Tampa-area retail center is 97% occupied but faces foreclosure and is for sale

U.S. Bank claims the owners of defaulted on $73M of debt, and the Pinellas Park property is listed for sale with Colliers International

Miami /
Apr.April 14, 2018 03:15 PM

Shoppes at Park Place in Pinellas Park (Credit: Tampa Bay Times)

Facing a $73 million foreclosure suit, the owners of a Tampa-area shopping center with a 97 percent occupancy rate have listed the property for sale.

Commercial property brokerage Colliers International has started marketing  the shopping center in Pinellas Park, called Shoppes at Park Place.

The shopping center at U.S. Highway 19 and Park Boulevard in Pinellas Park spans more than 500,000 square feet and has a group of tenants that includes Marshalls, Office Depot and Target.

Colliers does not have an asking price for the listed property, which includes all parcels except for two owned by Chili’s Bar & Grill and Target.

KB Parkside LLC, led by developer Robert E. Schmidt Jr. and his wife Kelly, built Shoppes at Park Place after tearing down an enclosed mall on the site more than a decade ago.

U.S. Bank last year sued KB Parkside and two other companies, alleging that they defaulted on a $71 million loan that was supposed to be repaid by January 2017.

When U.S. Bank filed its foreclosure lawsuit, the balance on the loan was $72.95 million, and since then, interest on the loan has accrued at a daily rate of $19,491. [Tampa Bay Times] Mike Seemuth


Related Articles

arrow_forward_ios
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Renderings of new Miami Collective site with Gamma Real Estate’s Jonathan Kalikow (The Collective, Gamma Real Estate)
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
The Collective's Reza Merchant and renderings of new Miami location (The Collective, LinkedIn)
Collective undone: Lender targets planned co-living site in Wynwood
Collective undone: Lender targets planned co-living site in Wynwood
Vivian Dimond with 230 Lincoln Road (iStock)
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Raz Ofer with 1568 Drexel Avenue (Dade County, Google Maps)
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
(Apartments.com, iStock/Illustration by Steven Dilakian for The Real Deal)
Little Havana apartment building targeted in $15M mortgage foreclosure suit
Little Havana apartment building targeted in $15M mortgage foreclosure suit
arrow_forward_ios

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

Loading...