Community Bank of South Florida Inc (fka CBKS)

[Enterprising Investor]

Bank sells shopping center at 35% discount to foreclosure (7/18/14)

Community Bank of Florida sold a Florida City shopping center at a 35 percent discount to its foreclosed mortgage.

The Homestead-based bank seized the property from Sailfish Landing Shopping Center in 2011 with a $4.3 million deed in lieu of foreclosure. The bank previously filed a foreclosure lawsuit over a mortgage in the same amount.

Community Bank of Florida recently sold the 18,831-square-foot shopping center, at 35202 S. Dixie Highway (U.S. 1), for $2.8 million to Miami-based Sailfish Center LLC. The buyer is managed by Ruben Garcia and Jorge I. Garcia-Sarraff.

The shopping center was completed in 2008. It is one of the last developed commercial properties along U.S. 1 before it heads toward the Florida Keys.

Community Bank of Florida had $16.5 million in repossessed property on March 31, so this sale should reduce that count. The bank was “adequately capitalized” and in need of raising capital.

http://www.bizjournals.com/southflorida/news/2014/07/18/bank-sells-shopping-center-at-35-discount.html