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Buyers & Sellers
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Buyers & Sellers Inland Real Estate Sales, Inc. brokered the sale of a 29-acre former Morton Salt facility in Woodstock, IL to Wal*Mart for $3.5 million with the intention of building a Wal*Mart Superstore. Inland represented the seller, UP Development. The 1.3 million sq.ft. property is located on the corner of Lake Street and Kilkenny Court on the southeast edge of Woodstock. The company also brokered the sale of a professional and retail building for $885,000 in Oak Park, IL. The single-story, 6,700 sq.ft. building is located on Harrison Street. For more information, contact Inland Real Estate Sales, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.
United Commercial Development and Centennial Realty sold Josey Ranch Shopping Center, a 229,977 sq.ft. center located at the intersection of Josey Lane and Keller Springs Road in Carrollton, TX. The center is anchored by Albertsons and Home Depot. For more information, contact Linda Wilmore, United Commercial Development, 7001 Preston Road, Suite 500, Dallas, TX 75205; 214-224-4606, Fax 214-219-2080.
An affiliate of Benbrooke Realty Investment Co. acquired the Northgate Shopping Center, a 131,851 sq.ft. center located on Wickham Road in Melbourne, FL for $6.55 million. The seller was an affiliate of Kimco Realty Corp. The property is currently 80% occupied and is anchored by Save-A-Lot, Harbor Freight Tools and Goodwill. Benbrooke plans to renovate aspects of the property and to implement an asset management plan which will feature a comprehensive national, regional and local tenant search to lease the remaining vacant space. For more information, contact Benbrooke Realty Investment Co., 6 Todd Ridge Road,Titusville, NJ 08560; 609-737-8614. Or contact Richard Lubkin at 914-682-3352; Web site: www.benbrooke.com.
Landmark Properties Group acquired the Marsh Plaza Shopping Center, a 50,000 sq.ft. center located in Franklin, IN, from Franklin Shopping Center, LLC. The center is anchored by Marsh Supermarket. 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.
Marcus & Millichap Real Estate Investment Brokerage Co. of Detroit has been retained as the exclusive marketing representative in the disposition of three Advance Auto Parts locations throughout OH. These locations can be bought separately or together. Advance Auto has four years remaining in its original 10-year lease at each location. There are two five-year options with rental escalations. For more information, contact William T. O’Connor, Marcus & Millichap Real Estate Investment Brokerage Co. of Detroit, One Northwestern Plaza, 28411 Northwestern Highway, Suite 750, Southfield, MI 48034; 248-415-2631, Fax 248-415-2681; Email: woconnor@marcusmillichap.com.
Faris Lee Investments is selling the following properties: a 40,813 sq.ft. center located in Rancho Santa Margarita, CA for $12.5 million with a Cap rate of 7%; a 215,103 sq.ft. Safeway-anchor center located in Nogales, AZ for $18.22 million with a Cap rate of 8%. The center is situated on a land area of 18.4 acres and is anchored by Safeway, Walgreens, Jack-In-The-Box, Radio Shack, Big Lots, Falles Paredes, Stage Stores and Curves for Women; and County Fair Mall, a 397,071 sq.ft. mall located in Woodland, CA for $22 million. The center is 85.6% occupied and is anchored by Mervyn’s, Target, JCPenney, Gottschalks, Footlocker, Payless Shoes, GNC and Cinemark Movies. For more information, contact Russ Niedwick, Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800 Ext. 201, Fax 949-221-1830; Email: rniedwick@farislee.com; Web site: www.farislee.com.
The Shopping Center Group is selling the following centers: Lilburn Marketplace, a 146,113 sq.ft. center located at the intersection of U.S. 29 and Indian Trail Road in Atlanta, GA. The center is anchored by Winn-Dixie and Save Rite. Chapman Commons, a 77,606 sq.ft. center located on U.S. 441 in Knoxville, TN. The center is anchored by Bi-Lo/Ahold. Area demographics include a population of 43,435 within three miles; and Center @ Sunset, an 80,533 sq.ft. center located at the intersection of U.S. 301 and U.S. 64 in Rocky Mount, NC. The center is anchored by Save-A-Lot and Office Depot. Area demographics include a population of 38,638 within three miles earning $49,771 as the average household income. For more information, contact Mark D. Cooley, The Shopping Center Group, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054; Email: markc@theshoppingcentergroup.com; Web site: www.theshoppingcentergroup.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.
Lighthouse Commercial Realty, LLC represented Leland Retail Investors, LLC in the sale of a 13,824 sq.ft. Eckerd drug store located at the intersection of U.S. Highways 17 and 74 in Leland, NC. The company also represented Fairview Investors, LLC in the sale of a 14,616 sq.ft. Eckerd drug store located at SouthPark Mall in Charlotte, NC. For more information, contact Troy A. Legge, Lighthouse Commercial Realty, LLC, 301 South McDowell Street, Suite 504, Charlotte, NC 28204; 704-334-8040, Fax 704-334-8071; Email: tlegge@lighthousecommercial.com; Web site: www.lighthousecommercial.com.
