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Buyers & Sellers
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Buyers & Sellers Nederland Economic Development Corp. is selling two sites located in Nederland, TX. The first property is situated on a land area of 50 acres. The second property is a former Wal*Mart and is situated on a land area of 12 acres. Area retail includes Target, JCPenney, Dillard’s, Sears, Lowe’s Home Improvement, Wal*Mart Supercenter, Office Depot, H.E.B. Supercenter and Academy Sporting Goods. For more information, contact Nederland Economic Development Corp., 1903 Atlanta, PO Box 1325, Nederland, TX 77627; 409-729-1020, Fax 409-729-1953; Web site: www.nededc.com.
Equity One, Inc. acquired Venice Shopping Center, a 111,933 sq.ft. center located in Venice, FL for $6.5 million. The center is anchored by a 44,271 sq.ft. Publix Supermarket and is currently 91% leased. The center is situated on a land area of 11.3 acres at the intersection of Tamiami Trail and Palermo Place. Area demographics include a population of 33,440 within three miles earning $41,778 as the average household income. For more information, contact Equity One, Inc., 1696 NE Miami Gardens Drive, North Miami Beach, FL 33179; 305-947-1664, Fax 305-947-1734.
ARC Properties, Inc., on behalf of ARC Corporate Realty Trust, acquired a 40,000 sq.ft. center leased to A.C. Moore and Thomasville Home Furnishings in Montgomeryville, PA. The company acquires sites with the following criteria: single tenant properties with 15-year terms NNN throughout major U.S. markets from $1.5 million to $50 million. The company will acquire sites or joint venture. For development, the company prefers sites in the New York, NY area, including drug store, supermarket and power center sites. For more information, contact ARC Properties, Inc., 1401 Broad Street, Clifton, NJ 07013; 973-249-1000, Fax 973-249-1001; Web site: www.arcproperties.com.
BH Properties, LLC is looking to acquire shopping centers or big box locations throughout AZ, CA, CO, FL, NM, NV, OR, TX, UT and WA. The company can close within 15 days and will acquire properties that are large or small, vacant or partially vacant. For more information, contact Steve Gozini, BH Properties, LLC, PO Box 49993, Los Angeles, CA 49993; 310-820-8888 Ext. 106; Email: steve@bhproperties.us.
Lamar Cos. is selling the following centers: Coralwood Center, a 343,065 sq.ft. center located at the intersection of Del Prado Boulevard and Veterans Highway in Cape Coral, FL. Anchors include Kmart, JCPenney, Winn-Dixie, Beall’s Department Store, Marquee Cinemas and Beall’s Outlet; Independence Plaza, a 253,000 sq.ft. center located at 2465 Broad Street in Hamilton Township, NJ. Anchors include SuperFresh, A.J. Wright, Dollar Tree and Odd Job; Morse Center, a 243,000 sq.ft. center located on Morse Road in Columbus, OH for $12.3 million. Anchors include Big Lots, Guitar Center, D.E. Jones, Dollar Tree, Goodwill and Gillie Recreation Center; and Northtowne Center, a 207,990 sq.ft. center located at the intersection of Morse Road and Northtowne Boulevard in Columbus, OH for $7.45 million. Anchors include Media Play, Aaron Rents, Grand Buffet, Old Time Pottery, Family Dollar and Catherine’s Plus Sizes. For more information, contact Lamar Cos., 365 South Street, Morristown, NJ 07960; 973-285-0660/800-526-0762, Fax 973-285-0976; Web site: www.lamarco.com.
RLI is selling 1.75 acres in Knoxville Square for $400,000. The site is anchored by Kroger, AmericInn and Panera Bread. For more information, contact Dick Diekemper, RLI, 9025 North Lindbergh Drive, Peoria, IL 61615; 309-693-5877, Fax 309-689-2046.
Upland Real Estate Group, Inc. sold a 7,270 sq.ft. Sino American Café located in Richmond, VA for $1.83 million. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-335-9366, Fax 612-376-4489; Email: brier@upland.com; Web site: www.nnnsales.com.
Borrus Associates is looking to acquire anchored, strip, neighborhood and power centers throughout CT, DE, MD, NJ, NY and PA. For more information, contact Julius Borrus, Borrus Associates, 3333 Highway 9, Old Bridge, NJ 08857; 732-679-4100.
