There usually are no second acts in real estate. If you develop a
Woodbury Lakes opened in 2005 as a joint venture project built by RED
Then things turned sour. The property became one of many lifestyle centers to face significant challenges during the Great Recession. Ultimately, the project ended up 25% vacant, and Cornerstone turned over the property’s keys to its special servicer, LNR Partners Inc.
But that’s where the story takes a twist. In July, RED re-entered the picture. It teamed up with FortressGroup to buy back the property. Now, RED is already beginning to turn things around and is getting a second chance to succeed with the center.