Buyers & Sellers
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Buyers & Sellers

Inland Retail Real Estate Trust, Inc. acquired the 218,819 sq.ft. Woodstock Square Shopping Center in Woodstock, GA. The site is located on State Highway 92 and is anchored by Kohl’s, OfficeMax, PetsMart and Old Navy. The transaction price was $27.5 million and has an occupancy factor of 86% at closing. The company also acquired a 38,418 sq.ft. freestanding location leased by Jo-Ann Fabrics at North Pointe Commons Shopping Center in Alpharetta, GA. The tenant has a 16-year lease that commenced in 2000 and the transaction price was $4.9 million.

For more information contact Rick Fox, Inland Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.

 

Marcus & Millichap has the listing to sell the following single-tenant properties in CA: a freestanding Wendy’s location with a 15-year NNN lease and three five-year options, located in southern CA and involves no management responsibility, asking price is $1,275,000; a newly-constructed Walgreens store with a 20-year lease and eight five-year options, asking price is $5.25 million with 7.4% financing available; a Wherehouse Records location on a pad to a regional mall, asking price is $2.76 million at a 10% CAP rate, assumable financing available with 11% cash on cash return and a newly-remodeled Sizzler Restaurant with a 15-year NNN lease located just off the 50 Freeway, asking price is $1.5 million. The company also has the listing to sell two centers in MI. The first is a 59,505 sq.ft. mixed-use project in Orion Township. The asking price is $5.5 million and the proforma NOI is $492,361. The second is a 91,343 sq.ft. mixed-use project in Macomb Township. The site is on a corner in a strong demographic area. The asking price is $7 million and has a NOI of $580,564.

For more information on the CA properties contact Donald M. Emas, Marcus & Millichap, 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800 ext. 611, Fax 909-605-1821; Email: demas@marcusmillichap.com. For more information on the MI properties contact Steven D. Weinstock, Marcus & Millichap, 28411 Northwestern Highway, Suite 1100, Southfield, MI 48034; 248-352-5050, Fax 248-671-0303.

 

NAI Eagle has the listing to sell the 366,400 sq.ft. Cobblewood Plaza Shopping Center in Cincinnati, OH. The asking price is $15.5 million.

For more information contact Steve Timmel or Jeff Johnston, NAI Eagle, 421 East Fourth Street, Cincinnati, OH 45202; 513-361-7700, Fax 513-361-7701; Web site: www.NAIEagle.com.

 

Mid-America Real Estate Group/ChainLinks brokered the sale of a 3.5-acre parcel at Country Aire Plaza in Bolingbrook, IL. Circuit City Stores acquired the land located at the intersection of Boughton and Naperville Roads and will build an anchor store for the center, scheduled to open this fall. Mid-America represented the seller in the transaction. The company also brokered the sale of a 9.6-acre parcel at Gateway to Machesney Park in Machesney Park, IL. Kohls’ Department Stores acquired the parcel located at the intersection of Routes 251 and 73 and will relocate its Machesney Park Mall location to the site. The store is scheduled to open in October. Mid-America represented the seller, Rubloff Development Group, in the transaction.

For more information contact Michael Peirce or Andy Bulson, Mid-America Real Estate Group/ChainLinks, Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181; 630-954-7300.

 

Charter Realty & Development Corporation sold the land for a 135,000 sq.ft. Lowes Home Improvement store in Phillipsburg, NJ. The site is located at the intersection of Routes 78 and 22 across from a 450,000 sq.ft. center that is also under development. The store is expected to open before the end of the year.

For more information contact Dan Zelson, Charter Realty & Development Corporation, 411 West Putnam Avenue, Suite 111, Greenwich, CT 06830; 203-629-3939.

 

Rein & Grossoehme brokered the sale of the 19,204 sq.ft. Broadway Dobson Center in Mesa, AZ. The center is located at the intersection of Broadway and Dobson Streets and has an occupancy factor of 96%. The transaction price was $1.45 million.

For more information contact Mark Rein, Rein & Grossoehme, 3900 East Camelback Road, Suite 418 North, Phoenix, AZ 85018-2656; 602-954-7217, Fax 602-954-7001; Email: mark@high-yield.com.

 

Kimco Realty Company acquired 528,666 sq.ft. of retail space at the Augusta Exchange in Augusta, GA. The 50-acre portion of the project include buildings tenanted by PetsMart, Circuit City, Zany Brainy and Mansour’s. The acquisition included three retail strips and did not include most of the project’s stand-alone properties. The transaction price was $61.4 million.

For more information contact Scott Onufrey, Kimco Realty Corporation, 3333 New Hyde Park Road, Suite 100, P.O. Box 5020, New Hyde Park, NY 11042; 516-869-9000, Fax 516-869-7199.

 

Sutton Group Kilkenny Real Estate represents a large multi-national corporation looking to acquire distressed corporation with a large commercial specifically retail portfolio nationwide. Minimum investment is $20 million with no upper limit.

For more information contact Bob Boheimer, Sutton Group Kilkenny Real Estate, ICI Division, 663 Stafford Street, Winnipeg, MAN, Canada; 204-475-9130, Fax 204-477-4361.

 

Colliers International brokered the sale of 15,120 sq.ft. Walgreens Durg Store in Bellingham, WA. The store is located at the intersection East Bakerview and Guide Meridian and opened in December 2000. The sale completed a 1031 exchange for the buyer and the transaction price was $5.4 million.

For more information contact Curt Thornburg, Colliers International, 601 Union Street, Suite 5300, Seattle, WA 98101-4045; 206-223-0866, Fax 206-223-1427; Web site: www.colliers.com.

 

S.L. Nusbaum Realty Company brokered the sale of 9.3 acres in phase II of the Hugenot Village Shopping Center in Chesterfield County, VA. Bryden LLC acquired the property for the development of a Great Big Green House and Nursery. The company represented the seller in the transaction.

For more information contact S.L. Nusbaum Realty Company, 1000 Bank of America Center, One Commerce Place, Norfolk, VA 23510; 757-640-8611, Fax 757-640-2256.

 

William Mors represents a buyer seeking to purchase a shopping center, valued around $5 million located between San Luis Obispo and San Diego, CA. Quality of property is more important than speed of transaction.

For more information contact William Mors, 565 Del Oro Drive, Oji, CA 93023; 805-646-6707, Fax 805-640-9523; Email: wmmors@aol.com.

 

Coldwell Banker Mountain West Commercial has the listing to sell 4.28 acres in the second phase of Lancaster Marketplace in Salem, OR. The site is located on Rickey Street Southeast, across from Shopco and Winco Foods. The asking price is $1,295,500.

For more information contact Bill Frey, Coldwell Banker Mountain West Commercial, 698 12 Street Southeast, Salem, OR 97302; 503-587-4777, Fax 503-588-3514.