Buyers & Sellers
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Buyers & Sellers

Petrovich Development Co. is selling a center located at the intersection of Auburn and Van Maren Lane in Citrus Heights, CA for $10.75 million. The center has spaces available of 34,880 sq.ft., plus 500 sq.ft. for a coffee kiosk. The center is anchored by Rite Aid.

For more information Paul Petrovich, Petrovich Development Co., 5046 Sunrise Boulevard, Suite One, Fair Oaks, CA 95628; 916-966-4600, Fax 916-966-4005; Email: paul@petrovichdevelopment.com.

Marcus & Millichap Real Estate Investment Brokerage Co. sold La Verne West Center in La Verne, CA for $10.935 million with a Cap rate of 8.6%. The recently renovated 64,727 sq.ft. center is located at the intersection of 1375 Foothill Boulevard. Area demographics include a population of 264,000 within five miles earning $78,000 as the average household income. The center is anchored by Stein Mart and Bank of America and is tenanted by Pick Up Stix, Cingular Wireless and Max Muscle. The site is situated on a land area of 5.68 acres. The company also sold Stephanie Power Center located at the intersection of Stephanie Street and Warm Springs Road in Henderson, NV for $54 million with a Cap rate of 9.3%. The company represented the seller, Dunn Properties Corp. The center is 97% occupied and anchors include Copeland’s Sporting Goods, Circuit City, Barnes & Noble, PetsMart, Michaels and Longs Drugs. The company also is marketing the Harley Davidson/24 Hour Fitness center in Las Vegas, NV for $11.76 million and a Cap rate of 9%. The center is located at 2605 South Eastern Avenue, just off Sahara Avenue. The offering encompasses 104,440 sq.ft. situated on a land area of eight acres. Both tenants have 10-year leases.

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 more information regarding the Harley Davidson site, contact Chris Cunning at 702-693-5800.

Weingarten Realty Investors acquired Hollywood Hills Plaza, a 364,700 sq.ft. center located at the intersection of Hollywood Boulevard and North Park Road in Hollywood, FL. The center is anchored by Publix, Target and Eckerd. There are five outparcels included in the acquisition, which include McDonald’s, Boston Market, BP Amoco and Taco Bell. The property was acquired from RM Hollywood Hills Plaza Shopping Center, Ltd. and RM Hollywood Hills Plaza Out Parcels, Ltd. and is currently 98% occupied.

For more information contact Weingarten Realty Investors, 2600 Citadel Plaza Drive, P.O. Box 924133, Houston, TX 77008-1362; 713-866-6054; Fax 713-866-6049.

Grubb & Ellis, Inc. is selling five Jiffy Lube locations in south central NY from $1.11 million to $1.68 million with Cap rates of 8.25% and NNN leases. Lease terms are 20 years with CPI increases every five years. The stores can be acquired individually or as a portfolio. The Jiffy Lube locations are in Cortland for $1.112 million; in Binghamton for $1.149 million; in Chenango for $1.398 million; in Ithaca for $1.556 million and in Vestal for $1.68 million.

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

Stan Johnson Co. is selling Winn-Dixie Marketplace stores in Anniston and Jacksonville, AL. The 44,984 sq.ft. Jacksonville location is selling for $2.8 million with a Cap rate of 9.4%, while the 35,922 sq.ft. Anniston location is selling for $2.55 million with a Cap rate of 9.6%. The NNN leases are for 20 years with five, five-year options.

For more information, contact Stan Johnson Co., 980 South Yale, Suite 330, Tulsa, OK 74137; 918-494-2690, Fax 918-494-2692; Email: info@stanjohnsonco.com; Web site: www.stanjohnsonco.com.

Insite Commercial Group represented Aaron Rents in the sale of a building located at 1065 North Perry in Pontiac, MI to Teamsters Union Local 614.

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

Perrine & Wheeler Real Estate Investments acquires 40,000 sq.ft. to 200,000 sq.ft. supermarket-anchored centers throughout the Northeast, Mid-Atlantic and Southeast for between $4 million and $20 million.

For more information, contact Perrine & Wheeler Real Estate Investments, 580 East Main Street, Suite 300, Norfolk, VA 23510; 757-627-9088, Fax 757-627-9081; Web site: www.perrinewheeler.com.

Lamar Cos. is seeking value-added transactions for centers with a minimum GLA of 100,000 sq.ft.

For more information, contact Cory Boss, Lamar Cos., 365 South Street, Morristown, NJ 07960; 973-285-0660, Fax 973-285-0976; Web site: www.lamarcompanies.com.

REW Commercial is selling a 27,812 sq.ft. strip center in Lakeland, FL for $3.3 million. The center is situated on a land area of 2.07 acres.

For more information, contact Dael Sidney, REW Commercial, 221 West Hallandale Beach Boulevard, Hallandale Beach, FL 33009; 954-455-3366 Ext. 234, Fax 954-455-3330.

Edgewood Properties is looking to acquire land of at least 1.5 acres at an intersection, or larger parcels suitable for commercial or residential development. The company also is interested in purchasing existing shopping centers in need of an upgrade or rehab.

For more information, contact Philip Hatch, Edgewood Properties, 1260 Stelton Road, Piscataway, NJ 08854; 732-985-1900, Fax 732-985-5588; phatch@edgewoodprop.com.

LRK & Associates Realty is selling a center located at the intersection of Tweedy Boulevard and Ottis in South Gate, CA for $2.1 million with a Cap rate of 9.49%. The center is tenanted by Albertsons, Household Finance, Little Caesars Pizza and Kragen Auto Parts and has space available of 6,100 sq.ft.

For more information, contact Leon Katz, LRK & Associates Realty, 519 West Carson Street, Suite 204, Carson, CA 90745; 310-953-0411, Fax 310-868-2515.

Upland Real Estate Group, Inc. sold an Arby’s restaurant in Buffalo, MN for $1.2 million. The company also sold a 7,313 sq.ft. KinderCare Learning Center in Renton, WA for $1.7 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.

Terranova Corp. sold Weston Lakes Plaza, a 96,342 sq.ft. supermarket-anchored center located in Weston, FL for $23.122 million. The company represented the seller, Principal Global Investors.

For more information, contact Terranova Corp., 1200 Brickell Avenue, Suite 1500, Miami, FL 33131; 305-358-8700, Fax 305-358-7529; Email: info@terranovacorp.com; Web site: www.terranovacorp.com.

CB Richard Ellis, Inc. sold Cypress Run Marketplace, an 85,247 sq.ft. center located at 10599 West Atlantic Boulevard in Coral Springs, FL. The center is anchored by Winn-Dixie.

For more information, contact Jennifer Kaich, CB Richard Ellis, Inc., 5355 Town Center Road, Suite 701, Boca Raton, FL 33486; 561-394-2100, Fax 561-393-1650; Web site: www.cbrichardellis.com.