Richard Jones Real Estate is selling a 13.44-acre site located on Highway 61 South in Whitsett, NC for $5.88 million. For more information, contact R.T. Hudgins, Richard Jones Real Estate, 2716-B Troxler Road, Burlington, NC 27215; 336-222-1264; Email: rhudgins@realtor.com.
Pointe Development Co. is selling a 24,383 sq.ft. site situated on a land area of 1.92 acres at The Promenade at North Market Regional Shopping Center located at the intersection of North Market Street and Eastwood Road in Wilmington, NC. The site has an average daily traffic count of 70,000 vehicles. Area demographics include a population of 108,583 within five miles. The center is currently 77% preleased and is tenanted by Wilmington Ale House, Audio Visions, Ciao Bella, Citi Financial and All About Fitness. For more information, contact Clivia A. Robley, Pointe Development Co., 1111 Kane Concourse, Suite 401F, Bay Harbor Islands, FL 33154; 305-865-1923, Fax 305-865-3434; Email: cliviapointe@aol.com.
Kimco Exchange Place represented a joint venture between De Rito Partners and Kimco Developers, Inc. in the disposition of two Phoenix, AZ-area supermarket-anchored centers. The properties, which are anchored by Basha’s and Fry’s Marketplace, are located in Maricopa and Avondale. Avondale Fiesta was sold for $10.084 million with a Cap rate of 7%, while Maricopa Fiesta was sold for $18.4 million with a Cap rate of 7.4%. For more information, contact Kimco Exchange Place, 280 Park Avenue, 24th Floor West, New York, NY 10017; 212-972-7457, Fax 212-972-7496; Email: rjames@kimcorealty.com.
Mid-States Development, Inc. is selling a 65,000 sq.ft. supermarket-anchored strip center located in Rice Lake, WI for $6.575 million. The center is 100% occupied and is situated on a land area of five acres. Area retail includes Wal*Mart, ShopKo, Menard’s, Kmart and Cedar Mall. For more information, contact David K. Sanders, Mid States Development, Inc., 2160 EastRidge Center, Eau Claire, WI 54701; 715-833-2225, Fax 715-833-0808; Email: dsanders@midstatesdevelopment.com.
P.D.Q. Properties Corp. is looking to acquire retail centers throughout the U.S. with a GLA of at least 30,000 sq.ft. The company is looking for centers with a Cap rate of no less than 8%. For more information, contact Gary Abramson, P.D.Q. Properties Corp., 1250 East Hallandale Beach Boulevard, Suite 904, Hallandale, FL 33009; 800-799-4546, Fax 954-454-7959; Email: gallengreen@aol.com.
Sperry Van Ness is selling the following properties: a 128,474 sq.ft. center located in Hemet, CA for $13.4 million; a 24,211 sq.ft. center located in San Juan Capistrano for $7.625 million; a 52,211 sq.ft. center in Kent, WA for $5.95 million; a 32,090 sq.ft. center in Houston, TX for $5.1 million; a 13,050 sq.ft. site in Los Angeles, CA for $2.6 million and a 13,200 sq.ft. site in Houston, TX for $1.4 million. For more information, contact Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-251-9200; Web site: www.svn.com.
Beitler Commercial Realty Services represented Three Brothers, Inc. in the acquisition of Terra Vista Town Center, an 83,184 sq.ft. center located on Foothill Boulevard in Rancho Cucamonga, CA for $11.49 million. For more information, contact Beitler Commercial Realty Services, 1 Park Plaza, Suite 1225, Irvine, CA 92614; 949-851-6900, Fax 949-851-6902.
Hull Storey Retail Group acquired Parkwood Mall, a 414,350 sq.ft. mall located in Wilson, NC. The mall is anchored by Belk, JCPenney and Sears. For more information, contact Ky Widener, Hull Storey Retail Group, 3632 Wheeler Road, Augusta, GA 30909; 706-855-4026; Fax 706-868-7457; Email: kwidener@hullstorey.com; Web site: www.hullstorey.com.
Pintzuk Brown Realty Group is representing a client looking to acquire one million sq.ft. in GLA throughout DE, MD, NJ and PA. The client prefers neighborhood, community and regional shopping centers, as well as office buildings, and will spend up to $15 million. The centers must be between 10,000 sq.ft. to 250,000 sq.ft. For more information, contact Dan R. Henderson, Pintzuk Brown Realty Group, 45 East City Line Avenue, Suite 377, Bala Cynwyd, PA 19004; 215-386-6491.
Cohen & Co. is selling The Shops at Sheepshead Bay, an 80,000 sq.ft. center located on Nostrand Avenue in Brooklyn, NY for $40 million. The center is currently 100% occupied. For more information, contact Helen Putterman, Cohen & Co., 11 East 44th Street, New York, NY 10017; 212-803-5776, Fax 212-679-1533.
