Buyers & Sellers
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Buyers & Sellers


GE Capital Real Estate is in the market to acquire established high-potential retail properties in the United States. The company formed Kimco Retail Opportunity Portfolio a joint venture with Kimco Realty Corporation with a shared equity pool to acquire properties. Kimco Realty Corporation will handle the management and leasing of properties acquired by the joint venture.

For more information contact Dan Whitney GE Capital Real Estate 3003 Summer Street Stamford CT 06927-6000; 203-961-5932; Email: dan.whitney@gecapital.com or Scott Onufrey Kimco Realty Corporation 3333 New Hyde Park Road Suite 100 New Hyde Park NY 11042-0020; 516-869-7190; Email: sonufrey@kimcorealty.com.

Fameco Real Estate brokered the sale of three grocery-anchored shopping centers with a combined GLA of 470 000 sq.ft. for a total transaction value of $34.5 million. Academy Plaza is located in Philadelphia PA at the intersection of Academy Road and Red Lion Road. Port Richmond Village is located at the intersection of Aramingo Avenue and Interstate 95 in Philadelphia PA. Washington Center is located at the intersection of Egg Harbor Road and Greentree Road in Washington Township NJ. The buyer was Cedar Income Fund Partnership and the seller was Bryant Development.

For more information contact Jeremy Fogel Fameco Real Estate 625 Ridge Pike E-201 Conshohocken PA 19428; 610-834-8000; Fax 610-834-1793; Web site: www.famecoretail.com.

Mainardi Management Co. is seeking to acquire shopping centers in the mid-Atlantic region New England and FL with asking prices between $3 million and $25 million. The company requires supermarket drug store or national retailers as anchors and prefers mature suburban locations. The company will rehabilitate well-located properties.

For more information contact Richard Mainardi Jr. Mainardi Management Co. 1044 Route 23 Suite 100 Wayne NJ 07470; 973-696-9265; Fax 973-696-1880.

Deaton McCue has the listing to sell 1.2 acres in Dover DE. The site has 150 feet frontage on DuPont Highway which has an average daily traffic count of 65 668 cars. The center is located next to Pizzeria Uno-Chicago Bar and Grill and adjacent to Dover Mall and Dover Downs. The asking price is $1.3 million.

For more information contact Sean McCue Commercial Real Estate Brokers 913 North Market Street Wilmington DE 19801; 302-658-7789; Fax 302-658-7784; Email: DeatonMcCue@msn.com.

Jim O’Hara Realty Associates LLC has the listing to sell or lease Becks Woods Shopping Center in New Castle County DE. The 6.6-acre site is located at the intersection of Route 40 and Becks Woods Drive and is zoned neighborhood commercial. The site can accommodate about 40 000 sq.ft. of retail space when approved. The owner will consider leasing on a build to suit basis. Area demographics include a population of 42 026 residing in a three-mile radius earning an average household income of $51 152.

For more information contact Jim O’Hara Realty Associates LLC P.O. Box 4582 Wilmington DE 19807; 302-658-3990; Fax 302-658-4077.

US Realty Associates Inc. has the listing to sell Sam’s Clam Bar in Philadelphia PA. The 8 500 sq.ft. building is situated on a 2 800 sq.ft. parcel.

For more information contact Gregory Bianchi US Realty Associates Inc. 232 North 22nd Street Philadelphia PA 19103; 215-557-9900 Ext 215; Web site: www.usrealtyassociates.com.

The Hutensky Group LLC is seeking neighborhood community and regional shopping centers and small-to-medium sized enclosed malls with operating management or capital deficiency problems such as high vacancy outdated formats poor sales performance or value discounted properties. The company prefers GLAs of 100 000 sq.ft. or larger in states east of the Mississippi River with asking prices of $7 million or more. Preferred properties are primary and strong secondary sites in older dated formats with a 15% or greater vacancy rate and multiple tenants and a national or regional discounter or grocery anchor. Joint venture opportunities are possible. In addition the HRI Fund LLC an affiliate of The Hutensky Group LLC is in the market to invest in $200 million in shopping centers with turnaround potential.

For more information contact Brad M. Hutensky The Hutensky Group LLC 280 Trumbull Street 2nd Floor Hartford CT 06103-3599; 860-297-4530; Fax 860-706-0076; Web site: www.hutenskygroup.com.

CB Richard Ellis has the listing to sell a freestanding Just For Feet in Independence MO that has 15 years remaining on the lease. The property is located at 39th Street near the intersection of Interstate 70 and Highway 291 and at the entrance of a Wal*Mart Sam’s Wholesale Club and PetsMart. The investment opportunity is conducive to a 1031 Exchange and the lease structure is an absolute triple net. The company also is listing the Millcreek Shopping Center located at the intersection of Shawnee Mission Parkway and Pflumm in Shawnee KS. The center consists of 126 168 sq.ft. of which 116 888 sq.ft. is occupied. Seventy-five percent of the center is leased. Eckerd Drug and a Kansas Department of Revenue anchor the center while Kmart is looking to sublease its 80 235 sq.ft. store. The center is adjacent to a newer 55 820 sq.ft. Hobby Lobby store. Area demographics include a population of 166 000 residing in a five-mile radius earning an average income of $67 605. The company is selling the following Kmart locations: A location in Signal Mountain TN for $4.57 million with a Cap rate of 9.5%; a store in Lockport IN for $5.325 million with a Cap rate of 9.79%; a location in Mount Pleasant PA for $2.623 million with a Cap rate of 9%; a store in Streetsboro OH for $2.29 million with a Cap rate of 9.81%; a location in Clarksville TN for $3.14 million with a Cap rate of 9.5%; a store in Woodstock IL for $4.022 million with a Cap rate of 9.5%; a location in Owensboro KY for $3 million with Cap rate of 9.96%; a store in Marietta GA for $3.3 million with a Cap rate of 9.79%; a location in Rochester MN which is subleased to IBM/Goodwill for $4.4 million with a Cap rate of 10.38%; a store in Pineville NC which is subleased to Black Lion Antiques for $3.4 million with a Cap rate of 9.54%; a location Coralville IA which is subleased to McGregor Furniture for $3.4 million with a Cap rate of 9.36%; a store in Rancho Cucamonga CA which is subleased to JCPenney for $3.8 million with a Cap rate of 9.45%.

For more information on Just For Feet contact David Hickman or Jody Minder CB Richard Ellis 3100 Broadway Street Suite 1102 Kansas City MO 64111-2413; 816-756-3535. For more information on The Millcreek Shopping Center contact Dan Carr or David Hickman at 816-756-3535.

For more information on the Kmart sites contact Gregory M. Dalton CB Richard Ellis 1512 Eureka Road Suite 100 Roseville CA 95661; 916-781-2400 Fax 916-781-4870.

Glimcher Realty Trust sold Village Square a 28 450 sq.ft. community center in Kutztown PA for $2.5 million.

For more information contact Glimcher Realty Trust 20 South 3rd Street Columbus OH 43215; 614-621-9000; Fax 614-621-9321; Web site: www.glimcher.com.