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LONGWOOD, FL-Woolbright Development Inc. of Boca Raton has increased its Central Florida retail holdings to five properties totaling one million sf with the $10-million purchase of the 62,500-sf Springs Plaza in the Orlando suburb of Longwood and the $16.2-million purchase of the 139,246-sf East Lake Woodlands in the Tampa-St. Petersburg suburb of Palm Harbor.

Woolbright paid developer Wendell Spears $160 per sf for the 70%-leased Springs Plaza and $116.34 per sf to East Lake Woodlands Plaza LLC for the 91%-leased East Lake Woodlands. Both properties were built in the early 1980s. The average asking base sf-rent for non-anchors at both properties is in the low to mid 20s, says Duane Stiller, Woolbright’s founder and president.

“We’re on track to double our portfolio by the end of the year,” Stiller says. The company owns 20 shopping centers in Florida and has developed or redeveloped 7.5 million sf of retail space statewide. Stiller attributes Woolbright’s “success in the acquisitions arena” to Mark Barry, Dennis Beaulieu, Steve Sanders and Jonathan Porter who make up the firm’s acquisitions and financing team.

“With the growth of our portfolio of shopping centers in Florida’s major markets, such as Orlando and Tampa/St. Petersburg, we’re able to better meet all of the real estate needs of national and local retailers statewide,” says Mike Fimiani, Woolbright’s vice president who oversees the company’s leasing operations. He adds Springs Plaza and East Lake Woodlands “will be important components of the comprehensive retail-location strategies that we help our current and prospective tenants to develop.”

Neither shopping center was on the market. The properties were direct sales from buyer to seller. At East Lake Woodlands, Woolbright plans to spend an undetermined renovations amount in re-facading the center, re-sealing the parking lots and upgrading the landscaping. A Publix supermarket anchors the property which is on the northeast corner of East Lake Road and Tampa Road in Palm Harbor. The center also has 18,202 sf of office space in a stand-alone, three story professional building.

At Springs Plaza, Woolbright also plans to remodel the property which is adjacent to an Albertson’s supermarket. Springs Plaza tenants include Starbucks, Quizno’s, AmSouth Bank and Schakolad chocolates. In a separate South Florida acquisition, Woolbright acquired the 24-year-old, 75,000-sf, 94%-leased Shops at Boca Grove in Boca Raton for $17.1 million or $228 per sf.

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