Foreclosure on Florida Shopping Center Complete

Foreclosure on Florida Shopping Center Complete

 

Global Fund Investments and MMG Equity Partners have completed the foreclosure on Harbour Village, a 112,886 square-foot shopping center anchored by The Fresh Market and Stein Mart. The property is located at the northwest corner of Atlantic Boulevard and San Pablo road and is conveniently situated near the entrance to Queen’s Harbour Yacht and Country Club, one of Jacksonville’s most affluent communities. Over 53,000 cars pass the shopping center daily, and the three mile population and average household income are estimated at 66,000 and $77,594, respectively.

After acquiring the conduit loan from a special servicer in an off-market transaction in April, the Global / MMG partnership set about the foreclosure process to take title to the property. The center is currently 86% leased, and the joint venture will focus on managing and leasing the property to stabilization. Global will assume the daily management and leasing functions for the shopping center.

Global’s Managing Partner, Doron Valero, stated, “Our team is pleased to have successfully completed another foreclosure process and take title to such a high-quality, core asset. We look forward to implementing our business plan and unlocking value from the property.”

MMG Principal, Gabriel Navarro, added, “We’re happy to have completed the foreclosure process and take title to one of the best-built and well- located shopping centers in Jacksonville. This transaction is another example of our ability to move very quickly and work within non- traditional transaction guidelines and timeframes. We look forward to continuing to work with lenders and servicers looking to quickly resolve troubled situations with a certainty of close.”

To learn more about Harbour Village, please visit – www.gfinvestments.com

For leasing opportunities at Harbour Village, please contact Kevin Buth at (321) 696.4383

For loan sale and property acquisition opportunities, please contact:

MMG Equity Partners: Gabriel Navarro (305) 637.7312

Global Fund Investments: John Strzalka    (305) 535.6305

About MMG Equity Partners – MMG Equity Partners is a privately-owned real estate investment company focused on long-term ownership, management, development, and acquisitions of shopping centers in Florida. For more information about MMG Equity Partners, please visit www.mmgequitypartners.com

About Global Fund Investments – Global Fund Investments, LLC, is a real estate investment company headquartered in South Florida. The company acquires, develops, redevelops, manages, leases, and finances retail shopping centers across the Southeastern United States, with a core focus on Florida and Texas. To learn more about Global, please visit the company’s website at www.gfinvestments.com

Media Contact: Gabriel Navarro MMG Equity Partners, 305.637.7312, gnavarro@mmgequitypartners.com
http://www.mmgequitypartners.com
http://www.gfinvestments.com

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