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Buyers & Sellers
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Buyers & Sellers Menin Development Cos., Inc. acquired PGA Plaza, a 113,000 sq.ft. center located at the intersection of PGA Boulevard and Prosperity Farms Road in Palm Beach Gardens, FL, for $18 million. The center is anchored by Marshall’s, Pier 1 Imports, Eckerd, Washington Mutual and SunTrust Bank and will undergo a renovation later this year, with a new facade and landscaping. For more information, contact Menin Development Cos., Inc., 201 North U.S. Highway One, Suite D-5, Jupiter, FL 33477; 561-747-4883, Fax 561-748-8198; Email: info@menindevelopment.com; Web site: www.menindevelopment.com. Marcus & Millichap Real Estate Investment Brokerage Co. sold Apopka Regional Shopping Center, a 171,000 sq.ft. center located in Apopka, FL for $12 million. The center is anchored by a 29,000 sq.ft. Kash ‘N Karry and a 26,421 sq.ft. Big Lots. Cotenants include Beall’s Outlet, KnK Liquor Store, Goodwill, Eckerd, Payless Shoes, GNC and Sally Beauty Supply. The center is currently 90% occupied. For more information, contact Marcus & Millichap, 5900 North Andrews Avenue, Suite 100, Fort Lauderdale, FL 33309; 954-463-2400, Fax 954-463-9222; Web site: www.marcusmillichap.com. Urstadt Biddle Properties, Inc. acquired 126,000 sq.ft. of space in the Somers Commons Shopping Center located at the intersection of Routes 6 and 118 in Somers, NY for an all-cash price of $21.65 million. The company will add the following tenants: HomeGoods, Radio Shack, Chili’s Restaurant and Futurama Furniture. The center is currently anchored by a 78,000 sq.ft. Super Stop & Shop, which was not part of the acquisition. Area demographics include a trade-area population of 200,000 with an average household income of $85,000. For more information, contact James R. Moore, Urstadt Biddle Properties, Inc., 321 Railroad Avenue, Greenwich, CT 06830; 203-863-8200; Web site: www.ubproperties.com. Cohen & Co., Inc. Real Estate closed on the sale of Beltway Crossing Shopping Center, a 152,047 sq.ft. center located at the intersection of Richie Highway and the Baltimore Beltway in Glen Burnie, MD. The center is anchored by Glen Burnie Bowling Center, Gold’s Gym and David’s Bridal. For more information, contact Phyllis Bosworth, Cohen & Co., Inc. Real Estate, 11 East 44th Street, New York, NY 10017; 212-803-5773, Fax 212-679-1533; Email: bosworth@cohenco.com. CB Richard Ellis sold Sycamore Village Shopping Center, a center anchored by a 26,474 sq.ft. center Albertsons located at 3535 Sycamore School Road in Fort Worth, TX. The company also sold a 109,800 sq.ft. Lowe’s Home Improvement located at 5400 Fairmont Parkway in Pasadena, TX. For more information, contact Jennifer Pierson, CB Richard Ellis, Three Lincoln Centre, 5430 LBJ Freeway, Suite 1100; 972-458-4855; Email: jpierson@cbre.com. For more information regarding the Lowe’s Home Improvement, contact H. Dan Miller, CB Richard Ellis, 2700 Post Oak Boulevard, Suite 400, Houston, TX 77056; 713-840-6539; Email: dmiller@cbre.com. Rockwood Realty Associates, LLC is selling the Village East Shopping Center, a 228,096 sq.ft. center with an attached two-story office building located along Crestwood Boulevard in Birmingham, AL. A planned expansion of approximately 50,987 sq.ft. is anticipated to be completed in two phases over the next two years. The expansion will add two anchor suites to the front of the property, consisting of a 20,800 sq.ft. space and a 30,187 sq.ft. space to be occupied by Ross Dress for Less. The center is anchored by Big Lots, Tweeter/HIFI Buys, OfficeMax and T.J. Maxx. The company also is selling The Shops of Saddle Creek, a lifestyle center located in Germantown, TN. Tenants include Williams-Sonoma, Coldwater Creek, J. Jill, J. Crew, Ann Taylor, Apple, Chico’s