Miami Merchandise Mart Heads to Auction Over $8M in Taxes Owed

An investor is holding an auction for 325 retail units in the Miami Merchandise Mart, but the more than $8 million in taxes owed on those units could prove a concern to bidders.

The wholesale trading booths at 777 N.W. 72nd Ave. were seized in March 2014 after TK Miami LLC, managed by Tom KennedyJr. and George Martin, won a foreclosure auction with a $100,100 bid. That seemed like a great deal given that the previous borrower had a $7.4 million mortgage, but the property is saddled by liens.

Those units are up for auction on Jan. 21 and 22 through www.auctionhouseamerica.com and Robert Wohlfeld. They are advertised as low as $2,000 per unit, with sizes ranging from a few hundred square feet to 5,000 square feet.

According to a report written by court-appointed receiver Jeremy Larkin before he turned the property over to TK Miami, those units owed more than $8 million combined in property taxes to the county as of May 31. County records show that amount has not been repaid. The units also owed more than $7.7 million in dues to the condominium association. That works out to about $24,615 in taxes and $23,692 in dues per unit. The receiver’s report also details structural defects with the building that likely need improvement, such as the roof, fire safety equipment, the air conditioning unit, and the plumbing.

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BB&T Sells Miami Lakes Office Condos at 18% Discount to Foreclosure

Branch Banking & Trust Co. sold most of the units in the Miami Lakes Corporate Center Condominium at an 18 percent discount to its foreclosed mortgage.

The bank (NYSE: BBT) seized the 44 office condos at 14750 N.W. 77th Court in 2013 after foreclosing on New Dawn Miami Lakes’ $7.6 million mortgage.

BB&T affiliate Eagle FL I SPE recently sold the 65,000-square-foot property for $6.2 million to JIK Palmetto. Sperry Van Ness Managing Director Matthew Rotolante, Director of Sales and Operations Caroline Camus and senior advisor Eric Amat represented the bank in attracting 12 bidders for the property.

The buyer, an affiliate of Miami-based Kislak Organization, was represented by Rene Vivo and Tommy Gil of Vivo Real Estate Group. Northern Trust Co. provided a $6.65 million mortgage to the buyer.

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Miami Lakes company relocates to Opa-Locka in $20M deal

Aircraft engine service provider Turbopower plans to relocate to Opa-Locka and consolidate in a headquarters-deal worth $20 million.

Turbopower is moving from Miami Lakes to a 100,000-square foot build-to-suit facility at Opa-Locka Executive Airport. The new building will go up at AVE Aviation & Commerce Center, the master-planned business park situated on 178 landscaped acres at the airport’s western region, announced principal of Cpf Investment Group, AVE’s developer.

Under the terms of a 15-year lease agreement, Turbopower will be situated in AVE’s Building “J” at 5499 N.W. 145th St. Construction will begin in the first quarter of 2014.

“There were many synergies that led to Turbopower selecting AVE as its new headquarters, including the facility’s location adjacent to Opa-Locka Executive Airport, its strategic position in the tri-county area, and its close proximity to distribution arteries,” said Cambo, in a statement.

“We selected AVE because of its ideal location at the airport and the flexibility of local ownership to structure a transaction that worked for Turbopower,” said Rana Das, Turbopower principal, in a statement.

Turbopower provides full support services to the worldwide fleet of Rolls-Royce T56/501 Series I, II, and III engines; and total support in overhaul, maintenance, engineering services, spare parts support, and in-house training of customer personnel for the complete family of Pratt & Whitney Canada PT6 engines, among other services.

The company will be joining notable tenants at AVE, including the U.S. Postal Service, Goodyear, Banyan Air Service, SunTrade Imports, Tire Depot Velocity, Kinetic Concepts and Cintas Corporation.

Carlos Velasquez with Vivo Real Estate Group represented the Turbopower and Ernesto Casal with Casal Group represented AVE.

Article from South Florida Business Journal, click here for full article.

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