Buyers & Sellers
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Buyers & Sellers

Glimcher Realty Trust sold Loyal Plaza, a 293,270 sq.ft. center located in Williamsport, PA to the partnership of Cedar Income Fund, Ltd. and Kimco Realty Corp. for $18.3 million. The center is anchored by a 67,000 sq.ft. Giant Supermarket and a 103,000 sq.ft. Kmart. The company also sold Indian Mound Plaza, a 16,600 sq.ft. center located in Heath, OH for $500,000 and it sold Arnold Plaza, a 155,240 sq.ft. Kmart-anchored center in Arnold, MO for $4.6 million.

For more information, contact William G. Cornely or Carolee J. Oertel, Glimcher Realty Trust, 20 South 3rd Street, Columbus, OH 43215; 614-621-9000; Email bcornely@glimcher.com or coertel@glimcher.com; Web site: www.glimcher.com.

Millennium Properties, Inc. sold three former Taco Bell facilities. The Taco Bell located on 4851 North Pulaski in Chicago, IL was sold to Dubin Residential for $795,000; the restaurant on 2416 North Manheim in Franklin Park, IL was sold for $455,000 and the restaurant on 9480 North Waukegan Road in Morton Grove, IL was sold for $450,000.

For more information, contact Chad Firsel, Millennium Properties, Inc., 55 West Monroe, Suite 910, Chicago, IL 60603; 312-338-3000, Fax 312-338-3008.

The Kamin Co. is seeking single tenant properties and anchored centers nationwide. The company acquired $125 million in 2001 expects the same activity this year.

For more information, contact Howard Kadish, Kamin Co., 440 West Street, Fort Lee, NJ 07024; 201-242-4200, Fax 201-242-4205; Email: howardkadish@netscape.net.

Land One Properties has the following acquisition requirements in CA: NNN commercial investment of $1 million to $2.5 million with a Cap rate of 8% or more. In San Diego, Orange and Riverside counties, the company requires a NNN commercial investment of $1 million to $2 million with a Cap rate of 8% or more. The company prefers a national tenant.

For more information, contact Ed Smith, Land One Properties, 760-436-2257, Fax 866-255-1369; Email: edsmith@dslextreme.com.

Charter Realty and Development brokered the sale of a 90% interest in the Ridgeway Shopping Center, located on Summer Street in Stamford, CT for $89.3 million to Urstadt Biddle Properties. The 350,000 sq.ft. center is anchored by Stop & Shop, Bed Bath & Beyond, Marshalls, Michaels, Staples and Old Navy.

For more information, contact Charter Realty & Development Corp., 411 West Putnam Avenue, Suite 111, Greenwich, CT 06830; 203-629-3939, Fax 203-629-3933; Web site: www.chartweb.com.

The Boulder Group sold a 14,376 sq.ft. building for $5,775,609 in Westmont, NJ. The property contains Walgreens, which holds a 25-year NNN lease. The company sold a 15,000 sq.ft. building in Chicago, IL for $4,050,000 to a local investor. Osco holds a 20-year NNN lease on the property. The company also sold an 1,800 sq.ft. site in Jackson, MI where Steak N Shake holds an 18-year NN lease.

For more information, contact Mike Stone, The Boulder Group, 1935 Techny Road, Northbrook, IL 60062; 847-753-8446; Email: stone@1031properties.com.

Inland Retail Real Estate Trust acquired neighborhood shopping centers in FL, GA, and VA. The company paid $19.17 million for the 145,545 sq.ft. Hillsboro Square Shopping Center in Deerfield Beach, FL; $11.1 million for the 80,980 sq.ft. Ward’s Crossing Shopping Center in Lynchburg, VA and $19.48 million to complete its purchase of the 160,188 sq.ft. Stonebridge Square Shopping Center in Roswell, GA. Stonebridge Square is anchored by an 86,584 sq.ft. Kohl’s and a 35,546 sq.ft. Linens ‘n Things. Hillsboro Square is anchored by a 54,340 sq.ft. Publix supermarket. The center is cotenanted by Eckerd, Sun Bank and Starbucks.

