Auction approved for Fashion Mall in Plantation

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
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Pedro Villar of Sunview Companies with the hotel (Marriott, LinkedIn via Villar)
Owner of Aloft Miami Brickell hotel files for bankruptcy
Owner of Aloft Miami Brickell hotel files for bankruptcy
The Holiday Inn at 340 Biscayne Boulevard in Miami and attorney Linda Worton Jackson
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
1 South Pine Island Road (Newmark)
KPC Properties buys Plantation apartment complex for $46M
KPC Properties buys Plantation apartment complex for $46M
Merrimac Ventures co-CEOs Nitin Motwani and Dev Motwani. (Merrimac)
Motwanis’ Merrimac Ventures scores $72M construction loan for Plantation apartments
Motwanis’ Merrimac Ventures scores $72M construction loan for Plantation apartments
(MMG Equity Partners)
MMG Equity buys Plantation shopping center for $12M
MMG Equity buys Plantation shopping center for $12M
Midtown Capital Partners managing partner Alejandro Velez (Cushman & Wakefield, Midtown Capital)
Midtown Capital Partners buys Plantation office building for $78M
Midtown Capital Partners buys Plantation office building for $78M
arrow_forward_ios

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

Loading...