Woodbury Lakes sold to investment group

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The Woodbury Lakes retail center was sold Tuesday to an investment group, an official with the mall’s management company confirmed.

The shopping complex was purchased in a joint venture by New York-based Fortress Investment Group and RED Development. RED Development, a firm that develops and manages shopping centers in a number of Midwest and southwest states, had an initial ownership stake in Woodbury Lakes.

“They’re buying back into the property, said Bob Pounds of Welsh Companies, which manages the retail center on Hudson Road.

Pounds said the transaction would be complete Tuesday. Terms of the sale were not immediately known.

It is the latest ownership change for the upscale retail center.

The investment group is buying the property from DMARC LLC, a mortgage lender that took over ownership after the lender defaulted. DMARC’s move averted a foreclosure of the property last fall.

Woodbury Lakes, a 400,000-square-foot complex, was built in 2005 by development firm Opus Northwest. It was sold the following year.

Like other commercial properties, Woodbury Lakes has struggled to fill its storefronts. The occupancy rate is about 75 percent, Pounds said.

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