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Buyers & Sellers
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Buyers & Sellers Marcus & Millichap Real Estate Investment Brokerage Co. of Detroit is marketing the disposition of Southpoint Mall, a 144,044 sq.ft. mall located on the east side of U.S. 27 in St. John’s, MI. The mall is tenanted by L&L Foods, Family Dollar, Subway, H&R Block and Citizens Bank. For more information, contact William T. O’Connor, Marcus & Millichap Real Estate Investment Brokerage Co. of Detroit, 28411 Northwestern Highway, Suite 750, Southfield, MI 48034; 248-352-5050, Fax 248-352-3813.
CBL & Associates Properties, Inc. acquired Greenbrier Mall, a center located at the intersection of Interstate 64 and Greenbrier Parkway in Chesapeake, VA for $102.5 million in cash plus a charge of $4.5 million for prepaying the existing debt that the company did not assume. The company acquired the mall from Gregory Greenfield & Associates, Ltd. The acquisition is expected to generate an initial yield of 8% based upon current income. CBL has financed the mall with a $92.65 million two-year term with loan extension operations and at an interest rate of LIBOR plus 100 basis points. The 890,000 sq.ft. mall is currently 85.4% occupied with average mall shop sales of $330 psf. The mall is situated on a land area of 107 acres and is anchored by Dillard’s, Hecht’s and Sears. Cotenants include American Eagle, B Moss Clothing Company, Limited Express, Limited Too, Pacific Sun and Victoria’s Secret. For more information, contact CBL & Associates Properties, Inc., 2030 Hamilton Place Boulevard, Suite 500, Chattanooga, TN 37421-6000; 423-855-0001.
Rockwood Realty Associates represented Connecticut General Life InsuranceCo. in the sale of Tulsa Promenade Shopping Mall in Tulsa, OK to CoyoteInterests, Inc. for $30.5 million. Tulsa Promenade is a four anchor, two-level, 921,000 sq.ft. regional mall anchored by Dillard’s, Foley’s, JCPenney and Mervyn’s, including a 12-screen Hollywood Theaters cinema. Cotenants include Victoria’s Secret, Motherhood Maternity, Express, The Gap, Aeropostale, Charlotte Russe, Lane Bryant, Limited Too and The Buckle. The company also is selling Wall Towne Center, a 91,000 sq.ft. center located along State Route 34 in Wall Township, NJ. The property consists of three single-story buildings and is anchored by a 63,000 sq.ft. ShopRite and includes 12 inline tenant spaces. The center is currently 96.5% leased. For more information, contact Lisa Malone, Rockwood Realty Associates, 555 Fifth Avenue, Fifth Floor, New York, NY 10017; 212-286-5800 Ext. 281, Fax 212-286-5555; Web site: www.rockwoodrealty.com.
CB Richard Ellis, Inc. negotiated the acquisition of nearly three acres of land in Scottsdale, AZ for future retail development adjacent to an existing Kohl’s department store for $2.9 million. The 2.96-acre parcel is located at the intersection of Raintree Drive and the Loop 101 Freeway. The pads adjacent to Kohl’s are scheduled for retail development at an undetermined date. The company represented the seller on the sale of Greenspoint Square Shopping Center, a 56,335 sq.ft. center located in Houston, TX and the sale of Rockvale Square Outlets located at the intersection of Routes 30 and 896 in Lancaster, PA. The 559,135 sq.ft. center is currently 91% occupied. CB Richard Ellis/The Dalton Team is selling a Big Kmart located in Freeport, IL for $4.1 million with a Cap rate of 9.96%. The company also sold Stuart Anderson’s Restaurants, a 6,650 sq.ft. restaurant located in Roseville, CA. For more information, contact Katherine Haug, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016-4290; 602-735-5555, Fax 602-735-5655; Web site: www.cbre.com/phoenix. For more information regarding Greenspoint Square Shopping Center, contact H. Dan Miller, CB Richard Ellis, 2700 Post Oak Boulevard, Suite 400, Houston, TX 77056; 713-840-6539; Email: dan.miller@cbre.com. For more information regarding Rockvale Square Outlets, contact Angela Gentry, CB Richard Ellis, 311 South Wacker Drive, Suite 400, Chicago, IL 60606; 312-935-1475, Fax 312-935-1880. For more information regarding the Big Kmart location or Stuart Anderson’s Restaurants, contact Gregory M. Dalton, CB Richard Ellis/The Dalton Team, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816; Email: greg.dalton@cbre.com.
