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Buyers & Sellers
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Buyers & Sellers Fameco Real Estate represented the owner of Colonial Commons, Freedman Cohen Development, LLC, in the sale of a 500,000 sq.ft. center located in Harrisburg, PA to Heritage Property Investment Trust. The center is tenanted by Giant Foods, Dick’s Sporting Goods, LA Fitness, Marshalls, OfficeMax, Linens ‘N Things, T.J. Maxx, Guitar Center, Ross Dress For Less, AMC Movie Theaters and a state liquor store. 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.
Landmark Properties Group represented the buyer in the acquisition of Hawthorn Plaza and Hawthorn Business Center located in Indianapolis, IN from Lauth Property Group for $4.7 million. The 47,550 sq.ft. center is tenanted by a mixture of national, regional and local tenants such as Entenmann’s Outlet Store, Peak Performance Fitness and Renditions Framing Center. For more information, contact Landmark Properties Group, 4848 Route 8, Unit 2 Allison Park, PA 15101; 724-443-9000, Fax 724-443-9010; Web site: www.landmarkprop.com.
Hinerfeld Realty Co. is selling a 56,018 sq.ft. center located in Scranton, PA. The center is anchored by Redner’s Supermarket and Arby’s. The company also is selling a 3.58-acre site in Wilkes-Barre, PA. The site is located between a mall, gas/convenience store and a drug store. For more information, contact John T. Cognetti, Hinerfeld Realty Co., 600 Lackawanna Avenue, Scranton, PA 18503; 570-207-4100, Fax 570-342-6815; Email: jcognetti@hinerfeldrealty.com; Web site: www.hinerfeldrealty.com.
Sperry Van Ness is selling Cedar Knoll Shopping Center located in Ashland, KY. The minimum bid on the 448,515 sq.ft. center is $2 million. The center is situated on a land area of 92.7 acres and is anchored by Sears and Bon-Ton. For more information, contact Fisher Auction Co., Inc., 2745 East Atlantic Boulevard, Suite 200, Pompano Beach, FL 33062; 954-942-0917 or 800-331-6620, Fax 954-782-8143.
Express Auction is selling the former Jimmy’s restaurant/nightclub located in New York, NY. The company is auctioning off the property and all the equipment. The layout consists of 5,064 sq.ft. of ground floor space; 5,064 sq.ft. of second-floor space; 1,250 sq.ft. of third floor space and 5,064 sq.ft. for basement space. For more information, contact Express Auction, 222 Bosley Avenue, A4, Baltimore, MD 21204; 410-821-5900, Fax 410-821-8730; Email: kwacker@expressauction.com; Web site: www.expressauction.com.
Borrus Associates, Inc. brokered the acquisition of the Village Shops at Quailbrook, a 17,492 sq.ft. center located on Demott Lane in Franklin Township, NJ. The center is situated on a land area of 2.6 acres and is tenanted by Investors Savings, Amici Catering, Publicall, Aksar Pharmacy, Tresses Hair Salon, Jem Cleaners and Deverux. For more information, contact Julius A. Borrus, Borrus Associates, Inc., 3333 Highway 9, Old Bridge, NJ 08857; 732-679-4100, Fax 732-679-2263.
ARC Properties, Inc. acquired land for a mixed-use project that will include luxury high-rise condominiums and first-class retail stores on Rittenhouse Square in Philadelphia, PA. The company prefers to acquire single-tenant properties with 15-year NNN terms throughout major U.S. markets from $1.5 million to $50 million. The company will joint venture or acquire properties. Preferred sites include the NY and PA metro areas, as well as drug store sites, theme restaurant sites, supermarkets and power centers. For more information, contact ARC Properties, Inc., 1401 Broad Street, Clifton, NJ 07013; 973-249-1000, Fax 973-249-1001; Web site: www.abcproperties.com.
Coldwell Banker Commercial NRT is looking to acquire shopping centers throughout FL from $1 million to $30 million on behalf of a client, in addition to having retail sites for sale. For more information, contact Allan Cohen, Coldwell Banker Commercial, 20803 Biscayne Boulevard, Suite 102, Aventura, FL 33180; 305-215-3668 Fax 954-454-7216; Email: allan.cohen@coldwellbanker.com; Web site: www.shoppingcentersflorida.com.
