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Buyers & Sellers
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Buyers & Sellers CB Richard Ellis, Inc. is selling a parcel occupied by Ross Dress For Less at the Terra Vista Town Center located on Foothill Boulevard in Rancho Cucamonga, CA for $4.355 million with a first-year Cap rate of 5.95%. The building is 26,282 sq.ft. and is on a land area of 100,188 sq.ft. Area demographics include a population of 236,057 within five miles earning $73,590 as the average household income. The site has an average daily traffic count of 47,000 vehicles. The company also is selling a parcel occupied by Big 5 Sporting Goods and other shops in the Terra Vista Town Center for $5.599 million with a first-year Cap rate of 6.50%. The company also is selling an outparcel occupied by Courtyard Shops in the Terra Vista Town Center for $9.918 million with a first-year Cap rate of 7%. The company also is selling an outparcel occupied by Chili’s at the Terra Vista Town Center for $2.265 million with a first-year Cap rate of 5.70%. Cotenants in the center include Bath & Body Works, Payless Shoe Source, GameStop and Radio Shack. CB Richard Ellis/The Dalton Team is selling a Regal Cinemas located on Regal Huntington Street 16 in Medina, OH for $8.8 million with a Cap rate of 9.73%. For more information, contact Phil Voorhees or Rick Strack, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8521/8529, Fax 949-725-8545; Web site: www.cbre.com. For more information regarding the Regal Cinemas, 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.
Mid-America Real Estate-Wisconsin brokered the acquisition of 30 acres of land in West Bend, WI for a Home Depot. In addition, Home Depot will sell off 19 acres to CDC Corp., a development company that will prepare the site for other retail users. The property is located at the intersection of Highway 45 and Paradise Drive. For more information, contact Mid-America Real Estate-Wisconsin, Two Mid-America Plaza, Third Floor, Oakbrook Terrace, Illinois 60181-4713; 630-954-7300, Fax 630-954-7304/7306. Or contact the company at 648 North Plankinton Avenue, Milwaukee, Wisconsin 53203; 414-273-4600, Fax 414-273-4605.
Schonberger Associates brokered the sale of a 70,000 sq.ft. building to Pelican Ski & Sports Center on Route 10 in Morris Plains, NJ. The facility was formerly occupied by At Home Furniture. Pelican will be vacating a 38,000 sq.ft. space at Powder Mill West on Route 10. For more information, contact Sandy Schonberger, Schonberger Associates, 93 Dorsa Avenue, Livingston, NJ 07039; 973-758-9890.
Prudential Florida Real Estate Center is selling a land area of 25 acres at the intersection of State Road 50 and Barna Avenue in Titusville, FL for $1.5 million. The site is anchored by CVS and is one mile from Interstate 95. For more information, contact David Fitzgerald, Prudential Florida Real Estate Center, 113 West Chapman Road, Oviedo, FL 32765; 407-977-7416; Email: dlfitzgerald@cfl.rr.com; Web site: www.davidfitzgerald.point2homes.biz.
Colliers International represented both buyer and seller in the acquisition of Country Club Village, a 111,251 sq.ft. center situated on a land area of 2.55 acres in San Ramon, CA for $22.2 million. The center is located at the intersection of Alcosta and Village Parkway. The company also represented both buyer and seller in the acquisition of a 3.3-acre or 143,312 sq.ft. parcel in Brentwood, CA. KPO, LLC acquired the land located at the intersection of Lone Tree and Jeffery Way for $2.8 million. The 3.3-acre parcel will be used for the continued development of retail stores and restaurants. Several freestanding restaurants and retail stores are slated for the area. For more information, contact Colliers International, 450 West Santa Clara Street, San Jose, CA 95113; 408-282-3800, Fax 408-292-8100; Web site: www.colliers.com.
Crossman & Co. is selling a 14,000 sq.ft. strip center adjacent to a Super Target on Highway 50 in Clermont, FL for $3.33 million with a Cap rate of 7.76%. The site is situated on a land area of two acres. For more information, contact Scott Renick, Crossman & Co., 2464 Michigan Street, Orlando, FL 32806; 407-447-5013 or 407-423-5400, Fax 407-423-4090.
CIM Group Urban Real Estate Fund acquired Hollywood & Highland from Trizec Properties, Inc. for approximately $201 million. Hollywood & Highland is an entertainment, retail and hotel complex located in Hollywood, CA. The purchase includes the Kodak Theatre, home to the Academy Awards. The center consists of over 387,000 sq.ft. of retail space leased to national, regional and local tenants, a variety of restaurants, including Wolfgang Puck Catering and Events, several nightclubs, an upscale bowling alley lounge called Lucky Strike Lanes and a six-screen state-of-the-art cinema adjacent to Grauman’s Chinese Theatre. The complex also contains 65,000 sq.ft. of unique indoor and outdoor banquet facilities. In addition to the entertainment complex, the company acquired the adjacent Renaissance Hollywood Hotel. For more information, contact CIM Group, 6922 Hollywood Boulevard, Ninth Floor, Hollywood, CA 90028; 323-860-4900, Fax 323-860-4901.
The Woodmont Co. closed on the sale of two centers in the Salt Lake City, UT area totaling approximately 300,000 sq.ft. The two properties were: Redwood Plaza Shopping Center, a 104,074 sq.ft., supermarket-anchored center located at the intersection of Redwood Road and West 700 North Street in Salt Lake City. The center is situated on a land area of almost nine acres and is less than one mile from the Salt Lake City International Airport. The Cap rate was 8%. The seller was Archon Group, LP; and West Jordan Town Center, a 192,030 sq.ft., Albertsons-anchored center within a 314,830 sq.ft. development on 18 acres of land at the intersection of West 7000 South Street and South Redwood Road in West Jordan, UT. The seller was Cantlon Properties. The company also completed the sale of Taylorsville Town Center, a 94,157 sq.ft. center located within a 143,000 sq.ft. development in Idaho Falls, ID. The seller was Cantlon Properties. Tenants include Albertsons, Rite Aid, Wendy’s and Schlotzky’s Deli. For more information, contact The Woodmont Co., 2100 West 7th Street, Fort Worth, TX 76107; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is marketing Coral Reef Village Shopping Center, a 59,065 sq.ft. center located at 15401 SW 137th Avenue in southwest Miami, FL for $17 million. The center is situated on a land area of 7.5 acres. The offering includes a 3,400 sq.ft. restaurant outparcel currently leased to Sergio’s Restaurant. Cotenants include Hollywood Video, Olson Tires, Dunkin’ Donuts, Chicken Kitchen, Quizno’s and H&R Block. Each of the leases are NNN with annual increases averaging 3% to 5%. For more information, contact Adam Tiktin, Marcus & Millichap Real Estate Investment Brokerage Co., 5900 North Andrews Avenue, Suite 100, Fort Lauderdale, FL 33309; 954-463-2400, Fax 954-463-9222; Web site: www.marcusmillichap.com. |