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Buyers & Sellers
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Buyers & Sellers Holliday Fenoglio Fowler, L.P. sold a five-shopping center portfolio in Austin, TX. The centers include Govalle, an 83,306 sq.ft. center located on East 7th Street. The center is 100% occupied and is tenanted by H.E.B., AutoZone, Family Dollar and Rent America.; Greenlawn Crossing, a center located at the intersection of Louis Henna and Greenlawn Boulevard in Round Rock. The property was built in two phases. Phase I has 105,441 sq.ft. and is fully leased to tenants including H.E.B., Maudies, Blockbuster Video, Verizon Wireless and Starbucks. Phase II has 22,500 sq.ft. and is 75% leased to tenants including Palm Beach Tan, Tanoshii Japanese and Cold Stone Creamery; Shady Hollow Village, a 41,690 sq.ft. center located on Brodie Lane. Phase I is situated on a land area of 8.4 acres and is fully occupied by Washington Mutual, Whataburger, Twin Liquors and TGF Haircutters. Phase II is situated on a land area of 3.2 acres and is 72% leased to Maudies, Brick Oven, Austin Tan and Baskin Robbins; Vista Ridge, a 25,792 sq.ft. center located on RR 620. The center is 100% leased to Guadalajara Restaurant, Blockbuster Video, Washington Mutual and Subway. The center is shadow-anchored by Randall’s Foodstore; and Walden Park, a 57,191 sq.ft. center located on Lakeline Mall Drive. The center is 77% leased to Michael’s, Shoe Carnival and Catherine’s. The center is shadow-anchored by Super Target. For more information, contact Laurie Fish, Holliday Fenoglio Fowler, L.P., One Post Office Square, Suite 3500, Boston, MA 02109; 617-338-0990, Fax 617-338-2150.
Upland Real Estate Group, Inc. sold a Jack-In-The-Box restaurant located in Rosamond, CA for $2.9 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.
Richard Jones Real Estate is selling a land area of 13.44 acres located on Highway 61 South in Whitsett, NC for $5.88 million. The company also is selling a 2,950 sq.ft. building located on Hanford Road in Burlington, NC for $295,000. For more information, contact R.T. Hudgins, Richard Jones Real Estate, 2716-B Troxler Road, Burlington, NC 27215; 336-222-1264; Email: rhudgins@realtor.com.
Remax Realty Group is selling a land area of six acres on Route 16 in Milton, DE for $2.375 million. The land is located adjacent to Food Lion Plaza. For more information, contact Jim Malloy, Remax Realty Group, 788 Kings Highway, Lewes, DE 19958; 302-645-0851, Fax 302-645-0355.
Tanger Factory Outlet Centers, Inc. completed the sale of its 173,430 sq.ft. outlet center located in Dalton, GA for $11.5 million with a Cap rate of 11.3%. After the deduction of all closing costs, Tanger will receive net proceeds of $11 million and expects to recognize a net loss of the sale of the property of $3.6 million. Tanger originally purchased this property in March 1998. The center is currently 79.6% occupied, compared to Tanger’s portfolio average of 95.7%. For more information, contact Tanger Factory Outlet Centers, Inc., 3200 Northline Avenue, Suite 360, Greensboro, NC 27408; 336-292-3010, Fax 336-852-2096; Web site: www.tangeroutlet.com.
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.
Coldwell Banker Commercial NRT is looking to acquire power centers, freestanding locations, single-tenant properties, mall outlet centers and NNN properties throughout the Midwest from $5 million to $15 million with Cap rates of 7.5%. 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: ahendrickson@coldwellbanker.com.
Developers Diversified Realty and Coventry Real Estate Partners sold a portion of the CityPlace Shopping Center located in Long Beach, CA for $16.6 million with a Cap rate of 6.2%. The portion that was sold comprises an Albertsons supermarket, a freestanding Sav-On Drugs and approximately 12,500 sq.ft. of small shop space. The sale generated an aggregate gain of $4.6 million to the joint venture. CityPlace is an urban retail development that covers several city blocks in downtown Long Beach. Area demographics include a population of 425,000 within five miles earning $55,000 as the average household income. The RVIP joint venture owns the remaining 360,000 sq.ft., which is anchored by Wal*Mart, Nordstrom Rack and Ross Dress For Less. The center also features 341 residential condominium and apartment units. For more information, contact Michelle A. Mahue, Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 216-755-5500, Fax 216-755-1455; Email: mmahue@ddr.com.
CB Richard Ellis, Inc. is selling the following locations throughout CA: a 57,673 sq.ft. center located in La Mesa for $9 million with a Cap rate of 7.23% and a 54,465 sq.ft. center located in Rancho Bernardo for $13 million with a Cap rate of 6.88%. The company also is selling La Brea Plaza, a 49,660 sq.ft. center located on North La Brea Avenue in Inglewood, CA for $13.4 million. For more information regarding the La Mesa and Rancho Bernardo, CA locations, contact Reg Kobzi, CB Richard Ellis, Inc., 4365 Executive Drive, Suite 900, San Diego, CA 92121; 858-546-4600, Fax 858-546-3985; Web site: www.cbre.com/pcgsandiegooffice. For more information, contact Sam Alison, CB Richard Ellis, Inc., 355 South Grand Avenue, Suite 2700, Los Angeles, CA 90071; 213-613-3637, Fax 213-613-3630; Email: sam.alison@cbre.com.
