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Buyers & Sellers
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Buyers & Sellers Marcus & Millichap Real Estate Investment Co. is marketing The Shoppes at Brookfield Commons, a center located next to Brookfield Mall in Brookfield, WI for $17.55 million. The center is tenanted by Vitamin Shoppe, Starbucks, Chipotle, Nordic Track and an upscale day spa. Demographics include a trade-area population of 150,000 earning $120,000 as the average household income. Marcus & Millichap Real Estate Investment Brokerage Co. is marketing Lawndale Plaza, a 98,908 sq.ft. center located at the intersection of West Roosevelt Road and Homan Avenue in Chicago, IL for $16 million. The center is situated on a land area of 16 acres and is anchored by Dominick’s Finer Foods. Cotenants include Foot Action, Hollywood Video, Payless ShoeSource, Simply Fashions, Subway and Murray’s Auto Stores. Area demographics include a population of 435,000 within three miles. For more information, contact Kahlil Kenneth Barnard, Marcus & Millichap Real Estate Investment Co., 101 West Ohio Street, Indianapolis, IN 46204; 317-955-2600, Fax 317-955-0083; Email: kbarnard@marcusmillichap.com. For more information regarding Lawndale Plaza, 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.
CB Richard Ellis, Inc. is selling a Fabulous Freddy’s convenience store at Montecito Marketplace, a center located in Las Vegas, NV for $4.581 million. The store is situated on a land area of 1.61 acres. CB Richard Ellis/The Dalton Team is selling Hamilton Crossings, a center located at the intersection of Erie Highway and Lincoln Avenue in Hamilton, OH for $11.9 million with a Cap rate of 9.22%. The center is anchored by Kmart. For more information, contact Christina Roush, CB Richard Ellis, Inc., 3993 Howard Hughes Parkway, Suite 700, Las Vegas, NV 89109; 702-369-4830, Fax 702-369-4904. For more information regarding Hamilton Crossings, contact Gregory M. Dalton, CB Richard Ellis/The Dalton Team, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816, Fax 916-290-0444; Email: greg.dalton@cbre.com; Web site: www.daltonip.com.
SNK Realty Group acquired three land parcels with a combined 23 acres in the Dallas, TX area. The parcels include 6.5 acres along the Tollway near Addison Circle, 13.5 acres at the intersection of Interstate 20 and Highway 360 in Grand Prairie and a full city block of nearly three acres in uptown Dallas bounded by McKinney Avenue, Routh, Fairmount and State Streets. Together the sites will be planned for more than 1,000 condominiums and apartments, structured parking facilities and retail space. Each of the projects is scheduled to begin construction during next year. For more information, contact SNK Realty Group, 1313 East Osborn Road, Suite 213, Phoenix, AZ 85014-5678; 602-261-7511, Fax 602-261-7591; Web site: www.snk.com.
Trustreet Properties is selling the following Burger King locations: in East Moline, IL for $1.25 million; in Albert Lea, MN for $1.284 million; Burnsville, MN for $1.368 million; Coon Rapids, MN for $1.92 million; Mankato, MN for $1.28 million; North Branch, MN for $1.712 million; Owatonna, MN for $1.462 million; Shoreview, MN for $1.235 million; Hudson, WI for $1.498 million; Janesville, WI for $1.563 million and River Falls, WI for $1.297 million. The company also is selling the following Black-eyed Pea locations: in Pueblo, CO for $1.285 million and in Houston, TX for $2.314 million. The company also is selling the following Perkins locations: in Peoria, IL for $2.965 million; Grand Rapids, MI for $1.557 million; Holland, MI for $1.791 million; Jenison, MI for $1.977 million; Muskegon Heights, MI for $2.051 million; Detroit Lakes, MN for $1.81 million; Moorhead, MN for $2.347 million; Shakopee, MN for $2.94 million; Jefferson City, MO for $1.544 million; Sedalia, MO for $1.544 million; Springfield, MO for $1.569 million and in Menasha, WI for $1.865 million. The company also is selling the following Captain D’s locations: in Calera, AL for $1.44 million and in Clanton, AL for $1.285 million. The company also is selling the following Starbucks locations: in Emporia, KS for $1.048 million and in St. Joseph, MO for $1.034 million. The company also is selling the following Taco Bell locations: in Hermiston, OR for $1.288 million; Island City, OR for $825,236; Pendleton, OR for $1.217 million; Portland, OR for $1.308 million; Battle Ground, WA for $1.78 million; Camas, WA $1.338 million; Longview, WA for $1.964 million; Vancouver, WA for $2.837 million; another Vancouver, WA site for $2.394 million and a Taco Bell/Long John Silvers location in Hillsboro, OR for $2.544 million. The company also is selling the following Wendy’s locations: in Baltimore, MD for $1.642 million; Temple Hills, MD for $2.552 million and in Houston, TX for $2.274 million. The company also is selling a Chipotle restaurant in Brooklyn, OH for $1.68 million. For more information, contact Trustreet Properties, Trustreet Center at City Commons, 450 South Orange Avenue, Orlando, FL 32801; 407-540-2222; Web site: www.trustreet1031.com.
