NAPLES, FL-Woolbright Development has disposed of distressed 226,000-square-foot shopping center in southwest Florida. A Texas-based investment partnership acquired The Collection at Vanderbilt.

Court and land records indicate that the prior lenders on the project obtained a foreclosure judgment in the amount of $53.8 million. The judgment was then sold for an undisclosed price to The Shoppes at Vanderbilt, LLC, which acquired title to the shopping center through a foreclosure sale on March 2.

“The Collection at Vanderbilt is a well-situated center within the Naples market that unfortunately suffered when its anchor tenant withdrew from the deal prior to completion,” Anthony Blanco, managing partner at Plaza Advisors, tells GlobeSt.com. “This occurred at a difficult time in the market and the developer was unable to secure a replacement anchor.” The anchor tenant was Lifestyle Family Fitness.