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.
Kevin Dickenson, a realtor at Prudential Florida Realty in Palm Beach Gardens, David Stevens of Investment Properties Corporation in Naples, and Matthew Grabinski of Coleman, Yovanovich & Koester in Naples, represented the buyer. Danny Finkle of Holliday Fenoglio Fowler L.P. in Miami represented the seller. Neither the buyer nor the seller could immediately be reached for comment.
Completed in 2009, the shopping center is located at the northwest corner of Vanderbilt Beach Road and Airport Pulling Road. It contains nine mixed-use buildings, including retail and office space and is 30% leased.
A North Naples location, proximity to The Ritz-Carlton Golf Resort, and the area’s promise of retail growth attracted the investor. Immediate plans for the property include additions and improvements to landscaping and signage, a lease up campaign with an on-site management and leasing team, finish out of interiors of vacant storefronts, and marketing.
“The property serves an established trade area and is located at a primary intersection,” Blanco says. “The new owner certainly took into account the decline in market rents in the area and several other factors in formulating their pricing and as a result, they should be poised to lease-up and stabilize the property over the next several years.”
The investment partnership also acquired two adjacent outparcels fronting Vanderbilt Beach Road and Airport-Pulling Road. The total acquisition included approximately 29.6 acres.
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