Glades Plaza In Boca Raton Acquired For $75 million

In Woolbright’s latest pricey transaction, last week the company sold Glades Plaza in Boca Raton for $75 million to a Dallas investor.
Friday’s Glades Plaza sale is the most expensive for the region’s retail market so far in 2012.
MSWoolbright Glades Plaza, a Boca Raton company managed by Woolbright, sold the center at 2240 NW 19th St. to Dallas-based L&B CIP Glades Plaza.
The Glades Plaza sales comes nearly two months after Woolbright resolved a foreclosure case by refinancing the center. The company obtained a $49 million loan on March 28 from Ladder Capital Finance I of New York.
As part of the Glades Plaza acquisition, L&B assumed the loan from Ladder Capital but reduced the principal balance to $27 million.
Another fund sponsored by L&B owns the One Biscayne Tower office building in downtown Miami.
Source:  DBR



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