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Buyers & Sellers
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Buyers & Sellers McKinley Real Estate represented Moriah Properties, LLC in the acquisition of a land area of 0.97 acres on Colony in Ann Arbor, MI. For more information, contact McKinley Real Estate, 320 North Main Street, Ann Arbor, MI 48104; 734-769-8520.
Michael Salove Co. completed the sale of the following two properties in Philadelphia, PA: a former Borders bookstore located on Walnut Street to Midwood Management. Midwood plans to lease the 30,000 sq.ft. building to a mix of national retailers; and The Ross House, a building located on 2nd Street, to Sant Properties. The 23,000 sq.ft. building includes both retail and office space. For more information, contact Michael Salove, Michael Salove Co. 33 Rock Hill Road, Suite 210, Bala Cynwyd, PA 19004; 610-664-8100, Fax 610-664-6488; Web site: www.salove.com.
CB Richard Ellis, Inc. is selling the following centers: Cannon West, a 130,146 sq.ft. Albertsons-anchored center located on Westgate Boulevard in Austin, TX for $13.84 million with a Cap rate of 8.16%; and Highland Village, a 113,271 sq.ft. center located on Airport Boulevard in Austin, TX for $7.2 million with a Cap rate of 10.40%. The center is anchored by Big Lots. CB Richard Ellis, Inc. is selling Starbucks Plaza, a 3,824 sq.ft. center located at the intersection of South Valencia and Imperial Highway in Brea, CA for $2.545 million with a Cap rate of 5.59%. Area demographics include a population of 103,000 within three miles earning $80,512 as the average household income. For more information, contact CB Richard Ellis, Inc., 1221 South MoPac Expressway, Suite 100, Austin, TX 78746; 512-499-4925; Web site: www.cbre.com. For more information regarding Starbucks Plaza, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8521, Fax 949-725-8545; Email: phil.voorhees@cbre.com; Web site: www.cbre.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is marketing the Berkshire Square Shopping Center, a 112,119 sq.ft. center located on Berkshire Boulevard in Wyomissing Township, PA for $15 million. The center is situated on a land area of 32 acres and is 100% leased. The buyer also has the opportunity to acquire the adjacent freestanding, 120,000 sq.ft. Wal*Mart. For more information, contact Mark Taylor or Dean Zang, Marcus & Millichap Real Estate Investment Brokerage Co., 1628 JFK Boulevard, Suite 1200, Philadelphia, PA 19103; 215-557-0900, Fax 215-557-0966; Web site: www.marcusmillichap.com.
Stan Johnson Co. is selling a Rite Aid located at the intersection of Staring Lane and Perkins Road in Baton Rouge, LA for $3.595 million with a Cap rate of 7.25%. The store has a lease of 20 years with eight, five-year options. The site has an average daily traffic count of 55,000 vehicles. Area demographics include a population within three miles earning $74,663 as the average household income. For more information, contact Jeff Matulis or Ryan Carter, Stan Johnson Co., Two Warren Place, 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690, Fax 918-494-2692; Emails: jmatulis@stanjohnsonco.com and rcarter@stanjohnsonco.com.
JBG Rosenfeld Retail sold a 7,000 sq.ft. building located on Gatehouse Road in Falls Church, VA to a partnership led by a Gold’s Gym franchisee. The site previously operated as a Sir Walter Raleigh Inn restaurant. For more information, contact JBG Rosenfeld Retail, 4445 Willard Avenue, Suite 700, Chevy Chase, MD 20815; 301-657-0700, Fax 301-657-9850; Email: leasing@jbgr.com.
Next Realty, LLC sold Bank One Plaza, a center located at the intersection of Irving Park Road, Elston Avenue and Monticello Avenue in Northfield, IL. The center includes 7,700 sq.ft. of retail space. For more information, contact Next Realty, LLC, Two Northfield Plaza, Suite 320, Northfield, IL 60093; 847-881-2000, Fax 847-501-6195.
