Woolbright Buys, Sells Shopping Center on Same Day

MIRAMAR, FL-It was a busy day for Woolbright Development Inc. April 22. The Boca Raton, FL-based real estate investment company purchased and sold a 100,000-sf, Publix-anchored shopping center here within a 24-hour period. Woolbright promised to make some adjustments to the property, which boosted its value during the resell, according to a director with the company.

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.

The center, at the northeast corner of Miramar Parkway and Palm Avenue, is in great condition, according to Knoll. He also said its excellent location was a big factor in investor demand and helped to command the strong sale price.

“Premium retail properties throughout Florida are bringing record prices,” Knoll says in a statement. “For well-situated properties with creditable anchor tenants, investor demand is strong and it’s immediate.”

Woolbright Development has told GlobeSt.com that it looks for Publix-anchored shopping centers as they tend to do well. Tyriver says Woolbright Development is involved with other Publix-anchored centers in South Florida: -Woolbright expects to close on the sale of the 220,000-sf Midway Plaza in Tamarac next week. -Woolbright is under negotiations with a contract to sell a Publix center in Miami.