Buyers & Sellers
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Buyers & Sellers

Mid-Atlantic Realty Trust acquired the 160 000 sq.ft. Pottstown Plaza Shopping Center in Pottstown PA for $10.7 million. The center is anchored by Giant Food supermarket and includes T.J. Maxx Applebee’s restaurant Radio Shack Hair Cuttery Sally Beauty and CT Farm & Country.

For more information contact F. Patrick Hughes Mid-Atlantic Realty Trust 170 West Ridgely Road Suite 300 Lutherville MD 21093; 410-684-2000; Web site: www.martreit.com.

Pan Pacific Retail Properties Inc. acquired four shopping center properties for $39.3 million or $91 per sq.ft. The properties which total 423 800 sq.ft. consist of the Brookhurst Center a 181 900 sq.ft. center in Anaheim CA anchored by Ralph’s Supermarket Rite Aid Drugstore and Jo-Ann Fabrics & Crafts; Canby Square a 115 800 sq.ft. center in Canby OR anchored by Rite Aid Drugstore and a Safeway Supermarket that is scheduled to be completed in 2002; Garrison Square a 69 790 sq.ft. center in Vancouver WA anchored by Nature’s Supermarket and Hi-School Pharmacy; in addition to Powell Villa a 63 607 sq.ft. center in Portland OR anchored by Ace Hardware. Pan Pacific plans to retenant Powell Villa with a supermarket.

For more information contact Stuart A. Tanz Pan Pacific Retail Properties Inc. 1631-B South Melrose Drive Vista CA 92083; 760-727-1002; Fax 760-727-1430; Web site: www.pprp.com.

Ramco-Gershenson Properties Trust acquired the 95 000 sq.ft. West Acres Commons in Flint Township MI for $10.8 million in a joint venture transaction. The center is anchored by Farmer Jack Supermarket. West Acres Commons is located at the intersection of Linden and Corunna Roads. The average household income for the trade area is $54 000.

For more information contact Dennis Gershenson Ramco-Gershenson Properties Trust 27600 NorthWestern Highway Suite 200 Southfield MI 48034; 248-350-9900; Fax 248-728-1600; Web site: www.ramcogershenson.com.

First Sumner LLC acquired two properties with a land area of 37 500 sq.ft. in Baltimore MD for $895 000 with Trout Segall & Doyle LLC acting as the broker. The former SuperPride Food Market and J&D Beauty Mart will be used in the redevelopment of BP Amoco.

For more information contact Megan E. Hart Trout Segall & Doyle LLC 219 Village Square Baltimore MD 21210; 410-435-4000 Ext 248; Fax 410-435-4277; Email mhart@troutsegall.com; Web site: www.troutsegall.com.

Divaris Real Estate Inc. brokered the sale of a 1.2171 acre commercial/retail lot at the intersection of US Route 17 and 171 in York County VA to Wal*Mart Real Estate Business Trust. The lot was purchased from Overyork LLC. The company also brokered the sale of five land parcels totaling 55.717 acres of commercial land to Wal*Mart Stores East Inc. The parcels are located in the Chesapeake-West Wal*Mart and Sam’s Club Development on Taylor Road in Chesapeake VA. The sales included a 45.818 acre parcel; 7.092 acres; 5.17 acres located at 2629 Taylor Road; .475 acres located at 2644 Taylor Road; .474 acres located at 2650 Taylor Road; and .341 acres located at 2640 Taylor Road. Divaris additionally represented Colonial Foods in the sale of a 2 648 sq.ft. former Pizza Hut building located at 326 Orange Avenue in Roanoke VA to Blue Eagle Partnership for $249 000. The buyer was represented by Walker Commercial.

For more information contact Gerald S. Divaris 1 Columbus Center Suite 700 Virginia Beach VA 23462-6760; 757-497-2113; Fax 757-497-1338; Email gdivaris1@divaris.com; Web site: www.divaris.com.

Retail Plazas Inc. acquired Ridgmar Town Square in Fort Worth TX from Reliance Insurance. The 406 342 sq.ft. shopping center is 73.7% occupied and anchored by Mervyn’s Oshman’s Sporting Goods PetsMart MJ Designs and Ross Dress for Less. Other tenants include Don Pablo’s Mexican Restaurant Half Priced Books and San Antonio Shoes.

For more information contact Jeffrey L. Olyan Retail Plazas Inc. 18110 Midway Suite 130 Dallas TX 75287; 972-250-1486; Fax 817-735-4738; Web site: www.retailplazas.com.

Concordia Realty Asset Management Inc. has the listing to sell the Allendale Shopping Center in Pittsfield MA. The 228 137 sq.ft. center is anchored by Brooks Odd Lots K-B Toys McDonalds and Berkshire Bank and has room for expansion. The asking price is $9.5 million at a 9.6% CAP rate.

For more information contact Michael J. Flight Concordia Realty Asset Management Inc. 1127 South Mannheim Road Suite 313 Westchester IL 60154; 708-344-9242.

Seneca Properties is in the market to acquire retail properties from Philadelphia to North Carolina with a transaction price up to $30 million. The company is aggressive on turnaround opportunities.

For more information contact Brad Kotz or Marc Geffroy Seneca Properties 7201 Wisconsin Avenue Suite 775 Bethesda MD 20814; 301-941-8000; Fax 301-941-8180.

GDA Real Estate Services acquired North Valley Power Center and Arrowhead Marketplace from Westcor for $27.8 million. The transaction was negotiated by CB Richard Ellis Inc. Located on the corner of 83rd Avenue and Thunderbird Road in Peoria AZ North Valley Power Center is a 115 000 sq.ft. center anchored by JC Penney Home Store JoAnn Fabrics and Ross Dress for Less. Arrowhead Marketplace a 125 000 sq.ft. center on the corner of 83rd Avenue and Bell Road in Glendale AZ is anchored by Golfsmith Office Max Strouds Linens and Paddock Pools.

For more information contact Katherine Haug CB Richard Ellis Inc. 2415 East Camelback Road Phoenix AZ 85016; 602-735-5555; Fax 602-735-5655; Web site: www.cbr.com/phoenix.

GMH Capital Partners Inc. brokered the sale of a one half acre on a long-term lease to Texaco fronting New Pehle Avenue in the Park 80 business complex in Saddlebrook NJ. The company represented Saddle Brook Pie Inc. in the $775 000 transaction with Levites Realty Management Corporation. The buyer was represented by Cohen and Company.

For more information contact G. Spaeder GMH Capital Partners Inc. 10 Campus Boulevard Newtown Square PA 19073; 610-355-8000; Fax 610-355-8501.

NewMark Merrill Companies LLC and the Frank Family Trust acquired Mission Marketplace a 378 000 sq.ft. center located in Oceanside CA from Imperial Credit Industries. The center is located on the corner of Highway 76 and College Boulevard and is anchored by Big Kmart Ralphs Rite Aid McDonalds HomeTown Buffet Cinema Star and Pic ‘N’ Save.

For more information contact Sandy Sigal NewMark Merrill Companies LLC 18801 Ventura Boulevard Suite 300 Tarzana CA 91356; 818-996-0700; Fax 818-996-0760; Web site: www.newmarkmerrill.com.

Inland Retail Real Estate Trust Inc. acquired an additional 6 000 sq.ft. of newly constructed outlot retail space at West Oaks Towne Center in Ocoee FL from Oakvest LLC. The $1.6 million purchase brings the center’s total GLA to 66 539 sq.ft. Tenants in the newly constructed space are Honey Baked Hams and State Farm Insurance. West Oaks Towne Center is anchored by Michael’s and PetsMart.

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