Buyers & Sellers
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Buyers & Sellers


RD Management, in conjunction with TKO Real Estate Advisory Group, brokered the sale of the Lehigh Valley Wellness Center from a division of Kimco Realty Corp. on behalf of Trexler Mall in Allentown, PA. The building is currently occupied by the wellness center. A Kohl’s department store also will take over a portion of the vacant mall.

For more information, contact RD Management, 810 Seventh Avenue, New York, NY 10019; 212-265-6600, Fax 212-459-9133; Web site: www.rdmanagement.com. Or contact Ted Kraus, TKO Real Estate Advisory Group, 100 Youngs Road, Mercerville, NJ 08619; 609-587-6200, Fax 609-587-3511; Email: ted@dealmakers.net; Web site: www.dealmakers.net.

G.W. "Bill" Sparks III is selling a downtown building containing 9,180 sq.ft. of retail, as well as a lower level containing 9,180 sq.ft. of office/retail space in Moberly, MO. The retail floor space is approximately 75% of the total area. The asking price is $95,000.

For more information, contact G.W. "Bill" Sparks III, 315 South 5th Street, Moberly, MO 65270; 660-263-0448; Web site: www.sparks-co.com.

Johan & York, Inc. is looking to acquire retail development properties in central FL. The property must be suitable for preferred product types like drug stores, convenience stores, power centers, freestanding locations, and supermarket-anchored neighborhood and community shopping centers. The company prefers a deal size ranging from $2 million to $20 million, but will consider other opportunities.

For more information, contact Rupen Nana, Johan & York, Inc., 5728 Major Boulevard, Suite 309, Orlando, FL 32819; 407-351-4747, Fax 407-445-4595; Email: rjnusa@hotmail.com.

Rockwood Realty Associates, LLC sold Layton Hills Mall located at the intersection of Interstate 15 and Hill Field Road in Layton, UT. The center is two levels and includes 749,387 sq.ft. of GLA. Anchors include Meier & Frank, JCPenney and Mervyn’s. Tenants include Zales Jewelers, Bath & Body Works, Victoria’s Secret and Gymboree. The buyer, Gregory Greenfield & Associates, acquired the property from Lend Lease Real Estate Investments.

For more information, contact Lisa Malone, Rockwood Realty Associates, LLC, 555 Fifth Avenue, New York, NY 10017; 212-286-5800.

Colliers Arnold Commercial Real Estate Services, Inc. completed the sale of the 211,688 sq.ft. Ponce de Leon Mall located on U.S. Highway 1 in St. Augustine, FL for $6 million. The mall was sold by John Hancock Life Insurance Co. to Hull-Storey Retail Group. The property is 85% leased and is anchored by JCPenney, Belk and Regal Cinemas.

For more information, contact Mike Milano, Colliers Arnold Commercial Real Estate Services, Inc., 102 West Whiting Street, Suite 300, Tampa, FL 33602; 813-221-2290, Fax 813-224-9403; Web site: www.colliersarnold.com.

Century 21 Sussex & Reilly Commercial Properties sold the Grand Plaza strip center located at 2401 Grand Avenue in Waukegan, IL for $3.1 million. The property sits on a land area of 6.2 acres and contains seven spaces totaling 53,000 sq.ft. The center is tenanted by Payless ShoeSource.

For more information, contact Century 21 Sussex & Reilly Commercial Properties, 719 West Willow Street, Chicago, IL 60614; 312-573-7930, Fax 312-573-1061; Web site: www.srcommercial.com.

Marcus & Millichap Real Estate Investment Brokerage Co. is planning to sell the Sierra Center, a 100,253 sq.ft. center located at 3000-3120 Baldwin Park Boulevard in Baldwin Park, CA for $18.525 million with a Cap rate of 7.7%. The property is fully occupied with tenants including Food4Less, OfficeMax, Payless ShoeSource and Hollywood Video. The center is situated on a land area of 8.28 acres and is anchored by Target. The company also sold Apple Glen Crossing, a 150,322 sq.ft. center located at 1410 Apple Glen Boulevard in Fort Wayne, IN. The property is shadow anchored by Wal*Mart and Kohl’s and is directly across from Jefferson Point, a new 600,000 sq.ft. open-air project. Cotenants include Best Buy, Dick’s Sporting Goods, PetsMart and Shoe Carnival. The company also sold New Garden Plaza II, a 19,317 sq.ft. center located on West Cypress Street in southern Chester County, PA. New Garden Plaza II Acquisition LLC acquired the center from B & D Properties for $2.03 million. The company is looking to sell South Plaza Shopping Center, a 300,000 sq.ft., two-story center located at the intersection of Old Hickory Boulevard and Nolensville Road in Nashville, TN for $18.325 million with a Cap rate of 9.7%. The center is anchored by a 130,000 sq.ft. Wal*Mart and is tenanted by Gold’s Gym, Cedar Springs Christian Store and Fashion Bug.

For more information, contact Larry Gray, Marcus & Millichap, 500 Ygnacio Valley Road, Suite 330, Walnut Creek, CA 94596; 925-979-9810 Ext. 116, Fax 925-979-9811; Web site: www.marcusmillichap.com. For more information regarding South Plaza Shopping Center, contact John Riser, Marcus & Millichap, 317-955-2600 or Gavin Kam at 972-980-4800.

Upland Real Estate Group sold three KinderCare Learning Centers throughout CO and NJ. The sale price for the 9,830 sq.ft. and 9,832 sq.ft. Thornton, CO locations was $2.5 million each, while the 9,832 sq.ft. Manasquan, NJ location sold for $2.1 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.

