Buyers & Sellers
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Buyers & Sellers

Retail Realty, LLC is selling a 22,500 sq.ft. three-bay gas station located at the intersection of Main Street and Locust Street in Spring Valley, NY with an average daily traffic count of 24,000 vehicles. The asking price is $625,000. Area retail includes National Wholesale Liquidators, Family Dollar Store, Rent-A-Center, Mobil Citgo, Bravo Supermarkets and Odd Job. Area demographics include a population of 26,351 within one mile earning $59,847 as the average household income.

   For more information, contact Jeff Portnow, Retail Realty, LLC, 158 Linwood, S.C., Fort Lee, NJ 07024; 201-592-0900 Ext. 14, Fax 201-592-1229; Email: jportnow@retailrealty.com; Web site: www.retailrealty.com.

Regency Centers acquired the following two centers in Phoenix, AZ: Anthem Marketplace, a 113,292 sq.ft. center located at the intersection of Anthem Way and Gavilan Peak Parkway. The center is anchored by Safeway and is tenanted by KinderCare Learning Center, Blockbuster Video, Leslie’s Poolmart, Domino’s Pizza, Subway and State Farm Insurance; Shops at Anthem, a 45,000 sq.ft. center located at the intersection of Anthem Way and Gavilan Peak Parkway. The center is anchored by Ace Hardware and is tenanted by The UPS Store, Coldstone Creamery and H&R Block.

General Growth Properties agreed to acquire the Saint Louis Galleria, a 1.2 million sq.ft. center located in St. Louis, MO. The center is anchored by Dillard’s, Lord & Taylor, Famous-Barr and Mark Shale. It is currently 96% occupied and generates approximately $505 psf. Hycel Partners I, in partnership with Heitman Properties, is selling the mall. In addition to the mall, the offering includes 13 developable acres at the south end near Famous-Barr. The company also is acquiring the Coronado Center located in Albuquerque, NM and a 49% interest in GGP Ivanhoe III. The value of all three deals was about $869 million.

   For more information, contact General Growth Properties, 110 North Wacker Drive, Chicago, IL 60606; 312-960-5000.

 Grubb & Ellis Co. represented AJ & Associates in the sale of 29,000 sq.ft. of retail space in Brighton, MI to Meridian Retail Development, LLC. The two-year old building will be renovated to allow for more retail space.

   For more information, contact Kevin Brady or Jon Savoy, Grubb & Ellis Co., 2215 Sanders Road, Suite 400, Northbrook, IL 60062; 248-350-8161 for Kevin Brady or 248-357-6571 for Jon Savoy; Emails: kevin.brady@grubb-ellis.com and jon.savoy@grubb-ellis.com.
 

CBL & Associates Properties, Inc. acquired 100% of the interests of Harford Mall Business Trust, which owns Harford Mall, a 500,000 sq.ft. regional mall, and Harford Annex, a 108,000 sq.ft. center from affiliates of Kimco Realty Corp. for $71 million in cash. Both centers are located in Bel Air, MD. Harford Mall is situated on approximately 47 acres at the intersection of U.S. Highway 1 and Maryland Route 24. The mall is anchored by Hecht’s and Sears and is currently 94.5% occupied. Harford Annex is currently 100% occupied and is anchored by Best Buy, PetsMart, Gardiners Furniture and Dollar Tree.

   For more information, contact CBL & Associates Properties, Inc., CBL Center, Suite 500, 2030 Hamilton Place Boulevard, Chattanooga, TN 37421-6000; 423-855-0001, Fax 423-490-8662. 

Developers Diversified Realty acquired Flatiron Marketplace, a 432,000 sq.ft. center located adjacent to U.S. Route 36 and the Highway 470 extension in Broomfield, CO, from a private investor for $55.5 million and a Cap rate of 8.5%. The Cap rate is expected to increase to 9.1% after the development of two outparcels and additional lease up at the property. Flatiron Marketplace is approximately 98% occupied and is anchored by Best Buy, Linens ‘n Things, Nordstrom Rack, Office Depot, Famous Footwear, Pier 1 Imports and The Great Indoors. Area retail includes Flatiron Crossing, a 1.5 million sq.ft. regional enclosed mall and Interlocken Advanced Technology Environment, a 963-acre, mixed-use development comprised of an Omni resort and golf facility, a satellite location for the University of Colorado and 4.3 million sq.ft. of office space. Area demographics include a population of 230,000 within seven miles.

   For more information, contact Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 877-CALL-DDR. 
 

Inland Western Retail Real Estate Trust, Inc. acquired Stony Creek Marketplace, a 153,803 sq.ft. center located at 17015-17177 Mercantile Boulevard in Noblesville, IN for $25.75 million. Tenants include T.J. Maxx, Linens ‘n Things, Barnes & Noble, Shoe Carnival, Pier 1 Imports, Blockbuster Video, Panera Bread, Quizno’s Sub, Cingular Wireless and Factory Card Outlet. The center is shadow-anchored by Meijer discount store.

   For more information, contact Rick Fox, Inland Wester Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inland.com; Web site: www.inlandgroup.com.
 

Berens Asset Management Co., Inc. is representing a buyer looking to acquire large or small well-anchored centers located anywhere from the East Coast to the Midwest.

   For more information, contact Robert Cockerille, Berens Asset Maangement Co., Inc., 1300 Spring Street, Suite 121, Silver Spring, MD 20910-3653; 202-467-4450, Fax 202-828-3378
 

Cushman & Wakefield represented RREEF in the acquisition of the existing five-building retail component of City Place in Edgewater, NJ. The transaction represents the second closing in a multi-tiered disposition of the 16-acre, mixed-use City Place at The Promenade. Upon completion, City Place will include 158,000 sq.ft. of space and an exclusive health club in six buildings. RREEF acquired the five completed structures totaling approximately 132,000 sq.ft. The center is 100% leased and is tenanted by GAP, Banana Republic, Victoria’s Secret, Fleming’s Prime Steakhouse & Wine Bar, Guess, Anthropologie, Pier 1 Imports, Jos. A. Bank, Ann Taylor and Bath & Body Works. The company also has committed to acquiring the sixth building, currently under construction, early this year. In addition to the retail space, City Place includes a total of 331 multi-family units, as well as six acres of land that will accommodate additional housing units.

   For more information, contact Cushman & Wakefield, 51 West 52nd Street, New York, NY 10019-6178; 212-841-7500, Fax 212-841-7767.
 

Equity One, Inc. completed the sale of Stadium Plaza, a 70,475 sq.ft. center located at the intersection of Stadium Drive and Sommerville Road in Phenix City, AL for $4.8 million. The center is anchored by Piggly Wiggly and CVS and was 98% leased at the time of the sale. NewBridge Realty Advisors represented the seller and Stadium. Thayer, LLC was the buyer.

   For more information, contact Abbe Solomon, Equity One, Inc., 1696 Miami Gardens Drive, North Miami Beach, FL 33179; 305-446-2700. Or contact Howard Sipzner at 305-947-1664.