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Buyers & Sellers
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Buyers & Sellers Neal Realty & Investments, Inc. sold Michaels Plaza, an 81,355 sq.ft. center located at the intersection of Hollywood Boulevard and Hiatus Road in Pembroke Pines, FL for $9.6 million. For more information, contact Timothy P. Neal, Neal Realty & Investments, Inc., 3300 North Federal Highway, Suite 250, Fort Lauderdale, FL 33306; 954-568-0530, Fax 954-568-2134; Email: info@nealrealty.net; Web site: www.nealrealty.net. CB Richard Ellis, Inc. negotiated the sale of The Shops at Gainey Village, a center located at the intersection of Scottsdale and Doubletree Ranch Roads in Scottsdale, AZ, for $55.7 million. The company represented both the seller, Scottsdale & Doubletree, LLC and the buyer, GDA Real Estate Services, LLC. The 138,319 sq.ft. center is tenanted by Via Veneto, Baby Couture and Caviar Kids, Thaifoon, Bloom, Pei Wei Asian Diner, the Village Tavern and Garduno’s Mexican Food. For more information, contact Linda Obele, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-5555, Fax 602-735-5655; Web site: www.cbre.com/phoenix. GMH Capital Partners is selling Lafayette Place, a 94,875 sq.ft. center located at the intersection of Mahan Drive and Capital Circle in Tallahassee, FL. The center is anchored by Publix and Walgreens. The property consists of one building containing 23 smaller inline spaces and two larger anchor spaces. The center is currently 90% leased. The company also is selling Pinellas Park Square, a 205,479 sq.ft. center located at the intersection of U.S. Highway 19 and 110th Avenue with a daily traffic count of 55,000 vehicles. The property is anchored by Sears Outlet and Save-A-Lot supermarket and a freestanding 80,160 sq.ft. building which was formerly occupied by Builders Square. For more information, contact Gary Holloway Jr., GMH Capital Partners, 10 Campus Boulevard, Newtown Square, PA 19073; 610-355-8205, Fax 610-355-8505; Web site: www.gmhcp.com. Upland Real Estate Group, Inc. sold a 5,498 sq.ft. Ground Round restaurant located in Maple Grove, MN for $2.2 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. Marcus & Millichap Real Estate Investment Brokerage Co. sold College Grove Shopping Center, a 629,764 sq.ft. center located at the intersection of Highway 94 and College Avenue in San Diego County, CA for $26.25 million with a Cap rate of 9.6%. The center is anchored by Wal*Mart, Target and Sam’s Club, but those stores were not included in the sale. The center is currently 100% occupied. The company also sold Meridian Village Plaza, a 130,000 sq.ft. center located at 13610 North Meridian Street in Carmel, IN for $13 million. The center is anchored by O’Malia Food Market and CVS. The company also sold Spring Valley Town Center, a 50,000 sq.ft. center located at 4122 and 4320 South Rainbow Boulevard in Las Vegas, NV for $10.75 million with a Cap rate of 9.2%. The center is anchored by Albertsons and Rite Aid and is tenanted by Baja Fresh, 7-Eleven and Leslie’s Pools. The sale includes 50,000 sq.ft. on a land area of 4.71 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. Sterling Centrecorp., Inc. agreed to acquire a 238,000 sq.ft. center located at the intersection of Highway 400 and Highway 7 in Vaughan, Ontario, Canada for $26.45 million. The acquisition will be completed in joint venture with an affiliate of Kimco Realty Corp. Tenants include Homeshow, Michaels, Staples, BouClair and Rob McIntosh China.For more information, contact Sterling Centrecorp., Inc., 2851 John Street, Suite 1, Markham, Ontario, Canada L3R 5R7; 416-599-0024. Zifkin Realty & Development is selling shop space at Dominick’s Shopping Center, a 27,755 sq.ft. project located at the intersection Lake and Patriot with an average daily traffic count of 31,500 vehicles. Tenants include Area Wide Cellular, Day Spa, Hallmark, Photo Magic, Super Cuts, Little Gym, a jeweler, cleaners and a bakery. Area demographics include a population of 302,187 within five miles earning $114,759 as the average household income.For more information, contact Todd J. Cabanban, Zifkin Realty & Development, 560 West Washington, Suite 4W, Chicago, IL 60661; 312-575-8650, Fax 312-575-8651; Email: tcabanban@zifkinrealty.com. Divaris Real Estate, Inc. sold a space of 35,331 sq.ft. at Cross Creek Plaza located at 1800 Skibo Road in Fayetteville, NC. The property is a former Hannaford Brothers supermarket.For more information, contact Stephen Kramer, Divaris Real Estate, Inc., One Columbus Center, Suite 700, Virginia Beach, VA 23462; 704-442-1988, Fax 757-497-1338. Landmark Properties Group negotiated the sale of Station Mall, a 200,000 sq.ft. mall located in Altoona, PA. The mall is situated on a land area of 24 acres. A former Ames store, which occupied 93,000 sq.ft., will be converted into a healthcare-related facility.For more information, contact Camille Sciullo, Landmark Properties Group, 4848 Route 8, Unit 2, Allison Park, PA 15101; 724-443-9000, Fax 724-443-9010; Email: csciullo@aol.com. NAI Desco Commercial is selling The Mall at Wentzville Crossing, a 350,000 sq.ft. center located at 100 Mall Parkway in Wentzville, MO for $6.6 million. The center is situated on a land area of 30.81 acres.For more information, contact Scott Saunders, NAI Desco Commercial, 8235 Forsyth Boulevard, Suite 210, St. Louis, MO 63105; 314-994-4444, Fax 314-994-4088; Web site: www.descommercial.com. The Ross Realty Group, Inc. sold a 4,180 sq.ft. center located at 1302 78th Street South in Tampa, FL. The center is 100% leased and was sold for $350,000 to Memco Properties, LLC. For more information, contact Elliott M. Ross, The Ross Realty Group, Inc., 3001 Executive Drive, Suite 250, Clearwater, FL 33762; 727-725-2800, Fax 727-726-6780; Web site: www.rossrealty.com. Corporate Property Group, Inc. sold a 9,590 sq.ft. center situated on a land area of 1.085 acres in Spring Hill, FL for $2.29 million. The company also sold Cordova Crossing, a center located in Pensacola, FL for $4,887,500. The center is situated on a land area of 2.06 acres.For more information, contact Myles H. Wilkinson, Corporate Property Group, Inc., 7332 Office Park Place, Suite 101, Melbourne, FL 32940; 321-951-1500, Fax 321-751-9925. Northwest Atlantic Real Estate Services is selling a former 32,000 sq.ft. Vons Food & Drug located at the intersection of West Main Street and North Third Street in Brawley, CA. For more information, contact Herb Andrews, Northwest Atlantic Real Estate Services, 17300 Red Hill Avenue, Suite 230, Irvine, CA 92614; 949-724-0025 Ext. 17, Fax 949-724-0322; Email: herb@northwestatlantic.com.
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