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Buyers & Sellers
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Buyers & Sellers Grubb & Ellis Co. is selling the following centers: South Texas Plaza, a 26,891 sq.ft. center located at the intersection of South Bibb Avenue and Garrison Street in Eagle Pass, TX for $4.1 million with a Cap rate of 7.75%. The center is anchored by Dollar Tree and is tenanted by Hollywood Video, Radio Shack, Little Caesar’s Pizza, Armstrong McCall Beauty Supply and Check N Go; Oyster Creek Center, a 31,769 sq.ft. center located at the intersection of Oyster Creek Drive and State Highway 228 in Lake Jackson, TX for $3.58 million with a Cap rate of 9.24%. The center is tenanted by Applesway Restaurant and The Strawberry Patch; and Uvalde @ Woodforest Shopping Center, an 8,800 sq.ft. center located at the intersection of Woodforest Boulevard and Uvalde Road in Houston, TX for $2.34 million with a Cap rate of 7.75%. The center is anchored by EB Games, Little Caesar’s Pizza, Cash America and Cellmart/AT&T Wireless. For more information, contact Paula Foster, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056; 713-599-5149, Fax 713-626-2288; Email: paula.foster@grubb-ellis.com; Web site: www.grubb-ellis.com.
Robertson Properties Group acquired Monrovia Marketplace at 725-745 West Huntington Drive in Monrovia, CA. The four-acre site is currently leased to Comp USA and Office Depot. The property is accessed from the 210 Freeway and has freeway signage and visibility. For more information, contact Robertson Properties Group, 120 North Robertson Boulevard, Los Angeles, CA 90041; 310-652-3620.
Combined Properties, Inc. acquired a 5,040 sq.ft. space at 1755-1759 Columbia Road in Washington, DC. The space is situated on a land area of 7,925 sq.ft. and is adjacent to an existing retail property of 12,432 sq.ft. The company plans to build a mixed-use project of approximately 125,000 sq.ft. with one level of retail, four levels of housing and underground parking. For more information, contact Combined Properties, 1255 22nd Street, Suite 600, Washington, DC 20037; 202-293-4500, Fax 202-833-3013.
Inland Real Estate Sales, Inc. sold the following strip centers throughout IL: a 10,000 sq.ft. center located on South Lake Street in Mundelein, IL. The center consists of four tenants and is anchored by Subway and Advance America. For more information, contact Inland Real Estate Sales, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.
CB Richard Ellis, Inc. is selling a Wendy’s restaurant located on Manzanita Avenue in Carmichael, CA for $995,000. The company also is selling Corona Plaza, a 75,521 sq.ft. center located on West 6th Street in Corona, CA for $13.549 million with a Cap rate of 7.25%. CB Richard Ellis Pittsburgh represented Bush Realty Associates in the sale of Richmond Mall, a 288,000 sq.ft. mall in Richmond, KY for $20.75 million. The mall is anchored by JCPenney, Goody’s, Dawahares, Hasting’s Entertainment and OfficeMax. CB Richard Ellis/The Dalton Team sold the following stores in CA: a 113,619 sq.ft. Sam’s Club in Roseville and a 91,266 sq.ft. Big Kmart in Coalinga. For more information, 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. For more information regarding Richmond Mall, contact Jeffrey Ackerman, CB Richard Ellis Pittsburgh, U.S. Steel Tower, 14th Floor, 600 Grant Street, Pittsburgh, PA 15219; 412-471-9500, Fax 412-471-0995; Email: jeffrey.ackerman@cbre.com; Web site: www.cbre.com/pittsburgh. For more information regarding the Sam’s Club and Big Kmart, contact Gregory M. Dalton, CB Richard Ellis/The Dalton Team, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816; Email: greg.dalton@cbre.com.
The Shopping Center Group is selling the following properties: a 14,550 sq.ft. Walgreens in Greenville, SC for $4.463 million with a Cap rate of 6.75%; a 28,479 sq.ft. Regal Cinemas in Marietta, GA for $3 million; a 55,000 sq.ft. Service Merchandise in Morrow, GA for $2.5 million; a 15,120 sq.ft. Walgreens in Arlington, TN for $4.146 million with a Cap rate of 7%; a CVS in Talladega, AL for $700,000; a Blockbuster Video in Rome, GA for $1.1 million with a Cap rate of 7.27%; and Lilburn Marketplace, a 149,113 sq.ft. center located in Atlanta, GA for $15 million. For more information, contact The Shopping Center Group, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054.
