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Buyers & Sellers
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Buyers & Sellers NewBridge Retail Advisors served as advisor in the sale of Publix at Acworth by BVT Equity Holdings, Inc. to Kite Cos. Publix at Acworth is a 69,628 sq.ft. Publix-anchored center located at the intersection of Highway 92 and Baker Road in northwest Atlanta, GA. CVS, the center’s sub-anchor, is joined by national tenants such as Blockbuster Video, GNC, Pak Mail, Domino’s Pizza and Hair Cuttery. For more information, contact Gary Saykaly or Lynn Leonard, NewBridge Retail Advisors, Inc., Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588.
Maestas & Ward Commercial Real Estate is selling an 8,994 sq.ft. freestanding building located at the intersection of Wyoming and Comanche in Albuquerque, NM for $1.05 million with a Cap rate of 8.5%. Area demographics include a population of 299,271 within five miles earning $46,182 as the median household income. For more information, contact Steve Maestas or Kino James, Maestas & Ward Commercial Real Estate, 7620 Jefferson NE, Albuquerque, NM 87109; 505-878-0001, Fax 505-878-0002; Emails: steve@maestasandward.com and kino@maestasandward.com; Web site: www.maestasandward.com.
Coyote Management, L.P. acquired Crossroads Center, an 840,000 sq.ft. mall located in Waterloo, IA. The center is anchored by Dillard’s, Gordmans, JCPenney, Sears and Younkers and is tenanted by over 100 specialty stores. For more information, contact Kymberley Woodard, Coyote Management, L.P., 16475 Dallas Parkway, Suite 250, Addison, TX 75001; 972-248-9375, Fax 972-248-0871; Email: coyote97@swbell.net.
DLC Management Corp. acquired Mid Valley Mall, a 253,679 sq.ft. center located near the Newburgh Beacon Bridge and Interstate 84 in Torrington, CT for $27.8 million from Mid Valley Associates, LLC. The center is anchored by a 73,504 sq.ft. Price Chopper supermarket; a 6,800 sq.ft. Bridgestone/Firestone store; a 2,300 sq.ft. Wachovia Bank branch and a 2,250 sq.ft. Kentucky Fried Chicken restaurant. The center was 74% occupied at the time of the sale. The center comprises six buildings, including two retail strip buildings and four freestanding outparcels. DLC plans to build a 16,000 sq.ft. retail site on the property by year’s end. For more information, contact Michael Cohen, DLC Management Corp., 580 White Plains Road, Tarrytown, NY 10591; 914-631-3131 Ext. 128, Fax 914-631-6533; Email: sestrada@dlcmgmt.com; Web site www.dlcmgmt.com.
Burnham USA Equities, Inc. closed its acquisition of Campus Plaza, a center located in Mission Viejo, CA. The center is anchored by Pier 1 Imports and Cost Plus World Markets. The company is currently underway with plans for an extensive remodel of the center and anticipates construction to begin during the Fall. For more information, contact Stephen K. Thorp, Burnham USA Equities, Inc., 270 Newport Center Drive, Suite 100, Newport Beach, CA 92660; 949-760-9150, Fax 949-760-0430.
CB Richard Ellis/The Dalton Team is selling 10 Pizza Hut restaurants located throughout northern CA and one in Bend, OR from between $500,096 to $880,677. The northern CA restaurants are located in Foster City, Hayward, Livermore, Lodi, Oakland, Rancho Cucamonga, Sacramento, Turlock and two in Vallejo. The company also is selling a former Wal*Mart store on Highway 81 in Duncan, OK for $3.5 million. The store has an NNN lease through January 2014. The site is partially subleased to Tractor Supply Co. 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.
Arroyo & Coates is marketing a 19,082 sq.ft. Talbots flagship store located in Walnut Creek, CA for $20.925 million. Talbots has NNN-leased the property for 15 years with rental escalations every five years and they have two, five-year options to renew. Area retail includes Broadway Plaza, an open-air regional mall. For more information, contact Eric Wilcox or Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800, Fax 415-392-9043; Emails: ewilcox@a-c.com and psouza@a-c.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.
Palmer & Cay Properties, Inc. is selling a 14,200 sq.ft. Eckerd Drug store located in FL. For more information, contact Charles R. Stewart, Palmer & Cay Properties, Inc., 2 East Bryan Street, Suite 400, Savannah, GA 31401; 912-234-8033, Fax 912-238-3548; Email: cstewart@palmercayproperties.com; Web site: www.palmercayproperties.com.
