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Buyers & Sellers
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Buyers & Sellers MBK Northwest, Inc. sold the neighborhood center component of Lakewood Towne Center in Lakewood, WA to Lakha Investments for $31.5 million. Lahka is acquiring 157,520 sq.ft. of the center’s total one million sq.ft. The center is anchored by a 62,800 sq.ft. Safeway and is tenanted by Saar’s Marketplace, Applebee’s, Panda Express, Cold Stone Creamery, Payless ShoeSource, Hill’s Hallmark, Subway, Supercuts, HairMasters and Desert Sun Tanning Center. For more information, contact MBK Northwest, Inc., 4949 Southwest Meadows Road, Suite 675, Lake Oswego, OR 97035; 503-636-2800.
Express Auction is offering a retail strip center with office suites on West 127th Street in Alsip, IL. The site includes 12 retail units and six office units and is located less than 20 miles from downtown Chicago, IL. For more information, contact Express Auction, 4115 Wilkens Avenue, Second Floor, Baltimore, MD 21229; 888-748-3398; Web site: www.expressauction.com.
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.
CB Richard Ellis, Inc. is selling The Shoppes at the Plaza, a 20,855 sq.ft. center located on Wells Road in Orange Park, FL for $5.5 million with a Cap rate of 7.25%. The center is situated on a land area of 2.51 acres. The company also is marketing Maple Shade Shopping Center located in Maple Shade, NJ. The 201,351 sq.ft. center is located near the intersection of Route 38 and Route 73 and across from the Moorestown Mall, a 1.1 million sq.ft. regional mall anchored by Strawbridge’s, Lord & Taylor, Sears and Boscov’s. Maple Shade Shopping Center is 100% occupied and is anchored by Lowe’s Home Improvement, The Sports Authority, Bally Total Fitness and Mattress Giant. For more information, contact Cliff Taylor, CB Richard Ellis, Inc., 225 Water Street, Suite 110, Jacksonville, FL 32202; 904-630-6355; Email: cliff.taylor@cbre.com; Web site: www.cbre.com. For more information regarding Maple Shade Shopping Center, contact Michael Blunt or Robert Fahey, CB Richard Ellis, Inc., 1200 Liberty Ridge Drive, Suite 320, Wayne, PA 19087; 610-251-0820, Fax 610-251-5105; Emails: michael.blunt@cbre.comand robert.fahey@cbre.com; Web site: www.cbre.com/fahey-hinesteam.
Land Solutions, Inc. is selling Six Mile Crossing, a center located on Six Mile Cypress Parkway in Fort Myers, FL for $17 million. For more information, contact Janie Hooker, Land Solutions, Inc., 6150 Diamond Centre Court, Suite 1300, Fort Myers, FL 33912; 239-489-4066, Fax 239-481-8477; Email: jhooker@landsolutions.net; Web site: www.landsolutions.net.
Advantis/GVA is selling the following properties: International Promenade, a 35,309 sq.ft. center located on West Irlo Bronswon Memorial Highway in Kissimmee, FL for $8.5 million with a Cap rate of 7.47%. The center is 89% occupied, is situated on a land area of 6.47 acres and has an average daily traffic count of 59,000 vehicles; Metrowest Shoppes & Restaurants, a 39,558 sq.ft. center located on Raleigh Street in Orlando, FL for $9.8 million with a Cap rate of 6.07%. The center is situated on a land area of 6.07 acres and has an average daily traffic count of 45,000 vehicles; Sand Lake Plaza, a 28,000 sq.ft. center located on West Sand Lake Road in Orlando, FL for $10.25 million with a Cap rate of 6.97%. The center is situated on a land area of 2.64 acres and has an average daily traffic count of 55,000 vehicles; Quincy Commons, a 14,888 sq.ft. center located on Pat Thomas Parkway in Quincy, FL for $2.6 million with a Cap rate of 7.15%. The center is situated on a land area of 1.7 acres; and Dora Canal Plaza, a 22,950 sq.ft. center located on South Duncan Street in Tavares, FL for $1.5 million with a Cap rate of 7.5%. The center is situated on a land area of 1.9 acres and is 100% occupied. For more information, contact Advantis/GVA, 255 South Orange Avenue, Suite 1350, Orlando, FL 32801; 407-849-6600, Fax 407-849-6010.