Michael Salove Co. Commercial Real Estate completed the sale of a land area of 7.24 acres at The Center at Dover in Dover, DE to Kohl’s Department Stores, Inc. The space was formerly occupied by Hechinger’s. For more information, contact Michael Salove, Michael Salove Co. Commercial Real Estate, 33 Rock Hill Road, Suite 210, Bala Cynwyd, PA 19004; 610-664-8100 Ext. 11, Fax 610-664-6488; Email: msalove@salove.com; Web site: www.salove.com.
Kowit & Passov Real Estate Group is marketing French Creek Square, an 80,000 sq.ft. development located at the intersection of Route 83 and Detroit Road in Avon, OH. The center is tenanted by Bob Evans, Fifth Third Bank, Moe’s Southwest Grill, Cici’s Pizza, Malley’s Chocolates, Cousin’s Cigar, Cold Stone Creamery, Quiznos Sub, Dryclean USA, GameStop, Curves and House of Bread. The center has spaces available of 1,200 sq.ft. to 6,200 sq.ft. For more information, contact Jared Miller or Tori Rendano, Kowit & Passov Real Estate Group, 25200 Chagrin Boulevard, Suite 300, Beachwood, OH 44122; 216-514-5100, Fax 216-514-5106; Emails: jmiller@kowitpassov.com and trendano@kowitpassov.com.
First Allied Corp. acquired Garrison Ridge Shopping Center located on Dallas Highway in Marietta, GA. The center is anchored by Lowe’s Home Improvement and is tenanted by T-Mobile, CitiFinancial, Pizza Hut and Taco Mac. For more information, contact First Allied Corp., 9601 Wilshire Boulevard, Suite 744, Beverly Hills, CA 90201; 310-275-8909, Fax 310-275-8995; Web site: www.firstalliedcorp.com.
Upland Real Estate Group, Inc. sold the following three Zaxby’s properties located throughout FL and GA: a 3,524 sq.ft. site in Gulf Breeze, FL for $1.8 million; a 3,543 sq.ft. site in Smyrna, GA for $1.9 million and a 3,543 sq.ft. site in Alpharetta, GA for $1.6 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; Email: brier@upland.com; Web site: www.upland.com.
The Festival Cos. completed the acquisition of Westdale Mall located in Cedar Rapids, IA from The Rouse Co. The Festival Co. announced its plans to invest approximately $20 million in the redevelopment of the mall. The redevelopment strategy includes updating the mall, bringing in new retailers and expanding the center by nearly 50,000 sq.ft., which will be comprised of anchor and non-anchor stores. The plan will also add a food court, sit-down restaurants and family-style restaurants. For more information, contact The Festival Cos., 9841 Airport Boulevard, Suite 700 Los Angeles, CA 90045; 310-665-9600, Fax 310-665-9009; Web site: www.festivalcos.com.
Coldwell Banker Commercial Investment Services Group is representing a client looking for investment opportunities nationwide. The client prefers properties that have upside through repositioning or redevelopment or short-term leases. The purchase price must be between $1 million and $5 million. For more information, contact Shawn Collins, Coldwell Banker Commercial Investment Services Group, 1340 Bayshore Highway, Burlingame, CA 94010; 650-344-4300 Ext. 24, Fax 650-344-4311.
Horizon Realty Services, Inc. sold a 34,000 sq.ft. parcel of land on Wise Road in Schaumberg, IL to Sign-A-Rama. For more information, contact Susan Winters, Horizon Realty Services, Inc., 3715 Ventura Drive, Suite 200, Arlington Heights, IL 60004; 847-870-8585; Email: admin@horizonrealtyservices.com; Web site: www.horizonrealtyservices.com.
The Woodmont Co. sold Haltom City Shopping Center, a 149,176 sq.ft. center located on Denton Highway in Haltom City, TX to The Malachite Group, LTD. The company also has completed negotiations for the sale of three acres in Mansfield, TX to Fire Mountain Restaurant, formerly known as Ryan’s Steakhouse. The 10,800 sq.ft. restaurant will be located off Highway 287 and North Walnut Creek Drive. For more information, contact The Woodmont Co., 2100 West 7th Street, Fort Worth, TX 76107-2306; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com.
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