Buyers & Sellers
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Buyers & Sellers

Diversified Partners is selling a 43,058 sq.ft. center located at the intersection of Southern Avenue and Gilbert Road in Mesa, AZ for $6.8 million with a Cap rate of 9.25%. The center is tenanted by LA Fitness, Metropolitan Mattress, Iceberg Drive-In and Valley Vitamins and is 100% occupied. The site has an average daily traffic count of 140,000 vehicles. The company also is selling an 11,400 sq.ft. center located at the intersection of 48th Street and Chandler Boulevard in Phoenix, AZ for $3.425 million with a Cap rate of 9.2%. The center is tenanted by Payless Shoes, SportClips and Skin Tans. The site has an average daily traffic count of 100,000 vehicles.

For more information, contact Jackie Sloan, Diversified Partners, 6916 East 5th Avenue, Scottsdale, AZ 85251; 480-947-8800 Ext. 14, Fax 480-947-8830; Email: dpjackie@qwest.net.

Divaris Real Estate, Inc. sold a 35,331 sq.ft. former Hannaford Brothers supermarket located at 1240 Ireland Drive in Fayetteville, NC.

For more information, contact Stephen Kramer, Divaris Real Estate, Inc., One Columbus Center, Suite 700, Virginia Beach, VA 23462; Email: info@divaris.com.

Advantis Real Estate Services Co. is selling Kmart Plaza, a 122,000 sq.ft. center located in Clinton, NC. The center is currently vacant.

For more information, contact Charlotte Sinclaire, Advantis Real Estate Services Co., 6320 Quadrangle Park, Suite 360, Chapel Hill, NC 27517; 919-493-6905, Fax 919-419-1596; Web site: www.advantisgva.com.

Inland Retail Real Estate Trust, Inc. acquired the following six community and neighborhood centers throughout FL: River Run Shopping Center, a 93,643 sq.ft. center located in Miramar for $11.8 million; Kilearn Shopping Center, a 95,229 sq.ft. center located in Tallahassee for $10.85 million; Watercolor Crossing, a 43,200 sq.ft. center located in Watercolor for $7.28 million; Flamingo Falls Town Center, a 108,565 sq.ft. center located in Pembroke Pines for $23.85 million; Brooker Creek Shopping Center, a 77,596 sq.ft. center located in Palm Harbor for $8.7 million and Shoppes at Paradise Point, an 83,965 sq.ft. center located in Fort Walton Beach for $11.67 million.

For more information, contact Rixk Fox, Inland Retail Trust, 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: fox@inlandgroup.com.

Staubach Retail Services is selling Razzoo’s Cajun Cafe, an 8,095 sq.ft. restaurant located at 14404 U.S. Highway 281 North in San Antonio TX. The building is situated on a land area of 2.04 acres, has a lease term of 15 years and two five-year options. Area demographics include a population 205,697 within five miles earning $62,507 as the median household income. The company also is selling Tippin’s Restaurant, a 7,320 sq.ft. restaurant located at the intersection of Highway 75 and Park Boulevard in Plano, TX for $1.5 million. Area demographics include a population of 264,334 within five miles earning $87,685 as the median household income. The company also is selling a Tippin’s Restaurant located at the intersection of NWQ Loop 820 and Rufe Snow Drive in North Richland Hills, TX for $1.2 million. Area demographics include a population of 228,495 within five miles earning $62,639 as the median household income.

For more information, contact John Artope, Staubach Retail Services, 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 972-361-5074; Web site: www.staubach.com.

Island Associates Real Estate, Inc. brokered the sale of a former Ethan Allen store consisting of over 19,500 sq.ft. located at the intersection of Saxon Avenue and Main Street in Bay Shore, NY. The seller was Restful Furniture. The site is situated on a land area of 1.6 acres.

For more information, contact 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.

Upland Real Estate Group, Inc. sold a 13,650 sq.ft. Walgreens located in Longview, TX for $5 million.

For more information, contact Erika A. Carlson, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-436-2233, Fax 612-376-4489; Email: erika@upland.com; Web site: www.nnnsales.com.

Insite Commercial Group/TCN Worldwide sold a 40,000 sq.ft. center located at 39725 Garfield in Clinton Township, MI on behalf of Bridgewood Common Shopping Center.

