’Sugar files for bankruptcy protection after sales sour

It’Sugar files for bankruptcy protection after sales sour
A Toojay's Deli location (Google Maps)

Lender acquires TooJay’s out of bankruptcy

Lender acquires TooJay’s out of bankruptcy
777 North Ocean Drive, Hollywood (Credit: Google Maps)

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
Westfield Broward mall, CEO Christophe Cuvillier

Westfield Broward mall’s $95M CMBS loan heads to special servicing

Westfield Broward mall’s $95M CMBS loan heads to special servicing
Tal Frydman with Hamlet Plantation and The Continental Apartments (Credit: Hamlet via Jenco Properties)

Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M

Prism Multifamily Group buys apartments in Tamarac, Plantation for $54M
Investments Limited’s James Batmasian and clockwise from top left: 22797-22749 State Road 7, Boca Raton; 601 Fairway Drive, Deerfield Beach; 23123 South State Road 7, Boca Raton; 22973-23071 South State Road 7, Boca Raton (Credit: Google Maps)

Investments Limited scores $67M loan for 13 SoFla properties

Investments Limited scores $67M loan for 13 SoFla properties
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...