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Buyers & Sellers
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Buyers & Sellers CB Richard Ellis, Inc. negotiated the sale of Garden Lakes Shopping Center, an 88,000 sq.ft. center located at the intersection of Indian School Road and 10th Avenue in Phoenix, AZ. The seller was Tyrol Garden Lakes, LLC, while the buyer was ALRO Investors, LLC. The center is anchored by Safeway Supermarket and Tuesday Morning. For more information, contact Katherine Haug, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-5555, Fax 602-735-5655; Email: katherine.haug@cbre.com; Web site: www.cbre.com/phoenix. Kin Properties is selling a 114,505 sq.ft. former Kmart located at 2405 Grand Avenue in Wausau, WI. The site is situated on a land area of 11.25 acres. Area demographics include a population of 68,253 within five miles earning $34,990 as the average household income. The asking price is $2.45 million. For more information, contact Lee Cherney, Kin Properties, 185 NW Spanish River Boulevard, PO Box 500, Boca Raton, FL 33431; 888-546-7767 Ext. 111, Fax 561-995-9921; Email: lee.cherney@kinproperties.com; Web site: www.kinproperties.com. John Pope & Associates, Inc. is selling a 161,818 sq.ft. building at the Bridgeview Court Shopping Center, a 300,000 sq.ft. center located at the intersection of 79th Street and Harlem Avenue in Bridgeview, IL. Area demographics include a population of 353,237 within five miles earning $67,652 as the average household income. The site has an average daily traffic count of 80,200 vehicles. For more information, contact John Pope, John Pope & Associates, Inc., 999 Oakmont Plaza, Suite 500, Westmont, IL 60559; 630-986-1160. The Proto Group made the following transactions: represented 166 Queen Street, LLC in the acquisition of a 7,200 sq.ft. center located on Route 10 in Southington, CT from Queen Street Enterprises for $700,000; represented Barde Associates in the sale of a six-acre parcel of land at 105 South Turnpike Road for $375,000; represented Readco Waterford, LLC in the sale of freestanding Rite Aid drug store at the intersection of Route 1 and Willets Avenue in Waterford, CT; represented L&L East Lyme, LLC in the acquisition of a former Ramada Inn Hotel on Route 161 at Exit 74 of Interstate 95. The hotel will be demolished for an 80,000 sq.ft. center, which will be anchored by Super Stop & Shop. The purchase price was $4.8 million. For more information, contact The Proto Group, LLC, 116 Washington Avenue, Fourth Floor, North Haven, CT 06473; 203-234-6371, Fax 203-234-6372; Email: info@theprotogroup.com; Web site: www.theprotogroup.com. CBL & Associates Properties, Inc. is selling 51 properties for $516 million in cash and equity to a company it will form with Australian real estate investor Galielo America Shopping Trust. The new company will be called Galileo America, LLC and will be 90 percent owned by Galielo America with CBL owning the remaining 10 percent. The company also completed the acquisition of two additional regional malls from partnerships managed by Faison Enterprises. The latest two acquisitions are the 784,775 sq.ft. River Ridge Mall in Lynchburg, VA and the 787,255 sq.ft. Valley View Mall in Roanoke, VA. The company also announced that it had completed the acquisition of Cross Creek Mall in Fayetteville, NC and assumed management of Southpark Mall in Colonial Heights, VA. River Ridge Mall is anchored by Belk, Hecht’s, JCPenney, Sears and Value City. The mall is situated on a land area of 74 acres at the intersection of U.S. Routes 29 and 460. Valley View Mall is situated on a land area of 75 acres at the intersection of Interstate 581 and Hershberger Road. Anchors include Belk, Hecht’s, JCPenney and Sears.For more information, contact CBL & Associates Properties, Inc., CBL Center, Suite 500, 2030 Hamilton Place Boulevard, Chattanooga, TN 37421-6000; 423-855-0001, Fax 423-490-8662; Web site: www.cblproperties.com. Sigma National, Inc. represented General Land Co. of VA, Inc. in the acquisition of six acres in Richmond, VA at the intersection of Brook Road/Route 1 and Virginia Center Parkway. The company plans to develop a 60,000 sq.ft. center, slated to open next year. For more information, contact Tred Spratley, Sigma National, Inc., 7400 Beaufont Springs Drive, Suite 105, Richmond, VA 23225; 804-320-6100, Fax 804-320-6600; Email: