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GlobeSt.com UPDATE: Woolbright Sells Shopping Center It Just Purchased

MIAMI-Woolbright Development recently paid $13.25 million for the center. Now, the company is selling it to Inland Retail Real Estate Trust Inc. for $18.51 million. Woolbright Development will fund a more than $1 million redevelopment of the center.

By Melissa Bogdany | Updated on December 13, 2002

MIAMI-After closing on the purchase of the 134,894-sf Village Square at Golf shopping center in Boynton Beach, FL on Nov. 27, Woolbright Development Inc. has turned around and sold it for almost 40% more than it paid.

Woolbright Development, based in Boca Raton, FL, recently bought the center from Cartagena Holding Co. NV Inc., a private investment company based here, for $13.25 million.

Now Inland Retail Real Estate Trust Inc. of Oak Brook, IL, has purchased the center from Woolbright Development for $18.51 million–$5.26 million more than Woolbright paid for it less than a month ago.

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