BOYNTON BEACH, FL-Wells Fargo Bank has sold a 3.76-acre site on North Federal Highway at a 57% loss. The bank, which acquired the waterfront site at 1620 N. Federal Highway in Boynton Beach, has sold the property to Manatee Bay Apartments Corp. for $2.24 million.
In 2010, the bank seized the site after foreclosing on Jacksonville Landco's $5.2 million mortgage. The property was earlier approved for Seaview Park Club, a 64-unit apartment complex. Tal Frydman of Marcus & Millichap represented the buyer. For the full story, go to South Florida Business Journal .
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