|
Buyers & Sellers
|
|
|
Buyers & Sellers Upland Real Estate Group, Inc. sold a 9,832 sq.ft. KinderCare Learning Center located in Flemington, NJ for $2.5 million. The company also sold a 10,865 sq.ft. Old Country Buffet in Woodbury, MN for $2.25 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; Web site: www.upland.com.
Inland Retail Real Estate, Inc. acquired Naugatuck Valley Shopping Center, a 380,000 sq.ft. center located in Waterbury, CT, for $49.2 million. The center is anchored by Wal*Mart, Stop & Shop Supermarket and Linens ‘n Things and is tenanted by La-Z-Boy and EB GameWorld. For more information, contact Rick Fox, Inland Retail Real Estate, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Email: rfox@inland.com; Web site: www.inlandgroup.com.
Weingarten Realty Investors acquired the following four shopping centers located in CO, FL, GA and TX: Overton Park Plaza, a 351,300 sq.ft. center located at the intersection of SW Loop 820/Interstate 20 and South Hulen Street in Fort Worth, TX. The center is anchored by Albertsons, Circuit City, Office Depot, T.J. Maxx, Oshman’s, Famous Footwear and PetsMart and is currently 97% occupied; Sandy Plains Exchange, a 72,800 sq.ft. center located at the intersection of Sandy Plains and Scufflegrit in Marietta, GA. The center is anchored by Publix and is currently 96% occupied; Highlands Ranch University Park, an 88,400 sq.ft. center located at the intersection of Highlands Ranch Parkway and University Boulevard in Highlands Ranch, CO. The center is currently 100% occupied and is anchored by Whole Foods; and Westland Terrace Shopping Plaza, a 68,000 sq.ft. center located at the intersection of Colonial Drive and Apopka Vineland Road in Orlando, FL. The center is currently 98% occupied and is anchored by T.J. Maxx and Petco. These four acquisitions have an aggregate price of $73 million. For more information, contact Weingarten Realty Investors, PO Box 924133, Houston, TX 77292-4133; 713-866-6000, Fax 713-866-6049; Web site: www.weingarten.com.
NNN1031.com sold Stuart Andersons Black Angus restaurant in Minneapolis, MN for $4,134,044 with a Cap rate of 9%. The property has LTV up to 65% with an interest rate of 7.50%, a 10-year term with an amortization of 30 years. The rent increases every five years. For more information, contact Jay Bastian, NNN1031.com, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1144, Fax 407-650-1046; Email: jay_bastian@nnn1031.com.
Woolbright Development, Inc. acquired South Dade Shopping Center, a 211,969 sq.ft. center located on U.S. Highway 1 in Miami, FL for $23.9 million from South Dade Plaza Shopping Center, LLC. The center is anchored by Publix, AMC Theater and Chuck E. Cheese. For more information, contact Mark Barry, Woolbright Development, Inc., 3200 North Military Trail, Fourth Floor, Boca Raton, FL 33431; 561-989-2245.
GVA Beitler Commercial Realty Services is selling Plaza La Fayette, a 54,126 sq.ft. center located at 13052 Newport Avenue in Tustin, CA for $13.78 million to Remarc Management. For more information, contact GVA Beitler Commercial Realty Services, 1 Park Plaza, Suite 1225, Irvine, CA 92614; 949-851-6900, Fax 949-851-6902.
NAI Capital Commercial Real Estate Services sold Best Plaza, a center located at the intersection of Arrow Highway and Central Avenue in Montclair, CA. The center is tenanted by Best Buy, Don Jose, Carl’s Jr. and Hometown Buffet. For more information, contact Joe Cyr, NAI Capital Commercial Real Estate Services, 4650 Von Karman Avenue, Newport Beach, CA 92660; 949-854-6600, Fax 949-854-7378; Email: jcyr@naicapital.com.
The Katsias Co. sold a land area of 0.88 acres on Newtown Road in Virginia Beach, VA to Ruby Tuesday, Inc. The company also sold an outparcel situated on a land area of 1.3 acres at Harbour View Station East in Suffolk, VA to Ruby Tuesday. For more information, contact Jean-Paul Guilbaud, The Katsias Co., 4500 Holland Office Park, Suite 318, Virginia Beach, VA 23452; 757-490-3585, Fax 757-490-3676.
CB Richard Ellis, Inc. sold a former Super Kmart located at 1919 North Main Street in Pearland, TX. The company also sold Parkway Corners Shopping Center located at the intersection of Trinity Mills and Dallas North Tollway in Dallas, TX for $11.15 million with a Cap rate of 9.41%. The center is currently 95% occupied. Area demographics include a population of 339,434 within five miles. Within one mile, the population is earning $122,206 as the average household income. For more information, contact H. Dan Miller, CB Richard Ellis, Inc., 2700 Post Oak Boulevard, Suite 400, Houston, TX 77056; 713-840-6539; Email: dan.miller@cbre.com. For more information regarding Parkway Corners Shopping Center, contact Jerry Luterman, CB Richard Ellis, Inc., 5430 LBJ Freeway, Suite 1100, Dallas, TX 75240; 972-458-4861; Email: jerry.luterman@cbre.com.
