Woolbright bought the River Run Center from P. OB Montgomery of Dallas for $10.5 million, or approximately $105 per sf. The center was bought at around an 8.5% capitalization rate, "which is what Publixes are selling at right now, so it's within the market [value]," Soraya Tyriver, a director with Woolbright Development, tells GlobeSt.com.

Woolbright then turned around and sold the center to Inland Real Estate on the same day for more than what it paid for it. The resell was possible due to the building adjustments Woolbright promised to accomplish, Tyriver says. They include completing nine lease renewals and leasing out one vacant space, plus some minor cosmetic improvements, including parking lot re-striping, she says. The renewals are done for six of the tenants, she says.

Whitney Knoll, senior vice president based in Atlanta, John Crossman of the Orlando office and Peter Filomena of the South Florida office of Trammell Crow--in the Retail Investment Sales Division of Trammell Crow Co.--represented P. OB Montgomery of Dallas in the first sales transaction.