Buyers & Sellers
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Buyers & Sellers

Upland Real Estate Group, Inc. sold an 8,000 sq.ft. Family Christian Store located in Lafayette, LA for $1.4 million. The company also sold a Perkins Family Restaurant located in Millington, TN for $1.4 million.

For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-335-9366, Fax 612-376-4489; Email: brier@upland.com; Web site: www.upland.com.

Capital Realty Advisors, Inc. is selling a 139,942 sq.ft., mixed-use neighborhood center located at 2700 Anderson Lane in Austin, TX.

For more information, contact Donna McDonald, Capital Realty Advisors, Inc., 8895 North Military Trail, Suite E-201, Palm Beach Gardens, FL 33410; 561-624-5888, Fax 561-624-5827; Email: donna@capitalrealtyadvisors.com.

Primerica Group One, Inc. is selling a Walgreens location in FL.

For more information, contact Don Ianitelli, Primerica Group One, Inc., 237 Hunt Club Boulevard, Suite 202, Longwood, FL 32779; 407-774-8914, Fax 407-774-9332; Email: dianitelli@earthlink.net.

Coldwell Banker Commercial Real Estate Services is selling a center located at the intersection of Washington and Veterans Memorial Drive in Las Vegas, NV. The asking price is $915,000. The site is situated on a land area of 2.8 acres and is just west of Las Vegas Boulevard and next to Las Vegas Library, Cashman Field, a state office building, Nevada Department of Transportation and Lied Museum. The company also is selling a center located at the intersection of Lake Mead Boulevard and Civic Center Drive in north Las Vegas, NV with an average daily traffic count of 58,800 vehicles. The asking price is $12.5 million with a Cap rate of 10%. The site is near Las Vegas City Hall, Lake Mead Hospital, medical offices and College Park Center, which is tenanted by Albertsons and Sav-On-Drugs. The 189,929 sq.ft. center is situated on a land area of 21.92 acres and has two undeveloped outparcels of 0.38 acres and 2.32 acres available. Tenants include Sprint Telephone, Southwest Gas, Radio Shack, H&R Block, Wells Fargo Bank, State Farm Insurance, Colortyme, El Pollo Loco, U.S. Bank, Wells Fargo Financial, La Bonita Hispanic Grocery and Fashion Discount Mall. Area demographics include a population of 404,262 within five miles earning $34,695 as the average household income.

For more information, contact Edward Bassford, Coldwell Banker Commercial Real Estate Services, 5720 South Arville, Suite 108, Las Vegas, NV 89118; 702-737-8000, Fax 702-257-2109; Email: ebassford@coldwellbankerlv.com; Web site: www.coldwellbankercommercial.com.

Arroyo & Coates is selling a freestanding Walgreens drug store located at the intersection of East Wellesley Avenue and Crestline Street in Spokane, WA. The 15,120 sq.ft. store has a double drive-thru and is situated on a land area of 1.76 acres. The lease term is for 20 years with eight, five-year options. The lease is NNN with the exception of the roof and structural portions of the building, which remain the landlord’s obligation. The asking price is $5.1 million with a Cap rate of 7.25%. The deal requires cash of $2.1 million.

For more information, contact Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800 Ext. 184, Fax 415-677-0967; Email: psouza@a-c.com.

NewBridge Retail Properties is selling the following properties: Tampa Festival, a 130,146 sq.ft. center located in Tampa, FL for $7.7 million. The center is anchored by Winn-Dixie and is located on Hillsborough Avenue, just east of Interstate 275. Sales of $300 psf have been reported; Dolphin Plaza, a 93,477 sq.ft. center located on Palmetto Expressway just west of Interstate 95, in Miami, FL. The center is anchored by Winn-Dixie; Plaza at Greenville Mall, a 194,488 sq.ft. center located in Greenville, SC. The center is anchored by Bed Bath & Beyond, Old Navy and Party City; Belle Forge Square, a 130,470 sq.ft. center located in Nashville, TN, for $12 million. The site is near Hickory Hollow Mall; NNN portfolio in the southeast of newly-constructed Advance Auto, Dollar General and Blockbuster Video stores in AL, FL, MN, MS and TN; and Brookwood Square, a 68,941 sq.ft. center located on the west side of Peachtree Street and within the Buckhead submarket in Atlanta, GA.

For more information, contact NewBridge Retail Advisors, Royal Centre One, 11675 Great Oaks Way, Suite 135; 678-802-6500, Fax 678-802-6588; Web site: www.newbridgeretail.com.

Mid-America Real Estate is selling Southridge Square located at the intersection of Army Post Road and Southeast 14th Street in Des Moines, IA for $7.5 million, or $55.11 psf. The 136,098 sq.ft. center is situated on a land area of 15.16 acres and is 98.4% occupied. The center is anchored by Hobby Lobby and Gordman’s Department Store. Area retail includes Home Depot, Menards, Best Buy and Wal*Mart. The company requires equity of $2.1 million with existing loan of $5.4 million with an amortization of 30 years and a 7.55% interest rate.

For more information, contact Rick Drogosz, Mid-America Real Estate, Two Mid America Plaza, 3rd Floor, Oak Brook Terrace, IL 60181; 630-954-7339.

