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Buyers & Sellers
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Buyers & Sellers Hull Storey Retail Group acquired Twin Rivers Mall, a 360,500 sq.ft. center located in New Bern, NC. The center is anchored by Belk and JCPenney. For more information, contact Hull Storey Retail Group, 3632 Wheeler Road, Augusta, GA 30909; 706-863-2222, Fax: 706-868-7457; Web site: www.hullstorey.com.
The Retail Connection, L.P. negotiated and structured the acquisition of Quorum Plaza II, an 80,000 sq.ft. center located at the intersection of Beltline Road and Quorum Drive in Addison, TX. The center was acquired by Granite Properties and was purchased from Dunhill Partners. The project is currently 90% leased and is tenanted by The Improv, Mattress Giant, Cingular Wireless, Go Fish and Monica’s aca y alla. For more information, contact Alyssa Skarsten, The Retail Connection, L.P., 2525 McKinnon Avenue, Suite 700, Dallas, TX 75201; 214-572-0777, Fax 214-572-0009; Email: askarsten@theretailconnection.net.
Sperry Van Ness completed the sale of Plaza Del Rio, a 34,046 sq.ft. center located on East McDowell Road in Scottsdale, AZ for $4.825 million. Sperry Van Ness represented both the buyer and seller, Community Centers of American-Plaza Del Rio, LLC. The center is situated on a land area of 3.1 acres and is 93% leased to Peter Piper Pizza, Copperstate Racing, H&R Block, Rio Nails and Duke’s Bar & Grill. For more information, contact David Ebeling or Megan Monfort, Sperry Van Ness, 18881 Von Karman Avenue, Suite 800, Irvine, CA 92612; 949-225-1894, Fax 949-553-1697; Emails: david.ebeling@svn.com and megan.monfort@svn.com.
Capital Pacific is selling the following sites: a 24,000 sq.ft. Staples located on North 11th Avenue in Hanford, CA for $6.763 million; a 9,600 sq.ft. Hollywood Video located on West Lacey Boulevard in Hanford, CA for $2.404 million; a 24 Hour Fitness located on North Scottsdale Road in Scottsdale, AZ for $12.35 million; a 2,940 sq.ft. 7-Eleven located on East Hebron Parkway in Carrollton, TX for $1.685 million; a 13,357 sq.ft. Sav-On Drugs located at the intersection of Mount Vernon Avenue and Barton Road in Grand Terrace, CA; a 3,333 sq.ft. Oscars Restaurant located on Brawley School Road in Mooresville, NC for $1.26 million; an 11,600 sq.ft. Eckerd store located on Liberty Street in Franklin, PA for $1.75 million and a 6,000 sq.ft. Dollar Tree located on 9th Street in Crescent City, CA for $1.46 million. For more information, contact Chris Kostanecki, Capital Pacific, Four Embarcadero Center, Suite 2570, San Francisco, CA 94111; 415-274-2700, Fax 415-274-2710; Web site: www.capitalpacific.com.
Gregory Greenfield & Associates, Ltd. acquired Central Mall, an 860,830 sq.ft. center regional mall located in Fort Smith, AR. The mall is anchored by Dillard’s, JCPenney and Sears and features over 84 specialty stores and approximately 126,000 sq.ft. of office space. The acquisition was completed in the name of Fort Smith Mall Partners, L.P., a partnership of private investors. The center is tenanted by Abercrombie & Fitch, Aeropostale, Children’s Place, Dallas Cowboys Pro Shop, Garfield’s and Motherhood Maternity. For more information, contact Amy Kuehn or Teresa Richards, Gregory Greenfield & Associates, Ltd., 124 Johnson Ferry Road, NE, Atlanta, GA 30328; 404-236-2300, Fax 404-236-2299.
Net Leased Investment Co. is selling a McDonald’s located in Conyers, GA with a Cap rate of 5%. The lease has four, five-year options with 15% increases. Area demographics include a population within three miles earning $75,000 as the average household income. For more information, contact Bill Ellison, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775; Email: bill@netleased.com.
Baum Realty Group, Inc. arranged the sale of an 11,800 sq.ft., two-building retail center located in Boise, ID for $3.3 million. The seller was Baum Brothers, LLC. The buildings are 100% leased with the largest tenant being U.S. Bank, a subsidiary of U.S. Bancorp. Cotenants include Baja Fresh and T-Mobile. For more information, contact Baum Realty Group, Inc., 1030 West Chicago Avenue, Suite 300, Chicago, IL 60622; 312-666-3000, Fax 312-666-7970; Web site: www.baumrealty.com.
