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Buyers & Sellers
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Buyers & Sellers Ramsey Real Estate Group sold Main Street Square, a center located in downtown Seal Beach, CA for $3.9 million. The 8,550 sq.ft. building is located on Main Street. The property was 100% leased at the close. Tenants include Javatinis Espresso, Rasmataz Treasures, Verizon Wireless, Barbara’s Beauty, Prime Time Fitness and Caribbean Tans. For more information, contact Jeffrey T. Ramsey, Ramsey Real Estate Group, PO Box 2248, La Jolla, CA 92038-2248; 858-459-4410; Web site: www.rreg.com.
BT Commercial Real Estate is selling a 27,850 sq.ft. building located on Santa Rosa Avenue in Santa Rosa, CA for $3.95 million. The site has an average daily traffic count of 30,000 vehicles. Area demographics include a population of 181,221 within five miles earning $66,449 as the average household income. For more information, contact Paul Gonzalez or Craig Cosentino, BT Commercial Real Estate, 1400 North Dutton Avenue, Suite 5, Santa Rosa, CA 95401; 707-360-1300, Fax 707-360-1350; Emails: tpgonzalez@btcommercial.com and ccosentino@btcommercial.com; Web site: www.btcommercial.com.
Baum Realty Group arranged the acquisition of a 105,000 sq.ft. big-box retail facility in Spokane, WA for Home Depot. The building is located on North Newport Highway and was acquired for $20.8 million by Cole Co. For more information, contact Baum Realty Group, 1030 West Chicago Avenue, Suite 300, Chicago, IL 60622; 312-666-3000, Fax 312-666-7970; Web site: www.baumrealty.com.
Rein & Grossoehme represented GE Capital Franchise Finance in the sale of a 2,600 sq.ft. Arby’s located on West Camino Del Sol in Sun City West, AZ to a private investor for $650,000. For more information, contact Jerry Robers, Rein & Grossoehme, 3900 East Camelback Road, Suite 408N, Phoenix, AZ 85018; 602-954-7000, Fax 602-954-7001; Email: rachele@high-yield.com; Web site: www.high-yield.com.
The Woodmont Co. sold Haltom City Shopping Center, a 149,176 sq.ft. center located on Denton Highway in Haltom City, TX. For more information, contact The Woodmont Co., 2100 West 7th Street, Fort Worth, TX 76107-2306; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com.
Island Associates brokered 2.2 acres on Middle Country Road in Centereach, NY to Cornerstone Developers for $1.3 million. The land will be used for future development of a retail tenant. For more information, contact Island Associates, 444 Route 111, Suite 1, Smithtown, NY 11787; 631-982-2100, Fax 631-982-2101; Web site: www.islandassociates.com.
Regency Centers closed on the acquisition of King Farm Village Center located in Rockville, MD from King Farm Shopping Center Associates, LLC. The center is located in the heart of King Farm, a 430-acre master-planned community. At completion, King Farm will contain over 3,200 housing units, three million sq.ft. of office space, 118,588 sq.ft. of retail, two schools and numerous parks. The center is anchored by Safeway and is tenanted by Baja Fresh Mexican Grill, Aveda Day Spa, Curves For Women, Chevy Chase Bank, Quizno’s, Maggie Moo’s Ice Cream and Verizon Wireless. For more information, contact Regency Centers, 121 West Forsyth Street, Suite 200, Jacksonville, FL 32202; 904-598-7000, Fax 904-634-3428; Web site: www.regencycenters.com.
Millennium Properties is selling a 4,200 sq.ft. Cort Furniture building located on West Ontario in Chicago, IL for $3.1 million. The site has an average daily traffic count of 25,000 vehicles. The property is a three-story walk-up with a finished basement. For more information, contact Amanda Weldzius, Millennium Properties, Inc., 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3000, Fax 312-338-3008; Email: aweldzius@mpirealestate.com; Web site: www.mpirealestate.com.
Standard Management Co. acquired Rosedale Village Shopping Center located at the intersection of Rosedale Highway and Calloway Drive in West Bakersfield, CA for $21.7 million. The 217,000 sq.ft. center is 99% occupied except for a vacant 82,000 sq.ft. former Kmart, which the company is planning to divide and lease to several big-box retailers. For more information, contact Standard Management Co., 6151 West Century Boulevard, Suite 300, Los Angeles, CA 90045; 310-410-2300, Fax 310-410-2919; Web site: www.standardmanagement.com.
Fameco Real Estate negotiated the acquisition of T.J. Maxx Plaza in Toms River, NJ from Cedarwood Properties. The 120,000 sq.ft. center is located on Hooper Avenue and is anchored by T.J. Maxx and Michael’s Crafts. A 5,000 sq.ft. expansion for a pad site is planned. For more information, contact Diane Weinberg, Fameco Real Estate, 15 East Ridge Pike, Suite 100, Conshohocken, PA 19428; 610-834-8000, Fax 610-834-1793; Web site: www.famecoretail.com.
