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Buyers & Sellers
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Buyers & Sellers Kramont Realty Trust acquired Perkins Farm Marketplace, a 203,308 sq.ft. center located just north of the Massachusetts Turnpike and Route 20 in Worcester, MA for $19.75 million plus transaction costs. The center is 99% occupied and is anchored by a 67,180 sq.ft. Super Stop & Shop and A.J. Wright. For more information, contact 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.
The J.E. Roberts Cos. acquired minority interest in Las Americas, a 1.4 million sq.ft. center located on the San Diego, CA-Tijuana, Mexico border in San Ysidro, CA from LandGrant Development. J.E. Roberts will expand the project, which features more than 370,000 sq.ft. of retail known as The Shops at Las Americas. The project is situated on a land area of 66 acres. The center is tenanted by Gap Outlet, Polo Jean Co. Factory Store, Banana Republic Factory Store, Old Navy Outlet, Nike Factory Store, Liz Claiborne Outlet, Guess Factory Store and Tommy Hilfiger Company Store. For more information, contact The J.E. Robert Cos., 1650 Tysons Boulevard, Suite 1600, McLean, VA 22102; 703-714-8000, Fax 703- 714-8100.
NAI Olympia Partners sold a 74,800 sq.ft. SuperValu located at 8401 North Michigan Road in Indianapolis, IN. The space was formerly occupied by a Cub Foods. For more information, contact Maria Stein, NAI Olympia Partners, 320 North Meridian Street, Suite 700; 317-264-9401 Ext. 58, Fax 317-264-9406; Email: mstein@naiolympia.com.
Azarian Management & Development Co. acquired Raritan Center located on Raritan Avenue in Sayreville, NJ. Plans call for a major renovation and expansion of the 70,000 sq.ft. center, which is tenanted by Drug Fair, Family Dollar Stores, Subway and Eye Centers of America, along with seven other smaller shops. A pad site with a drive-thru near the intersection of Main Street and Raritan Street is available for lease. 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.
GMAC Commercial is selling a land area of 19.65 acres at the intersection of Douglas Boulevard and Bright Star Road in Douglasville, GA. The company also is looking to acquire sites in Atlanta, GA for $1 million to $10 million. For more information, contact Ted Tarantino, GMAC Commercial, 3674 East Bay Street, Duluth, GA 30096; 404-843-2500, Fax 678-475-0762; Email: tedtarantino@charter.net; Web site: www.metrobrokers.com.
Arroyo & Coates is selling a center that is 100% leased to The Shoe Pavilion located at 270 South Lake Avenue in downtown Pasadena, CA for $2.853 million with a Cap rate of 6.5%. The center is adjacent to Pasadena’s newest lifestyle center and immediately south of a new mixed-use development containing 53,000 sq.ft. of new office space and 72 new luxury residential units. Area retail includes Pea In The Pod, Structures, Good Guys/Tower Records, Imaginarium, Pier 1 Imports, Blockbuster Music and Aaron Brothers. The site has an average daily traffic count of 55,000 vehicles. The property is offered on an all-cash basis only. For more information, contact Eric Wilcox, David J. Gustafson or Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800, Fax 415-276-2360; Email: ewilcox@a-c.com.
Silverwillis Investment Real Estate is selling a 6,832 sq.ft. Morgan Tire & Auto located at 3208 Route 38 in Mt. Laurel, NJ for $3.01 million with a Cap rate of 7.5%. Area demographics include a population of 44,967 within three miles earning $98,339 as the average household income. The building is situated on a land area of 1.4 acres. For more information, contact Barry Silver Dan Willis, Silverwillis Investment Real Estate, 700 Larkspur Landing Circle, Suite 200, Larkspur, CA 94939; 415-461-0600, Fax 415-461-4940; Emails: bsilver@silverwillis.com and dwillis@silverwillis.com.
