Glades Plaza and The Commons at Town Center, actually two properties on different sides of NW 19th Street in Boca Raton, were developed in 1979 and appraised at $72 million in January, according to a description of the property in the initial J.P. Morgan loan documents. Its occupancy has increased to 97% from 54% in 2009 and its tenants include Hooters, a Brewzzi microbrewery and Barbara Katz Sportswear, the description states.
The properties are over thirty years old, and despite the combined 183,000 square feet, it does not look like there was a major anchor tenant. The properties' owner, which is a developer not a retailer, leasing over 6% of the space and being the largest tenant was probably not viewed as a positive.
The complex's largest tenant, with about 11,400 square is its landlord, Woolbright, according to the company's website and loan documents.