The Real Deal Miami

Coral Springs shopping center sells for $27M

Boca Raton-based Woolbright Development was seller

February 09, 2015 09:45AM
By Katherine Kallergis

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Rendering of BJ's Wholesale Club and Soraya Tyriver, COO of Woolbright Development, the seller

Rendering of BJ’s Wholesale Club and Soraya Tyriver, COO of Woolbright Development, the seller

A shopping center in Coral Springs sold for $27.4 million on Jan. 29.

An affiliate of Boca Raton-based Woolbright Development sold the 13.4-acre site from 560 to 630 Riverside Drive to a Coral Gables-based company.

The Plaza at Coral Springs II, built in 2014, is anchored by a BJ’s Wholesale Club and a Dick’s Sporting Goods. The property was last sold in February 2007 for $22.6 million. It was last assessed by the property appraiser at $18 million.

Mercantil Commercebank granted the buyer, Cascades Venture, a $17.8 million mortgage, Broward County records show. Jose Torbay is listed as a registered agent on the buyer’s corporate filing.

The seller, Woolbright Development, is a real estate investment firm with nearly 5 million square feet of retail and mixed-use properties across Florida. After a string of foreclosures and short sales battered the shopping center specialist’s portfolio during the recession, the company quietly began acquiring retail properties in South Florida last year.

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