|
Buyers & Sellers
|
|
|
Buyers & Sellers Newcastle Properties, LLC acquired a portfolio of 14 properties in Las Vegas, NV. The properties occupy a land area in excess of 21 acres along a 1.5 mile stretch of Flamingo Road. Nine of the properties, occupying 18 acres, are ground leased for extended terms ranging from 25 to 60 years to a variety of tenants, including Walgreens, Morton’s Steakhouse, Lawry’s Prime Rib, Buca di Beppo, Roy’s Restaurant, Cozymel’s, Hamada of Japan, Bahama Breeze and two shopping centers. An additional four properties are raw land and will be marketed for further commercial development. The company acquired the portfolio on behalf of two investment affiliates, FC Income Properties, LLC and FC Development Properties, LLC at a price of approximately $25 million. For more information, contact Newcastle Properties, LLC, 1030 West Higgins Road, Suite 360, Park Ridge, IL 60068; 847-685-9800, Fax 847-685-1309.
Upland Real Estate Group, Inc. sold County Fair Marketplace, a 9,980 sq.ft. center located in Hutchinson, MN for $783,000. The center is tenanted by Papa Murphy’s, Coborn’s, Great Clips and Subway. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-335-9366, Fax 612-376-4489; Email: brier@upland.com.
Donahue Schriber acquired Boronda Plaza, a 92,316 sq.ft. center located in Salinas, CA and Sunrise Marketplace, a 176,661 sq.ft. center located in Las Vegas, NV. The properties sold for a combined total of $17.5 million. Boronda Plaza is part of the Williams Ranch master-planned community and is anchored by Food 4 Less, Taqueria Restaurant and Valley Wireless. Sunrise Marketplace is located at the intersection of Stewart Avenue and Nellis Boulevard. The center is anchored by Smith’s Food & Drug, Jo-Ann Fabrics, Hollywood Video and Washington Mutual. For more information, contact Donahue Schriber, 200 East Baker Street, Suite 100, Costa Mesa, CA 92626; 714-545-1400, Fax 714-545-4222.
Retail Realty, LLC is selling or leasing a 41,260 sq.ft. freestanding building located at 150-15 Hillside Avenue in Jamaica, NY. Area retail includes Rite Aid and Strauss Stores. Area demographics include a population of 106,449 within one mile earning $53,564 as the average household income. For more information, contact Steven B. Schwartz, Retail Realty, LLC, 525 Northern Boulevard, Suite 310, Great Neck, NY 11021; 516-829-8600 Ext. 212, Fax 516-829-5858; Email: sschwartz@retailrealty.com; Web site: www.retailrealty.com.
AmREIT acquired Uptown Plaza, a 28,000 sq.ft. center in Houston, TX, including a freestanding CVS and a shopping center anchored by Grotto, a new concept of Landry’s Restaurant, Inc. For more information, contact AmREIT, 8 Greenway Plaza, Suite 824, Houston, TX 77046; 713-850-1400, Fax 713-850-0498; Web site: www.amreit.com.
Inland Retail Real Estate Trust, Inc. acquired two centers located in NC and NJ for a total of $60.4 million. The first center is Winslow Bay Commons located at the intersection of Highway 150 and Bluefield Road in Mooresville, NC. The center, with three single-story buildings and two outlots, comprises 255,531 sq.ft. The company acquired the center for $42.1 million from Members of Glencoe Bluefield Associates, LP. The center is tenanted by Linens ‘n Things, T.J. Maxx, Dick’s Sporting Goods, PetsMart, Rack Room, Pier 1 Imports, EB GameWorld, Caribou Coffee, Hallmark, Cold Stone Creamery, Radio Shack, Party City and Michaels. The second center is Crossroads Plaza, a 90,151 sq.ft. center located at 1520 Route 38 in Lumberton, NJ. The center is anchored by a 60,822 sq.ft. ShopRite supermarket. Cotenants include Hallmark, WaWa, Best Cuts, Subway and T-Mobile. The company acquired the center from Members of Newman Development Group of Hainesport, LLC for $18.3 million. For more information, contact Rick Fox, Inland Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Web site: www.inlandgroup.com.
