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Buyers & Sellers
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Buyers & SellersGoldstein Commercial Properties, Inc. brokered the sale of the 67,063 sq.ft. Regency Pointe Plaza in Jacksonville, FL. The center is located at the intersection of Arlington Expressway and Atlantic Boulevard, across from Regency Square Regional Mall and is anchored by Coconuts Records and Tapes, Gateway Computers, Olive Garden restaurant and Vision Works. The center is situated on six acres and was sold for $7.35 million to Jacksonville Regency Real Estate Associates. The company also brokered the sale of the 34,000 sq.ft. Blanding Square Shopping Center in Orange Park, FL. The center is situated on 5.35 acres and is anchored by Peking East Chinese Buffet. The buyer, Sony Properties, was represented by Childers Commercial Properties, Inc. and the transaction price was $1.95 million. Goldstein Commercial also brokered the sale of the 68,700 sq.ft. College Park Plaza Shopping Center in Ocala, FL. The center is located on State Route 200, across from Paddock Regional Mall and is anchored by Gateway Computer, Aaron Rents and Sherwin Williams. The buyer was the Sixteen Corporation and the transaction price was $5 million. The company brokered the sale of the 82,000 sq.ft. Sandpoint Village Shopping Center in Titusville, FL. The center is situated on 8.3 acres located on US Route 1 and the seller was SPV Associates, Ltd. The buyer was Sandpoint Village, Inc. and the transaction price was $5.1 million. Goldstein Commercial brokered the sale of the 16,000 sq.ft. Showcase Plaza in Jacksonville, FL. The center is situated on 1.4 acres and was acquired by Culp Family Properties for $620,000. The seller was Showcase Plaza Associates. For more information contact Barry J. Goldstein, Goldstein Commercial Properties, Inc., 3753-1 Cardinal Point Drive, Jacksonville, FL 32257; 904-367-0009, Fax 904-367-0220.
May Center Advisors has the listing to sell a 13,246 sq.ft. freestanding Osco Drug Store in Darien, IL. The 2.01-acre lot is located at the intersection of Lemont Road and 83rd Street less than 1.5 miles from Interstate 55. The double-drive-thru facility is located at a signalized intersection and has a NOI of $251,000. The asking price is $3,137,000 at an 8% CAP rate.For more information contact John J. May, May Center Advisors, 700 Commercial Drive, Fifth Floor, Oak Brook, IL 60523; 630-288-2600, Fax 630-288-2601, Email:johnmay@maycenteradvisors.com.
Mallin Panchelli Wentworth Realty, LLC has the listing to sell a 10,200 sq.ft. corner land parcel contiguous to a 32,000 sq.ft. neighborhood center in West Philadelphia, PA. The center is anchored by Blockbuster and Radio Shack and the intersection is signalized. For more information contact Ruth Lief Miller, Mallin Panchelli Wentworth Realty, LLC, 1601 Walnut Street, Suite 900, Philadelphia, PA 19103; 215-413-4900, Fax 215-413-0230.
Coldwell Banker/ The Shook Agency has the listing to sell a 31,260 sq.ft. strip center in Lafayette, IN. The center is tenanted by Shoe Carnival and Hallmark Cards and is located adjacent to Sam’s Club and Marsh Grocery. The site has access to Interstate 65 and is located on State Road 26, five miles from Purdue University. The center was built in 1993 and has an asking price of $2.6 million. For more information contact Stephen H. Shook, Coldwell Banker Commercial/ The Shook Agency, 427 Main Street, Lafayette, IN 47901; 765-742-5096, Fax 765-742-7119, Email: sshook@shook.com.
Mackintosh Commercial has the listing to sell the 40,000 sq.ft. Thurmont Plaza Shopping Center in Thurmont, MD. The project is located on Church Street and is anchored by CVS, Woodsboro Bank, Manpower, Plaza Hair Salon and Nu Look Dry Cleaners. The center is also tenanted by two restaurants. CVS has signed a lease for a pad site that will raise the center’s NOI to over $420,000. The asking price is $4.2 million. Owners are pursuing grocery anchors for the center. For more information contact Nancy Green, Mackintosh Commercial, 262 West Patrick Street, Frederick, MD 21701; 301-748-3321, Fax 301-846-4317, Email: nancy@ngreen.com.
RJS Realty Group, Inc. has the listing to sell a three-property neighborhood center portfolio in Palm Beach and Broward Counties, FL. Each center is anchored by Publix Supermarket and Walgreens Drug with local retail and service tenants complementing the mix. The three centers are located in Royal Palm Beach, Coconut Creek and Davie, FL and have a combined GLA of 331,056 sq.ft. and an asking price of $54.7 million at a 8.5% CAP rate. The centers were built in 1988 and have a combined NOI of $4,657,771. For more information contact Steve Miskew, RJS Realty Group, Inc., 1200 North Federal Highway, Suite 111, Boca Raton, FL 33432; 561-750-9100, Fax 561-750-9888, Email: stevemiskew@rjsrealty.com.
Inland Retail Real Estate Trust, Inc. acquired the 189,741 sq.ft. Sand Lake Corners Shopping Center in Orlando, FL. The site is located at the intersection of Sand Lake Road and John Young Parkway and is anchored by Beall’s, Staples and PetsMart. The center has a 95% occupancy factor and is adjacent to Wal*Mart and Lowe’s Home Improvement. The transaction price was $22 million. The company also acquired the fully-occupied 60,539 sq.ft. West Oaks Towne Center in Ocoee, FL. For more information contact Steve Sanders, Inland Retail Real Estate Trust, Inc., 4808 South Tamiami Trail, Sarasota, FL 34231; 941-922-1244, Fax 941-929-0244, Web site: www.inlandgroup.com.
Westwood Group acquired 18.82 acres of land for the development of Lakes Crossing Shopping Center in Norton Shores, MI. The land is adjacent to a 21.95-acre parcel the company had previously acquired and is located directly across Harvey Street from Lakes Mall. Preliminary plans for Lakes Crossing include a hotel, six freestanding pad sites and 300,000 sq.ft. of retail space. Pad construction will begin by the end of the summer and the entire project is scheduled to be completed in the fall of 2002. For more information contact Michael Bowen, Westwood Group, 900 Third Street, Suite 204, Muskegon, MI 49440; 231-722-9999, Fax 231-722-9960.
Providence Alaska Medical Center acquired the Tudor Mall in Anchorage, AK. The hospital stated that it will not redevelop the property immediately but bought the property for the option of expansion. The strip center is tenanted by a Thai restaurant, a bingo parlor, an ammunition store and a bar. The city assessed the 5.5-acre property and its buildings at $2.7 million. The property was sold by Trillium Corporation. For more information contact Karina Jennings, Providence Alaska Medical Center, 3200 Providence Road, Anchorage, AK 99508-4693; 907-562-2211.
The Hutensky Group has formed the HRI Fund, LLC with the John D. and Catherine T. MacArthur Foundation for investment in distressed shopping centers. The fund will invest in $200 million of centers with turnaround potential. HRI Fund acquired the 200,000 sq.ft. Deptford Crossing Shopping Center in Deptford, NJ. The center is anchored by Marshalls, TJ Maxx, OfficeMax, PetsMart, Michaels and Jo Ann Fabrics. The fund is seeking to acquire properties with vacancy, operating deficiencies or expansion opportunities in markets east of the Mississippi River. For more information contact Brad M. Hutensky, HRI Fund, LLC, 280 Trumbull Street, Second Floor, Hartford, CT 06103; 860-527-2222, Fax 860-706-0076. |