Over 355,000 SF Of Broward Office Space Seized In Foreclosure

Western National Life Insurance Co., an affiliate of AIG, seized office parks in Deerfield Beach and Oakland Park from Boston-based AEW Capital Management after winning separate foreclosure actions.

The life insurance company previously won a $35.2 million foreclosure judgment against Mainstreet AEW V 800 Fairway and a $31.3 million foreclosure judgment against Mainstreet AEW V Commercial Place. The judgments concerned mortgages of $27.5 million and $26 million, respectively, plus interest and fees. Western National Life Insurance won the foreclosure auctions in March and took title to the buildings in late April.

Hillsboro Executive Center North, located at 800 Fairway Drive, has 340,055 square feet, although only 173,241 square feet is leasable space. It was built in 1987.

Commercial Place, at 3230 Commercial Blvd., has 182,585 square feet.  Tenants include Florida Blue, formerly known as Blue Cross and Blue Shield of Florida.  It was built in1991.

Source:  SFBJ