Encore Capital Unit Pays $38M For Bankrupt Fla. Mall Property
Law360, Miami (March 19, 2015, 1:52 PM EDT) -- A unit of real estate investment and development firm Encore Capital Management had the $37.7 million winning bid Thursday in a bankruptcy auction for a vacant Plantation, Florida, mall.
Encore Housing Opportunity Fund won the auction for Plantation's defunct Fashion Mall with a bid 57 percent higher than the $24 million stalking horse bid from developer Ram Realty, according to Glenn Moses of Genovese Joblove & Battista PA, who represents the Chapter 7 trustee.
"We had four sophisticated real estate investment firms bidding," Moses said. "We're pleased with the results of the auction."
He added that the property was extensively marketed....
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