The Real Deal Miami

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
April 14, 2018 03:15PM

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