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Buyers & Sellers
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Buyers & Sellers Kudan Group, Inc. is selling a site located on Bank Lane in Highwood, IL. The downtown redevelopment opportunity is located next to the Metra Station in Highwood’s central business district. Area retail includes Gabriels and Victoria Banquets. Area demographics include a population of 12,835 within one mile earning $97,843 as the average household income. For more information, contact Kudan Group, Inc., 1807 Glenview Road, Suite 205, Glenview, IL 60025; 847-724-7454, Fax 847-724-6447; Web site: www.kudangroup.com.
DM International is representing a client looking to acquire a center in Miami-Dade, FL for between $20 million and $40 million. For more information, contact Dana Hall, DM International, 2829 Meadow Hill Drive North, Clearwater, FL 33761; 727-797-3188, Fax 727-797-4227; Email: danahall@ij.net; Web site: www.workoutloans.com.
Green Realty Co., LLC is representing a client looking to acquire one or two new or newer Walgreens locations or CVS locations. For more information, contact Michael L. Green, Green Realty Co., LLC, 1020 North Broadway, Milwaukee, WI 53202; 414-431-3700; Email: mgreen@nnnbroker.com.
Marcus & Millichap is selling a land area of 0.75 acres on Route 17 in Bergen County, NJ for $1.2 million. Area demographics include a population within five miles earning approximately $100,000 as the average household income. Marcus & Millichap National Retail Group is selling a 14,500 sq.ft. center located in New Albany, IN for $2.36 million with a Cap rate of 8.13%. The center is tenanted by Goodwill and The Fun House. The site is an outparcel to a movie theater and a 205,000 sq.ft. Meijer Store. CPI rent bumps will take place in less than three years. Area demographics include a population of 91,000 within five miles earning $54,000 as the average household income. For more information, contact Edward Berger, Marcus & Millichap, River Drive Center 3, 611 River Drive, Fourth Floor, Elmwood Park, NJ 07407; 201-582-1011, Fax 201-582-1010; Email: eberger@marcusmillichap.com. For more information regarding the New Albany, IN property, contact Brian T. Southworth, Marcus & Millichap National Retail Group, 101 West Ohio Street, Suite 1550, Indianapolis, IN 46204; 317-955-2600; Email: bsouthworth@marcusmillichap.com.
Pennsylvania Real Estate Investment Trust and Simon Property Group entered into agreements under which PREIT and Kravco Simon Investments, L.P., a Simon affiliate, will acquire Springfield Mall in Springfield, PA for approximately $103.5 million. PREIT and Kravco Simon will each have a 50% ownership interest in the property. Springfield Mall is a 590,000 sq.ft. regional mall located approximately 10 miles southwest of Philadelphia, PA. The mall is currently anchored by Macy’s and Strawbridge’s and has more than 70 inline tenants, including Ann Taylor Loft, Build-A-Bear, Carrabba’s, Charlotte Russe, Gap/Gap Kids, Ruby Tuesday and Yankee Candle. For more information, contact Pennsylvania Real Estate Investment Trust, 200 South Broad Street, Philadelphia, PA 19102-3803; 215-875-0700, Fax 215-546-7311; Web site: www.preit.com.
CB Richard Ellis, Inc. is selling State & La Cumbre Center located in Santa Barbara, CA for $8.75 million. The company also is selling a land area of 18.84 acres at the intersection of Valencia and Nexus Roads in Tucson, AZ for $7 psf. The company also is selling a Bank of America in Tampa, FL for $2.8 million with a Cap rate of 5%. The lease term is 20 years with 10% bumps every five years. For more information, contact Scott A. Heaton or Neil Mishurda, CB Richard Ellis, Inc., 500 Citadel Drive, Suite 301, Commerce, CA 90040; 323-838-3130 or 323-838-3121; Emails: scott.heaton@cbre.com and neil.mishurda@cbre.com. For more information regarding the Tucson site, contact Nancy McClure, CB Richard Ellis, 3385 North Campbell Avenue, Tucson, AZ 85719; 520-323-5100, Fax 520-323-5156. For more information regarding the Bank of America site, contact CB Richard Ellis, 201 South Orange Avenue, Suite 1500, Orlando, FL 32801; 407-843-4020, Fax 321-415-0317; Web site: www.cbre.com.
Grubb & Ellis is selling Copperwood Village, a 350,444 sq.ft. center located at the intersection of State Highway 6 North and FM 529 in Houston, TX. The center is anchored by Target and is tenanted by Marshalls, Bed Bath & Beyond, OfficeMax, Palais Royal, Michaels, Petco, Old Navy, Famous Footwear, Pier 1 Imports, Dress Barn, Party City, Rack Room Shoes, Lane Bryant, Avenue, Souper Salad, Bath & Body Works, Blockbuster Video, Starbucks and Verizon Wireless. Area demographics include a population of 112,574 within three miles earning $94,083 as the average household income. The site has an average daily traffic count of 53,000 vehicles. For more information, contact Grubb & Ellis, 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056; 713-599-5165, Fax 713-626-2288; Email: george.cushing@grubb-ellis.com; Web site: www.georgecushing.com.
Quine & Associates, Inc. is offering a retail investment-sale/leaseback of an existing 2,500 sq.ft. single-tenant retail building located next to a supermarket-anchored center located in the Dallas, TX area for $1 million. The offering includes additional land for retail development or a pad site user. For more information, contact Douglas Wilder, Quine & Associates, Inc., 301 South Sherman, Suite 100, Richardson, TX 75081; 972-669-8440 Ext. 242, Fax 972-783-8901; Email: dwilder@quine.com.
Thor Equities is looking to acquire retail sites and mixed-use centers nationwide from $15 million and up. The company prefers sites in densely populated urban centers and inner-ring suburbs. For more information, contact James Peterson, Thor Equities, 139 5th Avenue, New York, NY 10010; 212-529-7253, Fax 212-460-9630; Email: jpeterson@thorequities.com; Web site: www.thorequities.com.
Thalhimer/Cushman & Wakefield Alliance sold a land area of 20.646 acres at the intersection of U.S. Highway 301 and Atlee Road in Rutland, VA. The buyer plans to develop a supermarket-anchored center on the site. For more information, contact David Smith, Thalhimer/Cushman & Wakefield Alliance, Exchange Place, 1313 East Main Street, Suite 400, Richmond, VA 23219; 804-697-3466, Fax 804-697-3470; Email: david.smith@thalhimer.com.
Net Lease Solutions, Inc. is looking to acquire commercial net leased properties with long-term leasehold interests. The company is looking to purchase only the remaining leasehold interest, not the fee interest. For more information, contact Harry Davis, Net Lease Solutions, Inc., 12240 Inwood Road, Suite 220, Dallas, TX 75244; 972-934-0972 Ext. 102, Fax 972-386-0789; Email: hdavis@nlsre.com; Web site: www.nlsre.com.
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