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Buyers & Sellers
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Buyers & Sellers Lamar Cos. is selling the following centers: Coralwood Center, a 343,065 sq.ft. center located at the intersection of Del Prado Boulevard and Veterans Highway in Cape Coral, FL. Anchors include Kmart, JCPenney, Winn-Dixie, Beall’s Department Store, Marquee Cinemas and Beall’s Outlet; Independence Plaza, a 253,000 sq.ft. center located at 2465 Broad Street in Hamilton Township, NJ. Anchors include SuperFresh, A.J. Wright, Dollar Tree and Odd Job; Morse Center, a 243,000 sq.ft. center located on Morse Road in Columbus, OH for $12.3 million. Anchors include Big Lots, Guitar Center, D.E. Jones, Dollar Tree, Goodwill and Gillie Recreation Center; and Northtowne Center, a 207,990 sq.ft. center located at the intersection of Morse Road and Northtowne Boulevard in Columbus, OH for $7.45 million. Anchors include Media Play, Aaron Rents, Grand Buffet, Old Time Pottery, Family Dollar and Catherine’s Plus Sizes. For more information, contact Larry Lang, Lamar Cos., 10288 West Chatfield Avenue, Suite 200, Littleton, CO 80128; 303-904-1122, Fax 303-904-1133. Or contact, Cory Boss, Lamar Cos., 365 South Street, Morristown, NJ 07960; 303-904-1122; Web site: www.lamarco.com. Or contact, Mark Gilbert, Cushman & Wakefield, 305-533-2866.
Kite Development is selling outparcels totaling 2.35 acres located at the intersection of Interstate 95 and State Route 50 in Titusville, FL. Area retail includes Lowe’s Home Improvement. For more information, contact Gregg Poetz, Kite Development, 30 South Meridian Street, Suite 1100, Indianpolis, IN 46204; 317-578-5153, Fax 317-577-5605; Email: gpoetz@kiteco.com; Web site: www.kiteco.com.
The capital group of Newmark & Co. is selling a 91,489 sq.ft. Beall’s Department Store, an anchor at Port Charlotte Town Center located at Port Charlotte, FL. Bealls, Inc. is a regional department store chain with 64 locations throughout FL and a total of 479 department stores and outlets throughout the Sun Belt region. Port Charlotte Town Center is a 780,000 sq.ft. regional mall anchored by Dillards, JCPenney, Sears, Burdines, Regal Cinemas and Bealls. The site has a 10-year net lease that expires in January 2012 and a $4.9 million mortgage balance. The asking price is $7.5 million with a Cap rate of 8.3%. For more information, contact Kenneth L. Zakin, Newmark & Co., 212-372-2054; Email: kzakin@newmarkre.com.
Broderick & Associates, Inc. is selling three outparcels of one acre each located at the intersection of 49th Street and 70th Avenue in Pinellas Park, FL. New multi-family townhomes are located immediately behind the outparcels. The prices range from $600,000 to $1.2 million. Area demographics include a population of 110,502 within three miles earning $44,528 as the average household income. For more information, contact Roger B. Broderick, Broderick & Associates, Inc., 5514 Park Boulevard, Pinellas Park, FL 33781; 727-544-1403.
Marcus & Millichap Real Estate Investment Brokerage Co. sold Plantation Crossings, a 122,935 sq.ft. center located at 12220 Sunrise Boulevard in Plantation, FL for $13.4 million with a Cap rate of 8.69%. The center is situated on a land area of 7.27 acres and was 100% occupied at the time of the sale. Anchors include CompUSA, Michael’s and Pier 1 Imports. The company also sold The Yards Plaza Shopping Center, a 265,359 sq.ft. center located at the intersection of 47th Street and Damen Avenue in Chicago, IL for $19.026 million. The center is anchored by Burlington Coat Factory, Food $ Less and Value City Department Store. The company also sold two Walgreens locations in the Atlanta, GA area and is selling Hi Fi Buys in Macon, GA for $2.15 million with a Cap rate of 8.1% and Walgreens in Atlanta, GA for $4,637,662. The company also is selling McKinney Shopping Center located at the intersection of U.S. Highway 75 and Highway 380 in McKinney, TX. The 27,082 sq.ft. center is shadow-anchored by Target, Albertsons and Wal*Mart. The center is 100% occupied and is cotenanted by Mattress Giant, GNC, Alphagraphics and Verizon Wireless. The property is priced at $5.1 million. The company also is selling a Bennigan’s restaurant located on the Hoppe Trail, near the intersection of Interstate 35 and Old Settlers Road in Round Rock, TX. The asking price is $3.075 million with a Cap rate of 7.5%. Area retail includes Denny’s, Johnny Carino’s, Cracker Barrel and Saltgrass Steak House. The company also is selling a KFC restaurant located in Falls Church, VA for $2.5 million with a Cap rate of 6.6%. Area retail includes CVS, Chevy’s, Boston Market, Giant Foods, Target, Wendy’s and McDonald’s. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 750 Battery Street, Fifth Floor, San Francisco, CA 94111; 415-391-9220, Fax 415-398-4913; Web site: www.marcusmillichap.com. For more information regarding The Yards Plaza Shopping Center, contact Marcus & Millichap, 8750 West Bryn Mawr Avenue, Suite 650, Chicago, IL 60631; 773-693-0700, Fax 773-693-2114. For more information regarding McKinney Shopping Center, contact Jerry Luterman, Marcus & Millichap, 14185 North Dallas Parkway, Suite 980, Dallas, TX 75254; 972-980-4800, Fax 972-490-1501; Email: gluterman@marcusmillichap.com. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., Arboretum Great Hills Center, 9600 Great Hills Trail, Suite 150W, Austin, TX 78759; 512-343-2800, Fax 512-231-2210; Web site: www.marcusmillichap.com. For more information regarding the KFC location, contact Marcus & Millichap Real Estate Investment Brokerage Co., 1250 24th Street Northwest, Suite 750, Washington, DC 20037; 202-955-4545, Fax 202-955-6160.