Brock Development is selling a land area of 2.68 acres at the intersection of Blue Heron and Congress in West Palm Beach, FL. For more information, contact Peter Brock, Brock Development, 1551 Forum Place, Building 100, West Palm Beach, FL 33401; 561-684-1040, Fax 561-686-9940.
CFO Capital Partners is selling a site located in Atlanta, GA with a Cap rate of 8.5%. For more information, contact CFO Capital Partners, 437 Fox Road, First Floor, Bridgeport, NY 13030; 315-633-9653, Fax 775-248-6603; Web site: www.cfocapitalpartners.com.
American Retail Properties is selling 145 acres of land located at the intersection of Interstate 290 and Route 140 in Boylston, MA. The site has an average daily traffic count of 84,300 vehicles. For more information, contact David Nugent or David Birmingham, American Retail Properties, 148 State Street, Suite 600, Boston, MA 02109; 617-778-6500, Fax 617-778-6533; Emails: dnugent@americanrp.com and dbirmingham@americanrp.com.
Richman Realty Associates is selling the following properties: an Eckerd in Augusta, GA for $4.5 million with a Cap rate of 7%; an Eckerd in Stone Mountain, GA for $2.83 million with a Cap rate of 7%; a Winn-Dixie Shopping Center in Orlando, FL for $6.1 million with a Cap rate of 8.7%; a Publix Shopping Center in the Orlando, FL area for $7.9 million with a Cap rate of 6.25%; and Walgreens located in CA, CO and WI for $7.5 million, $5.6 million and $4.8 million, respectively. For more information, contact Seymour I. Richman, Richman Realty Associates, 21597 Juego Circle, Suite 6C, Boca Raton, FL 33433; 561-852-7090, Fax 561-852-8346; Email: syrich@adelphia.net.
Quine & Associates, Inc. is representing an investor looking to acquire value-added retail properties, including center with a GLA of more than 100,000 sq.ft. with vacancies or redevelopment potential. The investor would prefer sites in TX, but will look nationwide, and has $6 million to $10 million cash to leverage so it can be up to $30 million to $40 million. 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.
Syndicated Equities Corp. brokered the sale of two freestanding RBC Centura Bank branches located in suburban Atlanta, GA for $5.85 million. Area retailers near the locations include Publix, Kroger, Eckerd, Bank of America and Wachovia Bank. For more information, contact Syndicated Equities Corp., 1345 North Wells Street, Chicago, IL 60610; 312-640-9020.
Marcus & Millichap Real Estate Investment Brokerage Co. is selling a 19,531 sq.ft. center located in East Lansing, MI for $5.265 million with a Cap rate of 7.07%. The center is tenanted by CVS, Cosi and Cold Stone Creamery. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 28411 Northwestern Highway, Suite 750, Southfield, MI 48034; 248-415-2600.
KAM Realty is selling a 12,000 sq.ft. NNN-leased retail building located at the intersection of Bear Valley Road and Interstate 15 Freeway in Victorville, CA for $6.42 million with a Cap rate of 5.8%. The building is currently 100% leased to national and regional tenants and is part of a future 260,000 sq.ft. center. The site is located adjacent to Victor Valley Mall and has an average daily traffic count of 45,700 vehicles. For more information, contact Yury Ferkelman, KAM Realty, 8730 Wilshire, Suite 210, Beverly Hills, CA 90211; 310-659-7999, Fax 310-659-4396; Email: yuryf@comcast.net.
The Wilder Cos. acquired The Days Inn Orlando on Sand Lake Road in the Dr. Phillips area of Orlando, FL. Plans call for the hotel to be demolished and the land to be used to build The Rialto, a mixed-use development of specialty retail, luxury residences and office space. The 350,000 sq.ft. Rialto will consist of approximately 20 shops, fine dining restaurants and cafes, 200 deluxe condominiums and nearly 40,000 sq.ft. of office space. The center will be situated on a land area of 13 acres. For more information, contact The Wilder Cos., 300 Massachusetts Avenue, Boston, MA 02115; 617-247-9200, Fax 617-247-4044. |