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Buyers & Sellers
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Colliers Seeley is selling a food court building and land located at the
intersection of Civic Center Drive and Norwalk Boulevard in Norwalk, CA for
$4.25 million. The 9,039 sq.ft. building is tenanted by Starbucks Coffee, Togo’s
Sandwiches and Cold Stone Creamery. The property is located approximately one
block north of the Santa Ana Freeway. Area demographics include a population of
650,408 within five miles earning $64,963 as the average household income. For more information, contact Steven L. McDonald, Colliers Seeley, 444 South Flower Street, Suite 2200, Los Angeles, CA 90007; 213-627-1214, Fax 213-327-3230; Emails: smcdonald@colliers-seeley.com and bbauman@colliers-seeley.com. CB Richard Ellis, Inc. is selling a land area of 4.15 acres at 12624 Rosecrans Avenue in Santa Fe Springs, CA for $3.1 million. The company also is selling a 4,725 sq.ft. building at Ocean Gate Plaza located at 5035 Rosecrans Avenue in Hawthorne, CA for $2.8 million. The company also is selling OfficeMax Plaza, a 65,000 sq.ft. center located at 3308-3388 North Hayden Road in Scottsdale, AZ for $8.8 million with a Cap rate of 6.49%. Area demographics include a population of 19,288 within one mile. The company also is selling a 20,500 sq.ft. Big 5 Sports & Shops building at the Terra Vista Town Center located at 10570 Foothill Boulevard in Rancho Cucamonga, CA for $5.599 million with a Cap rate of 6.50%. The center is 100% occupied and is cotenanted by Papa John’s Pizza, Cool Cuts 4 Kids and Party City’s regional office. For more information, contact Brent Cunningham or Richard Rizika, CB Richard Ellis, Inc., 990 West 190th Street, Suite 100, Torrance, CA 90502; 310-516-2307, Fax 310-516-2310; Web site: www.cbre.com. For more information regarding Ocean Gate Plaza, OfficeMax Plaza and Big 5 Sports & Shops, contact Phil Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8521, Fax 949-725-8545. Inland Western Retail Real Estate Trust, Inc. acquired a center located in Euless, TX. The company acquired the SuperTarget-anchored center from Heritage Towne Crossing, L.P. The SuperTarget was not part of the transaction. The center is tenanted by Washington Mutual, Taco Bell, Panda Express, The Mattress Firm and GameStop. Area demographics include a population of 180,000 within five miles earning $86,000 as the median household income. The total transaction consists of 73,480 sq.ft. For more information, contact Rick Fox, The Inland Real Estate Group of Cos., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com. New Ventures Realty, Inc. is looking to acquire large regional malls and power centers from 100,000 sq.ft. and up. The company prefers to acquire portfolios, but will also consider individual properties nationwide and in Canada. For more information, contact Jerry Haddad, New Ventures Realty, Inc., 20 Kingsbridge Garden Circle, Suite 2004, Mississauga, Ontario, Canada, L5R 3K7; 416-678-1766; Email: haddad@rogers.com. Hull Storey Retail Group acquired Shady Brook Mall, a 282,272 sq.ft. center located in Columbia, TN. The center is anchored by Sears, JCPenney and Peebles. For more information, contact John Gibson, Hull Storey Retail Group, 3632 Wheeler Road, Augusta, GA 30909; 706-855-4020 or 706-863-2222, Fax: 706-868-7457; Email: www.HullStorey.com. Baum Realty Group arranged the sale of East Gate Commons, a 20,700 sq.ft. center located at the intersection of Kautz and North Avenue in St. Charles, IL for $7.25 million. The center is 100% occupied and is anchored by Chipotle, Mattress Giant and other national and regional tenants. For more information, contact Baum Realty Group, Inc., 1030 West Chicago Avenue, Suite 300, Chicago, IL 60622; 312-666-3000, Fax 312-666-7970; Web site: www.baumrealty.com. Blue Ridge Capital, LLC acquired Midtown Marketplace, a 135,845 sq.ft. center located at the intersection of Main Street and Linwood Boulevard in Kansas City, MO. The center is anchored by Home Depot. For more information, contact Blue Ridge Capital, LLC, 340 East Paces Ferry Road, Atlanta, GA 30305; 404-364-9094; Fax 404-364-9095; contact@blueridgecapital.com; Web site: www.blueridgecapital.com. New England Retail Properties, Inc. sold Best Buy Plaza, a center located on Route 5 in Wallingford, CT for $3.6 million. The 41,000 sq.ft. center was sold to JMM Properties, LLC. For more information, contact New England Retail Properties, Inc., 1160 Silas Deane Highway, Wethersfield, CT 06109; 860-529-9000, Fax 860-563-9667; Email: info@newenglandretail.com. Hill-Granados Retail Partners acquired the Pavilions North Shopping Center located at the intersection of 25 NE Loop 410 and McCullough Road in San Antonio, TX. Area retail includes the North Star Mall. The company is expected to complete renovations during the coming months. For more information, contact Hill-Granados Retail Partners, 10223 McAllister Freeway, Suite 200, San Antonio, TX 78216; 210-366-0282, Fax 210-340-8921; Web site: www.hill-partners.com. 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. Marcus & Millichap Real Estate Investment Brokerage Co. is selling a Walgreens/Chase Bank location at 6675 West Bellfort Avenue in Houston, TX for $6.428 million with a Cap rate of 7.1%. The store is open 24 hours and has a drive-thru. For more information, contact Andy Sabherwal, Marcus & Millichap Real Estate Investment Brokerage Co., 3200 Douglas Boulevard, Suite 300, Roseville, CA 95661; 916-677-4100, Fax 916-677-4155. Ludwig & Seeley, Inc. represented Lowe’s Home Center in the acquisition of 16 acres at the intersection of U.S. 131 and M-20 in Big Rapids, MI. Opening is slated for Spring 2005. For more information, contact Max Goldman, Ludwig & Seeley Real Estate, 31555 West Fourteen Mile Road, Suite 100, Farmington Hills, MI 48334; 248-539-1700, Fax 248-539-3776; Web site: www.ludwigseeley.com. Realty Income Corp. is looking to acquire sites from 1,000 sq.ft. to 70,000 sq.ft. nationwide for between $500,000 and $200 million. The company prefers NNN single tenant freestanding locations. For more information, contact Kim Kundrak, Realty Income Corp., 220 West Crest Street, Escondido, CA 92025; 760-741-2111, Fax 760-744-8617; Email: kkundrak@realtyincome.com; Web site: www.realtyincome.com. First Allied Corp. acquired Orchid Centre, located on Eldorado Parkway, just one mile west of Interstate 75 between The Ranch and Eldorado Country Clubs in McKinney, TX. Tenants include Pizza Hut, The UPS Store, Dos Charros Mexican Restaurant and Wilson Title Company. For more information, contact First Allied Corp., 9601 Wilshire Boulevard, Suite 744, Beverly Hills, CA 90210; 310-275-8909, Fax 310-275-8995; Web site: www.firstalliedcorp.com. |