JBL Asset Management pays $21M for foreclosed shopping center in Royal Palm Beach
The property last sold for $38M in in 2007
JBL Asset Management just bought a Burlington-anchored shopping center in Royal Palm Beach for $20.6 million.
The shopping center at 10109 Southern Boulevard was foreclosed upon in 2016, and taken over by CW Capital, which services at-risk and troubled loans. The Centre on 441 LLC initially purchased the 30.1 acre-property in 2007 for $38 million before it was foreclosed upon by creditors.
The shopping center was built in 1990 and also features a Planet Fitness and U.S. Postal Office. The property sits right off Southern Boulevard and North State Road 7.
Hollywood-based JBL Asset Management, led by Jacob Khotoveli, owns and manages more than 2 million square feet of shopping centers across the country, according to its website.
While many retailers are struggling to make money and large chains such as Toys “R” Us have filed for bankruptcy, some real estate investors are seeing buying opportunities. Palm Beach-based Sterling Organization and other have set up funds to buy some of these distressed retail shopping centers and Class B properties throughout the country.