Uniwest Jefferson Commercial Real Estate represented the sellers in the sale of the following sites: 8204 Leesburg Pike LP sold a 24,190 sq.ft. Bed Bath & Beyond-anchored building located in Tyson’s Corner, VA for $9.5 million; Skyline Entre LP sold Skyline Entre Plaza, a 62,000 sq.ft. center located at the intersection of Columbia Pike and Leesburg Pike in Bailey’s Crossroads, VA to Burtonsville Self Storage, LLC for $11 million. The center is anchored by Babies “R” Us, Malibu Grill and KFC. For more information, contact Neil J. Simon, Uniwest Jefferson, Inc., 2900 Telestar Court, Falls Church, VA 22042; 703-506-1800, Fax 703-917-9372.
Marcus & Millichap Real Estate Investment Brokerage is selling a Big Kmart-anchored center located at the intersection of Fifteen Mile Road and Groesbeck Highway in Clinton Township, MI. The investment opportunity consists of a freestanding Big Kmart, a Harbor Freight Tools, as well as a freestanding Taco Bell. Additionally, there is a 4.5-acre vacant parcel of land to the south of the Kmart, a one-acre parcel on Groesbeck Highway and a pad immediately next to Harbor Freight Tools. The asking price is $41.83 psf. Area demographics include a population within three miles earning $55,357 as the average household income. For more information, contact William T. O’Connor, Marcus & Millichap Real Estate Investment Brokerage, One Northwestern Plaza, 28411 Northwestern Highway, Suite 750, Southfield, MI 48034; 248-352-5050, Fax 248-352-3813; Web site: www.marcusmillichap.com.
Kay Realty Services, LLC represented the seller in the sale of the following properties throughout NJ: Whiting Town Center, a 120,000 sq.ft. center located at the intersection of Route 531 and Manchester Road in Manchester. The center is tenanted by Super G, Rite Aid and U.S. Post Office; Toms River Town Center, a 155,000 sq.ft. center located at the intersection of Route 37 and Hooper Avenue in Toms River. The center is tenanted by Kmart. Area demographics include a population of 142,000 within five miles. The site has an average daily traffic count of 46,000 vehicles; Lakeridge Shopping Center, a 17,000 sq.ft. center located on Route 70 in Dover Township. The center is tenanted by OceanFirst Bank and is 100% occupied; and Smithville Town Center, a 101,000 sq.ft. center located at the intersection of Route 9 and Moss Mill Road in Galloway Township. Demographics include a trade-area population of 29,137 earning $56,758 as the average household income. For more information, contact Bill Klein, Kay Realty Services, LLC, 141 Market Street, Suite 3, Kenilworth, NJ 07033; 908-620-9899, Fax 908-620-0337; Email: whitingtownctr@aol.com.
The Grossman Cos., Inc. is selling a land area of 1.73 acres at the junction of Routes 139 and 3A in Marshfield, MA. Area demographics include a population within three miles earning $80,000 as the average household income. For more information, contact Aidan Murray, The Grossman Cos., Inc., PO Box 690345, 1266 Furnace Brook Parkway, Quincy, MA 02269-0345; 617-472-2000, Fax 617-472-4600; Web site: www.grossmanco.com.
Crest Net Lease is selling 24 Golden Gallon convenience stores throughout the Southeast. The leases are for 20 years with 6.5% increases every five years. The company also is selling five single-tenant NNN leased T.G.I. Friday’s locations throughout OH with new 20-year leases with increases. The restaurants are at the following locations: 7814 Reynolds Road in Mentor for $2.826 million; 1039 Interstate Parkway in Green for $2.627 million; 2040 Midway Mall in Elyria for $2.19 million; 10320 Cascade Crossing in Brooklyn for $3.129 million and 4300 Lake Point Corp. Drive in Stow for $2.656 million. The Cap rate for all five locations is 8.35%. For more information, contact Richard Collins, Crest Net Lease, 220 West Crest Street, Escondido, CA 92025; 760-317-2929.
Glimcher Realty Trust sold Morningside Plaza, a 75,155 sq.ft. center located in Dade City, FL for $3.75 million. Glimcher Realty Trust, 150 East Gay Street, Columbus OH 43215; 614-621-9000, Fax 614-621-9311.
Colliers Investment Services Group is selling a 39,790 sq.ft. Toys “R” Us located at 11340 South Street in Cerritos, CA for $3.75 million with a Cap rate of 6.52%. The building is situated on a land area of 1.62 acres. The site has an average daily traffic count of 85,742 vehicles. For more information, contact Michael C. Ross, Colliers Investment Services Group, 444 South Flower Street, Suite 2200, Los Angeles, CA 90071; 213-532-3282, Fax 213-327-3270; Email: mross@colliers-seeley.com.
Rockwood Realty Associates, LLC sold Sikes Center, a 243,000 sq.ft. center located at the intersection of Kemp Boulevard and Midwestern Parkway in Wichita Falls, TX to General Growth Properties on behalf of Coyote Management, LP. The center is anchored by Sears, JCPenney, two Dillards and a 10-screen Carmike Theater. For more information, contact Rockwood Realty Associates, LLC, 555 Fifth Avenue, 5th Floor, New York, NY 10017; 212-286-5800 Ext. 281, Fax 212-286-5555; Web site: www.rockwoodrealty.com.
|