BOCA RATON, FL-Republic Western Investments of Los Angeles has acquired two distressed commercial office properties in Palm Beach County from Florida Community Bank.
Republic Western, managed by Behzad Nehmadi, acquired eight units in the Mission Bay Office Condominium in Boca Raton for $4.3 million. The mortgage Florida Community Bank held on the property after foreclosing on a loan in 2012 was $7.95 million, according to the South Florida Business Journal.
FCB Central Holdings, an affiliate of the bank, also recently sold the 15,244-square-foot Corporate Executive Suites at 1375 Gateway Blvd. in Boynton Beach to Republic Western for $2.3 million. The bank had foreclosed on a $3-million loan on the property in early 2013. See story in the South Florida Business Journal.
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