Two office properties headed to foreclosure auction

An auction has been scheduled for four office buildings near the Gardens Mall in Palm Beach Gardens after their owner lost a $26.6 million foreclosure judgment.

WBCMT 2006-C29 Kew Office, representing a commercial mortgage-backed securities (CMBS) trust, won the judgment against Centre at the Gardens Mall over a $17.25 million mortgage, plus interest and fees. The Fort Lauderdale-based borrower is managed by Richard Gertz, although he wasn't named in the lawsuit.

The property includes four buildings totaling 87,744 square feet on 5.6 acres at 11601 Kew Gardens Ave. Constructed in 2000, they are set for online auction Jan. 5, 2015.

According to CMBS analysis firm Trepp LLC, the buildings were recently just 45 percent occupied. The biggest tenants are AmeriHealth Mercy, with 13,444 square feet; Dr. Charles Theofilos, with 8,732 square feet; Coastal Sotheby's, with 4,202 square feet; and Bank of America, with 3,485 square feet. WCI Communities previously occupied nearly 45 percent of the property before the homebuilder scaled back during the recession.

West Palm Beach office headed to auction

A West Palm Beach office building is headed to auction after its owner lost an $11.3 million foreclosure judgment.

Wells Fargo Bank, representing a commercial mortgage-backed securities (CMBS) trust, won a foreclosure judgment against Belvedere Investment Associates over a $9.86 million mortgage, plus interest and fees. The borrower is managed by William A. Meyer, who wasn't named in the lawsuit.

The 110,795-square-foot office building, at 1601 Belvedere Road, is set for online auction Jan. 5. Contiguous with the Embassy Suites West Palm Beach, it was built in 1986 and renovated in 2003, the same year it was bought for $9.9 million.

Brian Bandell covers real estate, transportation and logistics. Get the latest news with our free daily newsletter. Click here to subscribe.