Phase One Realty, Inc. is selling an Office Depot and Verizon store in Jackson, TN for $4.2 million with a Cap rate of 8.7%. The stores total 36,954 sq.ft. For more information, contact Robert H. Fippinger, Phase One Realty, Inc., 333 Montezuma Avenue, Second Floor, Santa Fe, NM 87501; 505-988-3883 Ext. 2, Fax 505-988-5134; Email: rhf@phaseonerealty.com.
Grubb & Ellis Co. is representing RB College Greens in the sale of College Greens East Shopping Center, a 116,271 sq.ft. center located in Sacramento, CA for $16.185 million. For more information, contact Bill Liggett, Grubb & Ellis Co., 1610 Arden Way, Suite 195, Sacramento, CA 95815; 916-418-6000, Fax 916-418-6078.
Flocke & Avoyer Commercial Real Estate have closed on a 14-acre parcel at the Torrey Hills Community located at the intersection of Carmel Mountain Road and East Ocean Air Drive in San Diego, CA. The company purchased the property from Vons Grocery Co. for $9 million. The property will include a 45,000 sq.ft. medical building and 85,000 sq.ft. of upscale retail buildings. The center features an expansive public plaza with a water fountain. For more information, contact Stephen E. Avoyer, Flocke & Avoyer Commercial Real Estate, 3131 Camino Del Rio North, Suite 190, San Diego, CA 92108; 619-280-2600, Fax 619-280-3311; Email: info@flockeavoyer.com; Web site: www.flockeavoyer.com.
The Mills Corp. is planning to acquire Westland Mall in north Miami, FL for $79 million. The company is planning to make cosmetic changes to improve the 30-year-old mall’s appearance. The center currently has three anchor tenants and 95 other specialty retailers. For more information, contact The Mills Corp., 1300 Wilson Boulevard, Suite 400, Arlington, VA 22209; 703-526-5000, Fax 703-526-5111; Web site: www.millscorp.com.
Stiles Corp. acquired the Shoppes at Wilton Manors, a 73,349 sq.ft. center located on Wilton Drive in Wilton Manors, FL for $10.4 million from S&K Worldwide Realty. The center is currently 82% occupied. For more information, contact Nancy Brusher, Stiles Corp., 300 SE 2nd Street, Fort Lauderdale, FL 33301; 954-627-9300, Fax 954-627-9386; Email: info@stiles.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.
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 photographer, 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.
GMH Capital Partners is selling the following four centers throughout MS individually or as a package: Centre Park Shopping Center, a 41,759 sq.ft. center located on East County Line Road in Ridgeland; North Regency Square, a 64,884 sq.ft. center located on East County Line Road in Ridgeland; School Street Crossing, a 67,651 sq.ft. center located on Highway 51 in Ridgeland and Purple Creek Plaza, an 83,151 sq.ft. center located on East County Line Road in Jackson. For more information, contact Bill Tourtellotte, GMH Capital Partners, 10 Campus Boulevard, Newtown Square, PA 19073; 610-355-8097, Fax 610-355-8397; Email: wtourtellotte@gmh-inc.com; Web site www.gmhcp.com.
Staubach Retail is selling Mukilteo Town Center located at the intersection of Mukilteo Speedway and Painefield Boulevard in Mukilteo, WA. Demographics include a trade-area population earning $63,086 as the median household income. For more information, contact Jane Leonard, Staubach Retail, 10655 4th Street, Suite 701, Bellevue, WA 98004; 415-653-3000, Fax 425-653-3003; Email: janelanford@hotmail.com.
Faris Lee Investments is selling Wrigley Marketplace, a 47,704 sq.ft. center located at the intersection of Long Beach Boulevard and Willow Street in Long Beach, CA for $10 million with a Cap rate of 8.6%. The center is tenanted by Blockbuster Video, Starbucks, Papa John’s, Quizno’s, Verizon Wireless, Carl’s Jr. and Fantastic Sam’s. The company also is selling a pad building at Montclair Promenade in Montclair, CA for $2.76 million with a Cap rate of 6.1%. The center is currently 100% leased to national tenants, including Starbucks, GameStop, Affordable Portables, Cingular Wireless and Advance America. For more information, contact Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Web site: www.farislee.com.