Upland Real Estate Group, Inc. sold a 7,270 sq.ft. Sino American Café in Richmond, VA for $1.83 million. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401-1872; 612-332-6600, Fax 612-376-4489; Web site: www.upland.com.
Wells Real Estate Funds acquired Brattle Square, a center located in Boston, MA for $70 million. The previous owners, OB Square Leasehold, LLC, sold the 98,069 sq.ft. building. The building houses Harvard University offices, The Limited clothing store and Eastern Mountain Sports. All three tenants hold long-term leases. For more information, contact Wells Real Estate Funds, 6200 The Corners Parkway, Atlanta, GA 30092-3355; 800-448-1010, 770-449-7800, Fax 770-243-8199; Web site: www.wells-realestate-funds.com.
Grubb & Ellis represented both buyer and seller in the acquisition of Delta Fair Shopping Center, a 156,000 sq.ft. center located in Antioch, CA for $16.5 million. The center is fully leased and is anchored by Food-4-Less and FoodMaxx. For more information, contact Grubb & Ellis, 255 California Street, 14th Floor, San Francisco, CA 94111; 415-433-1050, Fax 415-956-5996; Web site: www.grubb-ellis.com.
Equity One, Inc. completed the acquisition of Windy Hill Shopping Center located in North Myrtle Beach, SC for a total consideration of $2.9 million. The 64,465 sq.ft. center is anchored by a 54,165 sq.ft. Roses discount store, a 10,300 sq.ft. Family Dollar store and an outparcel suitable for future development and is currently 100% leased. The center is situated on a land area of 6.37 acres at the intersection of Highway 17 and 34th Avenue. 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.
Friedman Real Estate Group, Inc. negotiated the sale of a 94,438 sq.ft. retail building located at 6105 North Saginaw Road in Mt. Morris, MI. The former Kmart building will be replaced by the Children’s Dream Center, Inc. For more information, contact Amy Tankersley, Friedman Real Estate Group, Inc., 34975 West Twelve Mile Road, Farmington Hills, MI 48331; 248-848-3639; Email: amy.tankersley@freg.com; Web site: www.friedmanrealestate.com.
Jaylon, Inc. is looking to acquire sites throughout southern FL, southern CA; Denver, CO; Phoenix, AZ and Dallas, TX for between $3 million and $8 million. The company prefers sites of 20,000 sq.ft. to 200,000 sq.ft. For more information, contact Jay H. Brown, Jaylon, Inc., 2550 Crawford Avenue, Suite 11, Evanston, IL 60201; 847-491-6787; Email: jaybrown@jaylon.com; Web site: www.jaylon.com.
NewBridge Retail Advisors served as the advisor in the sale of Cross Country Plaza by Oaktree Capital Management to Glenwood Development. Cross Country Plaza is a 408,283 sq.ft. center located at the intersection of Macon Road and Interstate 185 in Columbus, GA. Anchors include Publix, OfficeMax and Books-A-Million. The center was approximately 67% occupied at the time of the sale. For more information, contact Gary Saykaly or Lynn Leonard, NewBridge Retail Advisors, Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588.
Recckio Real Estate is selling a former Dunkin’ Donuts located at 2984 Union Road in Cheektowaga, NY for $225,000. For more information, contact Richard Recckio, Recckio Real Estate, 7854 Transit Road, Buffalo, NY 14221; 716-631-5555 Ext. 10, Fax 716-632-6666.
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