Colliers, which leased Shoppes at the Royale to 100% occupancy, helps sell high-traffic center
ST. PETERSBURG, Fla. (Feb. 4, 2016) – Shoppes at the Royale, a 46,020-square-foot shopping center located on a primary retail corridor in St. Petersburg’s Tyrone area, has sold for $16.09 million. The shopping center sits on 5.8 acres and is shadow-anchored by a top-performing Publix Supermarket.
Michael Milano, CCIM, MAI, Managing Director of Retail Investment Services; Ronald Schultz, Director of Retail Investment Services; and Ben McLeish, Director of Retail Services, of Colliers International Tampa Bay represented the seller, Halpern Enterprises. The buyer, Sarall II, LLC, is a private investor that owns similar properties in Sarasota and Fort Myers.
Built in 2008, Shoppes at the Royale had a 52 percent occupancy before the original developer lost it to foreclosure. Atlanta-based Halpern Enterprises, an owner and operator of shopping centers around the Southeast, purchased the property in 2012 and retained Colliers’ McLeish to oversee leasing. Within 3 ½ years, McLeish brought the shopping center to 100 percent occupancy by securing a mix of well-known national, regional and local tenants.
Recognizing extremely high demand in the marketplace for quality, well-performing retail properties, Halpern Enterprises listed the property for sale in 2015. To locate the ideal buyer, Colliers embarked on a targeted marketing campaign, which involved personally connecting with potential buyers that were seeking high-performing shopping centers.
“The Shoppes at the Royale sale is a great example of an investor taking advantage of market opportunity and market timing,” said Colliers’ Milano. “This resulted in maximizing the value of an irreplaceable asset in one of St. Petersburg’s core retail districts.”
The shopping center is occupied by a variety of casual dining, professional services and personal health tenants, including Pei Wei Asian Diner, Massage Envy, Orangetheory Fitness and Verizon Wireless.
The Shoppes at the Royale has limited small-shop competition because the Tyrone area has mainly large-scale retailers including Home Depot, Best Buy, Jo-Ann Fabrics and Tyrone Square Mall. Over 100,000 people live within three miles of the retail center.
The shopping center is located at 1400-1500 66th St. N, just south of the intersection of 66th Street and Tyrone Boulevard.
About Colliers International Group Inc.
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