The Kempner Corp. is looking to acquire properties throughout the Northeast. The company considers anchored and neighborhood centers and freestanding sites of all sizes. The company also will pursue stabilized and/or redevelopment opportunities. For more information, contact Peter or Jim Kempner, The Kempner Corp., 257 Mamaroneck Avenue, White Plains, NY 10605; 914-946-3030, Fax 914-946-9030.
DJM Asset Management has been retained by American Hospitality Concepts to dispose of its 58 Ground Round locations and other restaurants throughout the U.S. The disposition of one fee-owned and 57 leased locations is in response to AHC’s filing for Chapter 11 Bankruptcy protection. The sites are freestanding locations and in strip centers and range from 3,363 sq.ft. to 9,861 sq.ft. The locations had been operating throughout 16 states under the Ground Round, Berkshire Grill, Tin Alley Grille and Tap & Grill names. For more information, contact Joe DiMitrio or Mark Dufton, DJM Asset Management, 445 Broad Hollow Road, Suite 417, Melville, NY 11747; 631-752-1100, Fax 631-752-1231; Web site: www.djmasset.com.
American Financial Realty Trust acquires properties owned by, or leased to, regulated financial institutions, including core operating properties, surplus or redundant branches and under-utilized office buildings. For more information, contact James A. Mirage, American Financial Realty Trust, 106 York Road, Jenkintown, PA 19046; 215-884-9680, Fax 215-884-9681; Email: jmirage@afrt.com.
Continental Real Estate Cos. brokered the sale of a South Beach Miami, FL retail property for $7.2 million with a Cap rate of 3.5%. The 23,125 sq.ft. property is located at the intersection of Fifth Street and Collins Avenue and was sold to Spec’s Music. 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.
Coldwell Banker Commercial NRT sold Silver Lakes Professional Campus, a 43,428 sq.ft. center located at 17720-17796 Pines Boulevard in Pembroke Pines, FL for $9.25 million with a Cap rate of 9%. The center is situated on a land area of 5.88 acres. Tenants include Dunkin’ Donuts, Baskin Robbins, Subway and Domino’s. The property is currently 96.5% leased and consists of three buildings. For more information, contact Allan Cohen, Coldwell Banker Commercial NRT, 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.
Gershenson Realty & Investment is looking to acquire strip and power centers from 15 acres to 50 acres throughout the Midwest and Southeast. For more information, contact Bruce Gershenson, Gershenson Realty & Investment, 27600 Northwestern Highway, Suite 200, Southfield, MI 48034; 248-728-1690.
Steiner-Atlantic Brokerage Corp. is selling a 7,600 sq.ft. center located at 1290 NE 125th Street in North Miami, FL for $895,000. The center is anchored by a dry cleaner and is 100% occupied. For more information, contact Ralph F. Geronimo, Steiner-Atlantic Brokerage Corp., 290 NE 68th Street, Miami, FL 33138; 305-754-4551, Fax 305-751-8390.
National Net Lease Realty is looking to acquire single-tenant net lease sites nationwide from $100,000 to $20 million. For more information, contact Terry Marks, National Net Lease Realty, 4729 Libbit Avenue, Encino, CA 91436; 818-905-5597, Fax 818-905-5596; Email: info@terrymarks.com; Web site: www.terrymarks.com.
Woodbury Capital Partners is representing several investors looking to acquire properties. The clients are looking to acquire NN and NNN office, industrial and retail facilities nationwide. The company also is looking for multi-tenant office, industrial and retail sites that are for sale and can be repositioned through capital improvements and intensive property management. Transaction size should exceed $2 million with no upper limit. The company prefers properties with no existing financing, as well as portfolios. For more information, contact Thomas Quasius, Woodbury Capital Partners, 7616 Currell Boulevard, Suite 200, Woodbury, MN 55125; 651-264-3110, Fax 651-264-3112; Email: tquasius@woodburycapital.com.
Hallmark & Johnson is looking to acquire five to 10 properties with over $25 million of equity. The company prefers small centers or net leased properties. For more information, contact Michael Kolodny, Hallmark & Johnson Property Management, Ltd., 6160 North Cicero, Suite 620, Chicago, IL 60646; 773-545-6160, Fax 773-685-8402.
