Woolbright Takes Shopping Center for $27M

ORLANDO-Boca Raton-based Woolbright Development has acquired the 208,568-sf Colonial Promenade Wekiva at 2121 E. Semoran Boulevard for $27.2 million, or $130 per sf.

The seller, who did not wish to be named, was represented by Jack Holly, a senior investment associate in the Orlando office of Marcus & Millichap. The buyer was represented by Craig Thomas, a senior associate in the firm’s Jacksonville office. “The seller is a southeast regional REIT that was looking to reposition some of its assets,” Holly tells GlobeSt.com.

The retail center is located at the corner of State Road 436 (Senora Boulevard) and Wekiva Spring Road and has 800 feet of frontage on State Road 436, one of the main retail arteries through Orange and Seminole Counties. It is anchored by a 25,806-sf United Artists Theatre and a 57,860-sf Winn Dixie, and features national credit tenants with triple-net leases, including Fred’s, Haircuttery, Blockbuster Video and Curves for Women. It also has two outparcel ground leases, Washington Mutual Bank and AmSouth Bank. The center was 80% occupied at the time of the sale. “It’s an attractive center is a good location, it just needs some tenant work,” Holly says. “The buyer is a large retail owner in Florida and is a value-add player.”

With the acquisition, Woolbright adds to its Orlando retail portfolio. Other properties the company owns are the 208,474-sf Wekiva Riverwalk in Apopka, the 231,980-sf Gateway Plaza in Sanford, the 100,088-sf Lake Mary Village in Lake Mary, the 191,260-sf Oak Grove Shoppes in Altamonte Springs and the 62,577-sf Springs Plaza in Longwood.