BOCA RATON, FL-An affiliate of Boca Raton-based Woolbright Development has sold Glades Plaza, a 189,158-square-foot shopping center at 2200 Glades Road in Boca Raton. PNC Bank filed a suit in March 2011 to foreclose on the property over a $44.8-million loan.
In April, Woolbright refinanced the center for $49 million with the help of Ladder Capital Finance. MS Woolbright Glades Plaza LLC sold the retail center on May 25 to L&B CIP Glades Plaza, a Dallas-based investor, for $75 million. For the full story, go to South Florida Business Journal .
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