Kaplan Real Estate represented the following retailers in the sale of the following properties: Heartland Bank in the sale of one acre on Richardson Road in Arnold, MO and AK Associates in the sale of a 32,000 sq.ft. Schnucks Grocery on South Duchesne in St. Charles, MO. For details, contact David A. Wright, Kaplan Real Estate Co., 1000 Macklind Avenue, St. Louis, MO 63110; 314-652-7000, Fax 314-652-2228; Web site: www.kaplanrealestate.com.
Terranova Corp. completed the sale of a former Kmart store located in Pembroke Pines, FL to Costco Wholesale, Inc. for $7 million. Terranova represented the seller, CCMCSC 2000 – 1 Broward Plaza, LLC in its disposition of the vacant Kmart, which sits on the western end of Westfork Plaza, a supermarket-anchored center located at the intersection of Pines Boulevard and Dykes Road. Costco will tear down the building to construct a 135,739 sq.ft. store with a garden center and a gas station. For more information, contact Kerry Wilcox, Terranova Corp., 801 Arthur Godfrey Road, Suite 600, Miami Beach, FL 33140; 305-779-8908, Fax 305-672-7800; Web site: www.terranovacorp.com.
REZA Investment Group completed the sale of Westmont Plaza, a 78,815 sq.ft. center located at the intersection of Western Avenue and Westmont Drive in Rancho Palos Verdes, CA on behalf of Donahue Schriber Realty Group, L.P. for $11.62 million. The center is situated on a land area of 5.9 acres and is anchored by Smart & Final. Cotenants include Coco’s Bakery Restaurant, Helen Grace Chocolates, Hallmark and Wells Fargo Bank. For more information, contact Paige Carratturo, REZA Investment Group, 3 Park Plaza, Suite 550, Irvine, CA 92614; 949-271-1167, Fax 949-833-3382; Web site: www.gowithreza.com.
Sperry Van Ness is representing a client looking to acquire a supermarket-anchored center located in the Chicago, IL area. For more information, contact Greg Trombley, Sperry Van Ness, 18881 Von Karman Avenue, Suite 800, Irvine, CA 92612; 949-225-1823.
Equity One, Inc. completed the sale of North River Village, a center located in Ellenton, FL for $14 million to Don M. Casto Organization. For more information, contact Equity One, Inc., 1696 Miami Gardens Drive, North Miami Beach, FL 33179; 305-947-1664, Fax 305-947-1734; Web site: www.equityone.net.
DLC Management acquired Northern Lights Shopping Center located at the intersection of Cleveland Avenue and Innis Road in Columbus, OH. Tenants include Kroger, A.J. Wright, Sears Outlet, Family Dollar, The Avenue, Dots, Rainbow Shops and six outparcels. There is also a 65,000 sq.ft. former Big Bear Supermarket and some other development land. For more information, contact DLC Management, 580 White Plains Road, Tarrytown, NY 10591; 866-352-6468, Fax 914-631-6533; Web site: www.dlcmgmt.com.
Passco Real Estate Enterprises, Inc. completed the acquisition of Olathe Station Phases I and II, a center located at the intersection of 119th and Blackbob Road in Olathe, KS for $53 million. The center was acquired from A.B./Olathe Limited Partnership and A.B. Olathe II Limited Partnership. Phase I is anchored by Super Target, Bed Bath & Beyond, OfficeMax, Basset Furniture Store and PetsMart. Phase II features and entertainment component with a 30-screen AMC Theater, Michaels and Brook Mays Music, along with restaurants such as Joe’s Crab Shack, Zio’s Italian Restaurant and Texas Roadhouse. For more information, contact Passco Real Estate Enterprises, Inc., 96 Corporate Park, Suite 200, Irvine, CA 92606; 949-442-1000, Fax 949-442-2460; Web site: www.passco.net.