and Pazo. Area demographics include a trade-area population within three miles earning $130,088 as the average household income. The company also is selling Sikes Center, a 670,000 sq.ft. center located at the intersection of Kemp Boulevard and Midwestern Parkway in Wichita Falls, TX. The center is anchored by Sears, JCPenney, two Dillard’s locations and a 10-screen Carmike Theater. Tenants include The Gap, Jos. A. Bank, Pacific Sunwear, Hot Topic, Books-A-Million, Zales Jewelers, Bath & Body Works, Victoria’s Secret, Foot Locker and Old Navy. For more information, contact Lisa Malone, Rockwood Realty Associates, LLC, 555 Fifth Avenue, Fifth Floor, New York, NY 10017; 212-286-5800 Ext. 281, Fax 212-286-5555; Web site: www.rockwoodrealty.com. The Staubach Co. is selling a Sports Authority and PetsMart-anchored center located near Highway 8 and Interstate 84 in Waterbury, CT for $10 million with a Cap rate of 9.45% based on a projected NOI of $945,000. The property is 100% occupied with NNN leases. Area retail includes Home Depot. The company also is selling a site situated on a land area of 8.73 acres located at the intersection of Highway 78 and Spring Creek/Kreymer in Wylie, TX. Area retail includes Wal*Mart Supercenter, The Home Depot, Tractor Supply, Albertsons, Brookshire’s, Walgreens, Eckerd, Taco Bell, CVS and Auto Zone. Area demographics include a population of 233,759 within 10 miles earning $77,271 as the average household income. For more information, contact David T. Wojciechowski, The Staubach Co., Tower 49, 12 East 49th Street, 31st Floor, New York, NY 10017; 212-418-2600, Fax 212-418-2675; Email: dtwoj@staubach.com; Web site: www.staubach.com. For more information regarding the site in Wylie, TX, contact Stephen Summers, The Staubach Co., 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 972-361-5130. Blue Ridge Capital acquired a 91,000 sq.ft. Wal*Mart in Boaz, AL and intends to backfill the box with three to four tenants. The company has signed a deal with Goody’s for 25,000 sq.ft. of space. The property is located on U.S. 431, between Huntsville and Gadsden, directly across from a new Wal*Mart Supercenter. For more information, contact J.P. Roark, Blue Ridge Capital, 340 East Paces Ferry Road, Atlanta, GA 30305; 404-364-9094, Fax 404-364-9095; Web site: www.blueridgecapital.com. Orion Investment and Management Ltd. Corp. is selling a 46,000 sq.ft. building located at the intersection of Palm Beach Lakes Boulevard and Forum Way in West Palm Beach, FL for $1.95 million. The site has an average daily traffic count of 28,256 vehicles. For more information, contact Joseph A. Sanz or Norman Buhrmaster, Orion Investment and Management Ltd. Corp., 9000 S.W. 152nd Street, Suite 106, Miami, FL 33157; 305-278-8400, Fax 305-278-1540; Emails: jsanz@orionmiami.com and nbuhrmaster@orionmiami.com; Web site: www.orionmiami.com. The Sembler Co. sold the following sites: an outparcel for a Dunkin’ Donuts at Lakewood Plaza Shopping Center, a Publix and Target-anchored center located at the intersection of U.S. Highway 19 in Spring Hill, FL; an outparcel to developer N.B.L. II, LLC for a Subway and AmScot. The parcel is directly in front of Bloomingdale Hills Shopping Center, an Albertsons-anchored center located at the intersection of Providence and Bloomingdale Roads in Brandon, FL; as well as two peripheral parcels at River Crossing Shopping Center located at the intersection of Little Road and River Crossing Boulevard in New Port Richey, FL.For more information, contact Craig Sher, The Sembler Co., 5858 Central Avenue, St. Petersburg, FL 33707; 727-384-6000, Fax 727-343-6000. Quest Realty Advisors, LLC is selling three centers in southern GA for between $1.297 million and $4.1 million.For more information, contact Dickson Cannon, Quest Realty Advisors, LLC, 3180 Mathieson Drive, Suite 708, Atlanta, GA 