BOCA RATON, Fla. (February 2, 2011) – Woolbright Development announces the acquisition of Village Commons in West Palm Beach, Fla. Woolbright will oversee the center’s leasing, property management, construction management, marketing and promotions.
“Village Commons is a great center with a very appealing location and a strong tenant mix; it also offers the potential for improvement in leasing and its aesthetic appearance,” said Jorge Morell, vice president of Woolbright. “Our immediate goals are to fill the vacancies and invest in the overall appearance and atmosphere at the center; in addition to making the center more attractive, we will roll out our marketing programs to assist the tenants in growing their businesses.”
Located at 701-971 Village Blvd. northwest of Palm Beach Lakes Blvd., the 169,000 square-foot Village Commons is a Mediterranean-style open-air center, featuring lush landscaping, decorative tile accents and a prominent courtyard area with ample seating and a sparkling fountain as the centerpiece.
“Village Commons has all the elements to be the ultimate shopping destination in West Palm Beach,” said Morell. “Our plans are to beautify the center and optimize the tenant mix; this will result in the creation of an attractive and desirable common gathering place.”
Village Common is anchored by Publix and CVS. Additional retailers and restaurants in the center include Starbucks, Panera Bread, Coldstone Creamery, PNC Bank, Duffy’s Sports Bar and Grill, and many other national, regional and local merchants. Despite the challenging economic climate that has plagued Florida; the center’s strengths have played a role in merchants’ success.
“We credit our success to Village Commons’ premier location near I-95 and our prominent location in the courtyard of the center,” said Abe Dababneh, owner of Smoke Inn. “We look forward to working with Woolbright and are excited for the improvements they have planned to enhance the overall appearance of the center and increase business.”
The area’s growing demographics also show real market potential exists for Village Commons. Over the last decade, the population has grown nearly 24 percent within a one-mile radius and it is expected to continue to outpace Florida’s averages for the next five years. Village Commons is surrounded by upscale private golf course communities, is located near the Palm Beach Airport and also is close to the Palm Beach Mall, which has its own plans for re-development.
“Our restaurants have a loyal following and our guests have responded favorably to our location in Village Commons,” said Paul Emmett, owner of Duffy’s. “Our customer base has grown extensively in the past five years at this location, making Duffy’s of the Villages one of the best performing Duffy’s restaurants in South Florida.”
Leasing of the center will be managed Jennifer McNeil. Morrell will oversee the property management.
Woolbright Development is a diversified real estate services company specializing in the acquisition, redevelopment, leasing, management and disposition of shopping center projects throughout Florida. Woolbright’s focus is to provide advisory, consulting and asset management services to institutional investors and individual property owners.
Based in Boca Raton, Woolbright exploits its extensive database of market research and industry leading IT capability to deliver market-driven project-specific business plans that generate results consistently outpacing the performance of its peers. During the past decade, Woolbright has acquired, developed and re-developed shopping centers comprising in excess of 7.5 million square feet valued at more than three billion dollars. For more information about Woolbright Development, visit http://www.woolbright.net or call (866) WDI-1230.