Buyers & Sellers
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Buyers & Sellers

Red Mountain Retail Group acquired a portfolio of satellite stores in 11 shopping centers throughout seven states for $28 million. The portfolio totals more than 700,000 sq.ft. in CA, IL, KS, MT, NC, UT and WI. The company closed on the all-cash transaction within 90 days. The seller represented itself in the sale of the portfolio, which includes 73,000 sq.ft. at 2840 South Bristol Street in Santa Ana, CA; 33,000 sq.ft. at 2505 Santa Monica Boulevard in Santa Monica, CA; 35,000 sq.ft. at 3710 Tweedy Boulevard in South Gate, CA; 78,000 sq.ft. at 151 West Base Line Road in Rialto, CA; 41,000 sq.ft. at 133 East L Street in Wilmington, CA; 32,807 sq.ft. at Cumberland Plaza in Des Plaines, IL; 82,000 sq.ft. in the 5200 block of West 95th Street in Overland Park, KS; 108,081 sq.ft. at Bozeman Shopping Center in Bozeman, MT; 199,826 sq.ft. along the Van Winkle Expressway in Salt Lake City, UT; 21,000 sq.ft. at the intersection of East North Avenue and North Humbolt Boulevard in Milwaukee, WI; and a property at 2401 North College Road in Wilmington, NC that consists primarily of a 20,000 sq.ft. land parcel plus apartments and small stores.

For more information, contact Red Mountain Retail Group, 2727 North Bristol Street, Santa Ana, CA 92706; 714-245-7400, Fax 714-245-7401.

Coldwell Banker Commercial DFW is representing a client looking to acquire NNN convenience stores nationwide leased to 7-Eleven, Inc. with a Cap rate of 8.25%. The client will consider individual stores or portfolios with leases that have 10 years or more remaining on the primary lease period. The company specializes in site selection for single tenant retail buildings; sales and purchase of single tenant NNN leased properties; and equity for commercial real estate development projects.

For more information, contact Cie. Easterwood, Coldwell Banker Commercial DFW, 14800 Quorum Drive, Suite 180, Dallas, TX 75240; 972-392-0495, Fax 872-991-7005; Email: easterwood@cie-coldwellbanker.com; Web site: www.cie-coldwellbanker.com.

A private investor, is looking to acquire strip shopping centers in the Chicago, IL area. National tenants are of interest, however regional credit tenants will be considered.

For more information, contact Nathu Patel, 10936 South Kedzie Avenue, Chicago, IL 60655; 773-881-9910 (this number is also used for the fax).

Rockwood Realty Associates, LLC represented Teachers Insurance and Annuity Association in the sale of retail loans to Lehman Brothers. The portfolio consists of four fixed-rate commercial loans having an aggregate outstanding balance of $182 million. The loans are secured by four regional malls owned and operated by General Growth Properties and were originally for a 10-year term and have slightly over five years remaining. The four malls are Mall of the Bluffs in Council Bluffs, IA; Birchwood Mall in Port Huron, MI; Oakwood Mall in Eau Claire, WI; and Pierre Bossier Mall in Bossier City, LA.

For more information, contact Lisa Malone, Rockwood Realty Associates, LLC, 555 Fifth Avenue, New York, NY 10017; 212-286-5800, Fax 212-286-5555.

Panorama Realty is selling a 42,785 sq.ft., fully-leased center located in Will County, IL for $4 million with a Cap rate of 8.75%.

For more information, contact Jim Karvelas, Panorama Realty, 3717 Douglas Road, Downers Grove, IL 60515; 630-852-9970, Fax 630-852-3177.

Massell Commercial Real Estate is representing a client looking to acquire distressed retail, office or industrial property throughout the Atlanta, GA market. The property can be half or completely occupied, headed to foreclosure, or neglected and in need of renovations. The company is not interested in redevelopment opportunities, vacant land or buildings which are "functionally obsolete." The client is a cash buyer and has between $2.5 million and $10 million to invest.

For more information, contact Steve A. Massell, Massell Commercial Real Estate, 5600 Roswell Road, Suite 350 North, Atlanta, GA 30342; 404-255-6810, Fax 404-252-3883; Web site: www.massell.com.

The Rosemyr Corp. is selling sites with land areas of one acre, 1.33 acres, 1.4 acres, 1.64 acres and 1.74 acres at the intersection of Dabney Drive Extension and U.S. Business 1 in Henderson, NC with an average daily traffic count of 8,100 vehicles.

For more information, contact The Rosemyr Corp., 231 Garnett Street, PO Box 108, Henderson, NC 27536; 252-430-6161, Fax 252-430-7097.

Oxford Commercial, LLC is representing a client looking to acquire sites on the Delmarva Peninsula in MD for freestanding locations. The sites need to be at least 1.25 acres at signalized intersections.

For more information, contact Christopher K. Sadler, Oxford Commercial, LLC, 22 North Washington Street, Second Floor, Easton, MD 21601; 410-770-9717, Fax 410-770-9718; Web site: www.oxfordcommercial.net.

Property Pro represented OS Realty in the sale of one acre in Tampa, FL to Krispy Kreme for $1.05 million. The company also represented Wal*Mart Realty in the sale of an outparcel situated on a land area of one acre to Brinker International for a 5,500 sq.ft. Chili’s restaurant in Zephrillis, FL. The company also represented Sofran Crystal River in the sale of an outparcel situated on a land area of 1.3 acres to Brinker International for a 6,000 sq.ft. Chili’s restaurant in Crystal River, FL.

