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Buyers & Sellers
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Buyers & Sellers CB Richard Ellis, Inc. is selling Taco Mesa, a 1,682 sq.ft. restaurant located at 647 West 19th Street in Costa Mesa, CA for $989,000. The site has an average daily traffic count of 70,000 vehicles. Area demographics include a population of 161,000 within three miles earning $87,888 as the average household income. The company also is selling a parcel at the Terra Vista Town Center located in Rancho Cucamonga, CA for $2.193 million. The parcel includes Rubio’s, Quizno’s and Marble Slab Creamery. The site has an average daily traffic count of 47,000 vehicles. Area demographics include a population of 236,057 within five miles earning $87,888 as the average household income. The company also is selling Regal Plaza, a 54,805 sq.ft. center located at the intersection of SEC Craig Road and Jones Boulevard in North Las Vegas, NV for $8.7 million. The center is situated on a land area of 6.82 acres. Tenants include LaMar’s Donuts, Wells Fargo Financial and Euphoria Beauty Centers with two unimproved pads included in the sale. CB Richard Ellis/The Dalton Team sold an 86,158 sq.ft. Kohl’s Department Store located in Flagstaff, AZ. For more information, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8521; Email: phil.voorhees@cbre.com; Web site: www.cbre.com. For more information regarding Regal Plaza, contact Charles M. Moore, CB Richard Ellis, Las Vegas Office, 3993 Howard Hughes Parkway, Suite 700, Las Vegas, NV 89109; 702-369-4800, Fax 702-369-4904; Email: pcglv@cbre.com; Web site: www.cbre.com. For more information regarding the Kohl’s, contact Gregory M. Dalton, CB Richard Ellis/The Dalton Team, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816; Email: greg.dalton@cbre.com.
CRIC Capital, LLC entered into an $18 million sale-leaseback transaction with GasMart USA, a developer and operator of convenience stores. CRIC Capital acquired five convenience store/gas station properties in the Chicago, IL area. GasMart USA will lease back the retail properties under new, 20-year NNN leases. For more information, contact CRIC Capital, LLC, One Exeter Plaza, Boston, MA 02116; 617-303-4400, Fax 617-303-4440; Web site: www.criccapital.com.
RLI is selling a land area of 1.75 acres at 9101 North Knoxville Avenue in Peoria, IL. The site is located near Kroger and Panera Bread. For more information, contact Richard Diekempee, RLI, 9025 North Lindbergh Drive, Peoria, IL 61615; 309-693-5877, Fax 309-689-2046.
Marcus & Millichap Real Estate Investment Brokerage Co. sold Mount Olive Parkade Shopping Center, a 96,608 sq.ft. center located at the intersection of 7 Naughright Road and Route 46 in Mt. Olive, NJ for $19 million. The center is anchored by A&P Supermarket, Dollar Tree, Rockaway Bedding and Burger King and is situated on a land area of 32 acres. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 270 Madison Avenue, 19th Floor, New York, NY 10016; 212-832-4500, Fax 212-685-2230; Web site: www.marcusmillichap.com.
Pennsylvania Real Estate Investment Trust reached an agreement to acquire The Gallery at Market East II, a 328,000 sq.ft. center located in Philadelphia, PA from Pennsylvania State Employee Retirement System for $32 million. The property is subjected to two ground leases with remaining terms of 79 and 44 years. The Gallery at Market East II is part of The Gallery at Market East in downtown Philadelphia, PA. Upon closing of the Market East II acquisition, the company will own 521,000 sq.ft. of the 1.1 million total square footage of The Gallery at Market East, which is anchored by Strawbridge’s, Big Kmart and Burlington Coat Factory. The Gallery at Market East II is anchored by Burlington Coat Factory and currently has 51 inline tenants, including Old Navy, Foot Locker, Bath & Body Works, Limited, Express and Lerner. For more information, contact Pennsylvania Real Estate Investment Trust, 200 South Broad Street, Philadelphia, PA 19102-0700; 215-875-0700, Fax 215-546-7311; Web site: www.preit.com.
Cushman & Wakefield is selling Hillsboro Commons, an 82,000 sq.ft. center located at 1000 East Hillsboro Boulevard in Deerfield Beach, FL. The two-story, mixed-use project is 100% leased. Area demographics include a population within three miles earning $73,539 as the average household income. Area retail includes Hillsboro Square Shopping Center, restaurants, banks and LA Fitness. For more information, contact John F. Bell, Cushman & Wakefield, 601 Brickell Key Drive, Suite 600, Miami, FL 33131; 305-533-2841; Email: john_bell@cushwake.com.
Friedman Real Estate Group, Inc. negotiated the sale of an 11,600 sq.ft. retail building located at 855-859 North Telegraph Road in Monroe, MI. For more information, contact David Lord, Friedman Real Estate Group, Inc., 34975 West Twelve Mile Road, Farmington Hills, MI 48331; 248-848-4174; Email: david.lord@freg.com; Web site: www.friedmanrealestate.com.
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