Boynton Beach, Florida – Our news today on a Publix-anchored shopping center being sold for $26.5 million in a short sale. This Retail Shopping Center is called Sunshine Square shopping center and is located in Boynton Beach. Boynton Beach, Florida is approximately 16 miles south of Palm Beach. This is a great area if you are considering entering a 1031 Exchange.
This short sale has helped alleviate the pressure for the retail shopping center owner by satisfying one of the six foreclosure lawsuits that target their investment properties.
Apparently in March, KeyBank filed a foreclosure action against Woolbright Sunshine and the president of Woolbright Development, over a $28.5 million mortgage covering the retail shopping center.
Woolbright Sunshine bought the shopping center for $23 million in 2007. The Commercial Real Estate Investment Property includes a 109,489-square-foot retail center at 501 E. Woolbright Road and a 41,249-square-foot supermarket leased to Publix. Other Tenants include Bealls (Bealls is a retail store in Florida similar to J.C. Penney or Kohl’s) and Subway. As of recently is had been difficult to find a Net Lease Property with Publix as a Tenant. Publix is one of the top supermarkets in the country.
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