Texas Investment Partnership Acquires Florida Shopping Center
A Texas-based investment partnership has acquired The Collection at Vanderbilt shopping center in Naples, Fla. for an undisclosed price.
The 226,000-square-foot commercial shopping center contains nine mixed-use buildings, including retail and office space. Currently, the center is 30% leased.
The principals of the partnership said they were attracted to the properties location, its proximity to The Ritz-Carlton Golf Resort, and by the expectation of retail growth for the area.
With the acquisition, the partnership plans to add and improve the landscaping and signage, look for new tenants, finish out the interiors of vacant storefronts, conduct extensive marketing, and establish an on-site management and leasing office.
In conjunction with its acquisition of the shopping center, the investment partnership also acquired two adjacent outparcels facing Vanderbilt Beach Road and Airport Pulling Road. In total, the acquisition includes approximately 29.6 acres.
Woolbright Development, a retail real estate company based in Boca Raton, Fla., was the prior owner for the property. Court and land records indicate that the prior lenders on the project obtained a foreclosure judgment for $53.8 million. The Shoppes at Vanderbilt LLC, acquired the title to the shopping center through a foreclosure sale that took place on March 2.
The investment partnership that bought the property is privately held and run and has a 25-year history of real estate acquisitions. This acquisition is the seventh property obtained by the buyer in Florida.