|Address:||6991 SW 8th Street|
|City, State:||Miami, Florida|
|Property Type:||Anchor Retail Development|
|Pep Boys Auto Address:||10660 SW 40th Street, Miami, Florida|
Tate Capital, Rok Acquisitions and Rialto Capital Management purchased a non-performing loan secured by a former lumber yard in Miami, Florida. Additionally, the loan was collateralized by a second and third mortgage secured by a Pep Boys Auto Center outparcel in another area of Miami. The venture successfully negotiated a deed-in-lieu with the existing borrower, paid off the first mortgage on the Pep Boys Auto Center and obtained the deed to both properties. The acquisition partners chose to develop the former lumber yard and signed a long-term ground lease with Walmart. The redevelopment of the site includes a 54,000 square foot Walmart Neighborhood Market and an approximate additional 6,000 square feet of retail space.