Shopping Center Business

MAY 2015

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

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42 • SHOPPING CENTER BUSINESS • MAY 2015 N E W S L I N E n IPA BROKERS SALE OF TWO RETAIL PROPERTIES IN MIAMI AREA TOTALING $45.8 MILLION Institutional Property Advisors (IPA) has brokered the sale of Shoppes of Coral Way at 2690 S.W. 22nd St. in Miami and Victoria's Secret South Beach at 745 Collins Ave. in Miami Beach. The two assets sold for a combined $45.8 million. Shoppes of Coral Way is a 48,993-square- foot shopping center that is fully leased to CVS/pharmacy, Office Depot, The UPS Store, Check 'n Go, GNC, Radio Shack and a local nail salon. Victoria's Secret South Beach has 10,264 square feet of re- tail space on the first two floors and 2,867 square feet of office and storage space on the third floor. Victoria's Secret has nine- and-a-half years remaining on its 15-year lease. Drew Kristol and Kirk Olson of IPA represented the seller of Shoppes of Coral Way, a limited liability company based in Coral Gables, Florida. The pair also represented the unnamed buyer and seller of Victoria's Secret South Beach. Additionally, Christopher Marks of IPA's capital markets group arranged a $12.7 million, 10-year acquisition loan for the Shoppes of Coral Way transac- tion through an unnamed life insurance company. The loan was structured with a fixed interest rate at 3.95 percent and a 30-year amortization schedule. n SHOPS AT DESERT SPRINGS IN TUCSON, ARIZONA, SELLS FOR $5.3 MILLION Shops at Desert Springs, a 20,485-square- foot neighborhood retail center in Tucson, Arizona, has sold to Bastion Investments for $5.3 million. The center is shadow- anchored by Albertsons. Other notable tenants include Christie's Appliance, Ed- ward Jones, L'Amour Nails, Great Clips, H&R Block, Casey's Hallmark, Edmund Marquez Insurance, Papa Murphey's Piz- za and the Arizona National Guard. The seller was La Cholla Retail II LLC. The transaction was executed by CBRE's Pete Villaescusa, Mike Sandahl, Jesse Peron, Wyatt Campbell, Phil Voorhees and Brad Rable. n BRADFORD COMMERCIAL ARRANGES SALE OF RETAIL CENTER IN METRO DALLAS Zimmerman Enterprises LLC has ac- quired Northridge Court, a 33,979-square- foot retail center in Carrollton, Texas. Northridge Court is situated on nearly 2.3 acres. The property was 56 percent leased at the time of sale. Leigh C. Richter and Kevin J. Santaularia of Bradford Com- mercial Real Estate Services represented the California-based seller, Venice Ltd. Evan Bloom of Street Commercial LLC negotiated for the local buyer, a retail in- vestor who leases and manages properties in-house. The property is close to the Dal- las North Tollway and President George Bush Turnpike. The seller has owned the property since the early 1990s. Built in 1979, other tenants in the center include Kitchen Design Concepts and Dr. Smile. Shops at Desert Springs in Tucson, Arizona, is shadowed-anchored by Albertsons.

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