Buyers & Sellers
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Buyers & Sellers

The Herndon Co. is selling 26.75 acres on St. Augustine Road in Valdosta, GA. The property is located near Valdosta Mall, Super Kmart, Wal*Mart, OfficeMax, Home Depot and Target. City water and sewage are readily available. The asking price is $1,872,500. The Herndon Co. also is selling 45.01 acres located on North Valdosta Road, also known as Highway 41 North in Valdosta, GA. The site has a daily traffic count of 30,000 vehicles and is two miles from Interstate 75.

For more information, contact James Lee Herndon, The Herndon Co., 1100 North Patterson Street, Valdosta, GA 31601; 800-647-3716; Fax 229-245-6390; Email: jherndon@datasys.net.

Inland Retail Real Estate Trust, Inc. acquired Northpoint Marketplace, a 101,982 sq.ft. shopping center in Spartanburg, SC for $8.25 million and Hampton Point Shopping Center, a 55,316 sq.ft. center for $4.53 million in Taylors, SC. Inland Retail Real Estate Trust, Inc. also purchased Oleander Shopping Center, a 51,847 sq.ft. center in Wilmington, NC for $5.2 million. Northpoint Marketplace is anchored by a 65,000 sq.ft. Ingles Supermarket. Cohen and Co. brokered the deal. Other tenants include Subway, ABC Liquor Store and Dollar City. Hampton Point Shopping Center is anchored by a 45,116 sq.ft. Bi-Lo supermarket and is adjacent to the 192,000 sq.ft. Wal*Mart-anchored Taylors Square Shopping Center. Oleander Shopping center is anchored by a 45,902 sq.ft. Lowes Foods, as well as Blockbuster Video and SuperCuts.

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

Prime Retail, Inc. completed the sale of The Shops at Western Plaza, a 205,000 sq.ft. community shopping center in Knoxville, TN to WP General Partnership for $9.5 million.

For more information, contact Robert Brvenik, Prime Retail, Inc. 410-234-1750 or Steven A. Sless, 410-234-8333; Web site: www.primeretail.com.

Upland Real Estate Group, Inc. sold three Arby’s Restaurants in MN. The Richfield, MN Arby’s, which occupies a space of 3,619 sq.ft. sold for $1.23 million; the 3,888 sq.ft. Hopkins, MD Arby’s sold for $1 million and the 5,021 sq.ft. Apple Valley, MN Arby’s sold for $1.58 million. Upland Real Estate Group, Inc. also sold a 3,852 sq.ft. Pizza Hut located in Gulfport, MS for $1.12 million and sold a 7,028 sq.ft. Blockbuster Video in Eagan, MN for $1.2 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.

AMB Property Corp. purchased seven buildings in Renton, WA, including an Ikea and two Boeing buildings for $46.2 million.

For more information, contact AMB Property Corp., Pier 1, Bay 1, San Francisco, CA 94111; 415-394-9000, Fax 415-394-9001; Web site: www.amb.com.

ARC Properties, Inc. acquired the 217,874 sq.ft. Red Lion Shopping Center in Philadelphia, PA in a joint venture with Cedar Income Fund.

For more information, contact ARC Properties, Inc., 1401 Broad Street, Clifton, NJ 07013; 973-249-1000, Fax 973-249-1001; Web site: www.arcproperties.com.

The Macerich Partnership, L.P., acquired The Oaks, a regional mall in Thousand Oaks, CA for $152.5 million. The 1.1 million sq.ft. mall is anchored by Macy’s, Macy’s Men’s & Home Store, J.C. Penny, Robinsons-May and Robinsons-May Men’s & Home Store. The mall is 92% occupied and its cotenants include Ann Taylor, Williams Sonoma, Pottery Barn, Banana Republic, Sharper Image, Cache and BeBe.

For more information, contact Arthur Coppola or Thomas E. O’Hearn, The Macerich Co., 401 Wilshire Boulevard, Suite 700, Santa Monica, CA 90401; 310-394-6000, Fax 310-395-2791; Web site: www.macerich.com.

Samco Properties acquired Pleasant Valley Shopping Center in Virginia Beach,VA for $5.05 million. Advantis Real Estate Services brokered the transaction. The 86,007 sq.ft. shopping center, which is anchored by Food Lion, is located at the intersection of Lynnhaven Parkway and Pleasant Valley Road.

