Palm Beach-based Menin Development breathed new life into the Palm Beach Gardens shopping center PGA Plaza, the South Florida Business Journal reported.
In a joint venture with an institutional investor C-III Capital, the developer ironed out a deal to buy a bank loan at a discount to rescue the foreclosed shopping center. A commercial mortgage-backed securities trust slapped PGA Plaza Associates, an affiliate of Menin, with a foreclosure lawsuit in 2011.
The deed for 114,374-square-foot, 10.1-acre property at 2505 and 2570 PGA Boulevard was transferred to PGA Plaza LLC – the name of the joint venture – in exchange for releasing the $37.3 million in debt. The deed in lieu of foreclosure was done for the purposes of clearing title and getting ready for redevelopment, Menin COO Rob Jacoby told the Journal.
Palm Beach Gardens initially signed off on the redevelopment plans earlier this week, but will vote on final approval next month. The plans involve tearing down about a quarter of the leasable space and erecting 12,500 square feet for Trader Joe’s and 10,000 square feet for another tenant that is presently under contract, the publication said.
Marshall’s, Anthony’s Coal Fired Pizza and Subway are staying put. The parking lot and building façade will also be renovated, the report said. [South Florida Business Journal] – Mark Maurer