Shopping Center Business

MAY 2015

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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40 • SHOPPING CENTER BUSINESS • MAY 2015 N E W S L I N E n THE SHOPS AT PALM SPRINGS MARKETPLACE SELLS FOR $3.15 MILLION La Jolla, California-based development company Ramsey Real Estate Group has sold The Shops at Palm Springs Marketplace in Palm Springs, California, for $3.15 million. Harcourts & Freeman represented the buyer, Huntington Beach Partnership. The Shops at Palm Springs Marketplace is a 10,301-square-foot free- standing pad building located within Palm Springs Marketplace. Tenants include Subway, Little Caesars Pizza, Bank of America, Kaiser Permanente, Genetics Nutrition, David Andrew Salon and USA Taekwondo Center. n RKF BROKERS THREE RETAIL SALES IN MIAMI TOTALING $86.8 MILLION RKF has brokered three property sales in Miami's Design District and Wynwood neighborhoods totaling $86.8 million. Brooklyn-based RedSky Capital pur- chased the three properties from three separate sellers. Ben Mandell, Drew Schaul and John Ellis of RKF represented RedSky in all three transactions. The as- sets included a two-story, 19,436-square- foot retail property located at the corner of North Miami Avenue and N.E. 40th Street in the Design District. RedSky pur- chased the asset from Hardor Corp. for $29.3 million. Hardor Corp. was repre- sented internally in the transaction. The other Design District property was a three- story, 17,391-square-foot retail asset at 35 N.E. 40th St. that RedSky purchased from a limited liability company known as 35 NE 40th Street LLC for $28 million. Oak Tavern, a 140-seat bar and restaurant, cur- rently occupies the space. Fran Clough- erty of Douglas Elliman represented the seller in the transaction. Lastly, RedSky purchased Wynwood Block, an enclosed shopping center occupying a full city block in Wynwood, for $29.5 million. Gaston Miculitzki of Brightway Properties repre- sented the seller, Wynwood 2621 LLC, in the transaction. n MARCUS & MILLICHAP ARRANGES $5.2 MILLION SALE OF SOUTH CAROLINA RETAIL CENTER Marcus & Millichap has brokered the sale of Shoppes at Azalea, a seven-ten- ant retail building totaling 11,966 square feet in Summerville, South Carolina, for $5.2 million. The shopping center is fully leased, with tenants including Moe's Southwest Grill, Chicken Salad Chick, Great Clips, UltraSkin, TCBY, Which Wich? and Noodle Nerd. Andrew Mar- gulies, associate vice president of invest- ments at Marcus & Millichap, represented the seller, a local developer. Benjamin Yelm of Marcus & Millichap's Charles- ton office and Drew Babcock, broker of record, assisted in closing the transaction. A New York-based brokerage company represented the buyer, a family partner- ship based in New York. What diff erence can we make for you? Marc Kirchhoff , CCIM, Vice President *(&/ %%,ff%)-"/+"+1ǽ ,* ǿǚǜǘȒǙǝǞȒǚǛǝǕǿǜǜǕȒǚǕǝȒǘǘǗǝ ▷ ▷ ▷ SCAN CODE TO CONTACT MARC ▷ ▷ ▷ VISIT US AT RECON VEGAS: S323R in the South Upper Hall Build to Suit Done Right: The Halpern Di ff erence Halpern assists retailers and restaurants expand their brands through site selection, development, and construction services that meet and exceed our clients' speciƜ c goals. The Halpern team's expertise in retail real estate spans more than 50 years, 30 states, and 50 national retail chains. &*-0,+3&))"Ǿ /""/Ǿ ˛ SITE SELECTED ˛ CONSTRUCTED ˛ DELIVERED ON TIME ˛ SITE SELECTED ˛ CONSTRUCTED ˛ DELIVERED ON TIME Halpern made the di ff erence for these brands: The Shops at Palm Springs Marketplace is a 10,301-square-foot freestanding pad building located within Palm Springs Marketplace.

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