Coro Realty Advisors, LLC acquired Buckhead Pavilion, a 99,989 sq.ft. center located on Peachtree Road in Atlanta, GA. For more information, contact Coro Realty Advisors, LLC, 3312 Piedmont Road Suite 400, Atlanta, GA 30305-1713; 404-846-4000, Fax 404-846-8660; Email: info@cororealty.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, Old Navy, G.I. Joe’s, 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.
Thor Equities is planning to acquire the former Woolworth Building, a 90,000 sq.ft. building located at the intersection of Canal Street and North Rampart Street in New Orleans, LA. The building has been vacant for several years. Area retail includes Saks Fifth Avenue, Walgreens, Pottery Barn, Kenneth Cole, Foot Locker, Rainbow, Williams-Sonoma, Ashley Stewart, BCBG/Max Azaria and Payless ShoeSource. The acquisition price was not disclosed. For more information, contact Thor Equities, 139 Fifth Avenue, New York, NY 10010; 212-529-5055, Fax 212-460-9243; Email: info@thorequities.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is selling a U.S. Bank located at the intersection of 37th Street and Topeka Boulevard in Topeka, KS for $1.025 million with a Cap rate of 7.9%. The 2,300 sq.ft. bank is an outparcel to White Lakes Mall. Area retail includes Walgreens, Burger King and Taco Johns. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 1401 Seventeenth Street, Suite 1100, Denver, CO 80202; 303-320-1300, Fax 303-308-9048; Web site: www.marcusmillichap.com.
Inland Western Retail Real Estate Trust, Inc. acquired Cranberry Square Shopping Center, a 195,566 sq.ft. center located in Cranberry Township, PA for $20.22 million. The center is anchored by Barnes & Noble, Best Buy, OfficeMax, Dick’s Sporting Goods and Toys “R” Us. An adjacent Wal*Mart is scheduled to be converted into a Wal*Mart Supercenter. Demographics include a trade-area population of 23,625 earning $66,588 as the average household income. For more information, contact Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com.
LMS Commercial Real Estate Services is selling a land area of 2.5 acres on Route 72 in West Cornwall, PA for $475,000. The site has an average daily traffic count of 19,000 vehicles. Area demographics include a population of 41,902 within five miles earning $51,795 as the average household income. For more information, contact LMS Commercial Real Estate, 120 North Pointe Boulevard, Suite 301, Lancaster, PA 17601; 717-569-9373, Fax 717-560-9909; Web site: www.lms-pma.com.
Millennium Properties, Inc. is selling a 159,071 sq.ft. center located on Route 64 in Antigo, WI. The center was formerly anchored by Kmart and Copps Market and is situated on a land area of 14.02 acres. Area demographics include a population of 11,469 within five miles earning $44,172 as the average household income. The site has an average daily traffic count of 11,100 vehicles. The company also sold a location on North Harlem in Niles, IL for $2.08 million. The site included an improvement of 29,000 sq.ft. on 48,000 sq.ft. of land. Plans for the site include a 15,000 sq.ft. retail development. For more information, contact Susan B. Silver, Millennium Properties, Inc., Two First National Plaza, 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3003, Fax 312-338-3008; Email: ssilver@mpirealestate.com.
Northwest Atlantic is selling a land area of 8.62 acres located at the intersection of 39th and 9th in Puyallup, WA for $13 psf. The land is located adjacent to a Costco Wholesale. Area demographics include a population of 113,801 within five miles earning $59,053 as the average household income. For more information, contact Sharon Wilkins, Northwest Atlantic, 10500 NE 8th Street, Suite 725, Bellevue, WA 98004; 425-462-2061, Fax 425-462-2062.
NewBridge Retail Advisors, Inc. is selling the following two malls in MS: Leigh Mall, a 308,292 sq.ft. center located at U.S. Highway 45 North in Columbus. The mall is anchored by JCPenney and Sears and is tenanted by Books-A-Million, Bath & Body, Kirklands and Hibbett Sporting Goods. The mall is currently 77% occupied and each of the anchors and outparcel tenants is owned; and Greenville Mall, a 308,439 sq.ft. mall located on U.S. Highway 1 in Greenville. The mall is anchored by JCPenney, Sears and McRae’s and is currently 98% occupied. 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.
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.
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. 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, Albuquerque, NM 87109; 505-878-0001, Fax 505-878-0002; Emails: brenda@maestasandward.com and davidf@maestasandward.com; Web site: www.maestasandward.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.
Sperry Van Ness is selling Oaks Plaza, a center located in Minneola, FL for $2.649 million with a Cap rate of 8.85%. For more information, contact Mark Alexander, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 239-433-0400, Fax 239-433-1968; Email: marka@svn.com.
NAI Realvest Partners, Inc. is selling a land area of 11.28 acres on the north side of Sand Lake Road, between Voltaire Road and Winegard Road in Orlando, FL. Area retail includes the Florida Mall. 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.
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