NewBridge Retail Advisors served as advisor in the presale of Parkway Crossing East, a 140,000 sq.ft. center located at the intersection of Interstate 95 and Prince William Parkway in Woodbridge, VA. Cypress Equities sold the property to National Real Estate Management Corp. The center is tenanted by Bed Bath & Beyond, Office Depot, Michael’s, Babies “R” Us and Starbucks, Area retail includes Target, Wal*Mart, Sam’s Club, IKEA and Lowe’s Home Improvement. For more information, contact Gary Saykaly and Lynn Leonard, NewBridge Retail Advisors, Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588; Web site: www.newbridgeretail.com.
Phillips Edison & Co. acquired Highpoint Village, a 176,502 sq.ft. center located in Bellefontaine, OH. The center is anchored by Kroger. 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.
Winick Realty Group is marketing an 11,378 sq.ft. former ExxonMobil at 61 East Main Street in Freehold, NJ for $475,000. The site is zoned B-2 for general commercial and is a five-bay service station 35 miles from New York, NY and 30 miles east of Trenton, NJ. The company also is selling a 15,650 sq.ft. former ExxonMobil service station at 1244 McCarter Highway in Newark, NJ for $430,000 and a 41,000 sq.ft. former ExxonMobil at 80 Rector Place in Red Bank, NJ for $1.6 million. The site is improved with a 1,100 sq.ft. convenience store/gas station and a 3,000 sq.ft. canopy. The site is located in a stable neighborhood with middle-income residents. For more information, contact Rick Riccardi, Winick Realty, 655 Third Avenue, 8th Floor, New York, NY 10017; 212-792-2635, Fax 212-792-2616; Email: rick@winick.com.
Thor Equities acquired the following two retail/entertainment centers located in southern FL: CoCo Walk, a 455,000 sq.ft. center located in the Coconut Grove section of Miami and Beach Place, a 272,000 sq.ft. center located in Fort Lauderdale. The company acquired the properties for $120 million. CoCo Walk is tenanted by eight restaurants and bars, as well as national retailers such as Banana Republic, B. Dalton Booksellers and The Gap, as well as a 16-screen AMC Theaters. Beach Place is located on Route A1A and is tenanted by Café Iguana, Fat Tuesday, Max’s Beach Grill, Hooters of Beach Place and Sally O’Brien’s. For more information, contact Thor Equities, 139 Fifth Avenue, New York, NY 10010; 212-529-5055, Fax 212-460-9243; Email: info@thorequities.com; Web site: www.thorequities.com.
ECHO Real Estate Services is selling a 4,800 sq.ft. site located at the intersection of Route 48 and Route 30 in North Versailles, PA for $350,000. The site has an average daily traffic count of 74,000 vehicles. For more information, contact ECHO Real Estate Services, 701 Alpha Drive, Pittsburgh, PA 15238; 412-968-1660; Web site: www.echodevelopers.com.
Jaime M. Weiss Realty Co., Inc. is selling 30 acres of retail/commercial land in Decatur, IL. The space can accommodate 315,000 sq.ft. of retail space. The site was part of an overall development of 2,197,775 sq.ft. of the former 147-acre Bridgestone/Firestone tire manufacturing warehouse facility. The site can be divided to create a separate 30-acre commercial tract with frontage on 22nd Street. For more information, contact Jaime M. Weiss, Jaime M. Weiss Realty Co., Inc., 250 Moonachie Road, Moonachie, NJ 07074; 201-814-1800, Fax 201-814-1811; Email: jweiss@jweissrealty.com.
Berkeley Investments, Inc. and Starwood Capital Group acquired the Worcester Commons Outlet, a one million sq.ft. outlet mall located on Front Street in Worcester, MA. The companies’ proposal calls for a combination of housing, retail and office space. For more information, contact Berkeley Investments, Inc., 121 High Street, Boston, MA 02110; 617-439-0088. Or contact, Rick Griffin at 617-439-0088 Ext. 231; Email: rgriffin@berkinv.com. For further information, contact Arne Arnesen or Sachin Shah, Starwood Capital Group, 591 West Putnam Avenue, Greenwich, CT 06830; 203-422-7700, Fax 203-422-7784.
Marcus & Millichap Real Estate Investment Brokerage Co. sold a two-story retail facility tenanted by Pep Boys and Wachovia Bank located on North MacDade Boulevard in Glenolden, PA for $6.637 million. The company also sold Runnemede Retail Center located on Black Horse Pike in Runnemede, NJ. The center is 100% occupied. The company also is selling Park Place, a 135,375 sq.ft. center located in Paris, TX for $5.1 million with a Cap rate of 9.12%. The center is anchored by Sears and Big Lots and is 95% occupied. For more information regarding the Glenolden, PA location and Runnemede Retail Center, 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. For more information regarding Park Place, contact Jason Johnson, Marcus & Millichap Real Estate Investment Brokerage Co., 101 West Ohio Street, Indianapolis, IN 46204; 317-955-2600, Fax 317-955-0091; Email: jjohnson2@marcusmillichap.com; Web site: www.marcusmillichap.com.
