Metro Square foreclosure auction rescheduled
The foreclosure auction of Metro Square has been rescheduled for December.
The office park along Philips Highway at Emerson Street in Jacksonville was set to be sold to the highest cash bidder at a Duval County auction Thursday.
Circuit Judge Kevin Blazs granted the motion and moved the auction to 11 a.m. Dec. 6.
According to Duval court filings, co-defendants Metro Park Holdings LLC, Hart Advisors Group LLC, Michael Fischer and unknown tenants failed to make payments on a $48 million mortgage secured in 2007.
Court documents show the loan’s maturity date of March 11, 2017, passed without being paid off. As of May, the claim increased to $57 million due to the full unpaid principal of $48 million, accrued and default interest, late fees, attorney’s fees and other associated costs. Blazs ordered the property foreclosed May 14.
The seven buildings at the site total about 375,000 square feet on four parcels.
Current tenants include office users, an ice rink, a climbing gym, a nondenominational church and more.
Metro Park Holdings LLC, whose address is the same as the office park, is directed by Fischer, one of the co-defendants.
The property is managed by Craig Meek of The Meek Companies.
Meek said previously that Fischer, president of Montreal, Canada-based Moteli Property Group, is one of several Canadian investors who purchased the property in 2007 for $56 million.
The plaintiffs in the case include U.S. Bank National Association, as trustee of the original commercial mortgage acquired through Bank of America and Torchlight Loan Services.