Buyers & Sellers
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Buyers & Sellers

Island Associates Real Estate, Inc. sold a CVS with a drive-thru located at the intersection of Main Street and Union Avenue in Holbrook, NY. The building is situated on a land area of 3.3 acres. The company also retained an additional 18,000 sq.ft. of space with a 7,500 sq.ft. Outback Steakhouse restaurant. Aggregate rental is in excess of $6 million.

For more information, contact Martine Gelsomino, Island Associates Real Estate, Inc., 444 Route 111, Suite 1, Smithtown, NY 11787; 631-982-2100, Fax 631-982-2101; Web site: www.islandassociates.com.

Inland Retail Real Estate Trust, Inc. acquired the following four community shopping centers throughout FL and GA in separate transactions for $46 million: Bardmoor Center, a center tenanted by Publix supermarket, Eckerd, Beall’s Outlet and Panera Bread, from Colonial Realty Limited Partnership; Suwanee Crossroads, a center tenanted by Dollar Tree, Radio Shack and Payless Shoes, from Suwanee Shops Associate, LLC; Sheridan Square, a center tenanted by Publix supermarket and Dollar Tree, from U.S. Retail Income Fund III L.P.; and Paraiso Plaza, a center tenanted by Publix supermarket, Washington Mutual and GNC, from U.S. Retail Income Fund III L.P. The company also acquired the Overlook at King of Prussia shopping center in King of Prussia, PA for $57 million. The 186,980 sq.ft. center is situated on the ring road of the 2.8 million sq.ft. King of Prussia Mall. The center was fully leased at the time of purchase. Tenants include Best Buy, Nordstrom Rack, United Artist theater, Champps restaurant and Bahama Breeze restaurant.

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.

Voit Commercial Brokerage is selling Home Depot outparcels located at the intersection of Flamingo and Fort Apache Roads in Las Vegas, NV. Area demographics include a population of 193,207 within five miles earning $90,492 as the average household income. The company also is selling a center located at the intersection of Craig and Simmons Road in Las Vegas, NV. The center is anchored by Food 4 Less and is tenanted by Hollywood Video, Great Clips for Hair, Passion Nails and Advance America. Area demographics include a population of 266,313 within five miles earning $56,492 as the average household income.

For more information, contact Kit Graski, Kent Preston or Rhonda Pchola, Voit Commercial Brokerage, 3753 Howard Hughes Parkway, Suite 310, Las Vegas, NV 89109; 702-734-4500.

Terrabella Realty is representing a client looking to acquire a strip center with an anchor tenant in FL. A non-anchored center would be considered only if the tenant were of regional or national quality. The client prefers properties from $4 million to $7 million with a Cap rate of 8% on the NOI. The deal will be in cash. The company also is looking to acquire strip centers throughout Dade, Broward an West Palm Beach, FL. The company also is representing a client looking to acquire the following stores: Wal*Mart, Lowe’s Home Improvement, Home Depot, Marshalls, Ross, Michaels, Best Buy, Linens ‘n Things, Walgreens, Costco, Target, Kohl’s, Vons and Ralph’s throughout FL.

For more information, contact Fabio Faerman, Terrabella Realty, 17850 West Dixie Highway, Suite 2B, North Miami Beach, FL 33160; 305-933-3022, Fax 305-933-3024; Email: ff@terrabellarealty.com; Web site: www.terrabellarealty.com.

Stony Ridge Capital completed the following investment property transactions arranged on behalf of JDN Realty Corp., totaling in excess of 700,000 sq.ft.: Bauersfeld’s Market Place, a center anchored by J.M. Bauersfeld’s Market Place, in Topeka, KS; Dodge County Market Place, anchored by Wal*Mart and Food Lion, in Eastman, GA; Golden Corral in Bradenton, FL; Jeffrey’s Crossing, anchored by T.J. Maxx and PetsMart, in Rocky Mount, NC; Lowe’s Home Improvement Center in AL; Lowe’s Home Improvement Center in Stone Mountain, GA; and Tri-State Crossing, anchored by Lowe’s Home Improvement Center, in Burlington, OH.

For more information, contact Stone Ridge Capital, LLC, 295 West Crossville Road, Suite 810, Roswell, GA 30075; 678-722-2000; Web site: www.stoneridgecapital.com.

CB Richard Ellis, Inc. represented Thelma Lee Johnson Family Trust in the sale of The Crossroads Shopping Center, an 85,919 sq.ft. center located at 5000 Coconut Creek Parkway in Margate, FL, to JM Properties of South Florida, Inc.

For more information, contact Jennifer Kaich, CB Richard Ellis, Inc., 5355 Town Center Road, Suite 701, Boca Raton, FL 33486; 561-394-2100, Fax 561-393-1650; Web site: www.cbrichardellis.com.

Pan Pacific Retail Properties is looking to sell Media City Center, an 88,000 sq.ft. supermarket-anchored center in Burbank, CA, to Crown Realty & Development for approximately $5.5 million. The company plans to complete the acquisition by the end of this quarter.

For more information, contact Pan Pacific Retail Properties, 1631-B South Melrose Drive, Vista, CA 92083; 760-727-1002, Fax 760-727-1430.

Net Leased Investment Co. is selling a McDonald’s located in FL for $1.16 million with a Cap rate of 6.75%. The site has a 20-year lease with 10% increases every five years. Area demographics include a trade-area population earning over $100,000 as the average household income.

For more information, contact Bob Fraser, Net Leased Investment Co., 103 Blue Creek Drive, Winter Springs, FL 32708; 407-977-2448, Fax 407-977-0775; Email: bobfraser@netleased.com; Web site: www.netleased.com.