Zell Commercial Real Estate Services, Inc. is selling a supermarket-anchored center located in Chandler, AZ for $8.5 million. The center is currently 96% occupied and is tenanted by Hi-Health, Hollywood Video, Checkmate and Papa John’s. For more information, contact Bryan Ledbetter, Zell Commercial Real Estate Services, Inc., 5343 North 16th Street, Suite 290, Phoenix, AZ 85016; 602-248-0600, Fax 602-248-0501; Email: bledbetter@zellcre.com.
Upland Real Estate Group, Inc. sold the following three Circle K locations: a 2,420 sq.ft. site located in Gibsonton, FL for $670,000; a 2,400 sq.ft. site located in Tampa, FL for $955,000 and a 4,104 sq.ft. site located in Albuquerque, NM for $1.2 million. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401-1872; 612-332-6600, Fax 612-376-4489; Email: brier@upland.com; Web site: www.upland.com.
Centdev Properties, LLC acquired Concord Plaza, a 50,000 sq.ft. center located on Highway 29 in Concord, NC. The center is anchored by Northern Tool and Equipment and will be renamed Northern Plaza. Additionally, the company plans on redeveloping the center to give it a new look and improve accessibility. For more information, contact Dale Tweedy, Centdev Properties, LLC, 16930 West Catawba Avenue, Suite 206, Cornelius, NC 28031; 704-895-1535 Ext. 17; Email: dtweedy@centdev.com.
Combined Properties, Inc. acquired The Commons at La Verne, a 105,584 sq.ft. center located at the intersection of Foothill Boulevard and Wheeler Avenue in La Verne, CA. Combined Properties is planning to redevelop and expand the site. Upon completion of the redevelopment, the center will have increased to 130,000 sq.ft. and will be anchored by a 56,000 sq.ft. supermarket. For more information, contact Linda Dreyer, Combined Properties, 1255 22nd Street, 6th Floor, Washington, DC 20037-1225; 202-293-4500, Fax 202-833-3013; Web site: www.combined.biz.
DeBartolo Development acquired approximately 45 acres along Woods Chapel Road in Blue Springs, MO. The company plans to develop the site to bring a supermarket and other retail services to the area. For more information, contact DeBartolo Development, 14934 North Florida Avenue, Tampa, FL 33613; 813-676-7677, Fax 813-676-7696; Web site: www.debartolodevelopment.com.
Grubb & Ellis Co. represented Loop 336/Conroe, Ltd., an entity of Wellington Development, in the sale of the 10,290 sq.ft. Conroe Shopping Center located at the intersection of Interstate 45 North Freeway Feeder Road and North Loop 336 East in Conroe, TX. The center is currently 100% leased and is tenanted by Darque Tan, Sprint, Pizza Hut, EB Games, Cash America and Philly Connection. For more information, contact George Cushing or Paula Foster, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056-3017; 713-626-8888, Fax 713-626-2288; Emails: george.cushing@grubb-ellis.com and paula.foster@grubb-ellis.com; Web site: www.grubb-ellis.com.
Inland Western Retail Real Estate Trust, Inc. acquired The Village Shoppes at Simonton in Lawrenceville, GA and a Sofa Express in Duluth, GA. The Village Shoppes is anchored by a 44,271 sq.ft. Publix and is tenanted by Pizza Hut, Subway, Supercuts, Dollar Store, Pak Mail, New China, World Cleaners, Curves For Women and Cummings Nails & Tanning. Inland Western acquired the center for $13.75 million from Barclay Simonton Partners, LLC. The 21,500 sq.ft. Sofa Express was acquired for $3.96 million from TTM Holdings, LLC and Crown Investment Holdings, LLC. For more information, contact Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.
TCI Group, Michael Green Agency, LLC is selling a land area of 5.2 acres at the intersection of Highway 75 and Suncrest Drive in Gray, TN for $850,000. For more information, contact Tina Holt, TCI Group, Michael Green Agency, LLC, 131 Pickens Bridge Road, Johnson City, TN 37615; 423-282-1176 Ext. 202, Fax 423-282-1137; Email: tinah@tcigreen.com; Web site: www.tcigroup.com.
Advantis Real Estate Services Co./GVA sold a land area of 6.14 acres at the intersection of Abercorn Expressway and Janet Drive in Savannah, GA for $4.2 million. The site will be developed into Abercorn Walk Shopping Center, a 36,400 sq.ft. center that will be anchored by Fresh Market. For more information, contact Cindy Mackey, Advantis Real Estate Services Co./GVA, World Trade Center, 101 West Main Street, Suite 900, Norfolk, VA 23510-1687; 757-754-4553, Fax 757-627-1901; Email: cmackey@advantisgva.com; Web site: www.advantisgva.com.
Abrams Industries, Inc. closed on the sale of its leasehold interest in a center in Minneapolis, MN for $2.25 million. The all-cash transaction generated a pre-tax gain of approximately $2.2 million. The company originally developed the center in 1978, then sold it and leased it back from the fee owner under a long-term agreement, and subleased the building to Kmart Corp. For more information, contact Abrams Industries, Inc., 1945 The Exchange, Suite 300, Atlanta, GA 30339-2029; 770-953-0304, Fax 770-953-0302; Web site: www.abramsindustries.com.