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

Upland Real Estate Group, Inc. sold a 5,790 sq.ft. Bakers Square restaurant in Maple Grove, MN for $1.65 million.

For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 301 Fourth Avenue South, Minneapolis, MN 55415; 612-335-9366, Fax 612-376-4489; Email: brier@upland.com.

Kimco Realty Corp. is selling a Just For Feet. The freestanding shoe store occupies a space of 14,100 sq.ft. and is located at the intersection of Interstate Highway 35 and Loop 1604 in San Antonio, TX. The purchase price is $3.26 million with a Cap rate of 8%. The property is a pad site to The Forum, which is anchored by Target, Home Depot, Kohl’s, Best Buy, Linens ‘n Things, Toys "R" Us, Ross, T.J. Maxx, OfficeMax, Borders Books, Old Navy, PetsMart, Cost Plus, Pier 1 Imports and Haverty’s. The center has a daily traffic count of 140,000 vehicles.

For more information, contact Robert James, Kimco Realty Corporation, 280 Park Avenue, 38th Floor, New York, NY 10017; 212-972-7457, Fax 212-972-7496; Email: rjames@kimcorealty.com; Web site: www.kimcoexchangeplace.com.

Renz & Renz is seeking single tenant NNN acquisition opportunities in the $1 million to $5 million range. The company prefers sites in the western states, but is open to all acquisition nationwide. Restaurants and day care uses are not of interest.

For more information, contact George L. Renz, Renz & Renz, 7791 Wren Avenue, Suite B, Gilroy, CA 95023; 408-846-1031; Fax 408-846-1042.

United Commercial Development sold the 189,803 sq.ft. Pitman Corners Shopping Center located at the intersection of 15th and Custer in Plano, TX to Weingarten Realty Trust. The center is anchored by Albertsons, Tuesday Morning and Comer’s Crafters Mall.

For more information, contact Linda Wilmore, United Commercial Management Corp., 7001 Preston Road, Suite 500, Dallas, TX 75205; 214-224-4606, Fax 214-219-2080.

Horn Capital Realty, Inc. is seeking the following sale-leaseback opportunities and seasoned net-leased properties throughout the US: Pizza Hut, KFC and Taco Bell: sales volumes of $750,000 to $1 million; Red Lobster, Chili’s, Denny’s, Olive Garden and TGIF with sales volume of $2 million with rents of $100,000 or less; convenience stores, gas stations and auto retailers: sales volumes of $800,000 or more, gas volume of 100,000 gallons per month and rent equal to 5% of sales or less; supermarkets with rents in the $5 psf range and a sales volume of $450,000 or more and ground leases.

For more information, contact Jonathan Horn, Horn Capital Realty, Inc., 1108 Kane Concourse, Suite 201; Bay Harbor Islands, FL 33154; 305-864-2000, Fax 305-864-4240; Email: jsh@horncapital.com.

Entertainment Properties Trust purchased the land and the buildings associated with the AMC Forum 30 in Sterling Heights, MI, the AMC Studio 30 in Olathe, KS and the Cherrydale Cinemas 16 in Greenville, SC for $53 million.

For more information, contact Jon Weis, Entertainment Properties Trust, 30 West Pershing Road, Suite 201, Kansas City, MO 64108; 888-EPR-REIT, Fax 816-472-5794; Web site: www.eprkc.coim.

Prudential 1st Commercial Services is seeking buyers for a 81,510 sq.ft project. The asking price is $2.5 million. The area includes a 21,755 sq.ft. center, which is 83% occupied and 59,100 sq.ft. of empty space, formerly occupied by Albertsons.

For more information, contact Paul N. Egron, Prudential 1st Commercial Services, 777 S. Federal Highway, Fort Lauderdale, FL 33316; 954-761-1400.