Brookfield Properties Corp. acquired Edison Place, a 547,000 sq.ft. center located at 701 9th Street in Washington, DC from Wachovia Development Corp. for $167.1 million, including the assumption of $151.6 million of long-term mortgage debt. The site is located one block from the MCI Center and is directly across from the National Portrait Gallery and Gallery Place Metro Station. The center includes 364,000 sq.ft. of office, retail and storage space. For more information, contact Brookfield Properties Corp., One Liberty Plaza, 165 Broadway, 6th Floor, New York, NY 10006; 212-417-7000, Fax 212-417-7196; Web site: www.brookfieldproperties.com.
RJS Realty Group brokered the sale of Wharfside at Boca Pointe, a 107,149 sq.ft. center located at the intersection of Powerline Road and SW 18th Street in West Palm Beach, FL for $18.75 million. The property was sold by MDN Wharfside, Ltd. to DRA Advisors, LLC. For more information, contact Steve Miskew, RJS Realty Group, Inc., 222 Lakeview Avenue, Suite 500, West Palm Beach, FL 33401-6140; 561-659-9771, Fax 561-659-9773.
Eshenbaugh Land Co. is selling the following sites throughout Tampa Bay, FL: a corner acre at Valrico and State Route 60 for $1.25 million; an outparcel on one acre for $550,000; 1.1 acres at Interstate 75 Exit for $750,000; 150 acres on State Route 54 near the new Suncoast Parkway for $12 million and 37 acres on State Route 54 near the Suncoast Parkway for $200,000 per acre. For more information, contact Bill Eshenbaugh, Eshenbaugh Land Co., 2502 North Rocky Point Drive, Suite 675, Clearwater, FL 33756; 813-287-8787; Email: bill@thedirtdog.com.
Reza Investment Group is selling Pico Plaza, a 70,411 sq.ft. center located just off Interstate 5 and Avenida Pico in San Clemente, CA for $17.6 million. The center is situated on a land area of 8.2 acres and is tenanted by Staples, 99 Cents Only Store, Tuesday Morning, Fast Signs, Mail Boxes Etc., Curves For Women and Del Taco. Area demographics include a population within three miles earning $94,000 as the average household income. For more information, contact Reza Etedali, Reza Investment Group, 3 Park Plaza, Suite 550, Irvine, CA 92614; 949-833-3380, Fax 949-833-3382; Web site: www.gowithreza.com.
Developers Diversified Realty Corp. has agreed to acquire 110 shopping centers for $2.3 billion from a Florida real estate company. The deal with Benderson Development Co., expected to close in the second quarter, will increase DDR’s presence in NY. The acquisitions will increase the holdings of the real estate investment trust by more than a third based on value and by almost a fourth based on square footage. DDR will acquire the retail centers through assumed debt, new debt financing, asset sales and equity from both public and private sources. The Benderson portfolio matches DDR’s current roster of big-box anchor tenants such as Wal*Mart and Home Depot. Benderson will retain a two percent minority interest in some assets sold to DDR. Once the acquisition is complete, DDR will own or manage 474 retail properties in operation or under development throughout 44 states. For more information, contact Developers Diversified Realty Corp., 3300 Enterprise Parkway, Beachwood, OH 44122; 877-CALL-DDR; Web site: www.ddr.com.
Greenberg Commercial Corp. is planning to acquire the abandoned Parole Plaza Shopping Center outside Annapolis, MD for $25 million. The company plans on transforming the commercial site into a $300 million mix of retail stores, office towers and residential units. The center is situated on a land area of 34 acres. Greenberg is purchasing the property as part of bankruptcy proceedings. The company is expecting to develop 500,000 sq.ft. of retail space, which would line an open-air pedestrian avenue, as well as another 100,000 sq.ft. to 200,000 sq.ft. of offices. The company also is planning to develop 500 to 700 residential units to occupy high-rise buildings of about eight stories. The project also is expected to include a multi-million environmental cleanup of solvents that have seeped into the grounds. For more information, contact Greenberg Commercial Corp., 10096 Red Run Boulevard, Suite 100, Owings Mills, MD 21117; 410-559-2500.
