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Buyers & Sellers
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Buyers & Sellers Millennium Properties, Inc. is selling a 96,268 sq.ft. former Kmart building located on the east side of Route 121, south of Route 36, in Decatur, IL for $2.2 million. The building is situated on a land area of 8.59 acres. For more information, contact Daniel J. Hyman, Millennium Properties, Inc., 20 South Clark, Suite 630, Chicago, IL 60603; 312-338-3003, Fax 312-338-3008; Email: dhyman@mpirealestate.com.
CB Richard Ellis sold Sunrise Marketplace Shopping Center, a 176,661 sq.ft. center located at the intersection of Nellis Boulevard and Stewart Avenue in Las Vegas, NV for $17.5 million with a Cap rate of 9.07%. The company also is selling a 10,010 sq.ft. center located at 38-40 Centerpointe in La Palma, CA for $4.033 million. The site includes four retail and one established restaurant tenant 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 Charles Moore, Christina Roush or Geoffrey West, CB Richard Ellis, 3993 Howard Hughes Parkway, Suite 700, Las Vegas, NV 89109-0961; 702-369-4949; Emails:charles.moore@cbre.com, christina.roush@cbre.com and geoffrey.west@cbre.com; Website: www.cbre.com.
The Beitler Co. is brokering the sale of a 97,300 sq.ft. former Kmart located near the intersection of Westerville Road and East Dublin Granville Road in Columbus, OH for $2.25 million. The site has an average daily traffic count of 18,600 vehicles. The center is situated on a land area of 13.93 acres. The company also is brokering the sale of a 3,750 sq.ft. space on approximately 1.649 acres at the intersection of Cincinnati-Dayton Road and Hamilton-Mason Road in Westchester, OH for $1 million. For more information, contact Don Shapiro, The Beitler Co., 1 North LaSalle, Suite 2850, Chicago, IL 60602; 312-899-5273; Email: dshapiro@beitlerco.com.
NewMark Merrill Cos., LLC provided advisory services for the acquisition of the Whitney Ranch Center, a 252,357 sq.ft. center located at the intersection of Sunset Road and Stephanie Drive in Henderson, NV. The center is 96% occupied and is anchored by Vons, Target, Ross, Applebee’s, Washington Mutual Bank, Subway and McDonald’s. Area retail includes Wal*Mart, Costco, Dillard’s, Stein Mart, Lowe’s Home Improvement, Home Depot, T.J. Maxx, Mervyn’s and Robinsons-May. For more information, contact Adrienne Shaffer, NewMark Merrill Cos., LLC, 5850 Canoga Avenue, Suite 650, Woodland Hills, CA 91367; 818-710-6100, Fax 818-710-6116; Web site: www.newmarkmerrill.com.
Inland Western Real Estate Trust, Inc. acquired four properties from CT to OK for a total of $30.6 million. These properties include: a 65,658 sq.ft. Shaw’s Supermarket located at 1045 West Main Street in New Britain, CT for $13.7 million from DESCO Associates; Pavilion at King’s Grant, a newly constructed center located at 8050 Concord Mills Boulevard in Concord, NC for $8.2 million from Thomas Enterprises, Inc. The center is anchored by a 49,000 sq.ft. Toys “R” Us store, an 8,500 sq.ft. Olive Garden restaurant and a 7,500 sq.ft. Red Lobster, all of which are on ground leases; and Eckerd drug stores in Norman and Edmond, OK. The Norman store is 13,824 sq.ft. and is located at the intersection of 36th Avenue and Robinson Street and was acquired for $5.3 million from Commercial Net Lease Realty Services, Inc. The Edmond store is 13,813 sq.ft. and is located at 1301 North Santa Fe and was acquired for $3.4 million. For more information, contact Rick Fox, Inland Western Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com.
Azarian Management & Development Co. acquired Raritan Center located on Washington Street Sayreville, NJ from Kamson Corp. The 70,000 sq.ft. center is situated on a land area of 14 acres and is tenanted by Drug Fair, Family Dollar Stores, Subway, Eye Center of America and seven other stores. Plans are underway for a major renovation and expansion of the shopping center. For more information, contact John M. Azarian, Azarian Management & Development Co., The Azarian Building, 6 Prospect Street, Suite 1B, Midland Park, NJ 07432; 201-444-7111, Fax 201-444-6655; Email: azariangrp@aol.com.
NAI Hiffman is representing TCB Development in the leasing and sale of Pheasant Hill Plaza in Bolingbrook, IL. The 111,570 sq.ft. sq.ft. center is situated on a land area of 12.76 acres. For more information, contact David A. Lewand, NAI Hiffman, One Oakbrook Terrace, 22nd Street and Butterfield Road, Suite 600, Oakbrook, IL 60181; 630-932-7258, Fax 630-932-1234; Web site: www.hiffman.com.
Divaris Real Estate, Inc. represented Crown Life Insurance Co. in the sale of Coliseum Corner, a 49,444 sq.ft. center located 2165 Cunningham Drive in Hampton, VA. The center is anchored by Rugged Wearhouse and Washington Mutual Finance. For more information, contact Michael B. Divaris, Divaris Real Estate, Inc., One Columbus Center, Suite 700, Virginia Beach, VA 23462; 757-497-2113, Fax 757-497-1338; Email: info@divaris.com.
The Linder Co. sold Merchants Square, a 277,000 sq.ft. center located at the intersection of 116th Street and Keystone Avenue in Carmel, CA for $37.3 million. The center is anchored by Marsh Supermarket, which was not included in the purchase, Cost Plus, World Market, Old Navy, Hobby Lobby, Arhaus Furniture and Petco. For more information, contact The Linder Co., Keystone at the Crossing, 8555 North River Road, Suite 375, Indianapolis, IN 46240-4305; 317-844-5313, Fax 317-574-3135; Email: info@linder-company.com.
The Mills Corp. acquired the Westland Mall in north Miami, FL for $79 million. The company is planning cosmetic changes on the 30-year-old mall’s appearance. The mall has three anchor stores and 95 other specialty retailers. For more information, contact The Mills Corp., 1300 Wilson Boulevard, Suite 400, Arlington, VA 22209; 703-526-5000; Website: www.millscorp.com.
Mainardi Management Co. acquired Nine Mall Plaza, a 193,814 sq.ft. center located on Route 9 in Poughkeepsie, NY for $12 million from National RE/sources. The center is anchored by a 94,000 sq.ft. Kohl’s department store, a 38,000 sq.ft. Babies “R” Us store and a 21,000 sq.ft. Borders Books, Music and Café store. Cotenants include Bridgestone/Firestone, Mailboxes Etc. and H&R Block. For more information, contact Andrew Mainardi, Mainardi Management Co., 1044 Route 23, Suite 100, Wayne, NJ 07470;973-696-9265, Fax 973-696-1880; Email:info@mainardimanagement.com.
Marcus & Millichap Real Estate Investment Brokerage Co. has been retained as the exclusive marketing representative in the disposition of a Farmer Jack Supermarket, a wholly subsidiary of The Great Atlantic & Pacific Tea Co., located in Shelby Township, MI. The supermarket is in a Class “A” location and can be acquired for cash or cash to new debt. Area retail includes a new shopping center and a Walgreens. For more information, contact William T. O’Connor, Marcus & Millichap Real Estate Investment Brokerage Co., One Northwestern Plaza, 28411 Northwestern Highway, Suite 750, Southfield, MI 48034; 248-352-5050, Fax 248-352-3813.
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