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Business Observer Monday, Mar. 21, 2011 11 years ago

Texas group buys Naples shops

The Collection at Vanderbilt offers 226,000 square feet of retail space.

NAPLES — A privately-run group of investors based in Texas purchased The Collection at Vanderbilt, a 226,000-square-foot shopping complex in Naples, from Boca Raton-based Woolbright Development for an undisclosed price.

Prior to its acquisition by the Texas-based group, the lenders on the property obtained a $53.8 million foreclosure judgment on the shopping center.

The shopping center was built in 2009 at the northwest corner of Vanderbilt Beach Road and Airport Pulling Road. The complex is 30% leased, according to a statement prepared by mall representatives.

In addition to buying the Vanderbilt shopping center, the Texas-based investment group also acquired two other adjacent parcels of land, for a total land buy of 29.6 acres. The purchase represents the partnership's seventh land acquisition in Florida over the course of its 25-year history in real estate investing.

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