The Real Deal Miami

Two Woolbright malls unloaded in short sales

April 04, 2011 03:17PM

Woolbright Development has unloaded two South Florida shopping centers in short sales for a combined $20 million. The sales, of Shops of Boca Grove and Riverwalk Plaza in Boynton Beach, were at a 44 percent discount off of the value of the properties’ mortgages. The 81,160-square-foot Shops of Boca Grove, which Woolbright purchased for $17.5 million in 2005, most recently had its mortgage modified at $21 million in 2008. It went for $10 million in the short sale to Hallandale Beach-based Isram Realty Management. Woolbright’s Riverwalk Plaza, which is anchored by Winn-Dixie and contains a total of 119,199 square feet in addition to the 3.3-acre vacant site that sits adjacent to it, was purchased for $16 million in 2007. Isram was also the buyer for that property, and paid $10 million in two transactions. [SFBJ]