Retail West Investments is selling the following sites throughout CA: a 33,000 sq.ft. mixed-use residential/retail development site located at the intersection of Wilson Street and The Alameda in San Jose for $4.2 million; a two-tenant NNN investment with Cingular Wireless and Starbucks at the intersection of Highway 99 and Avenue 16 in Madera for $2.613 million; a Longs-anchored center located in northern CA for $7.8 million; and a turnkey investment in the heart of Sonoma County for $4.255 million. The center is tenanted by Peet’s Coffee, Addison Avenue Credit Union and Pearson Food Company. For more information, contact Jeremy Mape, Retail West Investments, 2034 Union Street, San Francisco, CA 94123; 415-292-7200, Fax 415-775-1858; Email: jmape@retailwestinc.com; Web site: www.retailwestinc.com.
Premier Commercial Realty sold a land area of six acres at Northwest Highway in Crystal Lake, IL for $7.2 million. The seller was 5213 Enterprises. Prudential First Commercial Realty represented the buyer. For more information, contact Bruce Kaplan or Lynda Mauro, Premier Commercial Realty, 9225 South Route 31, Lake In The Hills, IL 60156; 847-854-2300, Fax 847-854-2380.
JP Investments, LLC is looking to acquire properties with the following criteria: single-tenant NNN retail, office or industrial properties with a minimum BBB-/Baa3 credit for between $3.5 million to $25 million with a Cap rate of 8%. The site must have at least eight years remaining on its lease. The company prefers leases of at least 15 to 20 years with remaining options and fixed-rent escalations. Preferred cotenants include GSA, Target, Home Depot, Wal*Mart, Sam’s Club, Publix, Lowe’s Home Improvement, Kohl’s, Walgreens, CVS, Staples, Wells Fargo, Citibank, AmSouth, Bank of America, LaSalle Bank, BB&T, JPMorgan, RBC Centura and Wachovia. The company does not require financing, will not assume any existing debt and can close quickly. For more information, contact Gerald G. Justice, JP Investments, LLC, 4411 Mar Escarpa, San Clemente, CA 92763; 415-946-3398.
GMAC Commercial Mortgage Corp. acquired Bella Terra Shopping Center, a 777,000 sq.ft. center located in Huntington Beach, CA. The property was acquired in joint venture with DJM Capital Partners, a real estate investment firm. Bella Terra is located on Edinger Drive and was originally developed as Huntington Beach Mall. It is now undergoing renovation and transformation. The center is anchored by Kohl’s, Barnes & Noble, Bed Bath & Beyond, Century Theaters, Circuit City, REI, Cost Plus, Mervyn’s and Staples. For more information, contact Jill C. Hindman, GMAC Commercial Mortgage Corp., 200 Witmer Road, Horsham, PA 19044; 215-328-1387, Fax 215-328-0352.
Glimcher Realty Trust is selling the majority of its remaining shopping center assets. In addition to three centers currently under contract, the company has or will enter into exclusive listing agreements with real estate brokers to market and sell an additional nine centers. The company expects proceeds of approximately $32 million from the sale of the properties currently listed or under contract. The company will retain ownership of four of its centers, including Morgantown Commons in Morgantown, WV; Polaris Towne Center in Columbus, OH; Ohio River Plaza in Gallipolis, OH and Knox Village Square in Mount Vernon, OH. For more information, contact Glimcher Realty Trust, 150 East Gay Street, Columbus OH 43215; 614-621-9000, Fax 614-621-9321; Web site: www.glimcher.com.
Real Estate USA is representing a client looking to acquire a retail development pad between 20,000 sq.ft. and 30,000 sq.ft. of an existing retail building with at least 5,500 sq.ft. in Smokey Point, Monroe, Marysville, South Tacoma and Seattle, WA. For more information, contact Ryan Haddock, Real Estate USA, Commercial Division, 7024 Alderwood Court, Suite B, Lacey, WA 98503; 360-412-1501, Fax 360-252-8866; Email: rhaddock@comcast.net.
Sperry Van Ness completed the sale of Higley Plaza, a 9,842 sq.ft. center located on North Higley Road in Gilbert, AZ for $2.65 million. The company represented the seller, Mariah Properties II, LLC. The center is situated on a land area of 1.3 acres and is 100% leased to Checker Auto Parts, Higley Road Pet Clinic and Sushi Avenue Asian Dinner. For more information, contact Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-251-9200; Emails: david.ebeling@svn.com and megan.monfort@svn.com.
