Buyers & Sellers
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Buyers & Sellers

Pan Pacific Retail Properties acquired Western Properties Trust. The merger was transacted by a stock trade with Western shares being traded for 0.62 newly-issued Pan Pacific stock. Pan Pacific assumed the outstanding notes and mortgage of Western Properties. Pan Pacific drew $72 million on its unsecured credit facility to retire Western’s bank lines and for transaction costs. Pan Pacific’s portfolio includes 111 properties in CA, WA, OR and NV. The company controls over 15 million sq.ft. and is over 95% leased to approximately 2,100 retailers.

For more information contact Carol Merriman at Pan Pacific Retail Properties, Inc. 1631 South Melrose Drive, Suite B, Vista, CA 92083; 760-727-1002, Fax 760-727-1430.

Colliers International brokered the sale of 87,312 sq.ft. of land where a 15,120 sq.ft. Walgreen’s store is being built in Bremerton, WA. The selling price was $1.6 million paid by a CA investor completing a 1031 tax deferral exchange. Paul Sleeth was the listing agent for the transaction.

For more information contact Paul Sleeth, Colliers International, 206-223-1266, email: Paul_Sleeth@Colliers.com.

American Crossroads Corporation is seeking property for planned business community (commercial mixed-use subdivision) development and resale, which will produce an inventory of freestanding outparcels. Sites located at intersections with all utilities available with a minimum size of 10 acres are preferred. Locations must be zoned for business and have no problems which would limit use (i.e. wetlands, rocks, poor soils, etc.). After preliminary review, site plans, aerial photos and environmental/engineering studies will be needed.

For more information contact Lynn Banks at 404-237-5519, Fax 404-262-2557.

Crossover Commercial Group is selling a 17,760 sq.ft. strip center in Palm Bay, FL. 1999 NOI was $84,464.22 with 96% occupancy. The asking price is $900,000.

For information contact Carmine Ferraro, Crossover Commercial Group, 4265 Quechua Road, Cocoa, FL 32927; 321-633-3724, Fax 321-633-5636; email to cpstferraro@juno.com.

An 8,400 sq.ft. center is for sale in Marion, AL. The asking price is $525,000. The recently remodeled project is tenanted by a dry cleaners, coin-op laundry, Subway and Movie Gallery. All tenants have five-year leases with five-year options. Revenue is approximately $75,000 per year.

For more information contact Herb Tucker 334-683-2574; email to herbtucker@hotmail.com.

Butler Realty Services has the listing to sell 1.5 acres in Hudson, NH. The property is zoned for retail and is located on Lowell Road, 1.5 miles from newly constructed exit 2 on Route 3 near the MA border.

For more information contact, David Faulkner, Butler Realty Commercial Properties, One Stiles Road, Salem, NH 03079; 603-893-7500, email to ButlerProp@aol.com.

Kempner Corporation purchased the 51,000 sq.ft. Adams IGA Market Shopping Center in Woodmont, CT. The center is anchored by Adams IGA supermarket, Brooks Drugs, Curves Fitness Centers and Subway. The Milford Savings Bank occupies an outparcel. The company also purchased the 20,000 sq.ft. Post Office Plaza in New Paltz, NY. The center is fully leased and anchored by the U.S. Postal Service.

For more information on these sites contact, Jim or Peter Kempner, Kempner Corporation, 257 Mamaroneck Avenue, White Plains, NY 10605; 914-946-3030, Fax 914-946-9030.