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Buyers & Sellers
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Buyers & Sellers Ten 31 Investments is looking to acquire shopping centers throughout AL, FL, GA, LA, MS, NC, SC, TN and VA. For more information, contact Seaborn Wicker, Ten 31 Investments, 728 Chevelle Drive, Baton Rouge, LA 70806; 225-928-1031, Fax 225-929-9020; Email: seaborn@ten31.com; Web site: www.ten31.com. Capital Realty Advisors, Inc. sold The Village Shopping Center, a 139,942 sq.ft. mixed-use center in Austin, TX, to Byram Properties. For more information, contact Brenda Klion, Capital Realty Advisors, Inc., 8895 North Military Trail, Suite 201-E, Palm Beach Gardens, FL 33410; 561-624-5888, Fax 561-624-5827. Lincoln Property Co. is marketing Old Town Shopping Center, a 265,000 sq.ft. supermarket-anchored center located in Dallas, TX. The center is 98% occupied. Tenants include Tom Thumb, Border Books, World Market, Michaels Stores, Blockbuster and PetsMart. For more information, contact Matt Turner, Lincoln Property Co., 3300 Lincoln Plaza, 500 North Akard, Dallas, TX 75201; 214-740-3300; Email: mturner@lpc.com. Equity One, Inc. acquired Hunters Creek Plaza, a 68,032 sq.ft. center located at the intersection of John Young Parkway and State Highway 417 in Orlando, FL for $7.5 million. The center is anchored by a 51,255 sq.ft. Winn-Dixie supermarket and includes 16,777 sq.ft. of tenant space. The center is currently 94% occupied. Area demographics include a population of 47,000 within three miles earning $68,000 as the average household income. For more information, contact Howard Sipzner, Equity One, Inc., 1696 Miami Garden Drive, North Miami Beach, FL 33179; 305-672-1234, Fax 305-672-6606; Web site: www.equityone.net. Coldwell Banker Commercial NRT is selling a 260,000 sq.ft. center situated on a land area of 22 acres in Miami, FL for $33 million with a Cap rate of 10.25%. The supermarket-anchored center is tenanted by Eckerd, Boston Market, Burger King and Wachovia Bank.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. Heritage Property Investment Trust, Inc. sold River Ridge Marketplace, a 214,000 sq.ft. center located in Asheville, NC, for $13.3 million. For more information, contact Patrick O’Sullivan, Heritage Property Investment Trust, Inc., 535 Boylston Street, 10th Floor, Boston, MA 02116-3766; 617-247-2200, Fax 617-266-0885; Email: posullivan@heritagerealty.com; Web site: www.heritagerealty.com. Steven D. Bell & Co. is selling Abingdon Town Centre, a 166,000 sq.ft. center located at 360 Abingdon Towne Centre Drive in Abingdon, VA for $10.775 million with a Cap rate of 9.10%. The center is 100% occupied and is anchored by Food City and Big Kmart.For more information, contact David T. Bell, Steven D. Bell & Co., 823 North Elm Street, Greensboro, NC 27408; 336-510-6114, Fax 336-378-9705; Web site: www.sdbell.com. Active Development, Inc./United Equity & Arbitrage is seeking investment properties nationwide from $1 million to $90 million. The company can close within 30 days or less. Here are the following requirements: NNN/Absolute net properties with credit tenants rated B+ or better and net worth of $500 million or more; strip centers with 70% credit tenants up to $90 million, as well as apartment and office buildings. The company is selling a 54,460 sq.ft. center located at 191 Manheim Road in Schuylkill Haven, PA for $3.4 million with a Cap rate of 9.8%. The center is anchored by Redner’s Markets and is tenanted by Super Valu, Great Wall and Curves. The company also is selling a 58,145 sq.ft. center located at 2630 West Laskey Road in Toledo, OH for $8.5 million with a Cap rate of 8.9%. The center is situated on a land area of 7.27 acres. The center is tenanted by Great Atlantic & Pacific Tea Co. Area demographics include a population of 112,114 within three miles earning $53,301 as the average household income. For more information, contact Doug Thaler, Active Development, Inc./United Equity & Arbitrage, 5 Huxley Court, Marlboro, NJ 07746; 973-882-3561, Fax 908-325-0135. Upland Real Estate Group, Inc. sold a 1,290 sq.ft. Jack In The Box located in Vinita Park, MO for $955,000. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-335-9266. Commercial Net Lease Realty Services, Inc. is looking to acquire single-tenant retail, office or industrial corporate net lease properties nationwide with lease terms between 10 years and 20 years. For more information, contact Commercial Net Lease Realty Services, Inc., 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 800-CNL-REIT or 407-265-7348, Fax 407-650-1046; Web site: www.cnlreit.com. Hawkins Cos. Commercial Developers is selling a 45,860 sq.ft. Sportsman’s Warehouse store at Columbia Center located at the intersection of West Canal and Grandridge Drive in Kennewick, WA for $5,519,437 with a Cap rate of 8.25%. The lease is for 15 years with five, five-year options. The site is situated on a land area of four acres. Area demographics include a population of 95,399 within five miles earning $59,369 as the average household income. For more information, contact Paul Stephens, Hawkins Cos. Commercial Developers, 8645 West Franklin Road, Boise, ID 83709; 208-376-8522, Fax 208-376-8523; Email: pstephens@hawkinscompanies.com. NNN1031.com is selling a Home Depot ground lease in Midland, MI.