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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY SELLS PROMENADE SHOPS FOR $25.5 MILLION |
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Friday, December 07, 2001
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New York, NY
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Promenade Shops, a 293,000-square foot community shopping center in the Aventura area of suburban Miami, has been purchased by an affiliate of Gumberg Asset Management Corporation for $25.5 million. Sonnenblick-Goldman Company represented the seller, The Prudential Insurance Company of America, in the transaction.
“We are pleased to have closed yet another transaction on behalf of Prudential, a long-standing client of Sonnenblick-Goldman Company,” said Manny De Zárraga, a managing director in the firm’s Miami office.
Built in 1988, Promenade Shops has a diversified tenant roster. Anchor tenants include a Marshalls Megastore, Winn-Dixie, Michaels Arts & Crafts, and Circuit City, which recently completed a multi-million dollar renovation.
“We hoped for strong investor interest given Promenade Shops’ central position in one of the most demographically-attractive areas of Miami,” added Dan Carlo, managing director. “The pleasant surprise came in the resiliency of investors’ interest after the events of September 11th. The fact that all bidders either reaffirmed or enhanced their pre-9/11 proposals following the attacks validates substantial investor interest in the Miami retail property market.” |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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