Woolbright Development purchased the 102,000-sf upscale specialty center, located at 201 to 280 S. Ocean Blvd., from Plaza Del Mar LP, a private investment company based in Fort Lauderdale, FL, and Boston. The sale price was $15.5 million, with a capitalization rate of approximately 8.5%. Steve Miskew, managing director of RJS Realty Group Inc., represented the seller and was the only broker involved in the transaction.

Tenants at the center include Smith Barney, Merrill Lynch, SunTrust, Florida Stage Theatre, Chico's and Evelyn & Arthur's. Woolbright Development's plans for the center include bringing its occupancy to 100% in eight to 12 months and implementing minor cosmetic improvements.

"The redevelopment opportunity" is what attracted Woolbright Development to the center, Soraya Tyriver, a director with Woolbright Development Inc., tells GlobeSt.com. She says the center has the potential to bring in "significant profit." The company does not yet know if it will sell the center or hang onto it after it makes the improvements and fully leases it.