Marcus & Millichap Real Estate Investment Brokerage Co. sold an Eckerd Drug store located on Route 100 in Macungie, PA for $4.36 million. For more information, contact Jeffrey Algatt, Marcus & Millichap Real Estate Investment Brokerage Co., 1628 JFK Boulevard, Suite 1200, Philadelphia, PA 19103; 215-557-0900, Fax 215-557-0966; Web site: www.marcusmillichap.com.
Turner & Associates Realty, Inc. is selling a 45,375 sq.ft. center located at the intersection of Highway 52 and Highway 109 in Portland, TN for $1.838 million. The center is anchored by Food Lion, CVS and Movie Gallery and is tenanted by a nail salon and a beauty shop. For more information, contact Monte Turner, Turner & Associates Realty, Inc., 4301 Hillsboro Pike, Suite 210, Nashville, TN 37215; 615-383-7878, Fax 615-383-9878; Email: tunerandassociates@comcast.net.
Reliable Properties is looking to acquire shopping centers or retail stores throughout southern CA. The company prefers old centers, large stores needing rehab, closed stores, excess properties, redevelopment properties and mixed-use properties from 10,000 sq.ft. to 350,000 sq.ft. For more information, contact Reliable Properties, 6399 Wilshire Boulevard, Suite 604, Los Angeles, CA 90048-5709; 323-653-3777, Fax 323-651-4011.
Millennium Properties, Inc. sold five closed Albertsons supermarkets throughout TX. The stores include a 49,793 sq.ft. location on 5.75 acres in Killeen; a 55,785 sq.ft. store on 6.15 acres in Harlingen; a 61,308 sq.ft. store on six acres in Brownsville; a 55,513 sq.ft. store on seven acres in Pasadena and a 61,308 sq.ft. store on 5.52 acres in San Juan. For more information, contact Millennium Properties, Inc., Two First National Plaza, 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3003, Fax 312-338-3008.
NAI Realvest Partners, Inc. is selling parcels of 1.12 acres and 1.48 acres in Palm Bay, CA. Area retail includes Publix, Walgreens and McDonald’s. The company also is selling a land area of 12.3 acres located at the intersection of East-West Expressway and Goldenrod Road in Orlando, FL. For more information, contact Steve Neveleff, NAI Realvest Partners, Inc., 2200 Lucien Way, Suite 350, Maitland, FL 32751-7019; 407-875-9989, Fax 407-875-3137; Email: sneveleff@realvest.com; Web site www.realvest.com.
Kitchell Development Co. acquired two parcels totaling 160 acres at the intersection of the future Loop 202 and Hawes Road in Phoenix, AZ. The company is looking to develop the property to include office, retail and industrial space, in addition to airport-related uses. The sellers, Outer Ring, LLC and Williams Field Partners, each sold 80 acres. For more information, contact Kitchell Development Co., 1707 East Highland, Phoenix, AZ 85016; 602-264-4411.
Fameco Real Estate represented Aldi, Inc. in the acquisition of 16 acres for a supermarket at the intersection of Highway 9 and Alexander Road in Howell, NJ. Opening is slated for next year. For more information, contact Diane Weinberg, Fameco Real Estate, 15 East Ridge Pike, Suite 100, Conshohocken, PA 19428; 610-834-8000, Fax 610-834-1793; Web site: www.famecoretail.com.
Richard Jones Real Estate is selling an 89,400 sq.ft. supermarket-anchored center located in central NC for $11 million. The center has an additional nine to 21 acres available around the center with Interstate 85/40 frontage. The center is currently 98% leased. For more information, contact Richard Jones Real Estate, 2716-B Troxler Road, Burlington, NC 27215; 336-222-1264, Fax 336-343-4035; Email: info@richardjonesrealestate.com.
Wattson Breevast, LLC sold Foothill Marketplace, a 288,347 sq.ft. center located in Rancho Cucamonga, CA to Pan Pacific Retail Properties for $46 million. The center is tenanted by Circuit City, Sports Chalet, PetsMart, Office Depot, Food 4 Less, Radio Shack, Guitar Center, Coco’s and Claim Jumper. For more information, contact Wattson Breevast, LLC, 3600 Birch Street, Suite 250, Newport Beach, CA 92660; 949-757-7776, Fax: 949-757-7788.
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