tredspratley@sigmanational.com. Finard & Co. completed the sale of St. Lawrence Center, a 508,301 sq.ft. center located on Route 37 in Massena, NY, six miles from the Canadian border. The center is anchored by Sears, JCPenney, The Bon Ton and T.J. Maxx. Cotenants include Express, Champ’s Sports, KayBee Toys, Payless ShoeSource and Waldenbooks. For more information, contact Robert Lemons, Finard & Co., One Burlington Woods Drive, Burlington, MA 01803; 781-273-5555 Ext. 231, Fax 781-272-8408; Email: master@finard.com; Web site: www.finard.com. Upland Real Estate Group, Inc. sold a 19,908 sq.ft. Good Guys net-leased investment property in Bellingham, WA for $3.6 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. Madison Marquette acquired Bayfair Mall, an 820,000 sq.ft. center located in San Leandro, CA. The mall is anchored by Macy’s and Target. For more information, contact Joan Suko, Madison Marquette, 1850 M Street NW, 12th Floor, Washington, DC 20036; 952-852-5188, Fax 202-741-3801; Email: jsuko@mmrs.com; Web site: www.madisonmarquette.com. Commercial First Real Estate Investment/Development is representing several exchangers seeking replacement properties in NC. Here are the following requirements: $1.5 million equity to exchange. The company prefers medical, but will consider all solid opportunities, and is seeking 12 percent cash-on-cash within one hour of Shelby, NC; $8 million to $9 million for non-supermarket anchored centers with a trade-area population of 100,000 anywhere in NC and SC; $2 million to $5 million for value-added centers. The Charlotte, NC region is preferred, but the company will consider other markets. For more information, contact Jeffrey K. Mullis, Commercial First Real Estate Ivestment/Development, 2050 Catawba Valley Boulevard, Second Floor, Hickory, NC 28603; 828-322-8022, Fax 828-322-1204; Email: jeff@commercialfirst.net. Horizon Realty Services, Inc. is selling a 174,000 sq.ft. building at the Lincoln Mall, a one million sq.ft. mall located in Matteson, IL. The mall is anchored by Carson Pirie Scott & Co., Sears and Old Navy. The site has an average daily traffic count of 372,300 vehicles. Area demographics include a population of 147,881 within five miles earning $71,377 as the average household income.For more information, contact Stuart Lenhoff, Horizon Realty Serices, Inc., 3715 Ventura Drive, Suite 200, Arlington Heights, IL 60004; 847-870-8585, Fax 847-870-1888; Email: slenhoff@horizonrealtyservices.com; Web site: www.horizonrealtyservices.com. Cohen & Co., Inc. Real Estate sold two supermarket-anchored center in Naples and Boca Raton, FL. The centers are Naples South Plaza, a 90,000 sq.ft. center anchored by a 43,765 sq.ft. Winn-Dixie Marketplace, a 10,800 sq.ft. Eckerd and an 8,840 sq.ft. Dollar General and The Shoppes at Boca Greens, a 110,000 sq.ft. center anchored by a 36,336 sq.ft. Winn-Dixie and a 10,010 sq.ft. Beall’s Outlet. The center is located just north of the intersection of U.S. 441 and Glades Road.For more information, contact Andrew J. Cohen, Cohen & Co., Inc. Real Estate, 11 East 44th Street, 10th Floor, New York, NY 10017; 212-679-1222, Fax 212-679-1533; Email: cohen@cohenco.com. Marcus & Millichap Real Estate Investment Brokerage is selling eight freestanding single-tenant buildings nationwide, all with 10 year leases and 12 percent increases over five years. For more information, contact John Glass, Marcus & Millichap Real Estate Investment Brokerage, 750 Battery Street, Suite 500, San Francisco, CA 94111; 415-391-9220; Email: jglass@marcusmillichap.com. GVA Beitler Commercial Realty Services sold Allessando Center located at 640-650 North San Jacinto in Hemet, CA for $1.2 million.For more information, contact GVA Beitler Commercial Realty Services, 1 Park Plaza, Suite 1225, Irvine, CA 92614; 949-851-6900, Fax 949-851-6902. Phase One Realty, Inc. is selling a 5,200 sq.ft. Goodyear Tire Center in Houston, TX for $697,000 with a Cap rate of 8.25%. Five years are remaining on the base lease term, with five, five-year options to extend at increasing rental rates. The rental rate is $11.06 psf. Area retail includes Kroger Super Center, two banks and Wal*Mart.For more information, contact Robert H. Fippinger, Phase One Realty, Inc., 333 Montezuma Avenue, Second Floor, Santa Fe, NM 87501; 505-988-3883 Ext. 2, Fax 505-988-5134; Email: rhf@phaseonerealty.com |