Monday, July 10, 2006

Investment Firms Buys Center for $48M

NORTH MIAMI BEACH-Boca Raton-based investment firm Woolbright Development Inc. has purchased the Intracoastal Mall at 3501 Sunny Isles Boulevard for $48 million. The 233,300-sf shopping center is located on the northeast corner of Sunny Isles Boulevard and N.E. 35th Ave.

The center’s anchor tenants are Winn Dixie, TJ Maxx and Old Navy. Mike Fimiani, Woolbright’s executive vice president of leasing and marketing, tells the property is a good fit with Woolbright’s portfolio. “This is a well-placed property in a strong market that is perfect for redevelopment, which is our core business,” Fimiami says.
Woolbright plans to make renovations to the shopping center, including additional landscaping and improvements to the façade. “This center was particularly attractive due to its location on the Intracoastal Waterway in an affluent area of North Miami Beach,” Fimiami adds.

Fimiami says that Winn Dixie’s bankruptcy status was not a concern for Woolbright. “We do not know the status of Winn Dixie, but it’s a well-positioned property and we know we can make it successful regardless of the outcome with Winn Dixie.”

With the acquisition, Woolbright now owns 25 retail properties throughout Florida. Other retail properties the company owns in Miami include the 67,000-sf Carter Square and the 325,000-sf London Square in Kendall, the 96,500-sf Kendall Corners in Miami and the 261,000-sf South Dade Shopping Center in Cutler Ridge. The company plans to continue acquiring retail properties in the future. “We are always looking to acquire additional properties and are negotiating several deals at all times,” Fimiami says.

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