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Buyers & Sellers
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Buyers & Sellers Curtis Devt. LLC sold a 12.142-acre parcel on Interstate 45 in Huntsville, TX to The Home Depot Inc. Construction of a new Home Depot store is underway, with the opening slated for June. To secure the transaction, the company negotiated a joint participation agreement with the city of Huntsville for the extension of Veterans Memorial Parkway. For more information, contact Gary Goff, Curtis Devt. LLC, 550 Club Drive, Montgomery, TX 77356; 936-582-5044, Fax 936-448-5060; Email: garygoff@curtisdevelopment.com; Web site: www.curtisdevelopment.com. Inland Retail Real Estate Trust, Inc. reached an agreement to acquire $316 million in retail properties from Thomas Enterprises, Inc. The portfolio consists of eight properties in AL, GA, FL, NC and TN. By January, closings were completed for Douglas Pavilion Shopping Center in Douglasville, GA; Venture Point Shopping Center in Duluth, GA; Southlake Pavilion in Morrow, GA and Fayetteville Pavilion in Fayetteville, NC. Other closings are scheduled for early 2002. This acquisition is the company’s largest to date. The company also acquired two freestanding 10,900 sq.ft. Eckerd locations in separate transactions totaling $5.6 million. The stores, which were purchased for $2.8 million each, are located at Augusta and White Horse Roads in Greenville, SC and Pine Street and McCravy Street in Spartanburg, SC. Both properties have 20-year triple-net leases with the tenant responsible for operating costs and any roof structure repairs. The properties were purchased from JDH & Associates. Inland Retail Real Estate Trust, Inc. also purchased the 223,211 sq.ft. Anderson Central Shopping Center in Anderson, SC. The center was acquired for $15.69 million from Fletcher Bright Co. The 27.9-acre center is fully leased and anchored by a 183,211 sq.ft. Super Wal*Mart. Other tenants include Radio Shack, H&R Block, Sally Beauty Supply and Blockbuster.For more information, contact Rick Fox, Inland Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com. Nassimi Realty Corp. is seeking shopping centers and land for development in deals ranging from $500,000 to $30 million. The company prefers locations from Boston, MA to Washington, DC, but will consider locations nationwide.For more information, contact Oliver Nassimi or Warren Shein, Nassimi Realty Corp., 7 Penn Plaza, Suite 1700, New York, NY 10001; 212-643-8080, Fax 212-643-2626; Email; oliver@nassimi.com or warren@nassimi.com; Web site: www.nassimirealty.com. Hagen Seay Properties is marketing Waller Shops, a 15,000 sq.ft. shopping center located at 6661 Dixie Highway in Louisville, KY. The center is 100% leased and anchored by Mattress Firm, Cingular Wireless and Fantastic Sam’s. The asking price is $2.8 million and the center’s NOI is $265,529. For more information, contact Merida Sherman, Hagen Seay Properties, 12975 Shelbyville Road, Suite 100, Louisville, KY 40243; 502-245-8800, Fax 502-245-7747; Email: info@haganseay.com. Mid-America Asset Management Co. brokered the sale of a 1.5-acre parcel at the 50/94 Retail Center in Kenosha, WI to Texas Roadhouse. Northwest Atlantic Realty represented Texas Roadhouse in the transaction. The restaurant chain, which specializes in ribs, steaks and home-style side dishes, is building a 6,000 sq.ft. restaurant at the site that is slated to open in the Spring. Additionally, Mid-America Real Estate Corp.’s Investment Sales Group brokered the sale of the 264,560 sq.ft. High Ridge Center in Racine, WI. The center was sold by Lend Lease Real Estate Investment to DLC Management Corp. Located at the intersection of State Highway 31 and State Highway 11, the center is anchored by Home Depot, Kmart and OfficeMax.For more information, contact Mid-America Real Estate Group, Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181; 630-954-7300. Grubb & Ellis Co. brokered the sale of Pepper Ridge Plaza, 19,818 sq.ft. neighborhood retail center located at the southeast corner of Cave Creek Road and Union Hills Drive. The center, which is anchored by Albertson’s and Walgreens, sold for $3.185 million.For more information, contact Gregory B. Vallado or Elizabeth W. Paquette, Grubb & Ellis Co., 2375 East Camelback Road, Suite 300, Phoenix, AZ 85016; 602-224-4449/4472; Email: greg.valladao@grubb-ellis.com/liz.paquette@grubb-ellis.com; Web site: www.grubb-ellis.com. Carolina Resources, LLC is brokering a one-acre parcel and a 20-year Jack in the Box ground lease in Clemson, SC. The asking price is $825,000, which represents an 8% capitalization rate. The lease is triple net and rental commencement will be the earlier of opening or July 1. The company also is brokering a 3.4-acre parcel in Myrtle Beach, SC that is located on U.S. 17 Business Bypass, next to a Home Depot and across from Inlet Square Mall. The average daily traffic count on U.S. 17 is 37,800 vehicles. The property, zoned highway commercial, has entitlements, is rough graded and can be subdivided. The asking price is $1.1 million.For more information, contact Ron Johnson, Carolina Resources, LLC, 600 Independence Boulevard, Greenville, SC 29615; 864-241-8217 Ext. 240, Fax 864-241-8210; Email: rejohn44@aol.com. Marcus & Millichap brokered the sale of the Southridge Plaza in Fontanta, CA to ACK Pacific Petroleum, Inc. for $14.5 million or $121 psf. NTC Commercial represented the seller, Kensington Southridge, LP. The 120,167 sq.ft. Southridge Plaza is a multi-tenant shop center with three outparcels located at 11613-11683 Cherry Avenue. Tenants include Ralph’s Supermarket, Rite Aid, Ace Hardware, McDonald’s and Blockbuster. For more information, contact Larry Gary, Marcus & Millichap, 750 Battery Street, Fifth Floor, San Francisco, CA 94111; 415-391-9220 Fax 415-398-4913; Web site: www.marcusmillichap.com.
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