For more information regarding the Krispy Kreme sale, contact Jo Ann Ferlita, Property Pro, 415 North Meridian Avenue, Tampa, FL 33602; 813-835-7747. For more information regarding both Chili’s restaurant sales, contact Sue Haskel at 813-835-7747.

Abba Realty Association, Inc. is representing a client looking to acquire sites nationwide with leases of 10 years and asking prices from $15 million to $200 million. The client can close within 30 to 45 days on any type of income-producing property. The company also is representing a buyer looking for a property that will show $12 million in depreciation annually. Preferred sites include shopping centers and office buildings throughout the U.S. and Canada. The company also is representing a client looking to acquire shopping centers of 150,000 sq.ft. and up, as well as a client looking to acquire shopping centers and office buildings throughout New York, NY and CT from $2 million to $45 million.

For more information, contact Sheina Levin, Abba Realty Association, Inc., 1348 Union Street, Brooklyn, NY 11213; 718-773-7130, Fax 718-773-8281; Email: abbarealty@aol.com.

Crown American Realty Trust sold Oak Ridge Mall in Oak Ridge, TN to Crown Investments Trust.

For more information, contact Crown American Realty Trust, Pasquerilla Plaza, Johnstown, PA 15901; 814-536-4441.

Millennium Properties, Inc. represented Lend Lease Real Estate in the sale of a former Heilig Meyer Furniture store located at 6250 South Cottage Grove in the Washington Square neighborhood of Chicago, IL for approximately $1.35 million. The property consists of a 35,700 sq.ft., two-story retail building with a parking lot situated on a 32,598 sq.ft. corner site.

For more information, contact Susan Silver, Millennium Properties, 55 West Monroe, Suite 910, Chicago, IL 60603; 312-338-3001, Fax 312-338-3008.

CB Richard Ellis is representing a client looking to acquire freestanding Staples stores nationwide. The client prefers NNN or NN deals and can assume existing debt and short term deals. The company also is representing a client looking to sell a Family Dollar Store in South Beloit, IL for $674,317 with a Cap rate of 8.5% and a term of 10 years. An all cash deal is preferable. The company also is marketing a property situated on a land area of 9.5 acres located at the intersection of South Tryon and Shopton Road in Charlotte, NC. The site is zoned for 100,000 sq.ft. of office/retail space and is contiguous to a 16.5-acre parcel under contract for a 280-unit upscale multifamily community. Area retail includes a Wal*Mart Supercenter. Asking price is $3.50 psf. The company also represented Acron Capital in the sale of a 40,000 sq.ft., full-line supermarket located at 4595 New Falls Road in Levittown, PA for $3.25 million. The store was built for Giant Supermarkets.

For more information regarding the Staples and Family Dollar sites, contact Michael R. O’Mara, CB Richard Ellis, 600 Atlantic Avenue, 22nd Floor, Boston, MA 02210; 617-912-7086, Fax 617-912-7001. For more information regarding the site in Charlotte, NC, contact Mac Fanning, CB Richard Ellis, 1136 Washington Street, 7th Floor, Columbia, SC 29201; 803-779-7777 Ext. 22, Fax 803-931-8989; Email: mfanning@cbre.com. For more information regarding the Levittown, PA site, contact Patrick McCabe, CB Richard Ellis, 1200 Liberty Ridge Drive, Suite 320, Wayne, PA 19087; 610-251-5122, Fax 610-889-9168; Web site: www.cbre.com.

Marcus & Millichap Real Estate Brokerage Co. secured a buyer for Country Club Plaza, a 65,259 sq.ft. center located at the intersection of Country Club Boulevard and Interstate 5 in Stockton, CA for $12.875 million with a Cap rate of 7.6%. The 100% occupied center is situated on a land area of 5.5 acres and is anchored by a freestanding Safeway supermarket. The company also is marketing the sale and disposition of a $10.6 million multi-tenant center that sits on a land area of 8.2 acres in Flint Township, MI. The center has a 12.78% year one leveraged cash on cash return; a 10-year leveraged IRR of 16.56% and a 96% national credit tenancy. Demographics include a population earning $40,000 as the median household income. The property consists of three national credit tenants, Jo-Ann, Bed Bath & Beyond and Old Navy, whose ratings are all B+ or better.

For more information regarding Country Club Plaza, contact Larry Gray, Marcus & Millichap Real Estate Brokerage Co., 16830 Ventura Boulevard, Suite 100, Encino, CA 91436; 925-979-9810 Ext. 116. Or call, 818-907-0600, Fax 818-501-8230; Web site: www.marcusmillichap.com. For more information regarding the site in Flint Township, MI, contact William T. O’Connor, Marcus & Millichap Real Estate Brokerage Co., One Northwestern Plaza, 28411 Northwestern Highway, Suite 1100, Southfield, MI 48034; 248-352-5050, Fax 248-352-3813.

Sperry Van Ness sold a The Good Guys store in Brea, CA. The store has 4.5 years remaining on its NNN lease.

For more information, contact Mehran Foroughi, Sperry Van Ness, 18881 Von Karman Avenue, Suite 800, Irvine, CA 92612; 949-250-4100; Web site: www.svn.com.