Ziff Properties, Inc. is looking to acquire centers throughout northern FL and southern GA. The company is looking for multi-tenant neighborhood centers over 45,000 sq.ft. For more information, contact Christian D. Chamblee, Ziff Properties, Inc., 701 East Bay Street, Charleston, SC 29403; 843-724-3485, Fax 843-724-3400; Email: cchamblee@zpi.net; Web site: www.zpi.net.
Richman Realty Associates is selling Walgreens stores throughout CA, CO, MI, NC and TX. For more information, contact Richman Realty Associates, 21597 Juego Circle, Suite 6C, Boca Raton, FL 33433; 561-852-7090, Fax 561-852-8346; Email: syrich@adelphia.net.
TRI Commercial Real Estate Services is looking for investment opportunities from $8 million to $28 million throughout the western U.S. The company prefers multi-tenant retail centers with national credit anchors, preferably supermarkets or drug stores. The company also will look at acquiring value-add opportunities and minor redevelopment situations. For more information, contact Jeredith Duvall, TRI Commercial Real Estate Services, 2250 Douglas Boulevard, Suite 200, Roseville, CA 95661; 916-677-8109, Fax 916-677-8199; Email: jduvall@tricommercial.com.
The Cotswold Group acquired Hunting Park Plaza, a 128,000 sq.ft. center located on East Hunting Park Avenue in Philadelphia, PA. The center is situated on a land area of 10 acres and is anchored National Wholesale Liquidators, A.J. Wright and Dollar Tree. Cotenants include Rainbow Apparel, Payless ShoeSource and Rent Way. For more information, contact The Cotswold Group, Inc., 229 Beechmont Drive, New Rochelle, NY 10804-4405; 914-654-0035, Fax 914-654-0188.
A private investor is looking to sell a freestanding Popeyes Chicken restaurant in Seguin, TX for $897,500 with a Cap rate of 6.5%. Area retail includes Wal*Mart Supercenter, H-E-B, Beall’s, Big Lots, Tractor Supply Co. and JCPenney. For more information, contact Ari Mark, 250 North Robertson Boulevard, Suite 511, Beverly Hills, CA 90211; 310-278-5009, Fax 310-278-0140.
Commercial Landtec Corp. is representing a client with $1.8 million for a 1031 exchange. The client is looking for a freestanding or single-tenant investment property from $2 million to $8 million throughout either NC or SC. For more information, contact Mitchell Flannery, Commercial Landtec Corp., 541 Atlantic Avenue, Garden City, SC 29576; 843-357-2555, Fax 843-357-6040.
1031 Investors, Inc. is looking to acquire retail centers and office properties from $5 million to $15 million throughout the southeastern U.S. and New England. The company requires a Cap rate of at least 9%. For more information, contact John Faraci, 1031 Investors, Inc., 3300-101 Cotton Mill Drive, Raleigh, NC 27612; 919-838-0024, Fax 919-838-0027; Email: johnfaraci@mindspring.com.
Reif & Associates, Inc. is representing a client looking to acquire a center in southern FL, preferably in Cape Coral, for $6 million. For more information, contact Thomas Reif, Reif & Associates, Inc., PO Box 796157, Dallas, TX 75379; 972-370-6011, Fax 972-370-6013; Email: t11@verizon.net; Web site: www.reifrealty.com.
Poinsett Realty Fund has acquired Pelham Oaks Shopping Center, a 60,000 sq.ft. center located in Greenville, SC. The center was formerly tenanted by Winn-Dixie supermarket and Eckerd. Poinsett plans to redevelop the center as a mixed-use project. For more information, contact Brad Thomas, Poinsett Realty Fund, PO Box 26864, Greenville, SC 29616; 864-627-0707, Fax 864-627-0055; Email: rbtinc@prodigy.net.
NetUSrealestate is looking to acquire sites throughout LA and MS for $500,000 to $1 million. For more information, contact Jen VanWilliams, netUSrealestate, 4318 Downtowner Loop N, Suite E, Mobile, AL 36609; 251-344-2000, Fax 702-925-0388; Web site: www.netusrealestate.com.
Equity Alliance Corp. is looking to acquire a multi-tenanted retail or office building located anywhere in New England from between $2 million to $3 million with a Cap rate of 8% or higher. The client’s goal is to obtain a 10% cash cash/cash return after securing positive leverage. For more information, contact Joel Kahn, Equity Alliance Corp., 32 Elk Drive, Bedford, NH 03110; 603-472-3808, Fax 603-471-0782; Email: jkahn@equity-alliance.com.
Bognuda Commercial Real Estate Services is representing a client looking to acquire centers throughout the U.S. The company prefers a Cap rate of 9%. For more information, contact Greg Bognuda, Bognuda Commercial Real Estate Services, 100 Drake’s Landing Road, Suite 150, Greenbrae, CA 94904; 415-925-2266, Fax 415-925-1144.
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