GVA Williams is representing a client interested in selling 15,000 sq.ft. of space in a center located in the west suburbs of Chicago, IL for $2.65 million with a Cap rate of 9.9%. The site is a stabilized multi-tenant property with over $260,000 in NOI. There is over three years remaining on the leases. Cash offers are preferred.

For more information, contact Todd Torok, GVA Williams, 1011 East Touhy Avenue, Suite 290, Des Plaines, IL 60018; 847-768-6547, Fax 847-699-2156; Email: ttorok@gvachgo.com.

First Allied Corp. acquired McLearen Square Shopping Center, a 78,000 sq.ft. center located at the intersection of McLearen Road and Centreville Road in Herndon, VA, for $11.5 million. The center is anchored by Food Lion and is tenanted by CVS, Burger King, United Bank and Texaco.

For more information, contact First Allied Corp., 680 Fifth Avenue, Suite 1602, New York, NY 10019; 212-586-5150, Fax 212-586-5147; Web site: www.firstalliedcorp.com.

Trammell Crow Co. is selling an ExxonMobil located at the intersection of Interstate 77 and Westinghouse Boulevard in Charlotte, NC for $550,000. The building is situated on a land area of 1.618 acres. Area demographics include a population of 84,000 within five miles.

For more information, contact Trent Gustafson, Trammell Crow Co., 214 North Tryon, Suite 4000, Charlotte, NC 28202; 704-264-3662, Fax 704-264-3611; Email: tgustafson@trammellcrow.com.

Equity Alliance Corp. is representing a client looking to acquire a supermarket-anchored retail center in FL. A non-anchored center would be considered only if the tenants are of regional or national quality. The client has recently refinanced several properties, has strong liquidity and would consider a property valued at $4 million with a Cap rate of 8% on current NOI.

For more information, contact Joel Kahn, Equity Alliance Corp., 32 Elk Drive, Bedford, NH 03110; 603-472-3808, Fax 603-471-0782; Email: jkahn@equity-alliance.com.

Cohen Commercial Properties acquired a full blockfront encompassing nearly 800 feet of frontage located on Nostrand Avenue in the Sheepshead Bay section of Brooklyn, NY. Area retail includes Pathmark, Rite Aid and Party City. The block consists of five contiguous buildings, three of which have a second story and two one-story buildings.

For more information, contact Andrew J. Cohen, Cohen Commercial Properties, 11 East 44th Street, New York, NY 10017; 212-679-1222, Fax 212-679-1533; Web site: www.cohen.com.

Glimcher Realty Trust completed the acquisition of Colonial Park Mall, a 745,394 sq.ft. enclosed regional mall located in Harrisburg, PA. The company acquired the remaining 50% interest for $5.5 million in cash with a Cap rate of 10.5%. The property had an outstanding mortgage balance of $34.3 million on the acquisition date. The existing mortgage bears interest at a fixed rate of 7.73% and matures during 2007.

For more information, contact William G. Cornely, Glimcher Realty Trust, 20 South Third Street, Columbus, OH 43215; 614-621-9000, Fax 614-621-9311; Email: bcornely@glimcher.com; Web site: www.glimcher.com.

American Equity Corp. is looking to acquire the fee position in a ground lease or buy the ground under existing income-producing real estate and leaseback long term. The company also will subordinate to existing financing and provide repurchase options.

For more information, contact American Equity Corp., PO Box 81108, Las Vegas, NV 89180-1108; 702-368-7530, Fax 702-368-1310; Email: info@americanequity.org

Combined Properties and Greenhoot Cohen acquired the Greenway Center, a 265,000 sq.ft. center located in Greenbelt, MD for $47.2 million. The property is nearly 100% leased and is anchored by Safeway, CVS, Ross Dress for Less, Old Navy and Bally’s Total Fitness.

For more information, contact Combined Properties, 1255 22nd Street, Suite 600, Washington, DC 20037; 202-293-4500, Fax 202-833-3013; Web site: www.combined.biz.

The Bechard Group is selling a land area of 8.27 acres on Westhill Boulevard in Appleton, WI. The site is across from a new 130,000 sq.ft. Sam’s Club and Famous Dave’s and in front of Home Depot, Burlington Coat Factory and PetsMart.

For more information, contact Dave Allenbechard, The Bechard Group, 17 Park Place, Suite 100, Appleton, WI 54914; 920-540-0095.

Prudential California Realty is looking to acquire shopping centers for $60 million to $90 million.

For more information, contact Jean Field, Prudential California Realty, 7780 Girard Avenue, La Jolla, CA 92037; 858-454-7115, Fax 858-454-3904; Email: jfield@prusd.com.

Faris Lee Investments of Irvine represented the buyer, Ontario Home Center Partners Ltd., and seller, Soledad Canyon LLC, in the sale of Ontario Home Center in Ontario, CA for $26.5 million. The 130,000 sq.ft. center is located at the intersection of Milliken Avenue and East Inland Empire Boulevard.

For more information, contact Faris Lee Investments of Irvine, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Email: info@farislee.com.

Marcus & Millichap is selling a Tesoro Service Station located just off Highway 215 in Salt Lake City, UT for $1.3 million with a Cap rate of 7.75%. The building has a 17-year absolute NNN lease with 10% fixed increases every five years.

For more information, contact Bill W. Schofield or Richard H. Merryman, Marcus & Millichap, 750 Battery Street, Suite 500, San Francisco, CA 94111, Fax 415-391-9220 Ext. 218 or 294, Fax 415-296-7088.