Principal Mutual Sells Retail Asset to Woolbright for $7.63 Mil

MIAMI-The Boca Raton-based buyer pays $26.87 per sf for the 284,000-sf Universal Plaza shopping center at the southwest corner of Commercial Boulevard and University Drive in Lauderhill, FL, about 15 miles north of Downtown Miami.

By Harold Kelman | Updated on September 15, 2000

MIAMI-The 284,000-sf, 18-acre Universal Plaza shopping center, at the southwest corner of Commercial Boulevard and University Drive in Lauderhill, FL, has been sold by Principal Mutual Life to Boca Raton-based Woolbright Development for $7.63 million or 26.87 or per sf.

Miami’s Terranova Corp. negotiated for the seller. The buyer represented itself.Woolbright is assuming leasing and management duties formerly handled by Terranova.

Separately, Terranova has raised the occupancy level of the 100,000-sf First Union Building at 12550 Biscayne Blvd. in Miami to 96% from 80%. Terranova negotiated seven new leases with an aggregate value of $2.1 million.

The new tenants are Metro Media Fiber Networks, the Alexander Muss High School in Israel, Preferred Mortgage, Destiny Resorts International, Afton Corp., Alliance Business Supply and America System Care.

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