Marcus & Millichap National Retail Group is selling a 40,000 sq.ft. center located in Louisville, KY for $5.5 million with a Cap rate of 8.19%. The center is located adjacent to a Meijer Store. Area demographics include a population of 190,000 within five miles earning $58,000 as the average household income. The company also is selling Mt. Washington Plaza, a center located in Louisville, KY for $1.075 million with a Cap rate of 9.26%. The center is 100% leased. The company also represented both parties in the sale of Berkshire Square, a 112,119 sq.ft. center located on Berkshire Boulevard in Reading, PA for $14.3 million. The buyer was WP Berkshire Associates, LLC and the seller was Tract II Associates. The center is situated on a land area of 32 acres and is shadow-anchored by Wal*Mart. For more information, contact Brian T. Southworth, Marcus & Millichap National Retail Group, 101 West Ohio Street, Suite 1550, Indianapolis, IN 46204; 317-955-2600, Fax 317-955-0091; Email: bsouthworth@marcusmillichap.com. For more information regarding Berkshire Square, contact Marcus & Millichap Real Estate Investment Brokerage Co., 2999 Oak Road, Suite 210, Walnut Creek, CA 94597; 925-953-1700, Fax 925-953-1710.
Fameco Real Estate is selling three Wal*Mart Supercenter shadow-anchored centers in Bradford, Edinboro and Shippensburg, PA. The centers include The Washington Town Centre, a 35,014 sq.ft. center located in Edinboro; The Shops at Foster Brook, a 32,000 sq.ft. center in Bradford and Shippen Towne Center, a 31,888 sq.ft. center in Shoppesburg. For more information, contact Diane Weinberg, Fameco Real Estate, 15 East Ridge Pike, Suite 100, Conshohocken, PA 19428; 610-834-8000, Fax 610-834-1793.
Landmark Commercial Real Estate, Inc. sold TowneCenter located at on West Greenway in Derby, KS for $2.75 million with a Cap rate of 8.9%. The center is currently 89% occupied and is anchored by Dillons, Weekend Furniture and TruValue Hardware. The center is situated on a land area of 9.3 acres. For more information, contact Linda Hickam, Landmark Commercial Real Estate, Inc., 155 North Market, Suite 501, Wichita, KS 67202; 316-262-2442 Ext. 106, Fax 316-262-2696.
Coldwell Banker Commercial – Investment Services Group is representing a client who is closing on the sale of a retail property and needs a replacement property with the following criteria: multi-tenant centers located throughout the western and southern U.S., a minimum Cap rate of 7%, some national and credit tenants and an upside in rent escalations or minor retenanting. The client is looking to acquire properties for between $2 million and $6 million. For more information, contact Shawn Collins, Coldwell Banker Commercial – Investment Services Group, 1340 Bayshore Highway, Burlingame, CA 94010; 650-344-4300 Ext. 24, Fax 650-344-4311; Email: spcollins@coldwellbanker.com.
SNK Realty Group acquired three land areas 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.
Coldwell Banker Commercial RWG is selling a 3,800 sq.ft. former Hardees Restaurant on U.S. 27 in Decatur, IN for $295,000. Area retail includes McDonald’s, Advance Auto and a shopping center. For more information, contact Mark Baringer, Coldwell Banker Commercial RWG, 1206 East Dupont Road, Fort Wayne, IN 46825; 260-416-5000.
Ashkenazy Acquisition Corp. acquired the following three retail properties: Douglaston Plaza Shopping Center in the Flushing section of Queens, NY; Washington Bridge Shopping Center in Fort Lee, NJ and a retail strip center in Brooklyn, NY. Douglaston Plaza Shopping Center has a GLA of 300,000 sq.ft. and is located on 61st Avenue. The company acquired the property from Yale University. Tenants include Macy’s, Toys “R” Us, Modell’s, Waldbaum’s and other local retailers. Washington Bridge Shopping Center is located on Lemoine Avenue, between Lincoln Avenue and Cross Street and includes 50,000 sq.ft. of retail and office space on the second floor. It is near a number of major highways that lead to the George Wahington Bridge in Manhattan. The strip center in Brooklyn has a GLA of 10,000 sq.ft. and is located on Church Avenue. For more information, contact Ashkenazy Acquisition Corp., 455 Fifth Avenue, Second Floor, New York, NY 10016; 212-213-4444, Fax 212-213-5713; Web site: www.aacrealty.com.
