1400-1500 66th Street North | St. Petersburg, FL 33710

SERVICES

Landlord Leasing, Property Management and Disposition

PROPERTY LOCATION

Shoppes at the Royale, a 46,020 square foot strip center shadow-anchored by Publix Supermarket and located in St. Petersburg, Florida. Royale is a highly desirable property located on an infill site within a major retail submarket (Tyrone) and enjoys very limited shop space competition. Royale is 100% leased to well-known tenants including Pei Wei, Chipotle, Massage Envy, Jimmy Johns, Mission Aveda, Great Clips, Five Guys, Scottrade, Smoothie King and AAA.

OPPORTUNITY/STRATEGY

Royale was developed and placed into service in 2008. The original developer leased the property to about 52%, before the great recession. Unfortunately, the original developer lost the property to foreclosure by the lender, Wells Fargo. In 2012, Wells hired Mike Milano to market the property for sale. Halpern Enterprises recognized the outstanding locational qualities of Royale and acquired the property from the lender that same year. Halpern retained Colliers landlord leasing agent Ben McLeish to embark on an aggressive leasing campaign.

RESULTS

Over the course of 3.5 years, Ben brought the property to 100% occupancy. In response to high demand for quality centers like Royale, in 2015, Halpern decided to sell the center. Colliers commenced on an extensive marketing campaign and located the ideal buyer - a private investor who appreciates the strong locational attributes and outstanding tenant roster. Royale is an excellent case study in how a team of committed professionals can assist owners in maximizing the value of their assets by working diligently to represent the owner’s best interest.

TEAM

Mike Milano, CCIM, MAI, Managing Director of Retail Investment Services
Ron Schultz, Director of Retail Investment Services
Ben McLeish, Director of Retail Investment Services

SALE PRICE: $16,090,000
DATE: December 29, 2015
SELLER: Halpern Tyrone, LLC
BUYER: Sarall II, LLC
BUILDING SIZE: 46,020± SF
LAND SIZE: 5.80± Acres
OVERALL OCCUPANCY: 100%
PRICE PSF: $349.63
OUR ROLE: Seller’s exclusive representatives for leasing, property management and disposition.