Three storage properties in various stages of development by Wheat Capital Management will likely be seized by the federal government as the company founder Daniel Touizer awaits trial.
The office of the U.S. Attorney for the Southern District of Florida filed liens to seize the properties, along with two residential properties owned by Touizer. In the indictment against him, Touizer is alleged to have acquired the sites using illegally obtained funds. The indictment states that the majority of funds raised from investors went back into Touizer’s pockets.
As for the development sites, one in Miami has yet to break ground, and the other two are in the midst of construction.
The 50,000-square-foot site at 2915 N.W. 36th St. in Miami, FL has been approved for a more than 150,000-square-foot storage facility. The site was purchased for $1.88 million last year.
A 42,991-square-foot facility is under construction on the site at 2801 John P. Lyons Lane in Pembroke Park, FL (embedded below) and a 133,800-square-foot facility is under construction at Northwest 31st St. and SR-7 in Margate, FL.
Last year, Wheat Capital obtained an $11.3 million loan to build the Margate facility. Construction firm Kaufman Lynn has filed construction liens in excess of $800,000 for unpaid work on that project, according to the South Florida Business Journal.
Touizer is accused of defrauding investors of about $19 million. He, and two co-defendents, are set to go to trial in late March.