NewBridge Retail Advisors, Inc. served as the advisor in the sale of Azalea Square, a 395,156 sq.ft. center located at the intersection of U.S. 17-A and Interstate 26 in Summerville, SC. The property was sold by Silver Oak Associates, LP to Inland Real Estate Acquisitions, Inc. The center is shadow-anchored by SuperTarget and Kohl’s and is tenanted by Ross Dress For Less, T.J. Maxx, Linens ‘N Things, PetsMart, Cost Plus, Pier 1 Imports, Shoe Carnival, Dress Barn and Hibbett Sporting Goods. The center is situated on a land area of 54 acres. For more information, contact Gary Saykaly or Lynn Leonard, NewBridge Retail Advisors, Inc., Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588; Web site: www.newbridgeretail.com.
Entertainment Properties Trust is looking to acquire NNN single-tenant freestanding locations, strip, power and outlet centers and malls throughout the U.S. and Canada from $5 million to $50 million with a Cap rate of 10.25%. For more information, contact Jon Weis, Entertainment Properties Trust, 30 Pershing Road, Suite 201, Kansas City, MO 64108; 816-472-1700, Fax 816-472-5794; Email: jonw@eprkc.com; Web site: www.eprkc.com.
Remax Realty Group is selling a land area of six acres on Route 16 in Milton, DE for $2.375 million. The land is located adjacent to Food Lion Plaza. For more information, contact Jim Malloy, Remax Realty Group, 788 Kings Highway, Lewes, DE 19958; 302-645-0851, Fax 302-645-0355.
CB Richard Ellis, Inc. is selling Edgebrook Plaza Shopping Center, a 100,170 sq.ft. center located on Gulf Freeway in Houston, TX for $8.495 million with a Cap rate of 7.72%. The center is anchored by Office Depot, KFC, Taco Bell and Payless Shoes. The company also is selling a 35,030 sq.ft. building located on Central Avenue in Chino, CA for $4.936 million with a Cap rate of 6.44%. The building is tenanted by Kragen Auto Parts and Radio Shack. The company also is selling La Mesa Village Station, a 57,673 sq.ft. center located on Severin Drive in La Mesa, CA for $9 million with a Cap rate of 7.89%. The center is currently 100% leased. For more information, contact H. Dan Miller or Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 713-840-6539 (Miller) or 949-725-8521 (Voorhees), Fax 949-725-8545; Emails: dan.miller@cbre.com and phil.voorhees@cbre.com; Web site: www.cbre.com.
Coldwell Banker Commercial Quality Properties is selling a land area of 2.58 acres located on West Artesia Boulevard in Gardena, CA for $2.995 million. The company also is selling a 6,600 sq.ft. Milano’s Restaurant located in Warner Center, CA for $250,000. For more information, contact Arthur Pfefferman, Coldwell Banker Commercial Quality Properties, 11280 Corbin Avenue, Suite A, Porter Ranch, CA 91326-4120; 818-725-2500, Fax 818-366-4900; Email: arthur.pfefferman@gte.net.
Sperry Van Ness is selling a Galyan’s at Liberty Tree, a center located on Commonwealth Avenue in Danvers, MA for $15.61 million with a Cap rate of 7.14%. The two-story, 80,000 sq.ft. store is situated on a land area of 3.93 acres. For more information, contact Tom Dalzell or Joseph C. French Jr., Sperry Van Ness, 50 Main Street, Suite 1000, White Plains, NY 10106; 914-682-2169 or 914-682-6868; Emails: tom.dalzell@svn.com and frenchj@svn.com; Web site: www.svn.com.
Coldwell Banker Commercial Investment Services Group is representing a client looking for investment opportunities nationwide. The client prefers properties that have upside through repositioning or redevelopment or short-term leases. The purchase price must be between $1 million and $5 million. For more information, contact Shawn Collins, Coldwell Banker Commercial Investment Services Group, 1340 Bayshore Highway, Burlingame, CA 94010; 650-344-4300 Ext. 24, Fax 650-344-4311.
CB Richard Ellis/The Dalton Group is marketing a Great Indoors Sears stores located on Alpha Road in Farmer’s Branch, TX for $22.478 million. The site has a long-term ground lease. For more information, contact Gregory M. Dalton, CB Richard Ellis/The Dalton Group, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816, Fax 916-781-4870; Email: greg.dalton@cbre.com; Web site: www.cbre.com/daltonteam.
The Woodmont Co. sold Haltom City Shopping Center, a 149,176 sq.ft. center located on Denton Highway in Haltom City, TX to The Malachite Group, LTD. The company also has completed negotiations for the sale of three acres in Mansfield, TX to Fire Mountain Restaurant, formerly known as Ryan’s Steakhouse. The 10,800 sq.ft. restaurant will be located off Highway 287 and North Walnut Creek Drive. For more information, contact The Woodmont Co., 2100 West 7th Street, Fort Worth, TX 76107-2306; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com. |