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Palm Beach Gardens building that was once Gander Mountain store in foreclosure

Owner allegedly defaulted on a $14M mortgage

Gander Mountain at 100 Gander Way (Credit: Oppidan)
Gander Mountain at 100 Gander Way (Credit: Oppidan)

A recently shuttered Gander Mountain retail store in Palm Beach Gardens was just hit with a $14 million foreclosure lawsuit, according to the South Florida Business Journal.

The lawsuit was filed against the owner, Gan Palm Beach Lessor Corp., by an LLC that is part of a commercial mortgage-backed securities trust.

Gan Palm Beach Lessor Corp. bought the 125,641-square-foot retail building at 100 Gander Way for $29.8 million in 2012. A couple of months later, the company secured a $15.3 million loan from Prudential Mortgage Capital Company LLC, records show.

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The outdoor and sporting goods retailer closed dozens of its stores nationwide over the summer, in an attempt to emerge from Chapter 11 bankruptcy. Its store in Palm Beach Gardens was one of them.

An executive of New York-based Lexington Realty Trust, which lists the Palm Beach Gardens store as part of its property portfolio, told the publication that Gander Mountain was the sole tenant. The complaint does not name the Lexington Realty, a real estate investment trust, as a defendant.

The vacant retail store is another example of the fast declining state of retail in the country, where stores have shuttered and companies filed for bankruptcy amid a changing market. Toys “R” Us, Sears, Macy’s and JCPenney, among others , have closed more than a hundred of their store locations nationwide.

There is still some hope for the camping brand, now called Gander Outdoors. In December, the company announced it would reopen some stores, after it was pulled out of bankruptcy by TV host Marcus Lemonis’ Camping World Holdings. [SFBJ]Amanda Rabines

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