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LAKE WORTH, FL-In addition to acquiring the 130,000-sf Pinewood Square for $21.8 million, Woolbright Development also took ownership of an adjacent parcel for expansion. Michael Fimiani, VP of leasing at Woolbright, tells GlobeSt.com that the company now plans to invest approximately $4.5 million to build and fit out a 45,000-sf addition on the adjoining land and provide cosmetic upgrades to the existing asset.

The Boca Raton-based company bought the shopping center from a partnership headed by Fort Lauderdale-based Ross Realty for approximately $167.69 per sf. Pinewood Square, located at the southeast corner of Lantana and Jog roads, is 15 years old and currently 100% leased. Anchors are a 42,112-sf Publix and a 13,000-sf Walgreens. Within the long roster of other tenants are Blockbuster, Radio Shack, Cold Stone Creamery, Hair Cuttery, Quiznos and Outback Steakhouse.

"This is a rapidly growing area, and we knew there was high demand for retail space here," Fimiani says. "We've already leased retail space in the new section before we've even broken ground." To date, the Sanctuary Spa and Palm Beach Martial Arts and Fitness have inked leases, each for approximately 2,000 sf.

This acquisition continues a Woolbright buying spree throughout South Florida. In early May it acquired Glades Plaza in Boca Raton, River Edge in Green Acres, and Galt Ocean Marketplace in Fort Lauderdale, three centers with an aggregate of 510,311 sf. Its other South Florida assets include Palm Lakes Plaza in Margate, Plaza Del Mar in Manalapan, and South Dade Center in Cutler Ridge.

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Woolbright Will Add 45,000 SF to $22M Pinewood Square Buy

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