Holliday Fenoglio Fowler, LP is selling Watauga Pavilion, a 205,740 sq.ft. center located in Fort Worth, TX. For more information, contact Barry Brown, Holliday Fenoglio Fowler, LP, One Lincoln Park, North Central Expressway, Suite 400, Dallas, TX 75225; 214-265-0880; Email: bbrown@hfflp.com; Web site: www.hfflp.com.
Simon Property Group, Inc. entered into an agreement to acquire Gateway Shopping Centers in Austin, TX. The transaction is expected to be completed during the first quarter of this year. The Gateway Shopping Centers are a 484,000 sq.ft. complex consisting of Gateway Square, Gateway Market, Gateway Courtyard and Gateway Cinema. Area retail includes The Arboretum, a 200,000 sq.ft. specialty center. Gateway is anchored by Whole Foods, REI, Regal Cinema, Best Buy, Linens ‘n Things, The Container Store, CompUSA, Star Furniture and Old Navy. Crate & Barrel is slated to open a 35,000 sq.ft. store at the center later this year. For more information, contact Les Morris, Simon Property Group, Inc., 115 West Washington Street, Indianapolis, IN 46204; 317-263-7711; Web site: www.simon.com.
Divaris Real Estate, Inc. represented Colonial Foods Real Estate, LLC in the sale of a former Pizza Hut restaurant located at 233 Independence Boulevard in Virginia Beach, VA for $2.2 million to Southstar Holdings, LLC. For more information, contact Gerald S. Divaris, Divaris Real Estate, One Columbus Center, Suite 700, Virginia Beach, VA 23462; 757-497-2113, Fax 757-497-1338; Email: info@divaris.com; Web site: www.divaris.com.
Rockwood Realty Associates, LLC sold Rogue Valley and Chico Malls on behalf of Gregory Greenfield & Associates, Ltd. to General Growth Properties. Rogue Valley Mall is a two-level, enclosed 632,562 sq.ft. mall located in Medford, OR. The mall is anchored by Meier & Frank, JCPenney, Mervyn’s, Meier & Frank Home Store, Copeland’s Sports and Linens ‘n Things. Cotenants include Gymboree, Finish Line, Talbots, Zales, Victoria’s Secret, Starbucks and American Eagle. Chico Mall is an enclosed mall located in Chico, CA. The 502,598 sq.ft. mall is anchored by JCPenney, Sears and Gottschalks and is tenanted by American Eagle, Buckle, Foot Locker, Gap, Lerner New York, Sunglass Hut & Watch Station. For more information, contact Dan Sachs, Rockwood Realty Associates, LLC, 555 Fifth Avenue, New York, NY 10017; 212-286-5800, Fax 212-286-5555.
Marcus and Millichap Real Estate Investment Brokerage is selling Chapman Commons Shopping Center, a Bi-Lo-anchored center located in Knoxville, TN for $5.25 million with a Cap rate of 9.82%. The 77,606 sq.ft. center is 98% occupied. The company also is selling the 99,292 sq.ft. Fountain Square Shopping Center located in Snellville, GA for $3.25 million with a Cap rate of 9.75%. The center is 68% occupied and is tenanted by a 14,839 sq.ft. Tuesday Morning. The company also is selling an AutoZone located in D’lberville, MS for $990,000 with a Cap rate of 7.24%. The tenant has a 15-year lease. For more information, contact Marcus & Millichap Real Estate Investment Brokerage, 1200 Abernathy Road, Suite 650, Atlanta, GA 30328; 678-942-4607; Email: shale1@marcusmillichap.com.
Newbridge Retail Advisors served as advisor in the sale of the Phase II component of Oak Ridge Mall, a 771,000 sq.ft. center located in Oak Ridge, TN. Phase II consists of a Cinemark Theatre. The mall is currently anchored by Sears, Profitts, JCPenney, Goody’s Staples and Cinemark. For more information, contact Gary Saykaly, Newbridge Retail Advisors, Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588.
