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Buyers & Sellers
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Buyers & Sellers Triangle Commercial is looking to acquire the following sites throughout NC: a 3,000 sq.ft. to 4,000 sq.ft. retail/restaurant space throughout the Triangle area and 2,000 sq.ft. to 3,000 sq.ft. retail/health and beauty space in Cary/Apex and surrounding areas. For more information, contact Chuck Valdez, Triangle Commercial, 200 Cascade Pointe Lane, Suite 101, Cary, NC 27513; 919-677-6100, Fax 919-677-6161.
Massell Commercial Real Estate is looking to acquire centers, NNN properties and 1031 exchanges. For more information, contact Massell Commercial Real Estate, 5600 Roswell Road, Suite 350 North, Atlanta, GA 30342; 404-255-6810, Fax 404-252-3883.
The Lightstone Group acquired a portfolio of five enclosed malls from Pennsylvania Real Estate Investment Trust for $120 million or $46 psf for the centers, which total approximately 2.6 million sq.ft. The five properties include Bradley Square Mall, a 385,000 sq.ft. center anchored by Kmart, JCPenney, Sears and Profitt’s in Cleveland, TN; Martinsburg Mall, a 552,000 sq.ft. center anchored by Wal*Mart, Sears, JCPenney and Bon-Ton in Martinsburg, WV; Mount Berry Mall, a 478,000 sq.ft. center anchored by Sears, Profitt’s, JCPenney and Belk in Rome, GA; Shenango Valley Mall, a 509,000 sq.ft. center anchored by JCPenney, Kaufmann’s and Sears and Hermitage, PA and West Manchester Mall, a 702,000 sq.ft. center anchored by Wal*Mart, Hecht’s, Regal, Bon-Ton and Value City in York, PA. For more information, contact The Lightstone Group, 326 Third Street, Lakewood, NJ 08701; 732-367-0129, Fax 732-363-7183; Email: thelightstonegroup@lightstonegroup.com.
The Sofran Group is selling a 1.64-acre outlot in Fort Myers, FL for $1.1 million. Area demographics include a population of 103,926 within five miles earning $64,984 as the average household income. For more information, contact The Sofran Group, 237 South Westmonte Drive, Suite 220, Altamonte Springs, FL 32714-4264; Web site: www.sofrangroup.com.
Paramount Realty Services, Inc. is selling The Crossings at Old Bridge, a center located at the intersection of Highway 516 and Cottrell Road in Old Bridge, NJ. The mixed-use development is tenanted by cafes, shops, restaurants, offices and residences. For more information, contact Maurice Zekaria, Paramount Realty Services, Inc., 1195 Route 70, Suite 2000, Lakewood, NJ 08701; 732-886-1500 Ext. 102, Fax 732-886-1690.
Equity One, Inc. executed an agreement to acquire six supermarket-anchored centers in the Boston, MA area totaling 390,979 sq.ft. for $120 million. The six properties are located in Cambridge, Medford, Quincy, Swampscott, West Roxbury and Plymouth. The properties are anchored by leading supermarket chains, including five Shaw’s Supermarkets and one Whole Foods and offer various redevelopment and expansion opportunities. The West Roxbury center also includes 13,213 sq.ft. of local tenants. For more information, contact Equity One, Inc., 1696 NE Miami Gardens Drive, North Miami Beach, FL 33179; 305-947-1664.
Inland Western Retail Real Estate Trust, Inc. has acquired Lincoln Park, a 148,806 sq.ft. center located in Dallas, TX. The center is anchored by a 50,000 sq.ft. Tom Thumb supermarket and is tenanted by Barnes & Noble, The Container Store, The Cheesecake Factory and T-Mobile. Area retail includes North Park Mall. For more information, contact Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.
Jim O’Hara Realty Associates, LLC is selling a The Ranch House Restaurant site located on Concord Pike in Wilmington, DE. The 3,600 sq.ft. building is located at the intersection of Route 202 and Silverside Road and is situated on a land area of 0.75 acres. The site has an average daily traffic count of 55,000 vehicles. Area demographics include a population of 175,000 within five miles earning $79,223 as the average household income. The company also is selling a 2,400 sq.ft. building located on DuPont Highway in New Castle County, DE. The site has an average daily traffic count of 65,000 vehicles. For more information, contact Jim O’Hara Realty Associates, LLC, 630 Churchmans Road, Newark, DE 19702; 302-266-8490, Fax 302-266-8492.
P.P.I. Capital, Inc. is looking to acquire anchored centers nationwide from 50,000 sq.ft. to one million sq.ft. from $3 million to $30 million. For more information, contact B.J. Halavi, P.P.I. Capital, Inc., 10850 Wilshire Boulevard, Suite 720, Los Angeles, CA 90024; 310-446-1122, Fax 310-475-5519; Email: bjhalavi@verizon.net.
Coldwell Banker Commercial represented the seller, Stamey Family Partnership, in closing on 26 acres to Wal*Mart Stores, Inc. The land is located at the intersection of Interstate Drive and North Prospect Avenue in North Champaign, IL. Wal*Mart plans to build a Wal*Mart Supercenter at the location. For more information, contact Tim Harrington, Coldwell Banker Commercial Devonshire Realty, 201 West Springfield, Fourth Floor, Champaign, IL 61820; 217-352-7712, Fax 217-352-5513; Email: tph@devonshire-realty.com.
CB Richard Ellis/The Dalton Team is selling a Super Kmart store located in Port Huron, MI for $12.5 million with a Cap rate of 9.82%. For more information, 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.
Gambone Development Co. is selling a land area of 47 acres in Milford Township, PA. For more information, contact Gambone Development Co., 1030 West Germantown Pike, East Norriton, PA 19403; 610-539-4700.
R.J. Brunelli & Co. is selling an outparcel to a Home Depot-anchored center located on Armand Hammer Boulevard in Pottstown, PA. For more information, contact Greg Williams, R.J. Brunelli & Co., 400 Perrine Road, Suite 405, Old Bridge, NJ 08857; 732-721-5800, Fax 732-721-9241; Email: gwilliams@njretailrealty.com.
Argentis Real Estate Corp. is selling a 1,780 sq.ft. former Pizza Hut located in Bethlehem, PA. For more information, contact Bob Argentis, Argentis Real Estate Corp., 308 East Broad Street, Bethlehem, PA 18018; 610-691-5900, Fax 610-694-9319; Email: bob@argentis.org.
Coldwell Banker Commercial NRT is looking to acquire NNN, single-tenant, freestanding, power center and mall outlet locations throughout the Midwest from $5 million to $15 million with Cap rates of 7.5%. The centers must be at least 80% occupied. For more information, contact Alan Hendrickson, Coldwell Banker Commercial NRT, 1070 Old Country Road, Plainview, NY 11803; 516-939-0100, Fax 516-939-0401; Email: marketas@optonline.net. |