Gregory Greenfield & Associates, Ltd. acquired Mall of Abilene, a 682,243 sq.ft. mall located in Abilene, TX. The mall is anchored by Dillard’s, JCPenney and Sears and is cotenanted by Best Buy, Premiere Cinema 10, McDonald’s, Pizza Hut, Pier 1 Imports, Chili’s and 76 inline specialty stores. The acquisition was completed on behalf of GG&A Abilene, LLC and seven other private investors. For more information, contact Neal Stump, Gregory Greenfield & Associates, Ltd., 124 Johnson Ferry Road, Atlanta, GA 30328; 404-236-2313, Fax 404-236-2299.
Hays Real Estate is selling a 0.9-acre site located in Hays, KS for $155,000. Area retail includes Dairy Queen and Casey’s General Store. Home Depot is slated to open in the area during the summer. For more information, contact Errol G. Wuertz, Hays Real Estate, 111 West 8th Street, Hays, KS 67601; 785-625-3371, Fax 785-625-3371; Email: ewuertz@ruraltel.net; Web site: www.hayskslistings.com.
SCI Real Estate Investments acquired Plaza at Puente Hills Shopping Center, a 177,933 sq.ft. center located in City of Industry, CA for $36.186 million with a Cap rate of 6.94%. The center is currently 95% occupied. For more information, contact SCI Real Estate Investments, 11620 Wilshire Boulevard, Suite 300, Los Angeles, CA 90025; 310-470-2600, Fax 310 470-6609; Web site: www.sciproperties.com.
Upland Real Estate Group, Inc. sold the following four Arby’s properties: a 3,500 sq.ft. restaurant located in Albert Lea, MN for $1.6 million; a 3,750 sq.ft. restaurant located in Austin, MN for $1.1 million; a 3,000 sq.ft. restaurant located in Cambridge, MN for $1.7 million and a 3,765 sq.ft. restaurant located in Cambridge, PA for $1.7 million. For more information, contact Brier 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.
Tax Strategies Group, LLC is looking to acquire Class A office, industrial, retail and multi-family locations in major metropolitan and secondary markets, with a focus on AZ, CA, CO, FL, NV and the Midwest. The company prefers a site at least 80% occupied and lease terms from 10 to 15 years NNN. For more information, contact Ed Wlodarczyk, Tax Strategies Group, LLC, 744 North Wells Street, Chicago, IL 60610; 312-867-9700, Fax 312-867-9750; Email: edwlodarczyk@taxstrat.com; Web site: www.taxstrat.com.
Goodman Real Estate Services Group, LLC represented First Interstate Properties, Ltd. in its acquisition of 127 acres of land in Cleveland, OH. The land will be used for the development of Steelyard Commons, a one million sq.ft. regional power center located at the intersection of Interstate 71 and Jennings Freeway. The center will be anchored by Wal*Mart, Target and Home Depot. Opening for the project is slated for next year. The company also represented The Home Depot in the acquisition of 11 acres of land in Newark, OH from DeBartolo Property Group, LLC. For more information, contact Anne Santora, Goodman Real Estate Services Group, LLC, Legacy Village, 25333 Cedar Road, Suite 305, Cleveland, OH 44124; 216-381-8200, Fax 216-381-8211; Email: anne@goodmanrealestate.com; Web site: www.goodmanrealestate.com.
Island Associates Real Estate, Inc. negotiated the sale of a 10,000 sq.ft. building situated on a land area of 0.5 acres to Maaco Auto Collision in West Hempstead, NY. The price was $500,000. For more information, contact Island Associates Real Estate, Inc., 444 Route 111, Smithtown, NY 11787; 631-982-2100, Fax 631-982-2101.
Colliers International Turley Martin Tucker is selling the following centers: Coon Rapids Square, a 47,347 sq.ft. center located at the intersection of Highway 10 and Coon Rapids Boulevard in Coon Rapids, MN; and Albertville Plaza, an 11,713 sq.ft. center located on 61st Street in Albertville, MN. The center is 100% leased. For more information, contact Jim Rock, Colliers International Turley Martin Tucker, 200 South Sixth Street, Suite 1400, Minneapolis, MN 55402; 612-347-9305, Fax 612-347-9389.