For more information, contact Nicole Coschino, Insite Commercial Group/TCN Worldwide, 25800 Northwestern Highway, Suite 720, Southfield, MI 48075; 248-355-6141, Fax 248-359-0009; Email: ncoschino@insitecommercial.com; Web site: www.insitecommercial.com.

General Growth Properties, Inc. will acquire the St. Louis Galleria located in Richmond Heights, MO. The two-level center encompasses 1.2 million sq.ft. and is anchored by Famous-Barr, Dillard’s and Lord & Taylor. The center is 96% occupied.

For more information, contact General Growth Properties, Inc., 110 North Wacker Drive, Chicago, IL 60606; 312-960-5000; Web site: www.generalgrowth.com.

CB Richard Ellis, Inc. is selling the European Crossroads Shopping Center, a 156,894 sq.ft. center located at 2829 West Northwest Highway just west of the intersection of Northwest Highway and Webbs Chapel in Dallas, TX for $4.9 million with a Cap rate of 10.48%. The center is currently 60% occupied. The company also is selling Skillman Crossing Shopping Center, a 57,798 sq.ft. center located at the intersection of Skillman and LBJ Freeway in Dallas, TX for $6.25 million with a Cap rate of 9.36%. The site has an average daily traffic count of 300,000 vehicles.

For more information, contact Jerry Luterman, CB Richard Ellis, Inc., Three Lincoln Center, 5430 LBJ Freeway, Suite 1100, Dallas, TX 75240; 972-458-4800, Fax 972-702-8315; Email: jluterman@cbre.com; Web site: www.cbre.com.

Marcus & Millichap Real Estate Investment Brokerage Co. is marketing the Porter Ranch Shopping Center, a 54,668 sq.ft. center located at 19300 and 19344-19369 Rinaldi Street in Northridge, CA for $15.6 million with a Cap rate of 8.25%. The center is anchored by Whole Foods and is tenanted by U.S. Post Office, Citicorp Savings Bank, Bank of America and Kaiser Permanente Pharmacy. The center is currently 100% occupied and is situated on a land area of 4.74 acres.

For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 16830 Ventura Boulevard, Suite 100, Encino, CA 91436; 818-907-0600, Fax 818-501-8230; Web site: www.marcusmillichap.com. For Larry Gray, call 925-979-9810.

The Weitzman Group is selling a center located at the intersection of IH-35 and Loop 1604 in San Antonio, TX with an average daily traffic count of 367,650 vehicles. Area demographics include a population of 157,343 within five miles earning $68,888 as the average household income. Area retail includes Academy Sports & Outdoors, Bath & Body Works, Best Buy, Borders Books & Music, Hobby Lobby, Toys "R" Us, Ross, The Avenue, Famous Footwear, Just For Feet, Payless Shoes, Linens ‘n Things, Target, T.J. Maxx, Kohl’s, Home Depot, Cost Plus and Pier 1 Imports.

For more information, contact Phil Telisak, The Weitzman Group, 70 NE Loop 410, Suite 750, San Antonio, TX 78216; 210-366-5050; Web site: www.weitzmangroup.com.

NewBridge Retail Advisors sold four centers, including Northeast Plaza in Baton Rouge, LA; Shoppes at Parkland in Fort Lauderdale, FL; Shoppes at Eagles Landing in Atlanta, GA and Naples Lakes Village in Naples, FL. The company also has been awarded the disposition assignments of Winslow Bay Commons in Charlotte, NC; Northwood Crossings in Tuscaloosa, AL and Queensbury Shopping Center in Birmingham, AL.

For more information, contact Lynn Leonard, NewBridge Retail Advisors, Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6565, Fax 678-802-6588; Email: lleonard@newbridgeretail.com.

Grubb & Ellis is selling five Jiffy Lube locations in southern and central NY for between $1,049,143 and $1,584,857 with Cap rates of 8.75%. The stores have 20-year absolute NNN leases with 10% rent increases every five years. The stores are available as a portfolio or individually.

For more information, contact Dan Grooters, Grubb & Ellis, 1200 17th Street, Suite 2000, Denver, CO 80202; 303-572-5520.