GMH Capital Partners is selling Seagull Square Shopping Center, a 97,522 sq.ft. center located at 1328 River Avenue in Lakewood, NJ. The center is 92% occupied and is anchored by a 43,322 sq.ft. Stop & Shop and a 10,000 sq.ft. Walgreens. In addition, there is a pad occupied by Burger King. Demographics include a population of 46,000 within three miles. For more information, contact Bill Tourtellotte or Shawn Lubic, GMH Capital Partners, 10 Campus Boulevard, Newtown Square, PA 19073; 610-355-8097/8397, Fax 610-355-8172/8472; Emails: wtourtellotte@gmh-inc.com and slubic@ghm-inc.com; Web site: www.gmhcp.com.
First Allied Corp. acquired Heritage Plaza, a 22,706 sq.ft. center located at the intersection of Highway 121 and Hall Johnson Road in Fort Worth, TX. The center is tenanted by Southern Bell Wireless, Great Clips, Edward Jones and Leslie’s Pool Supply. 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.
Cushman & Wakefield of California, Inc. is selling Citrus Village Shopping Center, a 162,060 sq.ft. center located at the intersection of Redlands Boulevard and Palm Avenue in Redlands, CA for $18 million with a Cap rate of 7.40%. The center is 95% leased and is anchored by a 65,000 sq.ft. Albertsons and a 17,700 sq.ft. Rite Aid. Cotenants include Blockbuster Video, Radio Shack, 24-Hour Fitness, Mail Boxes Etc, Quizno’s Subs, Tuesday Morning and Susie’s Deals. For more information, contact Cushman & Wakefield of California, Inc., 1920 Main Street, Suite 600, Irvine, CA 92614; 949-474-4004, Fax 949-724-8846; Email: martin_morgenstern@cushwake.com.
NAI American Realty Co. is selling a center anchored by Wal*Mart and Lowe’s Home Improvement located at the intersection of Highway 82 and Walton Drive in Texarkana, TX. Cotenants include Radio Shack and Hank’s Furniture. For more information, contact Jerry Brewer, NAI American Realty Co., 2603 Texas Boulevard, Suite 101, Texarkana, TX 75503; 903-793-2666, Fax 903-793-3094; Email: info@amreal.com; Web site: www.amreal.com.
Inland Real Estate Sales, Inc. brokered the sale of Waukegan Plaza, an 8,750 sq.ft. center located at the intersection of Waukegan Road and Oakton Avenue in Niles, IL for $1.29 million. Inland Retail Real Estate Trust, Inc. acquired Oak Summit Shopping Center, a 142,706 sq.ft. center located at 344 East Hanes Mill Road in Winston-Salem, NC for $13.6 million. The company also will acquire Phase II of the center upon its completion. Phase II consists of 29,307 sq.ft. and Inland will pay $4.4 million to make the total price $19.3 million. Tenants include Staples, Fashion Bug, Cato Fashion, Payless Shoes, Sally Beauty, Radio Shack and Goody’s Family Clothing. The center also is shadow-anchored by Wal*Mart Supercenter, which was not part of the transaction. For more information, contact Rick Fox, Inland Real Estate Sales, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com.
Upland Real Estate Group, Inc. sold a 7,000 sq.ft. Checker Auto Parts for $775,000 and a 23,644 sq.ft. OfficeMax for $2.8 million. Both properties are located in Hutchinson, MN.
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; Web site:
www.nnnsales.com. C.B Richard Ellis, Inc. is selling a 10,010 sq.ft. building located at 38-40 Centerpointe in La Palma, CA for $4.033 million. The center has four retail sites and one established restaurant on NNN leases. The company also is selling Palmdale Auto Center, a 23,186 sq.ft. center located at 421 Auto Center Drive in Pasadena, CA. For more information, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8500, Fax 949-725-8545; Web site: www.cbre.com. For more information regarding Palmdale Auto Center, contact Jodi Meade, CB Richard Ellis, Inc., 355 South Grand Avenue, 31st Floor, Los Angeles, CA 90071; 213-613-3235, Fax 213-613-3636; Email: jodi.meade@cbre.com.
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