Spectrum Realty Advisors sold the following properties: Publix At Woodruff, a 68,055 sq.ft. Publix-anchored center located in Greenville, SC and Publix At Middlereach, a 69,277 sq.ft. Publix-anchored center located in Panama City Beach, FL. Both properties sold on behalf of the seller, Jamestown Management Corp. For more information, contact Joe Montgomery, Katherine Isakson or Jon Barry, Spectrum Realty Advisors, 5871 Glenridge Drive, Suite 400, Atlanta, GA 30328; 404-252-2288, Fax 404-252-8666.
Fraga Properties sold Doral Pointe Shopping Center, a 26,000 sq.ft. center located at the intersection of 107th Avenue and NW 21st Street in Miami, FL. Cotenants include Wendy’s, South Trust Bank and Goodyear Tire & Rubber Co., Dryclean USA, Subway, Cingular Wireless, Mattress Giant, H&R Block and Natural Chicken Grill. For more information, contact Albert J. Fraga, Fraga Properties, 1320 South Dixie Highway, Suite 214, Coral Gables, FL 33146; 305-667-1976, Fax 305-667-1276; Email: albert@fragaproperties.com.
John Bosley Enterprises, Inc. is selling a land area of 350 acres located on the border of Parkersburg, WV and Marietta, OH. The center has inline spaces available of 1,000 sq.ft. to 4,137 sq.ft. Cotenants include Wal*Mart, Shoe Department, Dollar Tree, EB Games, Fiesta Salon, Radio Shack, GNC, Mattress Warehouse, Bob Evans, Carter Lumber and Glotfelty Tire. Demographics include a trade-area population of 151,703 earning $30,657 as the average household income. For more information, contact Stephanie Bosley, John Bosley Enterprises, Inc., 1 Bosley Avenue, Parkersburg, WV 26101; 304-422-0025.
Grubb & Ellis/Harrison & Bates is selling Irongate Village Shopping Center, a 57,830 sq.ft. center located at 6403 Ironbridge Road in Chesterfield County, VA for $4.2 million with a Cap rate of 9.7%. The center is anchored by Food Lion and Eckerd Drugs. Grubb & Ellis Co. also represented Jim R. Smith Co. in the sale of the Texas City Shopping Center, an 18,825 sq.ft. center located at 3321-3325 Palmer Highway in Texas City, TX. The center was purchased by P.C. Improvement. The center comprises two buildings and is 100% leased, including a 12,000 sq.ft. freestanding Walgreens and a 6,825 sq.ft. building with a 5,325 sq.ft. Hollywood Video and a 1,500 sq.ft. space leased to an optometrist. For more information, contact Michael Weisberg, Grubb & Ellis/Harrison & Bates, 830 East Main Street, Richmond, VA 23219; 804-788-1000 Ext. 242. For more information regarding Texas City Shopping Center, contact George Cushing, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056-3017; 713-599-5165, Fax 713-626-2288; Email: george.cushing@grubb-ellis.com.
Spectrum Realty Advisors sold the following properties: Publix At Woodruff, a 68,055 sq.ft. Publix-anchored center located in Greenville, SC and Publix At Middlereach, a 69,277 sq.ft. Publix-anchored center located in Panama City Beach, FL. Both properties sold on behalf of the seller, Jamestown Management Corp. For more information, contact Joe Montgomery, Katherine Isakson or Jon Barry, Spectrum Realty Advisors, 5871 Glenridge Drive, Suite 400, Atlanta, GA 30328; 404-252-2288, Fax 404-252-8666.
Crosland is looking to acquire land and vertical development opportunities throughout FL. The company noted that projects like Celebration and Birkdale Village, one of the Crosland’s signature mixed-use developments north of Charlotte, NC, are indicative of the types of projects the company expects to bring to the state. For more information, contact Crosland, 227 West Trade Street, Suite 800, Charlotte, NC 28202; 704-529-1166, Fax 704-523-7110; Email: info@crosland.com.
Retail West, Inc. is selling a former Pep Boys store located at 6105 Sunrise Vista Drive in Citrus Heights, CA for $3.1 million. The 22,700 sq.ft. store is situated on a land area of 2.72 acres. Area demographics include a population of 297,918 within five miles earning $67,193 as the average household income. For more information, contact Rob Kashian, Retail West, Inc., 2034 Union Street, San Francisco, CA 94123; 415-292-7200, Fax 415-775-1858; Web site: www.retailwestinc.com.
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