LAKE WORTH, FL-Boca Raton-based Woolbright Development widens its South Florida presence with the acquisition of Lantana Square from Geiserman's, a locally based owner of several retail properties. Mike Fimiani, Woolbright's EVP, tells GlobeSt.com it paid $21.5 million for the asset, which is 75% leased and contains a vacant former 30,000-sf Winn-Dixie unit.
Earlier this year, Woolbright acquired Pine Wood Square, a 174,000-sf center across the street from Lantana. "We are now the dominant force in the area," Fimiani says, calling the newest asset exemplary of "the type of neighborhood center we prefer to add to our portfolio." He also says Woolbright will continue to seek similar investment opportunities in West Palm Beach and other Florida markets. Lantana is approximately 15 years old, and Fimiani says the rent rate in it and Pine Wood is in the mid-$20s per sf.
Meanwhile, Fimiani also says lease-up is progressing at Glades Plaza in Boca Raton and Collection at Vanderbilt in Naples. The latter is a ground-up development. The first 175,000-sf phase is expected to reach completion by year-end, and it is 25% preleased, he says, with another 50,000 sf to 60,000 sf in proposed leases. Fresh Market is the anchor. Pei Wei Asian Diner will open in 3,067 sf; Succhero Sweet Fashion takes a 1,152-sf lease, joining Starbuck's, Zazou, Pauli Moto's Asian Bistro, and Oxxo Care Cleaners. Fimiani also says the original plan for an aggregate 253,000 sf may be expanded. Rental rates for large units are in the upper $30s per sf, and $40 per sf for smaller shops.
The company paid Lone Star $52 million for the 181,000-sf Glades Plaza about eight months ago. It was built in the early 1980s and is 75% leased. Anchors are Palladio Italian Gourmet Market and Brewzzi's microbrewery. Five new tenants singed up for an aggregate of more than 11, 000 sf. They are Indigo Fruit Smoothies, Peter Copolla Salon, Mod Dog, Boca Baby & Kids, and Leonard Albanese & Sons Builders. Fimiani says rates "are in the mid-$30s per sf and up."
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