JACKSONVILLE, FL-Global Fund Investments and MMG Equity Partners have completed the foreclosure on Harbour Village. The asset is a 112,886-square-foot shopping center anchored by The Fresh Market and Stein Mart. Financial terms of the deal were not disclosed.

“Like many ‘distressed’ properties today, there is absolutely nothing wrong with the asset,” MMG Principal Gabriel Navarro tells GlobeSt.com. “Financed in 2007, it was simply under too large a debt burden to be viable without an owner being able to reset the basis. The property did not suffer from a lack of retailer interest. Previous ownership simply was not able to enter into new leases at the rates that the market dictated.”

After acquiring the conduit loan from a special servicer in an off-market transaction in April, the partnership set about the foreclosure process to take title to the property. The center is currently 86% leased, and the joint venture will focus on managing and leasing the property to stabilization. Global will assume the daily management and leasing functions for the shopping center.