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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 with Interstate 59 in Birmingham, AL. The center is anchored by McRae’s, Winn-Dixie Marketplace, Goody’s and Rite Aid and is tenanted by Sally Beauty, Marty’s Menswear, Shoe Carnival, Dollar Tree and Hibbett Sporting Goods. Area retail includes Wal*Mart Supercenter. For more information, contact Cohen Commercial Properties, LLC, 11 East 44th Street, 10th Floor, New York, NY 10017; 212-679-1222, Fax 212-679-1533.
Madison Partners is selling the 20,191 sq.ft. retail component of Seaside Village Shopping Center located on Pacific Coast Highway in Redondo Beach, CA for $7.9 million. The property consists of eight tenants and 10 total retail spaces and is currently 87.8% leased. For more information, contact Karima Hawa, Madison Partners, 12121 Wilshire Boulevard, Suite 959, Los Angeles, CA 90025; 310-820-5959, Fax 310-826-3410; Email: khawa@madisonpartners.net; Web site: www.madisonpartners.net.
NAI Olympia Partners represented Franklin Shopping Centers, LLC in the sale of Franklin Marsh Plaza, a center located on North Main Street in Franklin, IN. MGMT P/R acquired the 49,106 sq.ft. building, which sits on a land area of a little over five acres. The center is 100% occupied. For more information, contact Maria Stein, NAI Olympia Partners, 320 North Meridian Street, Suite 700, Indianapolis, IN 46204; 317-264-9400; Web site: www.naiolympia.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.
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.
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.
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.
Marcus & Millichap Real Estate Investment Brokerage Co. sold University Mall, a 580,000 sq.ft. center located on East Main Street in Carbondale, IL for $49.85 million. The mall is anchored by Famous Barr, JCPenney, Bed Bath & Beyond, Old Navy, Goody’s, Michael’s and K’s Merchandise. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 333 West Wacker Drive, Suite 200, Chicago, IL 60606; 312-327-5400, Fax 312-327-5410; Web site: www.marcusmillichap.com.
TriStar Realty Group is representing a client looking to acquire strip centers, mobile home parks and freestanding locations for under $500,000 in Hillsborough and Pinellas Counties in FL. The company prefers sites with a Cap rate of 10% and owner financing is a plus. For more information, contact Mark D. Spoto, TriStar Realty Group, LLC, One Mack-Cali Center, 501 East Kennedy Boulevard, Suite 1220, Tampa, FL 33602; 813-272-9700, Fax 813-272-9725; Web site: www.tristarrealtygroup.com.
HWH Properties is representing a client looking to acquire properties throughout NC or SC. The company prefers sites with a regional or national tenant and would consider multiple locations. For more information, contact H. Winston Hines, HWH Properties, 1099 East Oconee Street, Chesnee, SC 29323; 864-461-7220, Fax 864-461-5410; Email: updaze@aol.com.
Shane Investment Property Group is selling Kroger Center, a 96,326 sq.ft. center located in Atlanta, GA for $11.25 million with a Cap rate of 8.4%. The loan must be assumed with a 30-year note at 7.98% interest. For more information, contact Jeff Enck, Shane Investment Property Group, 2325 Lake View Parkway, Suite 200, Alpharetta, GA 30004; 770-481-1960, Fax 770-481-1961; Email: jenck@shanegroup.net.
The Lightstone Group acquired Dakota Square Mall, a 600,000 sq.ft. center located on Highway 83 in Minot, ND, from BRE Concordia, LLC, a joint venture of Polaris Capital and an affiliate of Blackstone Realty Group. The 79-acre mall is anchored by Target, Sears, JCPenney and a 138-room Sleep Inn hotel and a 24,000 sq.ft. indoor water park. For more information, contact The Lightstone Group, 326 Third Street, Lakewood, NJ 08701; 732-367-0129, Fax 732-363-7183.
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. 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.
CB Richard Ellis, Inc. arranged the sale of Flamingo Pines Shopping Center located at the intersection of Pines Boulevard and Flamingo Road in Pembroke Pines, FL. The project consists of three contiguous centers and a Boston Market outparcel for a combined 257,370 sq.ft. of space. Tenants include Publix, CVS, U.S. Postal Service and Nutrition Smart. For more information, contact CB Richard Ellis, Inc., 777 Brickell Avenue, Suite 900, Miami, FL 33131; 305-374-1000, Fax 305-381-6462; Web site: www.cbre.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.
Net Leased Investment Co. is representing a 1031 client looking to acquire a fast food restaurant in the Midwest or on the East Coast. The sales must have a corporate guarantee. The client will make an all-cash deal at a price of $1 million. For more information, contact Mike Sheerin, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775; Email: msheerin@netleased.com.
One Liberty Properties, Inc. acquired five Circuit City stores located throughout IL, KY, MO and TN for $15 million. The stores total approximately 159,000 sq.ft. of GLA. For more information, contact Mark Lundy, One Liberty Properties, 60 Cutter Mill Road, Great Neck, NY 11021; 516-466-3100, Fax 516-466-3132; Web site: www.onelibertyproperties.com.
Featherstone Realty, Inc. is representing a client looking to acquire NNN leased retail, industrial, office and some special-use properties throughout FL for under $5 million. The client will consider larger sites on a case-to-case basis. For more information, contact George E. Featherstone, Featherstone Realty, Inc., 4655 West Flagler Street, Miami, FL 33134; 305-442-2017, Fax 305-386-9229; Email: siteselector@juno.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. 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.
Cedar Shopping Centers, Inc. is planning to acquire Kenley Village and St. James Square Shopping Center for a combined price of $8.3 million. Both centers are in Hagerstown, MD and are anchored by Food Lion supermarkets. Cotenants at the centers include Weight Watchers, Curves and Dollar General. The two properties in the aggregate have approximately 92,000 sq.ft. of GLA on approximately 13 acres of land. For more information, contact Cedar Shopping Centers, Inc., 44 South Bayles Avenue, Suite 304, Port Washington, NY 11050; 800-564-3128, Fax 516-767-6497.
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.
Cramer Real Estate is selling a center located in Baton Rouge, LA for $1.6 million with a Cap rate of 11%. For more information, contact Mark Cramer, Cramer Real Estate, PO Box 84102, Baton Rouge, LA 70884; 225-288-4004. |