Westfield America Trust acquired 50% interest in Fashion Square Sherman Oaks for $67 million from a U.S. affiliate of United Kingdom’s Prudential. Simultaneously, a U.S. affiliate of Prudential plc acquired a 25% interest in Westfield America’s Garden State Plaza with a value of $193.8 million, consisting of $128.8 million in cash and $65 million in mortgage debt. A U.S. affiliate of Prudential plc will acquire a further 15% interest in Garden State Plaza for $116.3 million between May 2004 and May 2005 for a combination of cash and mortgage debt. It also has an option to acquire up to an additional 10% interest for $77.5 million. Fashion Square Sherman Oaks is a two-level regional mall located on the 1010 Freeway in Sherman Oaks, CA. The center encompasses 848,000 sq.ft., with approximately 120 specialty shops and is anchored by Bloomingdale’s and Macy’s. Garden State Plaza is a two million sq.ft. super regional mall located in Paramus, NJ. The mall is anchored by Nordstrom, Macy’s, JCPenney, Neiman Marcus and Lord & Taylor.

For more information, contact Catharine C. Dickey, Westfield America Trust, 11601 Wilshire Boulevard, Suite 1200, Los Angeles, CA 90025; 310-445-2407.

The Lightstone Group acquired Prime Outlets, a 446,327 sq.ft. center located in Barceloneta, Puerto Rico. The property consists of 176,327 sq.ft. of existing retail space and five pad sites totaling 83,000 sq.ft., as well as 187,000 sq.ft. of future development potential. The purchase price was $36.5 million. The center is located at the intersection of Expressway 22, Route 204 and Route 2, just 35 miles west of San Juan. The center also is near Dorado, an exclusive resort that includes the Hyatt Cerromar and Hyatt Dorado, as well as numerous other hotels. Tenants include Gap, Polo, Ralph Lauren, Liz Claiborne, Brooks Brothers, Timberland, Tommy Hilfiger, Levi’s and Reebok. In addition, three existing pad tenants include Ponderosa Restaurant, Banco Popular and Fast Lane Lube & Wash. Caribbean Cinemas will operate a 55,000 sq.ft. multi-screen cinema next year. The property also features a 10-tenant food court.

For more information, contact The Lightstone Group, 326 Third Street, Lakewood, NJ 08701; 800-347-4078, Fax 732-363-7183.

REMAX Select Realty is representing a client looking to acquire real estate properties that contain spaces of 4,000 sq.ft. to 60,000 sq.ft. The company acquires former supermarkets, drug stores, auto parts stores and furniture stores.

For more information, contact James J. Wilding Jr., REMAX Select Realty, 10 North Meadows Drive, Suite 10, Wexford, PA 15090; 724-933-6300 Ext. 250.

Real Estate World Florida Commercial is selling a center located in Hollywood, FL for $40 million, or $47.06 psf. A large portion of the 850,000 sq.ft. project has been remodeled. The site sits on a land area of 45 acres.

For more information, contact Ann Berkman, Real Estate World Florida Commercial, 221 West Hallandale Beach Boulevard, Hallandale Beach, FL 33009; 954-455-3366 Ext. 238, Fax 954-455-3330.

CB Richard Ellis, Inc. negotiated the sale of Harrowgate Plaza, a 60,000 sq.ft. center situated in the Feltonville section of Philadelphia, PA to Harrowgate Plaza, Inc. The sale price of the property, which fronts I and Tioga Streets, was $1.6 million. The center is anchored by a 25,000 sq.ft. Cash & Carry Wholesale and a 15,000 sq.ft. Allegheny Child Care. Cotenants include a Pennsylvania state liquor store, a dry cleaner and a Mexican restaurant.

For more information, contact K. McClernon, P. McCabe or G. Schmitt, CB Richard Ellis, Inc., 1835 Market Street, Philadelphia, PA 19103, Suite 2710; 856-541-2400.

Net Leased Investment Co. is selling a 55,000 sq.ft. supermarket-anchored center in Orlando, FL for $7.65 million with a Cap rate of 8.6%.

For more information, contact Anastasia Mihalakos, 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.

Kaufmann Realty Services, Inc. is representing a client with $8 million available to acquire shopping centers in Brooklyn, Queens and Long Island, NY.

For more information, contact Kaufmann Realty Services, 2163 Seneca Drive South, Merrick, NY 11566; 516-868-4151, Fax 516-378-3426; Email: monroejkaufmann@aol.com.

US Properties is representing a client looking to acquire the following stores in AZ, CA, CO and NV: Wal*Mart, Lowe’s Home Improvement, Home Depot, Marshalls, Ross Stores, Michaels, Best Buy, Linens ‘n Things, Walgreens, Costco, Target, Kohl’s, Von’s and Ralph’s.

For more information, contact Jodi Peister, US Properties, 99 Main Street, Nyack, NY 10960; 845-348-7665, Fax 845-727-3964.

Marcus & Millichap is selling four Eckerd drug stores in NY. The leases have 18 years remaining and are absolute NNN with Cap rates of 8.40%.

For more information, contact Steven Z. Regenstreif, Marcus & Millichap, 16830 Ventura Boulevard, Suite 100, Encino, CA 91436; 888-666-3325, Fax 818-907-8557

Trimstone is selling Regency Square, a 150-acre mixed-use development with available lots ranging in size from one acre to 30 acres in Huntley, IL. Each parcel is separately priced.

For more information, contact Robert M. Stone, Trimstone, 1061 East Main Street, Suite 100, East Dundee, IL 60118; 847-722-0905, Fax 847-844-3366.

TMG Realty Management, Inc. is selling the Wells Shopping Center, located at the intersection of Route 1 and Route 109 in Wells, ME. The site is being redeveloped into a 35,000 sq.ft. supermarket-anchored center. Spaces are available from 1,600 sq.ft. to 6,800 sq.ft.

For more information, contact Tom Garesche, TMG Realty Management, Inc., PO Box 4291, Andover, MA 01810; 617-851-4950, Fax 617-249-0843.