On April 15, Bank of America filed a lawsuit in the Hernando County, Florida Circuit Court to foreclose on the $43 million loan Opus South had on Nature Coast Commons, a 325,000-square-foot shopping center located on US Highway 19 at Wendy Court in Spring Hill, Florida, about 30 miles north of Tampa. One week later, Opus South and 11 of its affiliates, which included Nature Coast Commons L.L.C., filed bankruptcy.
On May 14, Opus South filed a motion to covert the Nature Coast bankruptcy case from Chapter 11 to Chapter 7 liquidation. According to the motion, Bank of America held claims against the project that were in excess of the property's value. On May 27, Magnum Management Services of Boca Raton was appointed as receiver and manager of Nature Coast Commons.
Opus South delivered Nature Coast Commons in the first quarter of 2009. Shadow-anchored by an 105,000-square-foot JC Penney, the project also features Office Depot, A.C. Moore, Aldi, and Best Buy as major tenants. Also tasked with leasing the center, Magnum said Nature Coast is currently 70% leased to national retail tenants.
Magnum is also the firm Bank of America appointed to solicit bids for a Stalking Horse Buyer to acquire Nature Coast Commons, which is subject to a Section 363 Bankruptcy Sale in the first quarter 2010. Magnum reports that the property's proforma stabilized net operating income is approximately $3.44 million.
This article appears in CoStar's Retail News Roundup: Nov. 8 - 14, 2009
This week in the Retail Roundup, CoStar reports on
expansions or new concepts at Sports Fan Attic and Bajio Mexican Grill;
closings, cutbacks, defaults, or bankruptcy news at Waldenbooks;
acquisition, merger, loan, sale, or IPO activity at Crown Acquisitions, Goldman Properties and The Feil Organization, Blackstone and Glimcher, Coventry and DDR, Equity One, Kimco and DRA Advisors, KKR and Dollar General, Iconix and Ecko, and Landry's Restaurants;
new retail development news in MD;
personnel or corporate announcements at Wal-Mart and ICSC, and Developers Diversified;
sustainability and green building news at Food Lion; and more.