The Executive Airport
Business Center in Fort Lauderdale is set for auction after its owner
lost a $5.1 million foreclosure judgment.
GMACC 2004-C2 Executive
Airport Business Center, representing the commercial mortgage-backed
securities (CMBS) trust, won the judgment against Airport Executive
Center Partners over a $4.39 million mortgage, plus interest and fees.
The
borrower’s leasehold interest in the 67,985-square-foot office building
at 5101 N.W. 21 st Ave. – near Fort Lauderdale Executive Airport – is
set for online auction Sept. 10.
The
City of Fort Lauderdale is the landlord for the company, which is
managed by Steven Santolla and Thomas Lihan. It acquired the lease for
$6.05 million.
According to CMBS analysis firm Trepp LLC, the
property was recently 90 percent occupied. The largest tenants in the
building are Direct Technology Group with 11,722 square feet, Transworld
Business Brokers with 8,668 square feet and Nagelbush Mechanical with
7,358 square feet. However, the lease for Transworld expires in
November.
The property was recently appraised at $4.5 million, according to Trepp.
- Source: http://www.bizjournals.com
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