For more information, contact Cindy Mackey, Advantis Real Estate Services, 101 West Main Street, Suite 900, Norfolk, VA 23510; 757-627-0660; Email: cmackey@advantisgva.com.

Urban Development Organization acquired Wiest Plaza, a 150,000 sq.ft. center located in Riverside, CA. The plaza is located on a land area of 16.5 acres at the intersection of Tyler Street and Magnolia Avenue. The center has a daily traffic count of 80,000 vehicles The center has a vacant Albertson’s. Area tenants include Nordstrom, Macy’s JCPenney, Robinsons-May, Target, Good Guys, Best Buy, Staples, Office Depot, Toys "R" Us, Burlington Coat Factory, Circuit City, Michaels, Sportmart, Petco, Aaron Brothers, Men’s Warehouse, OfficeMax and Barnes & Noble. Demographics include a population of 193,621 earning $53,000 as the average household income.

For more information, contact Bob Gerace, UDO Real Estate, LTD. 15233 La Cruz Drive, Pacific Palisades, CA 90272; 800-499-1212; Email: info@udorealestate.com; Web site: www.udorealestate.com.

Price Legacy Corp. purchased Heather Island Plaza, in Ocala, FL from Horne Properties, Inc. for $7 million. The shopping center is anchored by a Publix supermarket. Cotenants include, Dollar Tree, Blockbuster Video, Domino’s Pizza, First Wok restaurant, First Choice Hair Cutters, Lovely Nails Salon and Hospice Thrift Store.

For more information, contact Price Legacy Corporation, 17140 Bernardo Center Drive, Suite 300, San Diego, CA 92128; 858-675-9400, Fax 858-675-9405; Email: investorrelations@pricelegacy.com; Web site: www.pricelegacy.com.

Burnham Pacific Properties, Inc. sold Crenshaw/Imperial Shopping Center for $9,835,000 to Crenshaw Imperial Associates, LLC. The 158,000 sq.ft. center is located in Inglewood, CA.

For more information, contact Daniel B. Platt, Burnham Pacific Properties, Inc., 110 West A Street, Suite 900, San Diego, CA 92101; 619-652-4700, Fax 619-652-4711; Email: dbplatt@bpac.com; Web site: www.burnhampacific.com.

Prudential Georgia Realty is seeking NNN leased properties in north GA for $1 million to $1.5 million. Preferred tenants include Advance Auto, AutoZone and Blockbuster Video.

For more information, contact Brent Hoffman, Prudential Georgia Realty, Commercial Real Estate Services, 465 E.E. Butler Parkway, Gainsville, GA 30501; 770-533-6721; Fax 770-287-7494; Email: brent@brenthoffman.com; Web site: www.brenthoffman.com.

B&A Investment Properties is selling a 66,000 sq.ft. shopping center in Riverside, CA for $7.6 million with a Cap rate of 9.49%.

For more information, contact Bing Wang, B&A Investment Properties, 949-715-3561; Email: mailbing@cox.net.

Paramount Realty Services is looking to acquire shopping centers in CT, NJ and NY. Asking prices between $10,000,000 and $50,000,000 are typical. The company also acquired a lifestyle center in southern NJ and developed a 125,000 sq.ft. supermarket-anchored center in Ocean County, NJ.

For more information, contact Maurice Zekaria, Paramount Realty Services, 1195 Highway 70, Suite 2000, Lakewood, NJ 08701; 732-886-1500.

Thor Equities is looking to acquire strip centers, enclosed malls, and downtown sites in the major metro areas.

For more information, contact Joseph J. Sitt, Thor Equities, LLC, 460 West 34th Street, New York, NY 10001; 212-868-2100, Fax 212-868-0678, Email: jjsitt@thorequities.com.

Grubb & Ellis is selling a neighborhood center in Las Vegas, NV. The asking price is $7.1 million with a Cap rate of 9.39%. The 31,527 sq.ft. center is 97% occupied.

For more information, contact Jeff Pori or David Stubbs, Grubb & Ellis, 3800 Howard Hughes Parkway, Suite 1220, Las Vegas, NV 89109; 702-733-7500.