CB Richard Ellis is selling, on behalf of CRIC Capital, LLC, a portfolio of Applebee’s Neighborhood Grill & Bar restaurants. The portfolio contains a total of 14 properties in two states, NJ and OH. The restaurants include locations in Hammonton, NJ for $1.73 million; Turnersville, NJ for $3.898 million; Alliance, OH for $2.558 milion, Arlington, OH for $3.415 million; Independence, OH for $3.079 million; Macedonia, OH for $3.292 million; Mansfield, OH for $2.95 million; Medina, OH for $2.565 million; Sandusky, OH for $2.92 million; Solon, OH for $2.050 million; Stow, OH for $3.311 million; Wadsworth, OH for $2.68 million and Wooster, OH for $3.713 million. The company also is selling the following two Chicago, IL area centers: Ravinia Plaza, a 101,802 sq.ft. center located at 15150 South LaGrange Road at the intersection of 153rd Street in Orland Park. The center is currently 98% leased and is tenanted by Borders Books and Music, Pier 1 Imports, Panera Bread and Chipotle. The seller was Hamilton Partners and the buyer was Tucker Development Corp.; McHenry Commons, a 100,479 sq.ft. center located at 1900 North Richmond Road at the intersection of McCullom Lake Road in McHenry. The center is 98% leased and is anchored by Kmart. The seller was GK Development, Inc., while the buyer was BET Investments, Inc. The company also is selling a 10,880 sq.ft. freestanding CVS store located at the intersection of 10 Mile and Southfield Road in Southfield, MI for $5.055 million with a Cap rate of 6.95%. The lease is guaranteed by CVS Pharmacy, Inc. for a 22-year base term. Area demographics include a population of 376,102 within five miles earning $73,351 as the average household income. The company also is selling a 10,010 sq.ft. building located at 38-40 Centerpointe in La Palma, CA for $4.033 million. The site has four retail and restaurant tenants with NNN leases. Area demographics include a population of 220,080 within three miles earning $70,653 as the average household income. The company also is selling Village at Collin Creek, a 123,782 sq.ft. center located at the intersection of Central Expressway and Plano Parkway in Plano, TX, for $14.3 million. The center is currently 95% leased. For more information, contact Jeffrey Thomas, CB Richard Ellis, 2415 East Camelback Road, First Floor, Phoenix, AZ 85016; 602-735-5505, Fax 602-735-5655; Email: jeffrey.thomas@cbre.com; Web site: www.cbre.com. Or contact John Glassmoyer at 602-735-5249; Email: alex.petalas@cbre.com. For more information regarding the Chicago, IL area centers, contact Beth Atkinson, CB Richard Ellis, 311 South Wacker Drive, Chicago, IL 60602; 312-935-1466; Email: beth.atkinson@cbre.com. For more information regarding the CVS property, contact Todd Copeland at 312-297-7650, Fax 312-861-7883; Email: tcopeland@cbre.com. For more information regarding the 10,010 sq.ft. building, contact Gary Stache, Pat Scruggs, Phil Voorhees, Rick Strack or Patrick Toomey, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8500, Fax 949-725-8545.
The Shopping Center Group, LLC sold the following supermarket-anchored centers: Hamilton Ridge Shopping Center and Market at Bridge Mill in Atlanta, GA to Equity One, Inc. Hamilton Ridge, an 89,496 sq.ft. shopping center sold for $13.65 million, while the Market at Bridge Mill, a 78,654 sq.ft. center, sold for $14.070 million. For more information, contact The Shopping Center Group, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054; Email: info@theshoppingcentergroup.com.
Edens & Avant Real Estate Services represented BTB Lexington Partners in the sale of its 6,400 sq.ft. Blockbuster Video and a 2,800 sq.ft. Taco Bell restaurant in Lexington, SC. Both are located at 515 West Main Street/U.S. 378 adjacent the U.S. intersection in the town’s central business district. The site is situated on a land area of 1.7 acres. The property was sold to a private investor. For more information, contact Philip White, Edens & Avant, 900 Bank of America Plaza, 1901 Main Street, Columbia, SC 29201; 803-779-4420 Ext. 340, Fax 803-765-0684; Web sites: www.edensandavant.com and www.earealestateservices.com.
|