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Buyers & Sellers
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Buyers & Sellers Marcus & Millichap Real Estate Investment Brokerage Co. represented Glimcher Venture Southwest in the sale of Plaza Vista Mall, a 227,149 sq.ft. center located at 625 North Charleston Road in Sierra Vista, AZ for $20.225 million. The buyer was Plaza Vista Group, LLC. The center is tenanted by Wal*Mart, Ross Dress For Less, Marshalls, Greenbacks, Payless Shoe Source, Hallmark, Wells Fargo, Radio Shack and Subway. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 2398 East Camelback Road, Suite 550, Phoenix, AZ 85016; 602-952-9669, Fax 602-952-1150; Web site: www.marcusmillichap.com.
First Allied Corp. acquired Hebron Heights Shopping Center, a 59,429 sq.ft. center located at the intersection of Hebron Parkway and Old Denton Road in Dallas, TX. The center is anchored by Gold’s Gym and is tenanted by ReMax, Dunkin’ Donuts, Baskin Robbins, Quizno’s, Fantastic Sam’s and Smoothie Factory. 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.
First Commercial Realty & Development is selling a one-acre outlot west of the Inkster Town Center, a 55,000 sq.ft. center located at the intersection of Michigan Avenue and Inkster Road in Inkster, MI. For more information, contact Sam Jahshan, First Commercial Realty & Development, 29500 Telegraph Road, Suite 110, Southfield, MI 48034; 248-352-5000, Fax 248-352-2144; Email: sjahshan@firstcommercial.com; Web site: www.firstcommercial.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.
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.
CB Richard Ellis, Inc. arranged the sale of 2701 South Chase Avenue in Milwaukee, WI for Malan Realty Advisors. The property includes a vacant Kmart store and a Chuck E. Cheese restaurant situated on a land area of 11.2 acres. United Migrant Opportunity Service acquired the site for $2.7 million. The company also completed the sale of the 151,861 sq.ft. retail portion of One North State Street, located at the intersection of State and Madison in downtown Chicago, IL for Archon Group. The buyer was Madison Realty Management Corp. One North State Street is a 16-story, 640,554 sq.ft. mixed-use retail and office building. The sale encompasses the retail space on three levels, plus storage on the third floor. T.J. Maxx and Filene’s Basement, along with 14 street-level shops are located in the retail portion, which is 99% leased. For more information, contact Starr Argyrakis, CB Richard Ellis, Inc., 311 South Wacker Drive, Suite 400, Chicago, IL 60606; 312-935-1029/1400, Fax 312-935-1880; Email: starr.argyrakis@cbre.com; Web site: www.cbre.com.
Kramont Realty Trust sold Coral Hills Shopping Center located in Capitol Heights, MD for $6.95 million to Mid Atlantic Real Estate Investment, Inc. For more information, contact Carl E. Kraus, Kramont Realty Trust, 580 West Germantown Pike, Suite 200, Plymouth Meeting, PA 19462; 610-825-7100, Fax 610-834-8110; Web site: www.kramont.com.
Cencor Realty Services is looking to acquire supermarket-anchored or shadow-anchored neighborhood and community centers located in TX from between $5 million and $100 million. For more information, contact Stephen Hefner, Cencor Realty Services, 3102 Maple Avenue, Suite 500, Dallas, TX 75201; 214-954-0300, Fax 214-953-0860; Email: shefner@cencorrealty.com; Web site: www.cencorrealty.com.
Chase Properties is looking to acquire strip and power centers throughout the eastern half of the U.S. from $1 million to $40 million. For more information, contact Debi Becksted, Chase Properties, 25825 Science Park Drive, Suite 355, Beachwood, OH 44122; 216-464-6626, Fax 216-464-6346; Email: dbecksted@chaseprop.com.
Equity One, Inc. acquired Windy Hill Shopping Center, a 64,465 sq.ft. center located in North Myrtle Beach, SC for $2.9 million. The center is anchored by Roses discount store and a Family Dollar Store. Area retail includes North Village Shopping Center. For more information, contact Equity One, Inc., 1696 NE Miami Garden Drive, North Miami Beach, FL 33179; 305-672-1234, Fax 305-672-6606; Email bmiller@equityone.net.
Coreland Cos. announced that an affiliate of Kensington Real Estate Group, Kensington Diamond Bar, LLC, closed escrow on the sale of two retail buildings located within Diamond Bar Village Center located at the intersection of Diamond Bar Boulevard and Golden Springs Drive in Diamond Bar, CA. The 103,000 sq.ft. mixed-use retail/office project includes two retail strip buildings totaling 29,470 sq.ft. on a land area of 2.45 acres. Tenants include Mandarin Taste Restaurant and Nextel. The purchase price was $6.3 million and the buildings were 100% occupied at the close. For more information, contact Steven Hogberg, Coreland Cos., 17542 East 17th Street, Suite 420, Tustin, CA 92780; 714.573.7780, Fax 714.573.7790; Web site: www.coreland.com.
Grubb & Ellis Co. represented CA New Plan Asset Partnership IV, L.P., an affiliate of New Plan Excel Realty Trust, in the sale of Edgebrook Plaza Shopping Center, a 100,170 sq.ft. center located at the intersection of 10500-10545 Gulf Freeway and Interstate 45 South in Houston, TX. The center is anchored by Office Depot, Value Village and Mr. 99 Cents. Pad sites include Taco Bell, Popeyes Fried Chicken, Burger King, Payless Shoes and KFC. The center was 96% occupied at the time of sale. > For more information, contact George Cushing or Paula Foster, Grubb & Ellis Co., 2215 Sanders Road, Suite 400, Northbrook, Illinois 60062; 713-599-5165 or 713-599-5149; Emails: george.cushing@grubb-ellis.com and paula.foster@grubb-ellis.com; Web site: www.grubb-ellis.com.
Westrust is looking to acquire $200 million of value-added centers and land for ground-up development throughout AZ and CA, with a focus on southern CA and Sacramento County, during the coming year. The company requires neighborhood and community centers of 75,000 sq.ft. and up and a minimum of seven acres for development. Westrust can invest from $9 million to $60 million for single properties and up to $150 million for portfolios. For more information, contact David A. McDonald, Westrust, 26901 Agoura Road, Suite 250, Calabasas Hills, CA 91301-5103; Email: davidmac@westrust.com; Web site: www.westrust.com.
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