This short sale has helped alleviate the pressure for the shopping center owner by satisfying one of the six foreclosure lawsuits that target its properties.
Apparently in March, KeyBank filed a foreclosure action against Woolbright Sunshine and the president of Woolbright Development, over a $28.5 million mortgage covering the shopping center.
Woolbright Sunshine bought the shopping center for $23 million in 2007. The Commercial Real Estate includes a 109,489-square-foot retail center at 501 E. Woolbright Road and a 41,249-square-foot supermarket leased to Publix. Other Tenants include Bealls and Subway.
As of recently is had been difficult to find a Net Leased Property with Publix as a Tenant. Publix is one of the top supermarkets in the country.