Halpern Enterprises Expands Outside of Georgia with $7.55 Million Purchase of St. Petersburg, Fla., Retail Center
Halpern Acquires 46,020-Square-Foot The Shoppes at The Royale.
- Tampa-St. Petersburg-Clearwater, FL (1888PressRelease) December 17, 2011 - Halpern Enterprises, Inc., an Atlanta-based company that owns and manages 33 retail centers around Georgia, has made its first move to expand to other states, buying The Shoppes at The Royale, a well-located retail center in St. Petersburg.
The center, which will be renamed The Village at Tyrone, was purchased from Tyrone Crossings Investors, LLC for $7.55 million. With a 45,000-square-foot, separately owned Publix grocery store as a shadow anchor, the 46,020-square-foot center has a number of other quality tenants, such as Jimmy John's, Chipotle, Pei Wei (a division of P.F. Chang's), 5 Guys Burgers & Fries, Massage Envy, Smoothie King, Verizon Wireless, and Rib City.
For Halpern, a leader in the shopping center industry for more than 40 years, the time is right for expansion beyond Georgia, with so many attractive buying opportunities available. "As a privately held business, we're able to respond quickly to new opportunities," said Halpern president Bill Brown. "That's been a key for us as we've increased the size and quality of our holdings through the years.''
Halpern's newest center, The Village at Tyrone, is well positioned to serve a densely populated area in St. Petersburg's Tyrone submarket, at 1400 66th Street N, at the intersection of 66th Street and 18th Avenue N. There is a total of 21,282 square feet of available space.
"We are confident we can increase occupancy at The Village at Tyrone," Brown said. "It's a quality center in an excellent location. We have extensive retail contacts that will help in recruiting tenants, and we have the capital to customize space, something many tenants expect in this market."
Michael Milano, CCIM, MAI, and Cynthia Shelton, CCIM, CRE, of Colliers International Tampa Bay, Central & Southwest Florida represented the seller, while Halpern represented itself. "We were extremely pleased to attract Halpern as the buyer," Milano said. "The company has a long record of retail success, along with the capital to do quality build-out as the center gets more tenants."
The center is being leased and managed locally by Colliers, with Ben McLeish handling leasing, and Juniper Duffin and Cathy McCann in charge of management. Halpern's representatives for The Village at Tyrone are Daniel Gagne for leasing and Glenn Caracappa for management.
About Halpern Enterprises
Headquartered in northeast Atlanta, Halpern Enterprises owns more than 3.4 million square feet of leasable space in 33 retail properties. With leasing, management and maintenance staff assigned to each shopping center, Halpern's tenants receive personal attention and unusually high value for their rental dollar. Halpern is continually growing its portfolio, both through acquisitions and new development, and all Halpern properties are well located in high traffic areas convenient to major residential developments. More information is available at www.halpern-online.com.