Buyers & Sellers
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Buyers & Sellers

Hull Storey Retail Group acquired the Victoria Mall, a 676,000 sq.ft. mall located in Victoria, TX. The project is anchored by Dillard’s, JCPenney, Sears and Bealls.

For more information, contact Laura Perry, Hull Storey Retail Group, 3632 Wheeler Road, Augusta, GA 30909; 706-855-4067, Fax 706-868-7457; Web site: www.hullstorey.com.

McCollom Realty Ltd. is selling a 9,311 sq.ft. Dollar General-anchored center located at 304 Michigan Street in Walkerton, IN for $425,000. The center has expansion potential of approximately 4,000 sq.ft.

For more information, contact McCollom Realty Ltd., 1010 Lake Street, Oak Park, IL 60301; 708-383-6450.

CB Richard Ellis, Inc. is selling West Hollywood Gateway, a 250,000 sq.ft. center located at the intersection of Santa Monica Boulevard and La Brea in west Hollywood, CA. The center is slated to open during March 2004 and is anchored by a 144,000 sq.ft. Target and a 46,000 sq.ft. Best Buy. The company also negotiated the sale of Huntington Square Shopping Center, a 46,483 sq.ft. center located at the intersection of Southern and Mill Avenues in Tempe, AZ for $4.4 million. The company also is selling Village at Timarron, a 36,322 sq.ft. center located at the intersection of East Southlake Boulevard and Byron Nelson Boulevard in Southlake, TX for $5.35 million with a Cap rate of 10.14%. The center is situated on a land area of 4.941 acres. The company also is selling Pecan Creek, an 11,372 sq.ft. center located adjacent to Village at Timarron at the intersection of East Southlake Boulevard and Byron Nelson Boulevard in Southlake, TX for $2.56 million.

For more information, contact David B. Doupe, CB Richard Ellis, Inc., 444 South Flower Street, Suite 2400, Los Angeles, CA 90071; 213-593-1390, Fax 213-593-1319. For more information regarding Huntington Square Shopping Center, contact Katherine Haug, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-1782, Fax 602-735-5655; Email: katherine.haug@cbre.com. For more information regarding Village at Timarron and Pecan Creek, contact Jerry Luterman, CB Richard Ellis, Inc., 5430 LBJ Freeway, Suite 1100, Dallas, TX 75240; 972-458-4861; Email: jerry.luterman@cbre.com.

Chase Properties is looking to acquire centers with a GLA of 100,000 sq.ft. or more, value-added or high yield anywhere in the eastern half of the U.S.

For more information, contact Chase Properties, Ltd., 25825 Science Park Drive, Suite 355, Beachwood, OH 44122; 216-464-6626, Fax 216-464-6346.

Great Street Realty Partners, LLC is selling a Walgreens Pharmacy located at the intersection of Archer Avenue and Kedzie Avenue in Chicago, IL for $6.3 million. The lease term is 20 years with eight five-year options.

For more information, contact Jon Reese, Great Street Realty Partners, 1701 Golf Road, Tower 3, Suite 203, Rolling Meadows, IL 60008; 847-472-5011, Fax 847-981-0047; Email: jon@greatstreetrealty.com.

Kin Properties, Inc. is selling a former Sutherland’s Friendly Home Improvement, a 74,528 sq.ft. building located at 4015 Cy Street in Casper, WY for $1.55 million. The site is situated on a land area of 6.83 acres. Area retail includes Radio Shack, Burger King, Blockbuster Video, Big O Tires, Tru-Value Hardware and Taco Bell. The lease has four three-year options. The mortgage term is for 10 years with an amortization of 30 years and a 6.5% interest. The company also is selling Five Points Plaza/Big Kmart Center located at the intersection of Dayton Yellow Springs Road and Beaver Valley Road in Fairborn, OH for $2,912,500. The 136,665 sq.ft. building is situated on a land area of 15.52 acres. Area demographics include a population of 64,650 within five miles earning $60,576 as the average household income. The company also is selling a 179,233 sq.ft. JCPenney located at 2400 Romig Road in Akron, OH. for $1.7 million. The lease has six, five-year renewal options. JCPenney is the front anchor of the 1.3 million sq.ft. Rolling Acres Mall.

