(This story, in slightly different form, originally appeared inALM's DailyBusiness Review.)
WEST PALM BEACH, FL-A Tennessee investor has made its firstSouth Florida real estate acquisition by assuming the $26.8-milliondebt on the Publix at Whitworth Farms shopping center inunincorporated Palm Beach County. Boynton-Whitworth Farms, anaffiliate of Brentwood, TN-based PGM Properties, agreed to takeover the loan of MPG Flavor Pict Road, an affiliate of SafetyHarbor-based Monroe's Prestige Group.
MPG, which obtained a $32.6-million loan from Superior Bank inJune 2007, developed the 112,000-square-foot center at 12343 HagenRanch Road in 2008. The anchor tenant, Lakeland-based Publix SuperMarkets, the center's anchor tenant for the past six years, turneddown a chance to buy the property for $29.9 million on Jan. 12.
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