DJM Asset Management is selling 16 Rhodes Furniture Stores, warehouse and distribution centers throughout GA, IL, IN, KY and MO. The company operated in those areas as both Rhodes Furniture and as John M. Smyth’s Homemakers Furniture. The warehouse and distribution centers are located in Powder Springs, GA; Louisville, KY; Carol Stream, IL and Hazelwood, MO. The retail stores are located in Joliet, Naperville, Downers Grove, Fairview Heights, Niles, Schaumberg and Champaign, IL; Clarksville, IN; Louisville, KY and St. Louis, Ballwin and St. Peters, MO. For more information, contact DJM Asset Management, 445 Broad Hollow Road, Suite 417, Melville, NY 11747; 631-752-1100, Fax 631-752-1231; Web site: www.djmasset.com.
Grubb & Ellis/Paramount is selling Grand Central Plaza, a 90,000 sq.ft. center located in Grand Rapids, MI for $9.8 million with a Cap rate of 8.6%. The center is currently 95% occupied. The company also is selling Holton Road Plaza, a 17,000 sq.ft. center located on Holton Road in Muskegon, MI for $2.5 million with a Cap rate of 7.75%. For more information, contact Bill Bussey or Colin Kraay, Grubb & Ellis/Paramount, 300 Ottawa Avenue NW, Suite 400, Grand Rapids, MI 49503; 616-774-3500.
Capital Realty Advisors, Inc. is selling Spring Park Plaza, a center located in Denham Springs, LA. The 136,000 sq.ft. center is 97% occupied and has a Cap rate of 9.58%. The center is anchored by an antique market and auction house. Credit tenants include Rite Aid, RadioShack, Wells Fargo and Fantastic Sam’s. For more information, contact Donna McDonald, Capital Realty Advisors, Inc., 600 Sandtree Drive, Suite 109, Palm Beach Gardens, FL 33403; 561-624-5888, Fax 561-624-5827; Email: dmcdonald@capitalrealtyadvisors.com.
Ludwig & Seeley Real Estate, Inc. negotiated the sale of a land area to Rite Aid. For more information, contact Heather Stout, Ludwig & Seeley Real Estate, Inc., 29580 Northwestern Highway, Suite 110, Southfield, MI 48034; 248-750-1700, Fax 248-750-1771; Web site: www.ludwigseeley.com.
Valentine & Scanlon Real Estate is selling a 17,950 sq.ft. center located in Concord, NH for $2.495 million. The center has five inline tenants, a cell tower and a restaurant on a pad site. For more information, contact Dan Scanlon, Valentine & Scanlon Real Estate, 120 West Broadway, Derry, NH 03038; 603-434-7700, Fax 603-425-7454; Email: dscanlon@ccim.net.
Champion Properties, Inc. is looking to acquire value-added and semi-stabilized retail, industrial and office properties located nationwide. The company is looking to acquire sites with a GLA of at least 25,000 sq.ft. for up to $30 million. For more information, contact Michael Schneck, Champion Properties, Inc., 2006 Condor Lane, Suite 101, Gibsonia, PA 15044; 724-746-3116, Fax 724-746-3153.
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; Web site: www.wilderco.com.
Net Leased Investment Co. is selling an AutoZone location in Odessa, TX for $1 million with a Cap rate of 6%. 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; Web site: www.netleased.com.
Developers Diversified Realty is looking to acquire open-air shopping centers and lifestyle centers from 250,000 sq.ft. to one million sq.ft. The company prefers that the centers be anchored by national tenants such as Wal*Mart, Target, Home Depot, Lowe’s Home Improvement and major regional and national supermarkets. The company is looking nationwide and will acquire properties from $25 million and up. For more information, contact Joseph G. Padanilam, Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 216-755-5782; Email: jpadanilam@ddr.com; Web site: www.ddr.com.
Woolbright Development, Inc. acquired the following centers in the Tampa/St. Petersburg and Orlando, FL area: Springs Plaza, a 62,500 sq.ft. center located at the intersection of State Road 434 and Wekiva Springs Road in Longwood, FL for $10 million. Woolbright plans to remodel the center, which is adjacent to an Albertsons supermarket, Starbucks, Quizno’s, AmSouth Bank and Schakolad Chocolates; and East Lake Woodlands, a 139,246 sq.ft. center located at the intersection of East Lake Road and Tampa Road in Palm Harbor, FL from East Lake Woodlands Plaza, LLC for $16.2 million. In addition to the retail component, which is anchored by Publix, the center has 18,202 sq.ft. of office space in a three-story professional building. Woolbright plans to refacade the center, seal the parking lots and upgrade the landscaping. For more information, contact Woolbright Development, Inc., 3200 North Military Trail, Fourth Floor, Boca Raton, FL 33431; 561-989-2240; Web site: www.woolbright.net.