For more information, contact Lee Cherney, Kin Properties, Inc., 185 Spanish River Boulevard, Suite 100, Boca Raton, FL 33427; 561-620-9200, Fax 561-955-9921; Email: lee.cherney@kinproperties.com.

Credit Net Lease is selling three Ray’s Food Place markets at the following locations: 190 Emerald Parkway in Creswell, OR for $4.55 million; 330 Dakota Street in Sutherlin, OR for $4.55 million and at 1718 South Main Street in Willits, CA for $4.322 million. All the sites have a Cap rate of 8% and 20-year absolute NNN leases with rental increases every five years.

For more information, contact Richard Collins, Credit Net Lease, 220 West Crest Street, Escondido, CA 92025; 760-317-2929, Fax 760-741-8617.

NAI Desco Commercial is selling a land area of 31.89 acres at the intersection of Mexico Road and Spencer Road in St. Peter’s, MO for $5 psf.

For more information, contact Peter Sheahan, NAI Desco Commercial, 8235 Forsyth Boulevard, Suite 210, St. Louis, MO 63105; 314-994-4444, Fax 314-994-4088; Web site: www.descocommercial.com.

Marcus & Millichap Real Estate Investment Brokerage Co. is selling a freestanding Kmart in Perrysburg, OH for $26.39 psf. Area demographics include a population within three miles earning $48,134 as the average household income. The company also is selling Iron Mountain Plaza, a center located in Iron Mountain, MI for $42.88 psf. The company also is selling Plaza Vista Regional Mall, a 227,149 sq.ft. center located in Sierra Vista, AZ for $20.225 million with a Cap rate of 8.1%. Tenants include Wal*Mart, Payless ShoeSource, Wells Fargo, Subway and Radio Shack.

For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 28411 Northwestern Highway, Suite 1100, Southfield, MI 48034; 248-352-5050, Fax 248-352-3813. For more information regarding Plaza Vista Regional Mall, contact Sanford Burstyn, Marcus & Millichap Real Estate Investment Brokerage Co., 2398 East Camelback Road, Suite 530, Phoenix, AZ 85016; 602-952-9669, Fax 602-952-1150.

Developers Diversified Realty Corp. and Coventry Real Estate Partners sold the following two centers: Cameron Park Shopping Center, a 103,000 sq.ft. center located in Sacramento, CA. The center is anchored by Safeway and sold for approximately $19.3 million to Westwood Financial Corp.; and the LaMancha Shopping Center, a 109,000 sq.ft. center located in Fullerton, CA. The center is anchored by Ralph’s Grocery Store and sold for approximately $15 million to a private investor.

For more information, contact Michelle A. Mahue, Developers Diversified Realty Corp., 3300 Enterprise Parkway, Beachwood, OH 44122; 216-755-5500, Fax 216-755-1455; Email: mmahue@ddrc.com.

Coldwell Banker Commercial NRT is selling a 43,500 sq.ft. center situated on a land area of 5.88 acres in Pembroke Pines, FL for $9 million with a Cap rate of 9%. The center is currently 96.5% leased with 19 tenants.

For more information, contact Allan Cohen, Coldwell Banker Commercial NRT, 20803 Biscayne Boulevard, Suite 102, Aventura, FL 33180; 305-215-3668, Fax 954-454-7216; Email: allan.cohen@coldwellbanker.com.

Rubin Real Estate is representing a client seeking to acquire supermarket-anchored strip centers, preferably in the Tampa Bay, FL market.

For more information, contact Pete Logan, Rubin Real Estate, Inc., 15500 Roosevelt Boulevard, Suite 301, Clearwater, FL 33760; 727-530-0021 Ext. 233, Fax 727-536-6852; Email: p.logan@rubinrealestate.com.