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Buyers & Sellers
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Buyers & Sellers DeBartolo Development, LLC acquired Embassy Crossing Shopping Center, a 336,585 sq.ft. center located at the intersection of Highway 19 and Embassy Boulevard in Port Richey, FL. The center is anchored by the Sports Authority, Books-A-Million, Ross, Olive Garden and Chili’s. For more information, contact Christine Pozefsky, DeBartolo Development, 15436 North Florida Avenue, Suite 200, Tampa, FL 33613; 813-908-8400, Fax 813-908-2206; Email: cpozefsky@debartolodevelopment.com.
Sperry Van Ness is selling Claremont Plaza, a 110,656 sq.ft. center located on Claremont Avenue in Ashland, OH for $1.9 million. The center is anchored by Tractor Supply Co. and is 24% occupied. The company also is selling Kmart Plaza, a 49,420 sq.ft. center located on West 65th Street in Cleveland, OH for $2.5 million with a Cap rate of 9%. The center is anchored by Big Lots, Payless ShoeSource and Subway. For more information, contact Joseph C. French Jr., Sperry Van Ness, 50 Main Street, Suite 1000, White Plains, NY 10606; 914-682-6868, Fax 914-682-6867; Email: frenchj@sun.com.
Upland Real Estate Group, Inc. sold two Pizza Hut properties located in KY and MS. The company sold a 3,894 sq.ft. Pizza Hut located in Sterling, KY for $1.2 million and a 3,852 sq.ft. Pizza Hut located in Gulfport, MS for $1.4 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; Email: brier@upland.com; Web site: www.upland.com.
Staubach Retail Services is selling a Target store located at the intersection of Felch Street and U.S. 31 in Holland, MI for $3 million. Area retail includes West Shore Mall and Kohl’s. The center is situated on a land area of 5.96 acres and has an average daily traffic count of 26,000 vehicles. Area demographics include a population of 120,299 within 10 miles earning $70,291 as the average household income. The company also is selling a 3,000 sq.ft. space in a CVS-anchored center located at the intersection of Rand and Kensington in Mt. Prospect, IL. Area demographics include a population of 122,517 within three miles earning $99,451 as the average household income. For more information, contact Matt Friday, Staubach Retail Services, 15601 Dallas Parkway, Suite 400, Addison, Texas 75001; 612-341-6765, Fax 612-341-6750; Email: matt.friday@staubach.com. Or contact, Ron Bild or Les Kristof, Staubach Retail, One Oakbrook Terrace, Suite 804, Oakbrook Terrace, IL 60181; 630-424-9760; Email: rbild@staubach.com.
CB Richard Ellis, Inc. is selling a parcel occupied by Michaels, Old Navy and Homegoods at the Terra Vista Town Center located on Foothill Boulevard in Rancho Cucamonga, CA for $11.882 million. The site has an average daily traffic count of 47,000 vehicles. Area demographics include a population of 236,057 within three miles earning $73,590 as the average household income. For more information, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8521, Fax 949-725-8545.
Marcus & Millichap Real Estate Investment Brokerage Co. of Detroit is marketing Riverview Commons, a 93,026 sq.ft. center located in Riverview, MI. The center is anchored by Rite Aid and is 98% occupied. 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; 248-415-2600, Fax 248-352-3813.
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.
Continental Real Estate Cos. acquired Wal*Mart Plaza located at the intersection of 13th Street and 23rd Street in Gainesville, FL for $8.325 million. The center is currently 99% occupied by 13 tenants. A 103,000 sq.ft. Wal*Mart anchors the center, which is cotenanted by a 29,150 sq.ft. Books-A-Million, a 15,012 sq.ft. Sav-A-Lot and a 9,611 sq.ft. Beall’s Outlet. For more information, contact Lisa Rosario, Continental Real Estate Cos., 2665 South Bayshore Drive, Suite 1002, Miami, FL 33133; 305-854-7342, Fax 305-858-6239.
Rein & Grossoehme sold Taschner Center, a 47,916 sq.ft. center located at the intersection of Southern and Country Club in Mesa, AZ for $4.125 million to a private investor. The building was 72% occupied at the time of closing. For more information, contact Mark Rein, Rein & Grossoehme, 3900 East Camelback Road, Suite 408 North, Phoenix, AZ 85018; 602-954-7217.
Maestas & Ward Commercial Real Estate is selling a 48,000 sq.ft. freestanding building located at the intersection of Ventura and Paseo del Norte in Albuquerque, NM. The site has an average daily traffic count of 26,700 vehicles. Area demographics include a population of 164,259 within five miles earning $64,867 as the average household income. For more information, contact Brenda Canada or David Fite, Maestas & Ward Commercial Real Estate, 7620 Jefferson NE, Albuquerque, NM 87109; 505-878-0001, Fax 505-878-0002; Emails: brenda@maestasandward.com and davidf@maestasandward.com; Web site: www.maestasandward.com.
MBK Northwest Ltd. sold a component of Lakewood Towne Center in Lakewood, WA to Inland Real Estate Acquisitions, Inc. for $81.1 million. The company sold 590,000 sq.ft. of the center’s total one million sq.ft. Retailers included in the sale are Barnes & Noble, Michaels, Bed Bath & Beyond, Ross, Gottschalks, Old Navy, G.I. Joe’s, Burlington Coat Factory, Famous Footwear, Office Depot, Pier 1 Imports, 24 Hour Fitness, PetsMart, Old Country Buffet, Lakewood Towne Center Cinemas and several other specialty shops and services. For more information, contact MBK Northwest Ltd., PO Box 57065, Irvine, CA 92619-7065, 175 Technology Drive, Irvine, CA 92618; 949-789-8300.
Net Leased Investment Co. is selling a CVS Pharmacy ground lease on Reidville Road in Moore, SC for $1.275 million. The site has a 25-year NNN ground lease with 5% increases every five years. The company also is selling a 5,286 sq.ft. Denny’s restaurant located on Sunset Road in Charlotte, NC for $1.43 million with a Cap rate of 7.5%. The site has a 20-year NNN lease and three five-year options. For more information, contact Bob Fraser, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775.
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