2024 Woolbright Development, Inc.

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Westfork/Paraiso Plaza

Pembroke Pines, FLORIDA

Case Study

Westfork/Paraiso Plaza

Acquired this asset in May, 2014 at an occupancy rate of 85%. Within a six-month timeframe, secured the approvals and executed an exterior renovation plan in order to improve the aesthetic appearance of the center, which included:

  • Renovations

    • A facade modification/painting of the exterior
    • The creation of a common area outdoor seating area with covered patio, safety walls, decorative trellises, etc.
    • The upgrading of the landscape features adding new signature palms, all-new groundcover, etc.
    • The resealing and restriping of the lot also addressing any ADA non-compliant items
    • The reconstruction of the pylon signs and the addition of decorative under canopy and directional signage throughout the center

  • ROI

    • Obtained municipal approval in order to modify the existing site plan of the property to allow for the ground up construction of five (5) new buildings total over 53,000 SF. This created additional value of over $33MM.
    • Implemented an aggressive lease up plan which increased the occupancy rate of the center from 85% to 100% within a 28 month timeframe.
    • Backfilled several vacant anchor spaces with national tenant names such as Ross Dress for Less, TJ Maxx, Petco, Dollar Tree, Tuesday Morning, etc.
 

  • Implemented an aggressive lease up plan which increased the occupancy rate of the center from 25% to 100% within a 28 month timeframe.

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