One of Southwest Florida’s largest shopping centers is facing foreclosure.
Wells Fargo filed against the owners of Gulf Coast Town Center. The company is more than $190 million in debt. The 900 page file shows the company failed to pay off its loan.
Gulf Coast Town Center is home to more than 90 stores, not including brand new outparcels which opened up in the last few years. Tenants say rent is expensive; they say they’ve heard rumors about issues with the owners and they’re not sure how foreclosure would affect business.
Must likely the court will appoint receiver which would likely be placed in charge and leases would not be affected.