A three-story office building near Miami’s Brickell Financial District has been scheduled for bankruptcy auction.

The 8,556-square-foot building, at 232 S.W. Eighth St., is owned by Miami-based CMG Capital LLC, which filed for Chapter 11 reorganization in U.S. Bankruptcy Court in February. That stayed a $2.65 million foreclosure judgment won by Elizon DB Transfer Agent LLC regarding a $1.85 million mortgage, plus interest and fees.

On Aug. 23, U.S. Bankruptcy Judge A. Jay Cristol approved CMG Capital’s motion to auction the office building. The auction will take place Sept. 28, with a hearing before the judge to approve the results the following day. Bids are due Sept. 24 and require a $360,000 deposit.

The approved stalking-horse bidder, with a $3.5 million bid, is Icon Medical Centers LLC, managed by Vincent M. Amodio and currently a tenant in the office building. Any competing bidders must offer at least $3.6 million.

The area is zoned for up to 24 stories.

Click here to read more about this story.

Leave a Reply

Your email address will not be published.