30305; 404-442-7931, Fax 404-842-1992. Upland Real Estate Group, Inc. sold four KinderCare Learning Center locations. The 9,903 sq.ft. Fort Gahanna, OH location sold for $1.8 million; the 10,500 sq.ft. Eden Prairie, MN location sold for $2.4 million; the 9,787 sq.ft. Fountain Valley, CA location sold for $2.9 million and the 19,947 sq.ft. Fort Clary, IL location sold for $1.3 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. Woolbright Development, Inc. sold the Publix-anchored Tamiami Trails Shopping Center located at the intersection of Tamiami Trails and S.W. 137th Avenue in Miami, FL for $16.2 million to Weingarten Realty Investors. The 110,000 sq.ft. center is tenanted by Eckerd and Blockbuster Video and was 100% occupied at the time of the sale.For more information, contact Duane J. Stiller, Woolbright Development, Inc., 4800 North Federal Highway, Suite 108D, Boca Raton, FL 33431; 561-393-9933. Swanson Development is selling the following sites in Murfreesboro, TN: a site located at 2010 NW Broad Street with an average daily traffic count of 40,000 vehicles. The 147,000 sq.ft. building has a separate 16,000 sq.ft. location; a site located at the intersection of Interstate 24 and U.S. 231 Interchange. The site has space of 4,500 sq.ft. available and room to expand to nine acres; a 137,500 sq.ft. building located at 106 Samsonite Boulevard.For more information, contact Swanson Development, LLC, 1188 Park Avenue, Murfreesboro, TN 37129; 615-896-0000, Fax 615-895-0000; Email: swanson@swansondev.com; Web site: www.swansondev.com. Steven D. Bell & Co. acquired The Keystone Crossing Shopping Center, a 47,817 sq.ft. center located in Tampa, FL for $6.8 million. The center is anchored by a 41,000 sq.ft. Kash N Karry supermarket and has six small shop tenants.For more information, contact Ed Harrington, Steven D. Bell & Co., 823 North Elm Street, Suite 200, Greensboro, NC 27401; 336-272-7196. Lee & Associates Commercial Real Estate Services, Inc. represented a client in the purchase of a 31,363 sq.ft. parcel with a Rubio’s restaurant building located in the El Cajon Towne Center at 399 North Magnolia in El Cajon, CA. The restaurant site is on a long-term ground lease. For more information, contact Jessica Cortez, Lee & Associates Commercial Real Estate Services, Inc., 15615 Alton Parkway, Suite 150, Irvine, CA 92618; 949-727-1200, Fax 949-727-1299. The Bradco Cos. is representing a client doing a 1031 exchange, seeking to acquire a retail building within the areas of Del Mar, Carlsbad, Solana Beach and Encinitas, CA. The client is seeking sites with spaces of 15,000 sq.ft. to 20,000 sq.ft. and can close within three to four months. For more information, contact Jeremy Schmidt, The Bradco Cos., PO Box 2710, Victorville, CA 92393-2710; 760-951-5111 Ext. 103, Fax 760-951-5113; Email: bradco@thebradcocompanies.com; Web site: www.thebradcocompanies.com. NNN1031.com is selling a Macaroni Grill restaurant located at 980 North Milwaukee Street in Boise, ID for $3,452,903 with a Cap rate of 7.75%. The restaurant is situated on a land area of 75,904 sq.ft.For more information, contact Jay Bastian, NNN1031.com, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1144, Fax 407-650-1046; Email: jay_bastian@nnn1031.com; Web site: www.nnn1031.com. WDCI, Inc. and Alexander & Baldwin, Inc. sold Airport Square, a 170,800 sq.ft. center located on a land area of 18.6 acres immediately adjacent to Interstate 395 in Reno, NV for $23.5 million. The center is 98% occupied and anchored by Costco. Tenants include Office Depot, PetsMart and Mor Furniture. The center is near Reno International Airport. For more information, contact Meredith J. Ching, Alexander & Baldwin, Inc., 822 Bishop Street, Honolulu, HI 96813, PO Box 3140, Honolulu, HI 96801-3440; 808-525-6611, Fax 808-525-6652; Web site: www.alexanderbaldwin.com. |