Thursday, March 24, 2011

Bank To Repo 21 Condos, 163 Rentals In Greater Downtown Miami

MIAMI, FL---A developer in Greater Downtown Miami is days away from losing 21 unsold new condo units and a combined 163-rental apartments located on Biscayne Bay to a lender following a foreclosure auction, according to a new report from 

The lender, an entity ultimately controlled by Mellon United National Bank's acquirer Sabadell United Bank, won a foreclosure auction on March 16. This was the last step in taking ownership of the Platinum condo (above centered photo) units on Northeast 30th Street and nearly 87,400 square feet of rental space in a series of 1950s and 1960s buildings fronting Biscayne Bay, according to an analysis of Miami-Dade County records.

Completed in 2006, the Platinum condominium tower is a 119-unit project where 98 units have been sold at an average price of $340 per square foot, according to the Condo Vultures® Official Condo Buyers Guide To Miami™. 

"The irony is, this developer held a public auction to dispose of the condos back in 2007 but ultimately decided not to sell the units to the highest bidders," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "In the end, the lender is days away from taking control of an attractive block of units and more than 115,000 square feet of developable land on Biscayne Bay. It is clear from the location that the future use of the land is new development when the market warrants it."

The foreclosure auction was the last step following a "final judgment of foreclosure" in the amount of nearly $24 million - the entire real estate portfolio has an assessed property value of a combined $11.97 million - signed by Miami-Dade Circuit Court Judge Lester Langer, according to court records.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at

Santa Clarita, CA Water Division Takes Occupancy of New 12,971-SF Headquarters at Summit Pointe Office Park

SANTA CLARITA, CA— Santa Clarita Water Division (SCWD) has moved into its new 12,971-square-foot headquarters located within Summit Pointe Office Park (top left photo)  at 26521 Summit Circle in Santa Clarita, Calif.. 

SCWD acquired the property in the third quarter of 2010 and was represented by Dennis Verner at SCV Commercial in the acquisition.

Summit Pointe Office Park is a six building, 31,536-square-foot, Class A office condominium property located within the 240 acre Centre Pointe Business Park.

 With convenient access to the I-5 and US 14 Freeways, the property is ideal for professional services firms seeking quality, free-standing space in a state enterprise zone with favorable tax credits.

Jones Lang LaSalle’s Managing Director Nigel Stout and Vice President Ryan House are marketing the units for sale or lease on behalf of the landlord, CMD Real Estate.  The JLL team represented the landlord in the sale to SCWD.  Currently there are only four units remaining ranging from 2,000 square feet to 5,026 square feet.

“We are seeing a great deal of interest from prospective tenants and owners who understand the value of being located in premium space,” said House.  “Summit Pointe is one of the region’s premier office properties featuring abundant amenities and pristine views of the valley.”

 For further information, please visit our website,

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351
(c) 949.278.7851,