Woolbright Sells Two Shopping Centers For $19.5M

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Woolbright Development continues to unload properties at a discount with the latest sale of two Palm Beach County shopping centers to a Hallandale Beach investor for $19.5 million.

Woolbright sold the Shops at Boca Grove in Boca Raton and Riverwalk Plaza in Boynton Beach in separate transactions, according to Palm Beach County records. The buyers are affiliates of Hallandale Beach-based Isram Realty Management.

Isram paid $10 million for the Shops at Boca Grove and $9.5 million for Riverwalk Plaza. Woolbright acquired the two properties for about $33 million.

Boca Grove is an 83,176-square-foot shopping center built in 1984 on a 6.3-acre site at 21077 Powerline Road. Tenants include Anthony’s Coal Fired Pizza, Bonefish Grill and Discover Health and Fitness. Woolbright paid $17.1 million for the center in August 2005.

Riverwalk Plaza is a 119,199-square-foot center built in 1971 on 9.86 acres at 1602 S. Federal Highway. Tenants include Winn-Dixie, Quiznos and Walgreens. Woolbright paid $16 million for Riverwalk in May 2007.

KeyBank filed a foreclosure action against Woolbright on Feb. 16 over a $14.75 million mortgage secured by Riverwalk Plaza.

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