The Real Deal Miami

Coral Springs shopping center sells for $27M

Boca Raton-based Woolbright Development was seller
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.