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; Web site: www.nnn1031.com. Sperry Van Ness is selling Village Center, a 118,477 sq.ft. center located parallel to Interstate 15 in Victorville, CA, for $16.65 million with a Cap rate of 7.5%. Tenants include Best Buy, PetsMart, Outback Steakhouse, Jack In The Box, Factory 2-U, AT&T, Chase Manhattan Mortgage, Controy’s Flowers, Household Finance and Baskin Robbins. Demographics include a trade-area population of 300,000 earning $48,000 as the average household income.The company also is selling Brentwood Place, a 65,500 sq.ft. center located on Wilshire Boulevard. The center is anchored by Ross Dress for Less and Sav-On Drugs and is tenanted by Starbucks, Rubio’s Fresh Mexican Grill, Cingular Wireless, Fatburger, Jamba Juice, Takanawa Sushi and Rio Tan. For more information, contact Brad Umansky, Sperry Van Ness, 800 North Haven Avenue, Suite 100, Ontario, CA 91764; 909-466-2500, Fax 909-466-2512. For more information regarding Brentwood Place, contact Reza Etedali, Sperry Van Ness, 18881 Von Karman Avenue, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-250-4143; Web site: www.dowithreza.com. Aries Deitch & Endelson, Inc. represented both buyer and seller in the sale of a 26,478 sq.ft. retail property at 42 West Broad Street in the Fleetwood section of Mount Vernon, NY. The site was previously occupied by Waldbaum’s supermarket. The building is more than 50% leased to Duane Reade Drug Stores. For more information, contact William B. Hesse, Aries Deitch & Endelson, Inc., 110 South Central Avenue, Hartsdale, NY 10530; 914-949-2800, Fax 914-949-2424; Email: info@ade-re.com; Web site: www.ade-re.com. Insite Commercial Group/TCN Worldwide sold Summit West Shopping Center, a 200,000 sq.ft. center located at the intersection of Elizabeth Lake Road and Summit Drive in Waterford, MI. For more information, contact Nicole Coschino, Insite Commercial Group, 25800 Northwestern Highway, Suite 720, Southfield, MI 48075; 248-355-6141, Fax 248-359-0009; Email: ncoschino@insitecommercial.com; Web site: www.insitecommercial.com. Pan Pacific Retail Propeties, Inc. is seeking to acquire neighborhood and community centers with a minimum GLAs of 65,000 sq.ft. throughout CA, NV, OR and WA. For more information, contact Howard Overton, Pan Pacific Retail Properties, 1631-B South Melrose Drive, Vista, CA 92083; 760-727-1002, Fax 760-727-1430; Web site: www.pprp.com. Coldwell Banker Commercial Bob Bernhardt Associates is selling a 6,967 sq.ft. Blockbuster retail center in Texas City, TX for $1.6 million with a Cap rate of 8.5%. Tenants include Blockbuster Video, AMCO Insurance, Quiznos Subs and Cigarettes Cheaper. For more information, contact Michael Jenkins or Derek Federinko, Coldwell Banker Commercial Bob Bernhardt Associates, 108 East Mill Plain Boulevard, Vancouver, WA 98660; 360-699-4494. Pennsylvania Real Estate Investment Trust acquired a 6.08-acre parcel adjacent to the Plymouth Meeting Mall in Plymouth Meeting, PA from IKEA. The purchase price for the parcel, which contains a vacant 160,000 sq.ft., two-story building, was $15.75 million.For more information, contact 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. New Plan Excel Realty Trust, Inc. is seeking to acquire neighborhood, community and power retail centers anchored by supermarkets with 70% to 75% national credit tenants; properties in need of redevelopment and repositioning and portfolios. Shopping centers with GLAs of 75,000 sq.ft. and up are preferred. Anchor tenants must be national and larger than 25,000 sq.ft.For more information, contact Dean Bernstein, New Plan Excel Realty Trust, Inc., 1120 Avenue of the Americas, New York, NY 10036; 212-869-3000, Fax 212-869-3989; Web site: www.newplan.com. Petrovich Development Co. is selling a freestanding 34,880 sq.ft. 24-Hour Fitness center located at the intersection of Auburn and Van Maren Lane in Citrus Heights, CA for $10.75 million. The lease has a 20-year term and options. The center is co-anchored by Rite Aid. For more information, contact Paul Petrovich, Petrovich Development Co., 5046 Sunrise Boulevard, Suite One, Fair Oaks, CA 95628; 916-966-4600, Fax 916-966-4005; Email: paul@petrovichdevelopment.com.
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