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Buyers & Sellers
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Buyers & SellersThe Boulder Group sold a 15,120 sq.ft. property on which Walgreen’s currently holds a long-term lease. The sale price was $2.95 million. The purchaser, an Illinois investor, bought the property in order to complete a 1031 exchange arising from the sale of an industrial building. For more information, contact Mike Stone at 800-817-1031, Fax 847-589-1217, Email stone@bouldergroup.com
Robert E. Bunn & Associates has the listing to sell a chain of 16 convenience stores, all of which pump gas, in the Southern U.S. Assumable financing is in place. The asking price is $7.35 million. The company also has the listing to sell a major-branded petroleum distributor with an interstate truck stop and seven retail sites. The company also supplies 30+ branded convenience stores and truck stops. The asking price is $8.5 million. For more information, contact Robert Bunn at 573-335-3351.
Osborne Properties has the listing to sell a 55,000 sq.ft. building formerly housing H.E.B. Grocery located adjacent to a Kmart property in San Antonio, TX. The company built a 92,000 sq.ft. replacement store directly across the street from the vacant building. The asking price is $3 million, and the owners will lease the property for $6.50 psf. For more information, contact Bill Osborne at 830-216-0344 or Sherman Hinkebein of The Weitzman Group at 210-366-5050.
Mister Car Wash is seeking one acre outparcels or good corner locations to buy, lease or build-to-suit. For more information, contact Matthew May at 310-284-7100, Fax 310-284-7817.
Equity Investment Group acquired Aurora Plaza, a 151,536 sq.ft. shopping center anchored by a 54,656 sq.ft. King Soopers and a 26,683 sq.ft. MacFrugal’s and located in Aurora, CO. The company purchased the center from Simon Property Group, and Mid-America Real Estate Corporation brokered the transaction. For more information, contact Wanda Albert at 404-364-2984.
Upland Real Estate Group Inc. facilitated the sale of a 30,122 sq.ft. Office Depot located in Maplewood, MN. The sale price was $4.196 million. For more information, contact Wendy Ferguson at 612-332-6600, Fax 612-376-4489, Web site www.upland.com
Gregory Greenfield & Associates acquired Magic Valley Mall, a 480,000 sq.ft. mall and adjacent strip located in Twin Falls, ID. The center is anchored by The Bon Marche, Sears, J.C. Penney and ShopKo and includes approximately 60 additional specialty stores. GG&A purchased the property from Fund A, Magic Valley Inc., a pension fund investment group conglomerate of several corporations’ employee retirement funds. Lend Lease Real Estate Investments acted as advisor to GG&A, and Jones Lang LaSalle was responsible for managing the mall’s day-to-day functions. GG&A plans to keep Jones Lang LaSalle on board after closing. For more information, Gregory Greenfield at 770-225-3460.
Sonnenblick-Goldman has the listing to sell the fee simple interest in Jacaranda Plaza, a 173,024 sq.ft. shopping center located in Broward County, FL. The center is anchored by a 37,887 sq.ft. Publix, a 34,400 sq.ft. Stein Mart, a 10,800 sq.ft. Eckerd Drug and an 11,200 sq.ft. Party City, while other tenants include Radio Shack, H&R Block and Weight Watchers. The center is 94% leased, 61% of which is leased to credit tenants. An outparcel was recently sold to Hops Restaurant, which contributes to the property’s CAM expenses. Demographics show a population of 173,000 residing within three miles earning $57,463 as the average income. NOI is $2.044 million, with annual base rent of $2.131 million. For more information, contact J. Daniel Carlo at 305-358-5522, Fax 305-358-5529.
Pan Pacific Retail Properties plans to acquire Western Properties Trust in a tax free, stock-for-stock transaction with each Western share exchanged for 0.62 Pan Pacific share. The transaction’s expected value is $440 million. The transaction will result in Pan Pacific becoming the largest West Coast neighborhood shopping center REIT, with an expected market capitalization of $1.3 billion. The deal is expected to be accretive to Pan Pacific stockholders in 2001. The respective boards of directors from both companies have approved the deal, and will close subject to the approval by each company’s stockholders. The transaction is expected to be completed by the end of 2000. Pan Pacific Retail Properties also acquired Sycamore Plaza, a 94%-occupied shopping center located at the intersection of State College Boulevard and La Palma Avenue in Anaheim, CA. The purchase price was $7.4 million, or approximately $70 psf. The center is anchored by Stater Bros. and Sav-On Drugs. For more information, contact Carol Merriman of Pan Pacific at 760-727-1002 or Dennis Ryan of Western Properties Trust at 888-831-5770.
CB Richard Ellis has the listing to sell a 164,037 sq.ft. parcel of land located south of and adjacent to the Peoria Sports Complex with 83rd Avenue frontage in Peoria, AZ. The land is also adjacent to the Polar Ice Rink, and is zoned for a variety of uses, including retail. For more information, contact Jenifer Davis at 602-735-5592 or Steve Fernandez at 602-735-5553, Fax 602-735-5655.
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