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Buyers & Sellers
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Buyers & Sellers Cohen Commercial Properties, LLC acquired Roebuck Marketplace, a 231,140 sq.ft. center located at the intersection of U.S. Highways 11 and 75 and Interstate 59 in Birmingham, AL. The center is anchored by McRae’s, Winn-Dixie Marketplace, Goody’s, Rite-Aid, Sally Beauty, Marty’s Menswear, Shoe Carnival, Dollar Tree and Hibbett Sporting Goods. The site has an average daily traffic count of 61,000 vehicles. For more information, contact Cohen Commercial Properties, LLC, 4400 PGA Boulevard, Suite 305, Palm Beach Gardens, FL 33410; 561-775-1300, Fax 561-775-8088. Or contact Cohen at 11 East 44th Street, 10th Floor, New York, NY 10017; 212-679-1222, Fax 212-679-1533.
The N Group, LLC Commercial Realtors is selling a portfolio of three Family Dollar stores located throughout the southeastern U.S. There are nine year-leases remaining on two stores and four years remaining on the other location. The stores have Cap rates of 8.75% and 9.5% For more information, contact Kris Kinnamon, The N Group, LLC Commercial Realtors, 400 North Selvidge Street, Dalton, GA 30720; 706-226-8300 Ext. 2, Fax 706-226-8310.
The Keyes Co. is selling a center located in Montreal, Canada, Quebec for $3.75 million Canadian with a Cap rate of 8.25%. The center is anchored by McDonald’s and is currently 66% occupied. For more information, contact Melvin L. Pollock, The Keyes Co., 2822 NE 187th Street, Aventura, FL 33180; 305-931-8920, Fax 954-336-2266; Email: mlp2500@yahoo.com.
Colliers International Turley Martin Tucker is marketing the following centers: Brookdale Shopping Center, an 80,707 sq.ft. center located on 8th Street South in Moorehead, MN. The center is 100% NNN leased to a mix of local and national tenants; and Kenrick Commons, a 19,000 sq.ft. center located in Lakeville, MN. The center is 100% NNN leased to a mix of seven local and national tenants. For more information, contact Mark Kolsrud or Matthew Klein, Colliers International Turley Martin Tucker, 200 South Sixth Street, Suite 1400, Minneapolis, MN 55402; 612-347-9373/9362; Email: mklein@ctmt.com.
Vornado Realty Trust made a series of separate transactions, including the acquisition of two centers, agreements to acquire two retail condominiums and the acquisition of a mezzanine loan. The two centers contain a total GLA of 185,000 sq.ft. and are currently 100% leased and located in Lodi, NJ and Inwood, NY. The total purchase price for the properties was $47.5 million. The two retail condos contain 12,000 sq.ft. of GLA, are located in the SoHo section of New York, NY and sold for approximately $21.8 million. The two properties are situated near a 92,500 sq.ft. SoHo retail property in which Vornado recently acquired a 50% interest. The mezzanine loan was for $43.5 million and was secured by Charles Square, a mixed-use asset located in Harvard Square in Cambridge, MA. Charles Square includes 110,000 sq.ft. of office space, 30,000 sq.ft. of retail space, the 293-room Charles Hotel, a conference center and a 568-car parking facility. For more information, contact Vornado Realty Trust, 888 Seventh Avenue, New York, NY 10019; 212-894-7000; Web site: www.vno.com.
Coldwell Banker Commercial Atlantic International, Inc. represented the seller and buyer of more than five acres on Ben Sawyer Boulevard in Mt. Pleasant, SC. There will be a new 38,000 sq.ft. Publix supermarket. The sales price of the leasehold interest was $1.1 million. For more information, contact Coldwell Banker Commercial Atlantic International, Inc., 3506 West Montague Avenue, Suite 200, North Charleston, SC 29418; 843-744-9877, Fax 843-744-9879; Web site: www.cbcommercialatlantic.com.
Developers Diversified and Coventry Real Estate Advisors joint ventured to acquire Buena Park Downtown, a 1.1 million sq.ft. center located in Buena Park, CA for $91 million. The property comprises the following three separate components: Buena Park Mall, a 782,000 sq.ft. enclosed mall anchored by Wal*Mart, Sears, Burlington Coat Factory, Ross Dress For Less, Bed Bath & Beyond and DSW Shoe Warehouse; Buena Park Place, a 208,000 sq.ft. open-air community center anchored by Kohl’s, Circuit City, Office Depot, Michael’s and PetsMart; and Park Central Entertainment Center, a 137,000 sq.ft. open-air entertainment center anchored by an 18-screen Krikorian Theater and a variety of restaurants and inline retail shops. For more information, contact Developers Diversified, 3300 Enterprise Parkway, Beachwood, OH 44122; 877-CALL-DDR; Web site: www.ddr.com. Or contact, Coventry Real Estate Advisors, 1 East 52nd Street, 4th Floor, New York, NY 10022; 212-699-4100, Fax 212-699-4124; E-mail: info@coventryadvisors.com.
Gregory Greenfield & Associates, Ltd. acquired Central Mall, a 526,632 sq.ft. center located in Lawton, OK. The mall is anchored by Dillard’s, JCPenney and Sears and features a 12-screen stadium-seating Dickinson Theatre, three sit-down restaurants and over 70 specialty stores. The acquisition, which also included Central Mall in Texarkana, TX and Central Mall in Port Arthur, TX, was completed in the name GG&A Central Mall Partners, L.P. For more information, contact Neal Stump or Bob Harkins, Gregory Greenfield & Associates, Ltd., 124 Johnson Ferry Road N.E., Atlanta, GA 30328; 404-236-2313 or 214-890-6515, Fax 404-236-2299.
Kite Realty Group Trust acquired Eastgate Pavilion, a 234,000 sq.ft. center located in Cincinnati, OH for $27.5 million. The center is currently 100% occupied and is tenanted by Dick’s Sporting Goods, Value City Furniture, Best Buy, Bed Bath & Beyond, DSW and PetsMart. For more information, contact Kite Realty Group Trust, 30 South Meridian Street, Suite 1100, Indianapolis, IN 46204; 317-577-5600, Fax 317-577-5605; Web site: www.kiterealty.com.
ReMax Action Commercial is selling a site located at the intersection of Interstate 70 and Kansas 7 Highway in Kansas City, KS. The site is near Kansas Speedway, Village West and a Wal*Mart Supercenter. For more information, contact Matthew Wells, ReMax Action Commercial, 4739 Noreston, Shawnee, KS 66226; 913-515-7245; Email: wellsmjaaz@everestkc.net.
Marcus & Millichap Real Estate Investment Brokerage Co. represented Dollarland Holdings in the sale of three Family Dollar stores with a total GLA of 38,000 sq.ft. to Adar Holdings. The stores are located on Ridge Avenue in Philadelphia, PA; Friendly Plaza located on Frankford Avenue in Philadelphia, PA and on West Avenue in Woodstown, NJ. The sales price was $2,239,500. For more information, 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; Web site: www.marcusmillichap.com.
CBL & Associates Properties, Inc. closed on the acquisition of the former Fairfield Mall site located at the intersection of Route 33 and the Massachusetts Turnpike in Chicopee, MA for $4.3 million. The company acquired the 23-acre property from Fairfield Mall Limited Partnership. The center is currently 75% preleased to tenants such as Marshalls, Staples, i-Party and Sleepy’s. For more information, contact CBL & Associates Properties, Inc., 2030 Hamilton Place Boulevard, Suite 500, Chattanooga, TN 37421-6000; 423-855-0001, Fax 423-490-8390; Web site: www.cblproperties.com.
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