Phillips Edison & Co. acquired Southbrook Village, an 80,077 sq.ft. supermarket-anchored center located near Interstate 65 in Alabaster, AL. The center is located adjacent to a 55,000 sq.ft. Bruno’s Supermarket. Southbrook Village is tenanted by Dollar General, Hallmark and CATO Fashions. For more information, contact Gloria Siegler, Phillips Edison & Co., 11690 Grooms Road, Cincinnati, OH 45242; 513-619-5034 or 513-554-1110; Email: gsiegler@phillipsedison.com; Web site: www.phillipsedison.com.
Hogan Real Estate is selling a former Winn-Dixie supermarket located at the intersection of Bardstown Road and Hurstbourne Parkway in Louisville, KY for $4.25 million. The building is situated on a land area of 5.514 acres. For more information, contact Justin R. Phelps, Hogan Real Estate, 420 West Liberty Street, Louisville, KY 40202; 502-271-5820, Fax 502-426-1223; Email: jphelps@hogandev.com; Web site: www.hogandev.com.
Casto sold Northern Lights Shopping Center, a 380,000 sq.ft. center located in Columbus, OH to DLC Management. The company also sold the following five centers located throughout the Pittsburgh, PA area: Great Southern, a 364,195 sq.ft. center anchored by T.J. Maxx and OfficeMax in Bridgeville; Miracle Mile, a 320,029 sq.ft. center anchored by Marshalls, DSW and Old Navy in Monroeville; Northern Lights, a 609,405 sq.ft. center anchored by Giant Eagle in Baden; Raceway Plaza, a center anchored by Wal*Mart in Bridgeville and Southland/Four Seasons, a 367,395 sq.ft. center anchored by OfficeMax and Tuesday Morning in Pleasant Hills. For more information, contact Casto, 191 West Nationwide Boulevard, Suite 200, Columbus, OH 43215; 614-228-5331, Fax 614-469-8376; Web site: www.castoinfo.com.
Mid-America Real Estate Corp. brokered the sale of the following centers: Mercury Plaza, a 64,574 sq.ft. center located at the intersection of Ford Road and Mercury Drive in Dearborn, MI. The center was acquired by Kahl & Goveia Real Estate. The center is 100% occupied and is tenanted by Circuit City, PetsMart, Einstein Bros. Bagels and Blinds To Go. The center is comprised of three freestanding buildings on a land area of 8.06 acres; and Hillside Terrace, a 17,017 sq.ft. center located at the intersection of State Highway 83 and Interstate 94 in Delafield, WI. The buyer was General Capital Group, while the seller was Hayden Properties. The center is tenanted by EB Games, Chris & Co. Salon, Stone Creek Coffee, Quizno’s, ColdStone Creamery, Pizza Hut and Verizon Wireless. For more information, contact Mid-America Real Estate Corp., Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181-4713; 630-954-7300, Fax 630-954-7304/7306; Web site: www.midamericagrp.com.
CNJ Construction, Inc. is selling a commercial/industrial property located on a land area of 3.77 acres in Cedar Hill, TX. The sale price is $2.50 psf. For more information, contact Jon Walters, CNJ Construction, Inc., 955 Cedarview, Cedar Hill, TX 75104; 972-299-6366, Fax 972-299-6373; Email: cnjcontractor@aol.com.
Harborview Properties is selling a freestanding retail site located next to an A&P Supermarket on Boston Post Road in Rye, NY. The building is completely remodeled throughout and is the only freestanding building available in the city of Rye. For more information, contact Dale Kaufteil, Harborview Properties, 2406 Boston Post Road, Larchmont, NY 10538; 914-834-8200, Fax 914-834-8065; Email: dk@hvp.com.
Interinvestments Realty, Inc. is looking to acquire a land area of 20 acres in Dade and Broward Counties in FL. For more information, contact Micha Adir, Interinvestments Realty, Inc., 730 NW 107th Avenue, Suite 120, Miami, FL 33172; 305-220-1101, Fax 305-220-1195; Web site: www.prestruction.com.
Inland Western Retail Real Estate Trust, Inc. acquired the 628,626 sq.ft. retail portion of Phase 1 of The Gateway Shopping Center located in Salt Lake City, UT. Many of the center’s 95 stores and restaurants are located in the 650,000 sq.ft., open-air mixed-use space. Tenants include Dick’s Sporting Goods, Barnes & Noble, Virgin Megastore, Abercrombie & Fitch, Anthropologie and Megaplex 12. For more information, contact Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000.
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