Buyers & Sellers
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Buyers & Sellers

MBK Northwest Real Estate sold the main core of Parkway SuperCenter in Tukwila, WA to a division of Kimco Realty Corp. for $88.5 million. Kimco acquired 450,000 sq.ft. of the center’s total GLA of 700,000 sq.ft. The center is anchored by Best Buy, Babies "R" Us, Old Navy, Michaels, Cost Plus, Ross ‘Dress for Less’, David’s Bridal, Marshalls, Pier 1 Imports, Gart Sports and CompUSA.

For more information, contact MBK Northwest Real Estate, PO Box 57065, Irvine, CA 92619-7065 or 175 Technology Drive, Irvine, CA 92618; 949-789-8300.

MJB Real Estate Services Corp. sold the site at 330 Westport Avenue in Norwalk, CT for $1.55 million to Dan Marine, LLC. Tenants at the location include Subway and Choice Pet Foods. The building is a multi-purpose retail location near Stew Leonard’s, Marshalls, Staples and CVS. Currently, there is 10,500 sq.ft. of space available for lease.

For more information, contact Kimberly Breyan, MJB Real Estate Services Corp., 735 Post Road East, Westport, CT 06880; 203-222-6200, Fax 203-222-6202; Web site: www.mjbcorp.com.

NNN1031.com is selling the following two The Good Guys stores: a location in Bellingham, WA for $3.937 million with a Cap rate of 9% and a location in Portland, OR for $4,177,094 with a Cap rate of 9.5%. Both properties have NNN leases.

For more information, contact Jay Bastian or Jennifer Ryan, NNN1031.com, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1144 for Jay or 407-650-1077 for Jennifer, Fax 407-650-1046; Emails: jay_bastian@nnn1031.com and jennifer_ryan@nnn1031.com; Web site: www.nnn1031.com

First Allied Corp. acquired Frankford Crossing Shopping Center located off the Dallas North Tollway at Frankford Road in Dallas, TX for $21.3 million. The 140,000 sq.ft. center is anchored by Albertsons and is tenanted by Starbucks, Baskin-Robbins, Papa John’s Pizza, Super Cuts, Famous Footwear and Hollywood Video.

For more information, contact First Allied Corp., 680 Fifth Avenue, Suite 1602, New York, NY 10019; 212-586-5150, Fax 212-586-5147; Web site: www.firstalliedcorp.com.

US Properties is selling a Kmart in NY generating a sales volume of $230 psf for $5.356 million with a Cap rate of 12.5%.

For more information, contact Mark Endelman, US Properties, 99 Main Street, Nyack, NY 10960; 845-348-7665, Fax 845-818-3978.

Developers Diversified Realty acquired Crossroads Center, a 540,000 sq.ft. center located at the intersection of Interstate 10 and Highway 49 in Gulfport, MS for approximately $45.5 million. The initial Cap rate on leases in place is anticipated to increase to 11.4% after the development of three outparcels and a 9,000 sq.ft. freestanding restaurant, as well as additional lease up at the property. The center is anchored by Belk Department Store, a 16-screen Cinemark Theater, Circuit City, T.J. Maxx, Office Depot, Barnes & Noble, Academy Sports, PetsMart, Kirchman’s Furniture, Bed Bath & Beyond and Goody’s.

For more information, contact Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 216-755-5500.

Trammell Crow Co. negotiated the sale of Poinciana Place Shopping Center located in front of the Osceola County Convention Center at the intersection of State Route 535 and U.S. 192 in Kissimmee, FL. The 98,000 sq.ft. center is anchored by Publix. Average asking rents range from $15 psf to $25 psf. The company also represented Equity Properties and Development in the sale of Regency Square Mall in Florence, AL. The 570,688 sq.ft. center is 92% leased and is anchored by Dillard’s, Sears, JCPenney, Parisian and Carmike Cinemas.

For more information, contact John M. Crossman, Trammell Crow Co., 1900 Summit Tower Boulevard, Suite 750, Orlando, FL 32810; 407-618-1300, Fax 407-618-1230; Web site: www.trammellcrow.com.

Grubb & Ellis/Paramount represented National Amusements, Inc., in the sale of 118 acres of retail development land in Grand Rapids, MI for $11.25 million to Bayberry Commons, LLC. The site will be developed into over 500,000 sq.ft. of retail space. The company also represented Bayberry Commons, LLC in the purchase of nine acres of retail land for development of a supermarket-anchored center for $1.8 million.

For more information, contact Bill Bussey, Grubb & Ellis/Paramount, 300 Ottawa Avenue NW, Suite 400, Grand Rapids, MI 49503; 616-774-3500, Fax 616-774-3600; Email: bbussey@paramountgroup.com.

