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Owner Retains Doral Office/Warehouse Building Facing Foreclosure

The owner of a Doral office/warehouse building leased to label manufacturing business Topp Labels has resolved a foreclosure lawsuit and retained the property.

In July, Valley National Bank filed a $4.33 million foreclosure lawsuit against Topp InvestmentsTopp GroupDavid Topp and Dora Topp. The lawsuit sought to seize the 39,048-square-foot building at 3055 N.W. 84th Avenue, plus stock in the defendant companies. The mortgage was originated in 2009 by CNLBank, which was sold to Valley National Bank in 2009.

Subsequent to the foreclosure lawsuit, Valley National Bank sold the mortgage in August to Portfolio Acquistion 3 2017 LLC, managed by Alan Leavitt in New York. It became the new plaintiff in the lawsuit.

County records show that the foreclosure was discharged on Oct. 27 when the lender reached a forbearance agreement with Topp Investments. Terms of the deal were not disclosed.

“We worked out an agreement with the lender,” said attorney Joel Tabas, who represented Topp Investments in the case.

Attorney Ronald Bruckman, who represented Portfolio Acquisition, declined to comment.

The Doral building was developed on the 2.1-acre site in 1994. Topp Investments acquired it for $2.64 million in 1999. A recent online listing says 17,500 square feet in the building is available for lease at $24 per square foot.

 

Source: SFBJ