WEST PALM BEACH, FL-Woolbright Development snapped up Village Commons shopping center for an undisclosed amount. The company will oversee the leasing, property management, construction, marketing and promotions.
“Village Commons is a great center with a very appealing location and a strong tenant mix. It also offers the potential for improvement in leasing and its aesthetic appearance,” says Jorge Morell, vice president of Woolbright. “Our immediate goals are to fill the vacancies and invest in the overall appearance and atmosphere at the center. In addition to making the center more attractive, we will roll out our marketing programs to assist the tenants in growing their businesses.”
Located at 701-971 Village Blvd. northwest of Palm Beach Lakes Blvd., the 169,000 square-foot Village Commons is a Mediterranean-style open-air center anchored by Publix and CVS. Starbucks, Panera Bread, Coldstone Creamery, PNC Bank, Duffy’s Sports Bar and Grill are also tenants. Despite the challenging economic climate that has plagued Florida; the center’s strengths have played a role in merchants’ success.
“Village Commons has all the elements to be the ultimate shopping destination in West Palm Beach,” says Morell. “Our plans are to beautify the center and optimize the tenant mix; this will result in the creation of an attractive and desirable common gathering place.”
The area’s growing demographics also show real market potential exists for Village Commons. Over the last decade, the population has grown nearly 24% within a one-mile radius and it is expected to continue to outpace Florida’s averages for the next five years. Village Commons is surrounded by private golf course communities, is located near the Palm Beach Airport, and also is close to the Palm Beach Mall, which has its own plans for re-development.
Anthony Blanco, co-managing partner at Plaza Advisors in Miami, tells GlobeSt.com that Village Commons is a solid asset with strong anchor tenants. But, he adds, the property has an abundance of retail space.
“The transformation in the property's immediate trade area, together with the development of City Place to the east, negatively impacted demand at Village Commons and highlighted some layout inadequacies at the center,” Blanco says. “That said, Woolbright Development has a very successful track record in repositioning retail projects such as Village Commons through their aggressive leasing, redevelopment and rebranding efforts. They are the ideal group for this property.”
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