Combined Properties, Inc. partnered with Greehoot Cohen in the acquisition of Greenway Center, a 265,000 sq.ft. center located on Greenbelt Road in Greenbelt, MD, for $47.2 million. The center is anchored by Safeway, CVS Pharmacy, Ross ‘Dress for Less’, Old Navy and Bally’s Total Fitness Center.

For more information, contact Linda Dreyer, Combined Properties, Inc., 1255 22nd Street, 6th Floor, Washington, DC 20037-1225; 202-736-2813, Fax 202-833-3013; Web site: www.combined.biz.

Shopping Center Realty Corp. brokered the sale of Autozone Plaza in Waterbury, CT and Blockbuster Plaza on Route 22 in Phillipsburg, NJ. The company is currently looking to acquire small strip centers or freestanding retail/office/medical properties in central NJ.

For more information, contact Brian Moss, Shopping Center Realty Corp., 35 Mason Street, Greenwich, CT 06830; 203-629-1919, Fax 203-629-1931.

CB Richard Ellis, Inc. arranged the sale of Catalina Centre, a center located in Palm Beach County, FL. The 153,360 sq.ft. center is anchored by a 50,000 sq.ft. Best Buy and Marshalls. The center is situated on a land area of 14.47 acres. The Roberts Organization acquired the property for $19.5 million from Investcorp.

For more information, contact Richard Tarquinio, CB Richard Ellis, Inc., 777 Brickell Avenue, Suite 1000, Miami, FL 33131; 305-374-1000, Fax 305-381-6462; Email: rtarquinio@cbre.com; Web site: www.cbre.com.

Island Associates Real Estate, Inc. represented seller Edgewater Properties and purchaser 835 Montauk Highway LLC in the sale of a former Caldor/Pergament Center located at the intersection of Sills Road and Montauk Highway in East Patchogue, NY. The property consists of 140,000 sq.ft. and is 92% vacant. The only remaining tenant is Genovese Drugs. The purchase price was $4.8 million.

For more information, contact Island Associates Real Estate, Inc., 455 Sunrise Highway, West Islip, NY 11795; 631-587-5050, Fax 631-587-0230; Web site: www.islandassociates.com.

Liberty Bell Real Estate is looking to acquire properties that need remodeling for a price range from $5 million to $25 million.

For more information, contact David Fillingham, Liberty Bell Real Estate, 79 Marlboro Street, Belmont, MA 02478.

Coldwell-Banker is selling 9.52 acres opposite of a regional enclosed mall located at the intersection of Winchester Road and Vocke Road in Cumberland, MD for $800,000.

For more information, contact Doug Macy, Coldwell-Banker, 131 North Center Street, Cumberland, MD 21502; 301-724-2143, Fax 301-724-6464; Email: dmacy1@charter.net.

Sewell Commercial Development and Brokerage is selling 24 acres of property located at the intersection of U.S. 62 and U.S. 127 and 11 acres of property located at the intersection of KY 44 and U.S. 127.

For more information, contact David C. Richardson, Sewell Commercial Development and Brokerage, 880 Corporate Drive, Suite 103, Lexington, KY 40503; 859-219-2470, Fax 859-219-2479; Email: drichardson@sewellcommercial.com; Web site: www.sewellcommercial.com.

JGB Enterprises is selling a 14,352 sq.ft. center anchored by Blockbuster and Starbucks in Syracuse, NY for $2.1 million with a Cap rate of 9.5%.

For more information, contact Erica Bernhardt, JGB Properties, PO Box 209, Liverpool, NY 13088; 315-451-2770, Fax 315-858-0475; Email: ebernhardt@jgbhose.com; Web site: www.jgbproperties.com.

Marcus & Millichap Real Estate Investment Brokerage Co. is marketing three properties in the East Village of New York, NY. The retail/residential zoned buildings are located at the corner of 163, 165 and 167 First Avenue in Manhattan. The list price is $15.95 million with a Cap rate of 5.8%. The listing includes one three-story walk-up and two five-story walk-up buildings that combined include eight retail units and 19 apartment units.

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.

The Boulder Group is marketing several single-tenant, net-leased properties nationwide. The tenants include Walgreens, Eckerd and several restaurant ground leases.

For more information, contact Randy Blankstein, The Boulder Group, 1945 Techny, Suite 6, Northbrook, IL 60062; 847-562-0003, Fax 847-589-1217; Email: rb@1031properties.com.

Simon Property Group, Inc. sold Machesney Park Mall in Machesney Park, IL to Rubloff Development Group for an undisclosed price.

For more information, contact Simon Property Group, 115 West Washington Street, Indianapolis, IN 46204; 317-636-1600.

