The Orlando Business Journal recently reported that the prominent retail property in downtown Orlando has been sold at a court-ordered auction for just over half of its previous sale price from ten years ago. The Plaza Retail Property, located at 183-189 S. Orange Ave., was purchased by RCS – Plaza Retail Condos LLC, an arm of Colorado-based Real Capital Solutions, for $10.7 million from Los Angeles-based RP Plaza Retail and Theatre LLC.
According to court documents, the property was placed into receivership last year after RP Plaza defaulted on its loan. The group had originally bought the property in 2014 for $19.8 million.
In San Antonio, Texas , another distressed transaction took place as New York-based real estate finance firm Ready Capital acquired the Hedrick Building at 601 N St Mary’s St through a foreclosure auction with a bid of $16.7 million.
Meanwhile in Brentwood, Tennessee , local investor Crestview Funds sold off their five-story office building known as Westpark Building located within Maryland Farms to another local investor for $6
