South Florida Business Journal: BB&T sells repossessed development site to IMC EQUITY GROUPDecember 19, 2017
Branch Banking & Trust Co. sold a repossessed development site in Lauderhill for $2.25 million.
The bank (NYSE: BBT) seized the 13.1-ace site at 1010 N.W. 40th Ave. in 2012 from George Rahael, CEO of Coral Springs-based Amera Corp. The foreclosure was over a $5.55 million mortgage that also covered a 10-acre industrial site on State Road 7 near Northwest 11th Place.
BB&T affiliate Eagle FL I Spe recently sold the 13.1-acre site for $2.25 million to Lauderhill Marketplace, which is managed by Yoram Izhak, president and CEO of North Miami-based IMC Equity Group. That’s the same company that owns the Lauderhill Mall.
The acquired site is next to Central Broward Regional Park, which has the largest cricket stadium in Florida. The site was originally planned for a mixed-use project.
Officials with IMC couldn’t be reached for comment about their plans.
BB&T still owns the other property it seized from Rahael.