The Coconut Creek shopping center that developer Craig Menin lost to foreclosure two years ago was just sold by his lender for $10 million.
County records show C-III Asset Management, a special servicer representing a commercial mortgage-backed securities trust, just sold the retail plaza at 4301 West Hillsboro Boulevard to a company managed by controversial Boca Raton real estate mogul James Batmasian.
The sale also included an outparcel at 4411 West Hillsboro Boulevard, which is occupied by the Goodyear Tire & Rubber Company.
Menin, through an affiliate named Hillsboro-Lyons Investors, lost the 112,142-square-foot shopping center as part of a foreclosure suit in 2014, according to county documents. The company had purchased the Marketplace at Hillsboro in 1995 for $7.5 million, just a few years after it was built.
No financing was recorded with this latest deal. Batmasian, one of Palm Beach County’s largest commercial property owners, grabbed headlines in recent years after being sued by former employees who accused him of sexual harassment.
Including the outparcel, the sale breaks down to about $84 per square foot.