Granite Partners, LLC represented a partnership of The Blackstone Group and Polaris Capital in the sale of the Tri-County Mall, a 1.3 million sq.ft. mall located on Princeton Pike in Cincinnati, OH for $180 million. The mall, which is currently 90% leased, was acquired by Thor Equities. Anchors include Macy’s, Dillard’s, Sears and JCPenney. The company also is representing a partnership of The Blackstone Group and Polaris Capital in the sale of the Dakota Square Mall, a 675,000 sq.ft. mall in Minot, ND for $56 million. The mall was acquired by The Lightstone Group. Anchors include Herberger’s, JCPenney, Target, Miracle Mile Supermarket and Carmike Cinemas. Junior anchors include Old Navy, Osco Drug and Scheel’s Sports. For more information, contact Granite Partners, LLC, 600 Madison Avenue, 11th Floor, New York, NY 10022; 212-328-2800, Fax 212-328-2828; Email: info@granitenewyork.com.
Quine Associates, Inc. is selling the following centers throughout Fort Worth, TX: Long & Main, a 105,445 sq.ft. center situated on a land area of 7.887 acres and Camp Bowie Center, a 45,490 sq.ft. located on Camp Bowie. The center is 90.7% occupied and is situated on a land area of 3.557 acres. The purchase price of the centers is $8.25 million. Area demographics for Long & Main include a population of 72,853 within three miles earning $42,561 as the average household income, while area demographics for Camp Bowie Center include a population of 81,799 within three miles earning $58,240 as the average household income. For more information, contact Coy Quine, Quine Associates, Inc., PO Box 833009, Richardson, TX 75083-3009; 972-669-8440 Ext. 223, Fax 972-783-8901; Email: cquine@quine.com; Web site: www.quine.com.
Goldschmidt & Associates sold the following properties throughout NY: an 18,500 sq.ft. retail site on Martine Avenue in White Plains, NY for $4.8 million. The building is anchored by Pizzeria Uno; and Donnybrook Shopping Center, a 15,000 sq.ft. center located on Weaver Street in Scarsdale for $6.5 million. The center is anchored by Big Top, Amore Pizza and Sammy’s Bagels. For more information, contact Goldschmidt & Associates, One Chase Road, Scarsdale, NY 10583; 914-723-1616, Fax 914-723-7720; Email: eric@goldschmidtandassociates.com; Web site: www.goldschmidtandassociates.com.
Arroyo & Coates is selling a 1,800 sq.ft. Footlocker located on Mission Street in San Francisco, CA for $1.167 million with a Cap rate of 6%. The site includes a new 10-year NNN lease with annual bumps. The company also is looking to acquire single-tenant properties nationwide. This includes all property types, including retail, industrial, office and leased land. Flat leases are not of interest. The company also will selectively consider multi-tenant retail or industrial. For more information, contact Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800 Ext. 184, Fax 415-723-7700; Email: psouza@a-c.com.
Newton Oldacre McDonald acquired a 140,000 sq.ft. former Wal*Mart located at the intersection of State Bridge Road and Medlock Bridge Road in Duluth, GA. The company plans to add an additional anchor of up to 40,000 sq.ft., as well as additional shop space of 10,000 sq.ft. Area retail includes Home Depot, Target and Publix. For more information, contact Newton Oldacre McDonald, 250 Washington Street, PO Box 680176, Prattville, AL 36067; 334-361-8500, Fax 334-365-4183; Web site: www.nomllc.com.
NAI Houston acquired a 6,500 sq.ft. site on Northdale in Houston, TX. For more information, contact Heather Norbeck, NAI Houston, 3D/International Tower, 1900 West Loop South, Suite 500, Houston, TX 77027; 713-629-0500, Fax 713-629-0504; Web site: www.naihouston.com.
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