Jones Lang LaSalle sold The Richland Mall in Columbia, SC to Windsor Richland Mall, LP. The 867,000 sq.ft. mall includes a 136,000 sq.ft. Verizon call center, is anchored by Belk, Dillard’s and Parisian and is tenanted by Barnes & Noble, Regal Cinema, Limited, Eckerd, Sam Goody and T.G.I. Friday’s. The mall is 78% occupied.

For more information, contact Jones Lang LaSalle, 153 East 53rd Street, Suite 3300, New York, NY 10022; 212-812-5700, Fax 212-421-3544; Web site: www.joneslanglasalle.com.

Edgemark Commercial Real Estate Services, LLC is selling Wauconda Crossings, a 90,290 sq.ft. center located at the intersection of U.S. Route 12 and State Route 176 in Wauconda, IL. The center is 100% leased. Tenants include Dominicks Finer Foods, a freestanding Walgreens and 4,000 sq.ft. of small shop space. The asking price is $15.5 million. Area demographics include a population of 65,065 within five miles. The center is situated on a land area of 9.9 acres. The buyer must assume approximately $9.504 million non-recourse first mortgage with Jefferson Pilot at 7.59% with a 25-year amortization due in 2008.

For more information, contact Jeffrey J. Kowal, Edgemark Commercial Real Estate Services, LLC, 2215 York Road, Suite 503, Oak Brook, IL 60523-4016; 630-472-1010, Fax 630-472-1019.

Robert K. Futterman & Associates arranged the sale of a nine-acre, 99-year ground lease at 128-132 Second Avenue in Brooklyn, NY to Forest City Ratner on behalf of Millennium Partners. Forest City Ratner ground leased the property to Lowe’s Home Improvement Warehouse, which began construction in October.

For more information, contact Robert K. Futterman & Associates, 140 East 45th Street, 34th Floor, New York, NY 10017; 212-599-3700, Fax 212-599-3744; Web site: www.rkf.com.

LMT Investment Co., Inc. is selling the following Circuit City stores with Cap rates of 8%, 20-year NNN leases, two 10-year options with 10% rent increases: stores in Tampa, FL and Chicago, IL for $7.254 million and one in Philadelphia, PA for $7,695,750. The financing is 6.01% fixed interest, 30-year amortization due in 10 years, non-recourse.

For more information, contact Tom or Gary Schonher, LMT Investment Co., Inc., 550 Hamilton Avenue, Suite 333, Palo Alto, CA 94301; 650-325-2626; Email: tom@nnnlmt.com.

Woolbright Development, Inc. acquired Plaza Del Mar in Manalapan, FL from Plaza Del Mar L.P. The 102,000 sq.ft. upscale specialty center is located on South Ocean Boulevard and is 74% occupied. Tenants include Florida Stage Theatre, Smith Barney, Merrill Lynch, Chico’s, Evelyn & Arthur’s and SunTrust bank. The company also acquired The Fountains, a 410,000 sq.ft. center located on University Drive in Plantation, FL for $44 million. The center is anchored by Marshalls, Circuit City, Chili’s, Olive Garden and Red Lobster.

For more information, contact Duane J. Stiller, Woolbright Development, Inc., 4800 North Federal Highway, Suite 108D, Boca Raton, FL 33431; 561-393-9933; Email: dstiller@woolbright.net.

Sperry Van Ness sold Pierside Pavilion, an entertainment center located across from Huntington Beach Pier in Huntington Beach, CA.

For more information, contact Reza Etedali, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-250-4143; Email: etedalir@svn.com.

Rockwood Realty Associates, LLC is representing Heitman and Hycel Properties Co. in the sale of St. Louis Galleria located at the intersection of Brentwood Boulevard, Interstate 64 and Interstate 170 in St. Louis, MO. The 1,165,402 sq.ft. super regional mall is anchored by Lord & Taylor, Dillard’s and Famous-Barr and is tenanted by Mark Shale, Restoration Hardware, Brooks Brothers Women, Cartier, The Cheesecake Factory, Christian Bernard and Bang & Olufsen. Additionally, the offering includes a parcel of land comprising approximately 13 acres.

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

Corporate Property Group, Inc. is selling Springhill Retail Center, a 9,590 sq.ft. center located at the intersection of U.S. Highway 19 and Springhill Drive in Springhill, FL with an average daily traffic count of 30,500 vehicles. The center is anchored by Blockbuster Video and has space of 4,340 sq.ft. available.

For more information, contact Joe Poirier, Corporate Property Group, Inc., 7332 Office Park Place, Suite 101, Melbourne, FL 32940; 321-951-1500, Fax 321-751-9925.