Belz Enterprises is selling restaurant outparcels located along Interstate 95 in St. Augustine, FL. The outparcels are located in the Belz Factory Outlet World, which is cotenanted by Tommy Hilfiger, Nike, Liz Claiborne, Guess, Polo Ralph Lauren, Timberland, Jones NY, Nautica, Adidas, Waterford and Vanity Fair. Area demographics include a population of 63,706 within 10 miles earning $68,551 as the average household income. For more information, contact Belz Enterprises, 100 Peabody Place, Suite 1400, Memphis, TN 38103; 901-260-7366, Fax 901-260-7203; Web site: www.belz.com.
RMC Property Group acquired Beachway Plaza, a center located at the intersection of Manatee Avenue West and 75th Street West in Bradenton, FL. The center will be anchored by a 45,000 sq.ft. Publix Super Market at a site formerly occupied by Beall’s Department Store. Opening for the Publix is slated for November. Upon completion, Beachway Plaza will be 123,000 sq.ft. and anchored by Publix, Beall’s Outlet and Big Kmart. A former Winn-Dixie space of 33,000 sq.ft. is available. For more information, contact Michael Leeds, RMC Property Group, 1733 West Fletcher Avenue, Tampa, FL 33612; 813-960-8154 Ext. 333, Fax 813-963-2596; Web site: www.rmcpg.com.
An affiliate of Yale Realty Services Corp. acquired Marianna Center in Marianna, FL. The property is positioned between a Wal*Mart Supercenter and Lowe’s Home Improvement. Cotenants include Cato, Shoe Show, Friedman’s, U.S. Cellular, American General Finance, GameStop and Tyndall Credit Union. For more information, contact Yale Realty Services Corp., 501 Washington Avenue, Pleasantville, NY 10570; 914-769-7600, Fax 914-769-5463; Email: YPaprin@aol.com.
Maestas & Ward Commercial Real Estate is selling vacant land located at the intersection of Cottonwood Park and Cottonwood Drive in Albuquerque, NM for $610,000. Area demographics include a population of 124,121 within five miles earning $64,572 as the average household income. Area retail includes La-Z-Boy Furniture Gallery, Sandia Laboratories Federal Credit Union, Coldwell Banker Legacy Realtors, Wal*Mart Supercenter, Home Depot, Staples, PetsMart, Keva Juice, Avenue, Starbucks and Party City. For more information, contact Peter Pineda, Maestas & Ward Commercial Real Estate, 7620 Jefferson NE, Albuquerque, NM 87109; 505-998-1579, Fax 505-878-0002; Email: peter@maestasandward.com; Web site: www.maestasandward.com.
Advantis sold Robertson Corners Shopping Center, a 47,640 sq.ft. center located in Walterboro, SC. For more information, contact Brad C. Luger or Lawrence T. Randolph, Advantis, 4300 West Cypress Street, Suite 1000, Tampa, FL 33607; 813-342-4707 or 813-342-4701, Fax 813-342-4015; Emails: bluger@advantisgva.com and lrandolph@advantisgva.com.
Neal Realty & Investments, Inc. sold The Benenson Building located at 201 Andrew Avenue in Fort Lauderdale, FL to Segovia Holdings, LLC. The 20,000 sq.ft. office/retail building was sold for $2.2 million. For more information, contact David Behar, Neal Realty & Investments, 3300 North Federal Highway, Suite 250, Fort Lauderdale, FL 33306; 954-568-0530, Fax 954-568-2134; Email: info@nealrealty.net]; Web site: www.nealrealty.net.