CB Richard Ellis, Inc. negotiated the sale of The Islands Village Shopping Center, a 103,000 sq.ft. center located at the intersection of McQueen and Warner Roads in Gilbert, AZ for $8.8 million. The seller was Islands Shopping Center, LLC, while the buyer was a private investor. Tenants include Baja Fresh, Curves For Women, First Round Draft Sports Bar, Grand China Restaurant, Eco Water and La Petite Daycare Academy. The company also negotiated the sale of a 25,000 sq.ft. mixed-use center located on North Central Avenue in Phoenix, AZ for $1.28 million. The center is currently 94% occupied and is tenanted by Next to Nature Flower Shop, Moves on Central and Tess’ Tea House and Antiques. For more information, contact Katherine Haug, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016-4290; 602-735-1782, Fax 602-735-5655; Email: katherine.haug@cbre.com; Web site: www.cbre.com/phoenix.
Colliers International sold AMC Theatres Covina 30, a 95,150 sq.ft. movie theater located on North Azusa Avenue in Covina, CA for $24.6 million. For more information, contact Michael C. Ross, Matthew Sullivan or Steve Leider, Colliers International, 444 South Flower Street, Suite 2200, Los Angeles, CA 90071; 213-532-3282/3286 or 805-957-4777 Ext. 13 for Steve Leider; Emails: mross@colliers-seeley.com, msullivan@colliers-seeley.com and steve@leider.com. Coldwell Banker Commercial Argue Properties sold South Lewis Plaza, a 41,699 sq.ft. center located on South Lewis Avenue in Tulsa, OK for $2.495 million. The center is situated on a land area of 2.95 acres and is tenanted by Video Revolutions, Quizno’s, Curves For Women, Just Catering by Orr Nalp, Mail Boxes Etc., Regina Ann Dance Studio and Jackson Hewitt Tax Service. For more information, contact Argue Properties, 401 South Boston, Suite 2424, Tulsa, OK 74103; 918-587-1900; Web site: www.argueproperties.com.
Petroleum Properties Consultants is looking to acquire privately-owned service stations, which are vacant or operating, or under lease to major oil companies. The company is seeking sites throughout the Mid-Atlantic states. Shopping center outparcels leased or vacant are also of interest. For more information, contact Petroleum Properties Consultants, PO Box 10479, Baltimore, MD 21209; 410-435-7000, Fax 410-435-7502.
LMS Commercial Real Estate Services is selling a land area of 2.5 acres on Route 72 in West Cornwall, PA for $475,000. 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.
Roadside Development, LLC is looking to acquire parcels from one to five acres at signalized intersections throughout DE, MD, NJ, PA and VA. For more information, contact William Saslaff, Roadside Development, LLC, PO Box 10479, Baltimore, MD 21209; 410-435-7000, Fax 410-435-7502.
NAI Olympia Partners represented Brooks Investments, Inc. in the acquisition of Mooresville Town Center, a 41,400 sq.ft. Marsh-anchored center located at the intersection of State Road 67 and Bridge Street in Mooresville, IN from Mooresville Partners 1, LLC. For more information, contact Maria Stein, NAI Olympia Partners, 320 North Meridian Street, Suite 700, Indianapolis, IN 46204; 317-264-9400; Web site: www.naiolympia.com.
Inland Real Estate Corp. acquired Crystal Point Center, a 339,898 sq.ft. center located on Route 14 in Crystal Lake, IL for $37.3 million. The center is 100% occupied and is anchored by Bed Bath & Beyond, Borders Books & Music, Sports Authority, Best Buy, Office Depot and Kmart. For more information, contact Rick Fox, Inland Real Estate Corp., 2901 Butterfield Road, Oak Brook, IL 60523; 888-331-4732 or 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com.
Edgemark Commercial Real Estate Services, LLC arranged the acquisition of Buffalo Grove Town Center, a 132,198 sq.ft. center located on McHenry Road in Buffalo Grove, IL. Edgemark represented the buyer, Buffalo Grove Venture, LLC. The center is tenanted by Binny’s Beverage and Buffalo Grove Theaters. For more information, contact Edgemark Commercial Real Estate Services, LLC, 2215 York Rd., Suite 503, Oak Brook, IL 60523; 630-472-1010; Web site: www.edgemarkllc.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.
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