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Buyers & Sellers
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Buyers & Sellers Phillips Edison & Co. acquired Edgewood Towne Center, a 339,791 sq.ft. center located in Edgewood, PA. The center is anchored by Giant Eagle, Kmart and A.J. Wright. For more information, contact Phillips Edison & Co., 1000 Lancaster Street, Suite 420, Baltimore, MD 21202; 410-528-0670, Fax: 410-528-0672; Web site: www.phillipsedison.com.
Standard Management Co. acquired Rosedale Village Shopping Center located at the intersection of Rosedale Highway and Calloway Drive in West Bakersfield, CA for $21.7 million. The 217,000 sq.ft. center is 99% occupied except for a vacant 82,000 sq.ft. former Kmart, which the company is planning to divide and lease to several big-box retailers. For more information, contact Standard Management Co., 6151 West Century Boulevard, Suite 300, Los Angeles, CA 90045; 310-410-2300, Fax 310-410-2919; Web site: www.standardmanagement.com.
NewQuest Properties represented Windemere-Eldridge, LP in the sale of a land area of 0.817 acres at the Windemere Shopping Center located at the intersection of Eldridge Parkway and FM 1960 in Houston, TX to CoAmerica Bank. The company also represented a client in the acquisition of a land area of two acres on FM 2920 in Houston. For more information, contact NewQuest Properties, 8807 West Sam Houston Parkway North, Suite 200, Houston, TX 77040; 281-477-4300, Fax 281-477-4399; Web site: www.newquest.com.
Faris Lee Investments is selling The Plaza at Puente Hills, a 218,540 sq.ft. center located on Gale Avenue in City of Industry, CA for $14.26 million with a Cap rate of 6.87%. The center is anchored by Smart & Final, Office Depot, Home Depot, Toys “R” Us and Sam’s Club. For more information, contact Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Email: info@farislee.com; Web site: www.farislee.com.
Colliers Arnold is marketing Westgate Plaza, a 100,200 sq.ft. center located between Carrollwood and Citrus Park in North Tampa, FL. The fully-leased center is anchored by Dollar Tree and Publix. For more information, contact Michael Milano, Lisa McCaffrey or Nayla Foster, Colliers Arnold, 4350 West Cypress Street, Suite 300, Tampa, FL 33607; 813-221-2290, Fax 813-224-9403; Emails: mmilano@colliersarnold.com; lmccaffrey@colliersarnold.com and nfoster@ colliersarnold.com.
Inland Western Retail Real Estate Trust, Inc. acquired a 60,001 sq.ft. Academy Sports and Outdoors store in Houma, LA for $5.25 million. Area demographics include a population of 64,000 within five miles earning $52,000 as the average household income. Academy Sports currently operates 70 stores. The company also acquired Low Country Village Shopping Center in Hilton Head, SC for $21 million. The 139,836 sq.ft. center is tenanted by Ross Dress For Less, Michael’s, PetsMart, Cingular and Quizno’s, while Linens ‘N Things and Cost Plus will open next year. Area demographics include a population of 19,000 within five miles earning $85,000 as the average household income. The company also acquired Manchester Meadows Shopping Center, a 454,172 sq.ft. center located in Town and Country, MO for $56.2 million. The center is anchored by Wal*Mart, Home Depot, Sports Authority, Linens ‘N Things, PetsMart, OfficeMax, the U.S. Post Office and Boston Market. The company also acquired a 183,211 sq.ft. Wal*Mart Supercenter in Blytheville, AR for $12.9 million. For more information, contact Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Book, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.
Coldwell Banker Commercial CRA, LLC represented American Spectrum Realty, Inc. in the sale of Parkade Center, a 221,260 sq.ft. center located on Business Loop 70 West in Columbia, MO to B-Sib, LLC. The center is situated on a land area of 19.4 acres. For more information, contact Nancy Schiller, Coldwell Banker Commercial CRA, LLC, 8820 Ladue Road, Suite 200, St. Louis, MO 63124; 314-206-4600, Fax 314-206-4666; Email: schiller@cbcstl.com; Web site: www.cbcstl.com.
Coldwell Banker Commercial Mountain West Real Estate, LLC is selling a land area of 3.5 acres located at the intersection of Manor and Knox Butter Road in Albany, OR for $2 million. The site is located near Interstate 5. For more information, contact Alex Rhoten, Coldwell Banker Commercial Mountain West Real Estate, LLC, 698 12th Street SE, Suite 100, Salem, OR 97301; 503-587-4777, Fax 503-588-3514.
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.
Echo Real Estate Services is selling outparcels to Home Depot on U.S. Route 322 in Venango County, PA. The outparcels range in size from 2.8 acres to 5.6 acres. The site has an average daily traffic count of 26,200 vehicles. Area retail includes Cranberry Mall, which is anchored by Bon Ton, Sears, ALDI, JCPenney and Carmike Cinemas. Area demographics include a population of 40,277 within 10 miles earning $31,576 as the average household income. For more information, contact Michelle Parolini, Echo Real Estate Services, 701 Alpha Drive, Pittsburgh, PA 15238; 412-968-1660, Fax 412-968-1679; Email: info@echodevelopers.com; Web site: www.echodevelopers.com.
Reza Investment Group completed the sale of Mountain Village Entertainment Center for $4.45 million. The company represented Yacoel Investments in the sale to Villa de Wright, LLC. The center is located at the intersection of Mountain Avenue and 6th Street in Ontario, CA and consists of a single-story building with approximately 8,786 sq.ft. The center is anchored by Edwards Cinema and is tenanted by Quizno’s, ColdStone Creamery, Magic Dragon, El Gran Burrito and New Orleans Express. For more information, contact Reza Investment Group, 3 Park Plaza, Suite 550, Irvine, CA 92614; 949-833-3380, Fax 949-833-3382; Web site: www.gowithreza.com.
The Jay Massey Co. is selling a 9,850 sq.ft. building in Hillcrest Crossing, a 29,246 sq.ft. center located at the intersection of Hillcrest Road and McCallum Boulevard in Dallas, TX for $1.6 million. The center is currently 100% occupied by four tenants, including a photography studio, a dance instructor, a credit union and a dry cleaner. For more information, contact Jon Brock, The Jay Massey Co., 7557 Rambler Road, Suite 868, Dallas, TX 75231; 214-368-5400 Ext. 23, Fax 214-368-3900.
Consolidated Affiliates, LLC is serving as advisors to Papetti Properties, LLC in seeking to acquire properties from Boston, MA to Washington, DC. The companies are looking for credit-anchored neighborhood, community and power centers and freestanding locations in major markets from middle-to-upper income trade areas. The companies are looking for transactions from $2.5 million to $40 million. Papetti Properties, LLC is able to close quickly and on an all-cash basis. For more information, contact Peter Pinkard, Consolidated Affiliates, LLC, 115 East Dover Street, Easton, MD 21601; 410-819-0800, Fax 410-819-0660. |