Buyers & Sellers
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Buyers & Sellers

Walpert Properties acquired Curt’s Center Shopping Center, a 411,600 sq.ft. center in Muskogee, OK from David Clark/Curt’s Oil Co. for $8.35 million. The center is located at the intersection of Shawnee Bypass, also known as Highway 62, and York Street and is situated on a land area of 55.13 acres. The center consists of a single-story retail building of approximately 371,118 sq.ft. and seven freestanding buildings. Plans are underway to add industrial, warehouse and retail space.

For more information, contact Patricia Riney, Walpert Properties, 11457 Olde Cabin Road, Suite 200, St. Louis, MO 63141; 314-567-1221; Email: priney@walpertproperties.com.

Equity, Inc. is selling a 38,834 sq.ft. center located in Bellbrook, OH for $3.9 million with a Cap rate of 8.5%. The center is fully occupied and anchored by Discount Drug Mart.

For more information, contact Fred Graft, Equity, Inc., 100 East Wilson Bridge Road, Suite 200, Worthington, Ohio 43085; 614-989-3030, Fax 614-802-2901.

Colliers Arnold Commercial Real Estate Services, Inc. negotiated the sale of the former Ryan’s Steakhouse located at 6301 State Route 54 in New Port Richey, FL for $875,000. Mid-Exchange acquired the 11,496 sq.ft. site located on a land area of 2.08 acres and will operate as Barnhill’s Steak House.

For more information, contact Hal Colbert or Tom Chamblee, Colliers Arnold Commercial Real Estate Services, Inc., 102 West Whiting Street, Suite 300, Tampa, FL 33602; 813-221-2290, Fax 813-224-9403.

CB Richard Ellis, Inc. arranged the investment sale of Village Crossings, a 427,722 sq.ft. center located at the intersection of Touhy Avenue and Carpenter Road in north suburban Skokie, IL. The 44-acre outdoor center is nearly fully leased and has more than 40 tenants. Anchors include Barnes & Noble, Best Buy, CompUSA, OfficeMax, PetsMart, Ulta and Michaels. The seller was a joint venture of Hamilton Partners, Inc. and Greenfield Partners LLC. A separate 275,000 sq.ft. portion of Village Crossings on the west end of the development was not included in the transaction. The company also is selling Greenspoint Square Shopping Center, a 56,335 sq.ft. center located at 153 Greens Road, off of Interstate 45 with an average daily traffic count of 195,142 vehicles. The center is across the street from the 1.7 million sq.ft. Greenspoint Mall and is selling for $5 million. Area demographics include a population of 205,115 within five miles. The average household income within a three-mile radius is $45,637. The center is situated on a land area of 5.72 acres and is currently 64% occupied. Tenants include Brown Sugar’s Bar-B-Que, Today’s Vision, Quick Weight Loss, Copy Zone, PS Plus Sizes, Rico’s Mexican Cafe, Imperial Dragon Restaurant, IHOP, Airline Cleaners, Blimpie, Key Chiropractic, Casual Male Big & Tall and a gas station. The center has spaces available from 958 sq.ft. to 10,736 sq.ft.

For more information, contact CB Richard Ellis, Inc., 700 Commerce Drive, Suite 550, Oak Brook, IL 60523; 630-573-7122, Fax 630-573-7018; Web site: www.cbre.com. For more information regarding Greenspoint Square Shopping Center, contact Maggie Ogilvie, CB Richard Ellis, Inc., 2700 Post Road Boulevard, Suite 400, Houston, TX 77056; 713-840-6595; Email: mogilvie@cbre.com.

Draper and Kramer Retail Property Services, Inc. sold Fairview Plaza Shopping Center, a 38,171 sq.ft. center located at the intersection of 75th Street and Fairview in Downers Grove, IL for $5 million with a Cap rate of 9.2%. The vacancy rate at the time of the sale was 4%.

For more information, contact Joseph M. Kunst, Draper and Kramer Retail Property Services, Inc., 33 West Monroe Street, Chicago, IL 60603-5401; 312-795-2593, Fax 312-855-9358; Email: kunstj@draperandkramer.com; Web site: www.draperandkramer.com.

Mid-America Asset Management, Inc. represented Wal*Mart in the acquisition of 12 acres for the construction of a 140,000 sq.ft. store at Park Place Center in Palatine, IL. The center is tenanted by Roly Poly Sandwiches and Ashley’s of Palatine, a florist.

For more information, contact Mid-America Asset Management, Inc., Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181; 630-954-7300.

Inland Retail Real Estate Trust, Inc. acquired a 721,000 sq.ft. retail/mixed-use portfolio from Starwood Heller, LLC and Starwood Heller II, LLC. The sale involves seven properties in NJ, including five retail centers and one mixed-use retail/multi-family property. The six centers include: 440 Commons, a 163,000 sq.ft. center anchored by Home Depot located on Route 440 in Jersey City; Brick Center Plaza, a 114,000 sq.ft. center anchored by Best Buy and Bed Bath & Beyond located at 51 Chambers Bridge Road in Brick Township; East Hanover Plaza, a 98,000 sq.ft. center anchored by Sports Authority and OfficeMax located on Route 10 West in East Hanover; West Falls Plaza, an 89,000 sq.ft. center anchored by A&P located on Route 46 West in West Paterson; Edgewater Towne Center, a 77,000 sq.ft. center anchored by Whole Foods located at 905 River Road in Edgwater and a Sony Theater Complex, a 77,000 sq.ft. center anchored by a Loews Theater located at 145 Route 10 East in East Hanover.

For more information, contact Inland Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.

Grubb & Ellis is selling four Fazoli’s Restaurant locations in the Minneapolis and St. Cloud, MN area. The restaurants have absolute NNN leases and 20-year terms with 5% rent increases every five years and four renewal options. The company is selling the properties individually or as a portfolio.

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