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Buyers & Sellers
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Buyers & Sellers JBN Sandforth International is selling a land area of 1.388 acres at 1585 North Opdyke Road in Auburn Hills, MI for $650,000. For more information, contact Joseph Navon, JBN Sandforth International, 7323 Redding, Houston, TX 77036; 281-754-4189, Fax 281-754-4391.
Tulepan Management is selling a 13,905 sq.ft. Walgreens located at the intersection of Deer Park Boulevard and Grand Boulevard in Deer Park, NY for $5.3 million. For more information, contact Randy Tulepan, Tulepan Management, 11555 Heron Boulevard, Suite 200, Coral Springs, FL 33076; 954-603-0455, Fax 954-603-0456.
Tanger Factory Outlet Centers, Inc. sold a 184,768 sq.ft. center located in Casa Grande, AZ for $7.1 million. The sale price represents a Cap rate of approximately 9.9%. The center is currently 73% occupied. For more information, contact Frank C. Marchisello, Tanger Factory Outlet Centers, 3200 Northline Avenue, Suite 360, Greensboro, NC 27408; 336-834-6834, Fax 336-852-2096; Web site: www.tangeroutlet.com.
CB Richard Ellis and L.J. Melody & Co. represented NNGP, LLC in the sale of Nogales Plaza Shopping Center, a 139,124 sq.ft. center located at the intersection of Grand Avenue and Court Street in Nogales, AZ for $10.3 million. The center is anchored by Bashas’s Food City, Pep Boys, Peter Piper Pizza, Family Dollar Stores and Stage Stores. The company also negotiated the sale of a 15,120 sq.ft. Walgreens located at 8309 West Glendale Avenue in Glendale, AZ. The company represented the buyer, A. Smith Properties III, LLC and the seller, Professors Fund I, LLC in the $5 million transaction. The company also negotiated the sale of 12.75 acres of vacant land at the intersection of Pecos and McQueen Roads in Chandler, AZ for a future CVS location. The company represented the buyer, Armstrong Properties, Inc. in the $2.26 million transaction. For more information, contact Nancy McClure, CB Richard Ellis, 3385 North Campbell Avenue, Tucson, AZ 85719; 520-323-5100, Fax 520-323-5156; Email: nancy.mcclure@cbre.com Web site: www.cbre.com/tucson. For more information regarding the Walgreens sale and the vacant land, contact Katherine Haug, CB Richard Ellis, 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-1782, Fax 602-735-5655.
Maguire Properties, Inc. acquired One California Plaza in Los Angeles, CA from Metropolitan Life Insurance Co. for $225 million. The plaza is a 42-story building located at 300 South Grand Avenue. The property totals approximately 974,000 sq.ft. of office and retail space. For more information, contact Maguire Properties, 555 West 5th Street, Suite 5000, Los Angeles, CA 90013-1010; 213-626-3300, Fax 213-687-4758.
Cedar Shopping Centers acquired two centers in south Philadelphia, PA from Tower Investments, Inc. for $75 million. The centers are Columbus Crossing and River View Plaza I, II and III. Columbus Crossing is a 142,200 sq.ft. center anchored by Super Fresh and tenanted by Old Navy, A.C. Moore and Famous Footwear. River View I, II and III is a combination of three adjacent retail properties with an aggregate GLA of approximately 246,800 sq.ft. It is anchored by a 77,000 sq.ft. United Artists theater and is tenanted by Staples, West Marine, Sega Gameworks and Famous Footwear. For more information, contact Cedar Shopping Centers, 44 South Bayles Avenue, Suite 304, Port Washington, NY 11050; 800-564-3128, Fax 516-767-6497; Web site: www.cedarshoppingcenters.com.
Federal Realty Investment Trust acquired Plaza del Mercado, a 96,000 sq.ft. center located on Bel Pre Road in Montgomery County, MD for $20 million in cash with a Cap rate of 8.1%. The center is anchored by a 24,000 sq.ft. Giant Food and a CVS pharmacy. Area demographics include a population of 101,000 within three miles earning $90,000 as the average household income. The company also sold a 15,000 sq.ft. site located at 234 Greenwich Avenue in Greenwich, CT for $7.95 million with a Cap rate of 5.97%. For more information, contact Andrew Blocher, Federal Realty Investment Trust, 1626 East Jefferson Street, Rockville, MD 20852-4041; 301-998-8100, Fax 301-998-3700; Web site: www.federalrealty.com.
Upland Real Estate Group, Inc. sold a 5,802 sq.ft. Max & Erma’s restaurant located in Brooklyn, OH for $2.9 million. The company also sold a 5,023 sq.ft. Blockbuster Video located in Fort Morgan, CO 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.nnnsales.com.
Inland Western Retail Real Estate Trust, Inc. acquired The Shops at Park Place, a 116,300 sq.ft. center located at 6401 West Plano Parkway in Plano, TX for $23.9 million. The center is anchored by Walgreens, Bed Bath & Beyond, Michaels and OfficeMax. Cotenants include Chick-fil-A, Carpet Mills of America and The Nail Club. For more information, contact Rick Fox, The Inland Real Estate Group of Cos., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inland.com; Web site: www.inlandgroup.com.
Kitchell Development Corp. sold Camelback Crossing, a 75,000 sq.ft. center located at the intersection of Camelback and Dysart Roads in Litchfield Park, AZ to a German investment group. The deal included a three-acre parcel targeted for another 20,000 sq.ft. of retail. The existing retail space, which will be completed this month, will be anchored by a 53,000 sq.ft. Bashas’ supermarket. For more information, contact Kitchell Development Corp., 1707 East Highland, Suite 100, Phoenix, AZ 85016; 602-264-4411; Web site: www.kitchell.com.
NewBridge Retail Advisors and CB Richard Ellis served as advisors in the sale of Plaza at Greenville in Greenville, SC by DRA Advisors, Inc. The 194,488 sq.ft. center is anchored by Bed Bath & Beyond, Old Navy, Party City, A.C. Moore, Goody’s and CompUSA. The center is adjacent to Greenville Mall. For more information, contact Lynn Leonard, NewBridge Retail Advisors, Inc., 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6565, Fax 678-802-6588.
Crown Realty & Development, Inc. sold Gateway Burbank, a 74,400 sq.ft. center located at the intersection of San Fernando Road and Alameda Avenue in Burbank, CA. The center is 100% leased and is anchored by Ralph’s, Sav-On and Hollywood Video. For more information, contact Crown Realty & Development, Inc., 18201 Von Karman Avenue, Suite 950, Irvine, CA 92612; 949-476-2200.
Gregory Greenfield & Associates, Ltd. acquired the Hanover Mall in Hanover, MA from TA Realty. For more information, contact Amy Kuehn, Gregory Greenfield & Associates, Ltd., 124 Johnson Ferry Road Northeast, Atlanta, GA 30328; 404-236-2300, Fax 404-236-2299.
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