Cencor Realty Services is looking to acquire supermarket-anchored or shadow-anchored neighborhood and community centers located in TX from between $5 million and $100 million. For more information, contact Stephen Hefner, Cencor Realty Services, 3102 Maple Avenue, Suite 500, Dallas, TX 75201; 214-954-0300, Fax 214-953-0860; Email: shefner@cencorrealty.com; Web site: www.cencorrealty.com.
Commodore Realty, Inc. is looking to acquire supermarket-anchored sites from 100,000 sq.ft. to 500,000 sq.ft. throughout FL for anywhere from $10 million to $30 million. For more information, contact Sandy Turner, Commodore Realty, Inc., 51 SW 9th Street, Miami, FL 33130; 305-372-3777 Ext. 29, Fax 305-358-1057.
Trammell Crow Co. negotiated the sale of Venice Shopping Center in Venice, FL for $6.775 million. The company negotiated the transaction representing the seller, ING Investment Management, Inc. The 109,390 sq.ft. center is located at 501 Tamiami Trail South in Venice and was 91% occupied at the time of the sale. Tenants include Publix, Beall’s Outlet, Dollar Tree and Wachovia Bank. For more information, contact Trammell Crow Co., 2001 Ross Avenue, Suite 3400 Dallas, Texas 75201; 214-863-3000, Fax: 214-863-3138.
Coldwell Banker Commercial NRT sold Westwood Shopping Center, a two-story 10,000 sq.ft. center located at 6750-6780 Pines Boulevard in Pembroke Pines, FL for $700,000. The center is situated on a land area of 0.55 acres. 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; Web site: www.shoppingcentersflorida.com.
Southern Management and Development, L.P. acquired Oaks Mall Plaza, a 105,253 sq.ft. center located at the intersection of Interstate 75 and Newberry Road in Gainesville, FL for $12.23 million from Oaks Mall, Ltd. The center is anchored by Toys “R” Us, the Gator Theaters and Starbucks. For more information, contact Southern Management and Development, L.P., 21301, Powerline Road, Suite 312, Boca Raton, FL 33433; 561-883-1412, Fax 561-883-6218; Email: info@smddealmakers.net.
CB Richard Ellis, Inc. represented RMS Properties in the acquisition of County Square, a 151,430 sq.ft. center located on North State Road 7 in North Miami, FL from Copana Center, Inc. The company also negotiated the sale of an Albertsons-anchored center located in Lake Havasu City, AZ. The 46,000 sq.ft. center, located at the intersection of McCulloch Boulevard and Smoketree Avenue, sold for $4.2 million. Cotenants include Black Bear Diner and Nationwide Homes. The company also negotiated the sale of Valley Fair Shopping Center located at the intersection of Southern and Mill Avenues in Tempe, AZ for $10.4 million. The buyer was Ethan Christopher Valley Fair, LLC and the seller was Carlson Real Estate. The 90,862 sq.ft. center was 97% occupied at the time of the sale. Tenants include L.A. Fitness and Popular Outdoor Outfitters. The company also is selling a 10,010 sq.ft. center located at 38-40 Centerpointe in La Palma, CA. The center is tenanted by four small shops and one restaurant on NNN leases. Area demographics include a population of 220,080 within three miles earning $70,653 as the average household income. For more information, contact Diana Perez, CB Richard Ellis, Inc., 5355 Town Center Road, Suite 701; 561-393-1692 or 561-394-2100, Fax 561-393-1650; Web site: www.cbre.com. For more information regarding the Albertsons-anchored center and Valley Fair Shopping Center, contact Katherine Haug, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016-4290; 602-735-1782, Fax 602-735-5655; Email: katherine.haug@cbre.com. For more information regarding the center in La Palma, CA, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8521, Fax 949-725-8545.
Cypress Equities is selling a former 60,000 sq.ft. Rainbow Foods located at 5000 Main Street in The Colony, TX. The site situated on a land area of 6.138 acres. Area demographics include a population of 32,299 within three miles earning $91,716 as the average household income. For more information, contact Caroline Summers, Cypress Equities, 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 972-361-5059, Fax 972-361-5928; Email: caroline.summers@staubach.com.
LMS Commercial Real Estate Services is selling a land area of 2.5 acres on Route 72 in West Cornwall, PA for $475,000. The site has an average daily traffic count of 19,000 vehicles. Area demographics include a population of 41,902 within five miles earning $51,795 as the average household income. For more information, contact LMS Commercial Real Estate, 120 North Pointe Boulevard, Suite 301, Lancaster, PA 17601; 717-569-9373, Fax 717-560-9909; Web site: www.lms-pma.com.
Net Leased Investment Co. sold a 3,784 sq.ft. Starbucks in Clearwater, FL for $1.7 million. The company also sold a 3,000 sq.ft. Del Taco in Lemon Grove, CA for $1.45 million and a 10,908 sq.ft. Eckerd Drug Store in Charlotte, NC for $3.143 million. For more information, contact Bob Fraser, Loree Barnard or Mike Sheerin, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775; Web site: www.netleased.com.
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