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Buyers & Sellers
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Buyers & SellersMacerich Co. is selling Crossroads Mall, a shopping center anchored by Foley’s, J.C. Penney and Sears, located in Boulder, CO. For more information, contact 310-394-6911.
Net Asset Properties, LLC is seeking raw land for retail development between 1.5 acres and 50 acres within a 300-mile radius of Philadelphia, PA. The company is also interested in acquiring existing shopping centers and redevelopment projects. Brokers are fully protected. For more information, contact Jim Sinkway at 856-985-7400, Fax 985-5399, Email reoffices@aol.com
Uni-Invest Partnership withdrew its offer to purchase Harrisburg East Mall, an 890,000 sq.ft. shopping center on 64 acres anchored by Lord & Taylor, J.C. Penney and Hecht’s, located in Harrisburg PA. The mall’s owner, EQK Realty Investors I, filed for Chapter 11 bankruptcy protection to prevent a foreclosure by mortgage lenders, and the property has been operating in bankruptcy since December of 1999. A deal to sell the mall for $46.5 million to Uni-Invest was reached, but it was contingent on Uni-Invest securing the required financing, which it failed to do. The property is expected to be auctioned in the near future. For more information, contact Lloyd Whitaker of Newleaf Corp., court-appointed advisor, at 770-433-9400.
Wohl Investment Companies purchased the Hillgren Square Shopping Center, a 55,000 sq.ft. specialty/mixed-use center located on East Seventeenth Street just east of Newport Boulevard in Costa Mesa, CA. The center is anchored by Celestino Meat Markets and Mi Casa Mexican Restaurant and is located across the street from Mother’s Market, Gateway Computers and Staples. The purchase price was $3.1 million. For more information, contact Peter Desforges at 949-955-0115.
Sperry Van Ness has the listing to sell Sierra Vista Plaza, a 126,725 sq.ft. shopping center (76,725 sq.ft. of which is in the offering) located at the southwest corner of Interstate 215 and Los Alamos Road in Murrietta, CA. The center is anchored by a 50,000 sq.ft. Stater Bros. (not in the offering), while other tenants include Sav-on Drug, Jack In The Box, Mailboxes, Etc., Radio Shack and Chuck E. Cheese. The asking price is $9.85 million based on a cap rate of 9.6% on 95% occupancy. The daily traffic count is nearly 50,000 cars. For more information, contact Reza Etadali at 949-250-4100 or Bob Daniel at 858-452-9100.
Colliers Appelt Womack has the listing to sell Cypresswood Court, a 68,536 sq.ft. shopping center located on 5.7 acres at the southwest corner of Interstate 45 and Cypresswood in Spring, TX. Tenants include Powerhouse Gym (9,600 sq.ft.) and Country Boomers (8,800 sq.ft.). Demographics show a population of 86,513 residing within three miles earning $59,500 as household income. The 85%-occupied center has a combined daily traffic count of more than 250,000 cars. The asking price is $3.7 million based on a cap rate of 10.86%. The company has the listing to sell Eldridge Parkway, a 1.7-acre parcel suitable for a retail pad site located between Interstate 10 and Memorial Drive in Houston, TX. The asking price is $1.034 million. The company also has the listing to sell a 16.295-acre parcel zoned commercial located at the intersection of Fairmont Parkway and Pansy Street in Pasadena, TX. The seller will consider subdividing. Demographics show a population of 126,102 residing within three miles earning $40,925 as the average income. The asking price is $1.955 million. The company also has the listing to sell a 7,469 sq.ft. shopping center anchored by Blockbuster located at the intersection of Highway 73 and Twin City Highway in Port Arthur, TX. The 100%-leased center has an NOI of $11,033. The center, whose tenants include AT&T Phone Center and Park Avenue Cleaners, operates adjacent to a Waffle House, Sonic and Super Kmart. The company has the listing to sell a 4.32-acre site zoned for retail development located at the intersection of Seawall and University Boulevard in Galveston, TX. The oceanfront property is located adjacent to the University of Texas Medical Branch, The Strand Historical District, Shriners Hospital and the Port of Galveston. The company also has the listing to sell three tracts of land in the Kingwood Parc master-planned development located between the Highway 59 frontage road and Loop 494 in Kingwood, TX. The tracts measure 1.7 acres, 2.1 acres and 2.3 acres. Demographics include a population of 58,000 residing in Kingwood earning $90,000 as the average income. For more information on the Blockbuster shopping center, the Galveston oceanfront site or the three tracts of land in Kingwood, contact Christopher Winters at 713-830-2106, Fax 830-2118, Email cwinters @collierstexas.com. For more information on the preceding properties, contact L. Michael Wallace at 713-830-2116, Email mwallace@collierstexas.com, or William Byrd at 713-830-2131, Email bbyrd@collierstexas.com.
Walpert Properties purchased Cherry Center, a 16,615 sq.ft. shopping center anchored by Health South and located at the west entrance of the Mall of Memphis in Memphis, TN. For more information, contact J. Scott Rehm at 314-567-1221.
Eastern Consolidated Properties, Inc. has the listing to sell Manchester Parkade Shopping Center , a 338,603 sq.ft. mixed-use power center with 20,000 sq.ft. of office space located on West Middle Turnpike between Adams and Broad Streets in Manchester, CT. The asking price is $25.25 million, with N.O.I of $2,187,949. Anchors and tenants include Super Stop ‘N’ Shop, The Gap, Blockbuster Video, Hoyt Cinemas, Fleet Bank, Radio Shack, KB Toys, Homegoods, Fashion Bug, Hallmark, Supercuts and Hit or Miss. Demographics show a population 422,383 residing within 10 miles earning $43,850 as the average income. Secondary financing is available. For more information, contact 212-499-7700, Email info@easternconsolidated.com
Arroyo & Coates has the listing to sell a 36,879 sq.ft. building on 3.859 acres located on Airport Drive in Wichita Falls, TX. The building, formerly housing a Food Lion supermarket, was recently renovated for use as a reservations call center for Budget Group, Inc. Budget holds a 10-year NNN lease with built-in escalations. The asking price is $5 million based on a 9.5% cap rate. For more information, contact Eric Wilcox at 415-445-7800, Fax 392-2701.
NAI Cravey Real Estate Services has the listing to sell two freestanding buildings visible from South Padre Island Drive fronting Everhart Road located in Corpus Christi, TX. One building is vacant, formerly housing a 4,704 sq.ft. fully equipped Gallaghers Steak and Seafood. The second is a 2,257 sq.ft. freestanding facility leased to Ritz Camera. The building are located near an Albertson’s and Super Wal*Mart, Super Kmart and a Best Buy. The company also has the listing to sell a 23,400 sq.ft. shopping center located in North Corpus Christi, TX. The 96%-occupied center is located close to a Wal*Mart Superstore and Sutherland’s. For more information, contact Matthew Cravey at 361-289-5168, Fax 289-5442.
Spectrum Realty Advisors sold a 19-acre, 182,000 sq.ft. community center previously anchored by Kmart for $6.1 million on behalf of Mutual of New York Life Insurance Company. The purchaser was a local developer. For more information, contact Joe Montgomery at 404-252-2288.
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