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Buyers & Sellers
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Buyers & Sellers Maestas & Ward Commercial Real Estate is selling vacant land at the intersection of Cottonwood Park and Cottonwood Drive in Albuquerque, NM for $610,000. Area retail includes La-Z-Boy Furniture Gallery, Sandia Laboratories Federal Credit Union, Coldwell Banker Legacy Realtors, Wal*Mart Supercenter, Home Depot, Staples, PetsMart, Keva Juice, Avenue, Starbucks and Party City. For more information, contact Peter Pineda, Maestas & Ward Commercial Real Estate, 7620 Jefferson NE, Albuquerque, NM 87109; 505-998-1579, Fax 505-878-0002; Email: peter@maestasandward.com; Web site: www.maestasandward.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. 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.
The Macerich Co. acquired La Cumbre Plaza, a 494,000 sq.ft. center located in Santa Barbara, CA, and the Mall of Victor Valley, a 507,000 sq.ft. center located in Victorville, CA. La Cumbre Plaza is a Mediterranean-themed, open-air regional mall anchored by Sears and Robinson-May. Cotenants include Ann Taylor, Talbots, Williams-Sonoma and Pottery Barn. The center is approximately 94% occupied. The Mall at Victor Valley is anchored by JCPenney, Harris, Sears and Mervyn’s and is tenanted by a Cinemark Theater and Barnes & Noble. The mall is approximately 96% occupied. The combined total purchase price for both properties was $151.3 million. For more information, contact The Macerich Co., 401 Wilshire Boulevard, Suite 700, Santa Monica, CA 90401; 310-394-6000, Fax 310-395-2791; Web site: www.macerich.com.
R.J. Brunelli & Co., Inc. is selling a freestanding building situated on a land area of 0.57 acres on Route 10 in East Hanover, NJ for $1.7 million. The building is anchored by Vitamin Shoppe. For more information, contact Bill Lenaz, R.J. Brunelli & Co., Inc., 400 Perrine Road, Suite 405, Old Bridge, NJ 08857; 732-721-5800, Fax 732-721-9241.
CB Richard Ellis, Inc. negotiated the sale of The Provinces, a supermarket-anchored center located at the intersection of McQueen and Ray Roads in Chandler, AZ. CB Richard Ellis represented the seller, Regency Centers, in the $8.05 million transaction, which does not include the anchor tenant, a 55,256 sq.ft. Safeway supermarket. The buyer was GDA Real Estate Services. For more information, contact Katherine Haug, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016-4290; 602-735-5555, Fax 602-735-5655; Web site: www.cbre.com/phoenix.
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.
Staubach Retail Services is selling a former Colter’s Barbeque Restaurant located on Dallas Parkway in Dallas, TX for $1.3 million or $28.50 psf. Area retail includes Albertsons, Eckerd, Ruth Chris Steakhouse and Mi Cocina. Area demographics include a population of 326,804 within five miles earning $72,225 as the average household income. For more information, contact Stephen Summers or Jason Puig, Staubach Retail Services, 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 972-361-5130; Emails: stephen.summers@staubach.com and jason.puig@staubach.com; Web site www.staubach.com.
Faris Lee Investments is selling a Smart & Final Shopping Center located just off the Pomona Freeway in Chino, CA for $13.17 million with a Cap rate of 7.25%. The center is tenanted by Smart & Final, 99 Cents Only Stores, Denny’s, Starbucks and Wells Fargo. The company also is selling a Coco’s restaurant at the intersection of Van Buren Boulevard and Trautwein Road in Orangecrest/Riverside, CA for $2.123 million with a Cap rate of 6.50%. Area retail will include Kohl’s, Walgreens and Carl’s Jr. Area demographics include a population of 32,960 within three miles earning $85,964 as the average household income. The site has an average daily traffic count of 24,000 vehicles. The company also is selling a Pier 1 Imports store located on Camp Bowie Boulevard in Fort Worth, TX for $3.07 million with a Cap rate of 6.50%. 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.
AmREIT acquired three retail projects totaling approximately $10.1 million. The properties include The Terrace Shops, a 16,400 sq.ft. center located near the West University area at the intersection of Buffalo Speedway and West Park in Houston, TX. The center is anchored by Starbucks. The company also acquired a one-acre parcel at the intersection of Interstate 45 and West Road in Houston and a two-acre site at the intersection of San Felipe and Winrock in the Tanglewood/Memorial area of Houston. The company also sold an IHOP restaurant in Merrillville, IN, an OfficeMax in Dover, DE and a lease buyout of a Goodyear Tire store in Houston, TX. For more information, contact AmREIT, 8 Greenway Plaza, Suite 824, Houston, TX 77046; 713-850-1400, Fax 713-850-0498; Web site: www.amreit.com.
Grubb & Ellis Co. represented Weingarten Realty Investors in the sale of Randalls Center El Dorado, a 119,870 sq.ft. center located at the intersection of El Dorado Boulevard and State Highway 3 in Clear Lake City, TX. The center was 100% leased at the time of sale, of which approximately 84% were national/regional tenants. The center is anchored by Randalls, Palais Royal and Eckerd. For more information, contact George Cushing or Paula Foster, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056-3017; 713-599-5165/5149 and 713-626-8888, Fax 713-626-2288; Emails: george.cushing@grubb-ellis.com and paula.foster@grubb-ellis.com; Web site: www.grubb-ellis.com.
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