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 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.
Commercial First is selling a single-tenant restaurant site located in NC for $515,000 with a Cap rate of 9.34%. The site has a 10-year lease with two, five-year options. For more information, contact Jeffrey K. Mullis, Commercial First, PO Box 9265, Hickory, NC 28603; 828-322-8022 Ext. 103, Fax 206-203-1556; Email: jeff@commercialfirst.net.
Millennium Properties, Inc. sold a 41,365 sq.ft. former Eagle Foods store located on West Jefferson Street in Joliet, IL for $2.065 million. The property is situated on a land area of 3.2 acres and was sold to Omkar Real Estate, LLC on behalf of ARCap Servicing, Inc. For more information, contact Millennium Properties, Inc., 2 First National Plaza, 20 South Clark, Suite 630, Chicago, IL 60606; 312-338-3000, Fax 312-338-3008; Web site: www.mpirealestate.com.
Staubach Retail is selling Allendale Shopping Center, a 199,740 sq.ft. center located at the intersection of Route 9 and Merrill Road in Pittsfield, MA for $14.5 million with a Cap rate of 7.74%. The center is anchored by Big Lots, Brooks Pharmacy, KB Toys and Tractor Supply. For more information, contact David T. Wojciechowski, Staubach Retail, 12 East 49th Street, 31st Floor, New York, NY 10017; 212-418-2600, Fax 212-418-2675; Email: dtwoj@staubach.com; Web site: www.staubachretailne.com.
Courtelis Co. is looking to acquire land for master development, retail development and redevelopment opportunities, as well as joint ventures. For more information, contact Bruce M. Pasternack, Courtelis Co., 703 Waterford Way, Suite 800, Miami, FL 33126; 305-261-4330, Fax 305-261-4338; Email: bpasternack@courtelis.com; Web site: www.courtelis.com.
MLK Development, LLC is selling a land area of six acres on South Hollywood in Houma, LA for $8 psf. For more information, contact Henry J. Richard, MLK Development, LLC, PO Drawer 4035, Houma, LA 70361; 985-856-5703, Fax 985-872-9160.
Transwestern Investment Co. is looking to acquire value-added investments for between $20 million and $100 million or portfolios in the top 25 metropolitan markets nationwide. The company is interested in acquiring 100% purchases, joint ventures and recapitalization transactions. Preferred sites include specialty and lifestyle centers, street retail buildings, anchored centers, de-malling situations on Class B and Class C regional centers and retail-oriented mixed-use projects. For more information, contact Erwin K. Aulis, Transwestern Investment Co., 150 North Wacker Drive, Suite 800, Chicago, IL 60606; 312-499-1900, Fax 312-499-1901; Email: erwin_aulis@transwestern.net.
Team Juan Uribe is selling a 29,054 sq.ft. shopping center located the intersection of Westwind Drive and Redd Road in El Paso, TX for $4.048 million with a Cap rate of 8.1%. The center is 100% occupied and is cotenanted by Curves, Postal Annex, State Farm Insurance, Allstate Insurance, Steakpedo’s and Remax. For more information, contact Ramon, Jaimes, Team Juan Uribe, 7001 Westwind, Suite 200, El Paso, TX 79912; 915-892-2114, Fax 915-585-9400.; Email: ramon@teamjuanuribe.com.
Grubb & Ellis Co. is selling Coachella Shopping Center, located at 49617-49939 Harrison Street in Coachella, CA for $16.25 million. For more information, contact Callie Goforth, Ken McLeod or Tom Lagos, Grubb & Ellis Co., 1100 Glendon Avenue, Suite 900, Los Angeles, CA 90024; 310-235-2917 (Callie); 310-235-2921 (Ken); 310-235-2936 (Tom); Email: callie.goforth@grubb-ellis.com; ken.mcleod@grubb-ellis.com; tom.lagos@grubb.ellis.com.
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