PORTFOLIO: FUND III
2,400 sm retail repositioning in Madrid
Hippie is a small retail redevelopment opportunity, which Fund III acquired in early 2014 from a distressed seller. Hippie is in the Madrid subdistrict of Fuencarral, which is a trendy downtown pedestrian street and rated as one of the top three retail locations of Madrid. The area continues to benefit from rental growth and strong demand. ASG plans to redevelop and lease up the space before selling to a buyer seeking a stabilized, high yielding asset in a great location.