Best Buy-anchored shopping center faces foreclosure lawsuit
The owner of the Coral Landings III shopping center, which is anchored by Best Buy, is facing foreclosure by Wachovia Bank.
The shopping center, located between Coral Springs and Margate, is on 26.5 acres at the southeast corner of Sample Road and Northwest 62nd Avenue.
The 114,956 square feet of completed buildings have Best Buy, HomeGoods and Jo-Ann Fabrics and Crafts as the main tenants, according to the Web site for Safety Harbor-based developer Monroe’s Prestige Group. The portion of Coral Landings III still under construction was to include 49,275 square feet, plus a branch for TD Bank.
Wachovia, a subsidiary of San Francisco-based Wells Fargo, granted the property’s owner, MPG Terrapin, a $37.2 million mortgage in 2006.
Wachovia filed a notice of foreclosure in Broward County Circuit Court on Feb. 25 against MPG Terrapin; Charles H. Monroe III, the chairman of Monroe’s Prestige Group; and various contractors who have claims against the developer. That filing was recently posted on the court’s Web site affordable health insurance.
William P. McCaughan, the Miami attorney who represents Wachovia in the lawsuit, did not immediately return a call seeking comment.
This is the second pending foreclosure lawsuit in South Florida against an affiliate of Monroe’s Prestige Group. On March 9, Fort Lauderdale-based BankAtlantic filed a foreclosure lawsuit against MPG Gateway and Monroe over a $14.4 million leasehold mortgage, which covered the Quantum Village shopping center in Boynton Beach. Publix anchors that 93,144-square-foot center.
Monroe’s Prestige Group owns shopping centers throughout Florida, including Sea Plum Town Center in Jupiter, Whitworth Farms in Boynton Beach, Parkland Commons in Parkland and Vista del Lago in Miami.
An executive with Monroe’s Prestige Group did not immediately return a call seeking comment.