Phase One Realty, Inc. is selling the following two Walgreens drug stores in OH: a 14,490 sq.ft. store in Massillon on a land area of 1.5 acres for $4.467 million with a Cap rate of 7.5% and a 14,560 sq.ft. store in Findlay on a land area of 2.1 acres for $4 million.

For more information, contact Robert H. Fippinger, Phase One Realty, Inc., 333 Montezuma Avenue, 2nd Floor, Santa Fe, NM 87501; 505-988-3883 Ext. 2, Fax 505-988-5134; Email: rhf@phaseonerealty.com.

Inland Retail Real Estate Trust, Inc. acquired a drug store portfolio for more than $59 million. The portfolio is made up of 19 freestanding, drive-thru Eckerd drugstores in NY, PA and WV. The aggregate net rentable square footage of this transaction is 210,906 sq.ft. All the properties have long-term NNN leases. Inland acquired the properties from Walnut Capital Partners. The properties are located in NY at Millersport Highway in Amherst, Broadway and Bailey in Buffalo, Genesee and Pine Ridge in Cheektowaga and Central and Millard Fillmore in Dunkirk; in PA at Old Freeport Road and Pillow in Cheswick, Route 19 and York in Connellsville, 26th and Parade, 12th and Parade and 12th and Pittsburgh in Erie; 26th and Sterrettania and Peach and Zimmerly in Millcreek; Eastway Plaza in Harborcreek; Route 22 and Center and Monroeville and Jamison in Monroeville; Washington and Jefferson in Newcastle; Route 130 and Pleasant Valley in Penn; Route 51 and Route 88 in Pittsburgh and Route 286 and Old Frankstown in Plum; and in WV at Route 22 and Cove in Weirton.

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

Heritage Property Investment Trust, Inc. acquired interest in four shopping centers for $81.6 million. The company acquired 665,847 sq.ft. of the 1,513,508 sq.ft. of available GLA. The company acquired the 319,826 sq.ft. Warminster Town Center located in Warminster, PA. The center is 97% leased and is anchored by ShopRite, Ross ‘Dress for Less’, PetsMart and OfficeMax and includes a separately-owned 80,000 sq.ft. Kohl’s. Apple Glen Crossing is a 452,550 sq.ft. community center located in Fort Wayne, IN. The center is 96% leased and is anchored by Best Buy, Dick’s Sporting Goods and includes a separately-owned 213,437 sq.ft. Wal*Mart Supercenter and an 88,791 sq.ft. Kohl’s. Montgomery Commons is a 299,050 sq.ft. community center located in Montgomery, AL, adjacent to the company’s existing 176,361 sq.ft. Montgomery Towne Center. The center is 99% leased and is anchored by Marshalls, Michaels and includes a separately-owned 203,750 sq.ft. Wal*Mart Supercenter. Spradlin Farms is a 442,082 sq.ft. community shopping center located in Christiansburg, VA. The property, which is 99% leased, is anchored by T.J. Maxx, Barnes & Noble, Michaels and Goody’s. The property also includes a separately-owned 124,000 sq.ft. Home Depot, a 137,000 sq.ft. Target and is adjacent to a 210,000 sq.ft. Wal*Mart Supercenter.

For more information, contact Cayce L. Montero, Heritage Property Investment Trust, Inc., 535 Boylston Street, 10th Floor, Boston, MA 02116; 617-247-2200, Fax 617-266-0885.

Michaela Driver Realty is selling a convenience store in Lewisburg, TN. Inside sales of $60,000 and gas sales of $70,000 per month have been reported.

For more information, contact Michaela Driver, Michaela Driver Realty, PO Box 91497, Chattanooga, TN 37412; 888-626-0005.

Creative Realty Group is selling a 77,136 sq.ft. center located at Brookpark Road in Brooklyn, OH. The center is anchored by Home Depot.

For more information, contact Creative Realty Group, 29325 Chagrin Boulevard, Suite 302, Pepper Pike, OH 44122; 216-378-9700, Fax 216-378-9800.

United Realty is selling a 136,000 sq.ft. center situated on a land area of 21.74 acres in southern MS. The center is tenanted by a 68,907 sq.ft. Wal*Mart, a 41,895 sq.ft. Winn-Dixie, a 5,600 sq.ft. Cato and a 3,000 sq.ft. Payless Shoes.

For more information, contact United Realty, 200 Broadhollow Road, Melville, NY 11747; 631-421-1000, Fax 631-421-0680; Web site: www.unitedrealtyinc.com.

Friedman Real Estate Group, Inc. recently negotiated the sale of a 136,532 sq.ft. center located at 3080 South Linden in Flint, MI. World Vision, Inc. sold the property to Eyde Co.

For more information, contact David Lord, Friedman Real Estate Group, Inc., 34975 West Twelve Mile Road, Farmington Hills, MI 48331; 248-848-4174, Fax 248-848-4141; Email: david.lord@freg.com; Web site: www.friedmanrealestate.com.

netUSrealestate is selling an Eckerd store in TN for $1,963,619. The store will have a new, 25-year, NNN lease in place by June at a Cap rate of 8.15%.

For more information, contact Jen VanWilliams, netUSrealestate, 4318 Downtowner Loop North, Suite E, Mobile, AL 36609; 251-344-2000, Fax 251-680-6729; Web site: www.netusrealestate.com.

Sperry Van Ness represented Rio Development in the sale of Rio Rancho Plaza, a 45,000 sq.ft. center located at the intersection of Garey Avenue and Rio Rancho Road in Pomona, CA for $6.35 million. The center is anchored by Rite Aid, Hollywood Video, Radio Shack and 99 Cost Bargain.

For more information, contact Brad Umansky, Sperry Van Ness, 800 North Haven, Suite 100, Ontario, CA 91764-4915; 909-466-2500, Fax 909-466-2512; Email: umanskyb@svn.com; Web site: www.svn.com.