Buyers & Sellers
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Buyers & Sellers

Advantis/GVA is selling a British Petroleum convenience store located at the intersection of Forest Hills Road and U.S. Highway 301 in Wilson, NC with an average daily traffic count of 76,000 vehicles. The 2,400 sq.ft. store is situated on a land area of 0.86 acres. Area demographics include a population of 46,454 within five miles earning $33,918 as the median household income.

For more information, contact Vijay Shah, Advantis/GVA, 6320 Quadrangle Drive, Suite 360, Chapel Hill, NC 27514; 919-493-6905, Fax 919-419-1596; Email: vshah@advantisgva.com.

GMH Capital Partners is selling Town & Country Plaza, a 216,807 sq.ft. center located at the intersection of North Pace Boulevard and West Fairfield Drive in Pensacola, FL for $7 million with a Cap rate of 9.04%. The center is situated on a land area of 16.76 acres and is 75% occupied. The site has an average daily traffic count of 63,500 vehicles. Anchors include Save-A-Lot and Jo-Ann Fabrics.

For more information, contact Bill Tourtellotte, GMH Capital Partners, 10 Campus Boulevard, Newtown Square, PA 19073; 610-355-8000; Email: wtourtellotte@gmh-inc.com; Web site: www.gmhcp.com.

Coldwell Banker Commercial NRT sold Miramar Parkway Plaza, a 144,120 sq.ft. center located at the intersection of South University Drive and Miramar Parkway in Miramar, FL. The center is situated on a land area of 16.32 acres and is anchored by Winn-Dixie and Walgreens. Tenants include Rose Auto, Blockbuster Video and 35 additional tenants. There is an additional space of 32,375 sq.ft. available. The property is 93.32% occupied. The Cap rate is 10.4%.

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.

Finard & Co. brokered the sale of a 16,000 sq.ft. building located on Route 3A in North Billerica, MA to Billerica Corner LLC for $1.6 million. The buyer intends to renovate and lease the building to retailers.

For more information, contact William Lawler, Finard & Co., One Burlington Woods Drive, Burlington, MA 01803; 781-273-5555 Ext. 229, Fax 781-272-8408; Email: wlawlor@finard.com; Web site: www.finard.com.

Marcus & Millichap Real Estate Investment Brokerage is selling a The Children’s Place store located at the intersection of State and Monroe in Chicago, IL. The single-tenant net leased property has a Cap rate of 6.6%.

For more information, contact Bruce J. Harris, Marcus & Millichap Real Estate Investment Brokerage, 8750 West Bryn Mawr Avenue, Suite 750, Chicago, IL 60631; 773-693-0700, Fax 773-693-2114; Web site: www.marcusmillichap.com.

Upland Real Estate Group, Inc. sold a 4,073 sq.ft. Jiffy Lube store located in Austin, TX for $1.4 million. The company also is selling a Church’s Chicken in Whitehall, OH for $2,323,755 with a Cap rate of 7.75%. The property has an NNN lease of 15.5 years and is adjacent to Stonecrest Regional Mall. The company also is selling a Buffalo Wild Wings in Lithonia, GA for $657,910 with a Cap rate of 7.75%. The property has an NNN lease of 15 years.

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.nnnsales.com.

General Growth Properties acquired Lynnhaven Mall, a 1.3 million sq.ft. mall located in Virginia Beach, VA. The gross consideration for the acquisition was approximately $256.5 million. The purchase was funded with a five-year $180 million non-recourse mortgage loan bearing interest at LIBOR plus 125 basis points. The center is anchored by Dillard’s, Hecht’s, JCPenney and Lord & Taylor. A 28,000 sq.ft. Barnes & Noble, a number of restaurants and an 18-screen AMC Theater are also being built on the property. The center is currently 91% occupied.

For more information, contact Bernie Freibaum, General Growth Properties, 110 North Wacker Drive, Chicago, IL 60606; 312-960-5252/5000.

Pennsylvania Real Estate Investment Trust acquired the remaining 70% interest in Willow Grove Park, a 1.2 million sq.ft. regional mall located in Willow Grove, PA, for $122.3 million. The three-level mall is anchored by Bloomingdale’s, Macy’s, Sears and Strawbridge’s.

For more information, contact Edward A. Glickman, Pennsylvania Real Estate Investment Trust, 200 South Broad Street, Philadelphia, PA 19102-3803; 215-875-0700, Fax 215-546-7311; Web site: www.preit.com.

Glimcher Realty Trust acquired WestShore Plaza, a 1.06 million sq.ft. mall, located in Tampa, FL for $153 million. The mall is anchored by Saks Fifth Avenue, Burdine’s, Sears, JCPenney and a 14-screen AMC Theater. Cotenants include Maggiano’s Little Italy, The Palm and P.F. Chang’s China Bistro.

For more information, contact William G. Cornely, Glimcher Realty Trust, 150 East Gay Street, Columbus, OH 43215; 614-621-9000, Fax 614-621-9311; Email: bcornely@glimcher.com; Web site: www.glimcher.com.

Lamar Cos. acquired Colonial Plaza, a 179,464 sq.ft. center located at the intersection of Colonial Boulevard and Cleveland Avenue in Fort Myers, FL. The center is anchored by Marshall’s, Big Lots and Gateway Computers. Available spaces range from 2,800 sq.ft. to 50,770 sq.ft.

For more information, contact Jeff James, Lamar Cos., 365 South Street, Morristown, NJ 07960; 973-285-0660 or 800-526-0762 Ext. 111, Fax 973-285-0976; Email: jjames@lamarco.com.

CB Richard Ellis, Inc. is selling Decatur Twain Center, a 49,522 sq.ft. center located at 3650 South Decatur Boulevard in Las Vegas, NV for $8.4 million with a Cap rate of 9.21%. The center is 100% occupied and is situated on a land area of 3.85 acres. The site has an average daily traffic count of 35,000 vehicles. Tenants include Pho Noodle, Lampshade Fashions, Rad Trax, A Touch of Glass, Supercuts, J Smoke Shop, El Dorado Cleaners, Norma Jean’s, Milano’s Pizza, Jewel & Time and Green Valley Grocery. Area demographics include a population of 150,000 within three miles. Area retail includes Sam’s Club, Wal*Mart, Albertsons, Food 4 Less, Home Depot, Michael’s, T.J. Maxx, OfficeMax, Circuit City, Target and Smith’s.

For more information, contact Christina E. Roush, CB Richard Ellis, Inc., 3993 Howard Hughes Parkway, Suite 700, Las Vegas, NV 89109; 702-369-4949, Fax 702-369-4904; Email: christina.roush@cbre.com; Web site: www.cbre.com.

Inco Co. is selling a 79,932 sq.ft. center located at 3150-3174 Lincoln Avenue in Anaheim, CA for $10.75 million with a Cap rate of 6.2%. The center is situated on a land area of 5.8 acres.

For more information, contact Brad Miles or Doug Shea, Inco Co., 6621 Pacific Coast Highway, Long Beach, CA 90803; 562-498-3395.

Gregory Greenfield & Associates, Ltd. acquired Westland Center, a 1.1 million sq.ft. mall located in Westland, MI. The mall is anchored by JCPenney, Kohl’s, Marshall Fields and Sears and also features 80 specialty stores.

For more information, contact Melissa de Quesada, Gregory Greenfield & Associates, Ltd., 124 Johnson Ferry Road, Atlanta, GA 30328; 404-236-2300, Fax 404-236-2299.