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Buyers & Sellers
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Buyers & Sellers The Staubach Co. represented Cypress Equities in the acquisition of a land area of 27 acres in King of Prussia, PA. The former industrial site at the intersection of South Gulph Road and the Schuylkill Expressway was occupied by the Philadelphia Gear Company. Cypress is planning to develop the site for Home Depot and one or more additional retail tenants. The center is slated to open during the summer of 2007. As part of the transaction, Cypress will also acquire Home Depot’s current location, approximately one mile away, which it plans to redevelop for retail use. For more information, contact The Staubach Co., 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 800-944-0012; Email: info@staubach.com; Web site: http://www.staubach.com.
TriStar Realty Group, LLC is marketing a land area of 1.08 acres on Business 41 in Bradenton, FL for $1.6 million. Area retail includes Lowe’s Home Improvement. The site has an average daily traffic count of 36,000 vehicles. Area demographics include a population of 100,000 within three miles. For more information, contact Peter R. Logan, TriStar Realty Group, LLC, One Mack Cali Center, 501 East Kennedy Boulevard, 12th Floor, Tampa, FL 33602; 813-272-9700, 941-749-0300 or 727-442-9500, Fax 813-272-9725.
Marcus & Millichap Real Estate Investment Brokerage Co. sold Victory Crossing, a center located on Victory Boulevard in Portsmouth, VA. The center is located on the space formerly occupied by the Tower Mall. The company’s Cincinnati and Columbus, OH offices are marketing Cross Pointe Center, a 216,883 sq.ft. center located in Dayton, OH for $31 million. The center, which is situated on a land area of 25.9 acres, is anchored by Marshalls and Stitching Post. Cotenants include Bellazzio Hair & Day Spa, Honey Baked Ham, LA Weight Loss, Marshall’s, Maytag-Hoover, Outback Steakhouse, Pearle Vision, Plato’s Closet, Countrywide Loans, Game Crazy, Subway, Pella Windows and Schlotzsky’s Deli. The company’s Philadelphia, PA office is marketing Pennington Avenue Shopping Village, a 58,000 sq.ft. center located in the West Ward of Trenton, NJ. The center is anchored by Supremo Food Markets. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 509 South Boundary Street, Williamsburg, VA 23185; 757-476-6813, Fax 757-476-6817; Web site: www.marcusmillichap.com . For more information regarding Cross Pointe Center, contact Richard Geisenfeld, Marcus & Millichap Real Estate Investment Brokerage Co., 201 East Fifth Street, Suite 2050, Cincinnati, OH 45202; 513-241-9002, Fax 513-241-9003. Or contact, Elliot Schneier of the company’s Columbus, OH office at 21 East State Street, Suite 2300, Columbus, OH 43215; 614-464-1400, Fax 614-464-1441. For more information regarding Pennington Avenue Shopping Village, contact Brad Nathanson, Marcus & Millichap Real Estate Investment Brokerage Co., 1628 JFK Boulevard, Suite 1200, Philadelphia, PA 19103; 215-557-0900 or 267-940-9120, Fax 215-557-0966.
Brown Realty Advisors is a selling center located in Atlanta, GA. For more information, contact Sam L. Hale, Brown Realty Advisors, 1303 Hightower Trail, Suite 205, Atlanta, GA 30350; 770-594-1915, Fax 770-594-7068; Email: shale@brownrealtyadvisors.com.
Woolbright Development, Inc. completed the acquisition of Lantana Square, a 151,552 sq.ft. center located at the intersection of Lantana Road and Jog Road in Lake Worth, FL. The center is anchored by Walgreens, Stayin’ Alive Fitness Center, Dunkin’ Donuts and Baskin Robbins. For more information, contact Gloria Kramer, Woolbright Development, Inc. 3200 North Military Trail, Fourth Floor, Boca Raton, FL 33431; 561-989-2265; Email: gkramer@woolbright.net; Web site: www.woolbright.net.
New Plan Excel Realty Trust acquired a 94,977 sq.ft. former Wal*Mart property, adjoining a retail center it owns, in Hendersonville, TN for $4.8 million from Wal*Mart Realty Co. For more information, contact New Plan Excel Realty Trust, 420 Lexington Avenue, New York, NY 10170; 212-869-3000, Fax 212-869-3989; Web site: www.newplan.com.
Trammell Crow Co. represented Cupertino Village Associates in the sale of Cupertino Village, an Asian-influenced center located at the intersection of Wolfe and Homestead Roads in Cupertino, CA to Cupertino Village, LP, an affiliate of Kimco Realty Corp. The 114,000 sq.ft. center is anchored by 99 Ranch Market. For more information, contact Trammell Crow Co., Four Embarcadero Center, Suite 700, San Francisco, CA 94111; 415-986-1900, Fax 415-986-8131; Web site: www.trammellcrow.com.
Island Associates Real Estate, Inc. represented an undisclosed buyer in the acquisition of a land area of 20 acres at the intersection of Sunrise Highway and Church Street in Bayport, NY. The site was sold to Bayport Meadows, LLC. For more information, contact Island Associates Real Estate, Inc., 444 Route 111, Suite 1, Smithtown, NY 11787; 631-982-2100, Fax 631-982-2101; Web site: www.islandassociates.com.
Reif & Associates, Inc. is looking to acquire shopping centers of 30,000 sq.ft., apartment complexes and NNN deals nationwide. The company is looking for sites for between $2 million and $50 million with a Cap rate of 7%. For more information, contact Marnie Robinson, Reif & Associates, Inc., PO Box 796157, Dallas, TX 75379; 214-336-8661, Fax 469-633-1615; Email: propertyxpert@comcast.net.
CB Richard Ellis, Inc. represented Value Mart, LLC in the sale of Value Mart Shopping Center, a 35,842 sq.ft. center located on Davie Boulevard in Fort Lauderdale, FL for $3.7 million to East Kellogg Associates. The center is tenanted by Advanced Auto, Ferguson and Radio Shack. For more information, contact William R. Strauss or David J. Donnellan, 777 Brickell Avenue, Suite 900, Miami, FL 33131; 561-393-1615/1606; Emails: william.strauss@cbre.com and david.donnellan@cbre.com; Web site: www.cbre.com.
United Equities Corp. is selling the following two Tire Kingdom locations that are 20-year absolute net leased properties with a 7% Cap rate with rent increases: a location on Bienville Boulevard in Ocean Springs, MS for $1.49 million and a location on Highway 90 in Luling, LA for $1.054 million. For more information, contact Arnold Kramer, United Equities Corp., 2 North LaSalle Street, Suite 1776, Chicago, IL 60602; 312-332-5652 Ext. 88, Fax 312-803-9652; Email: united@ameritech.net.
Whichard Real Estate sold Port Elizabeth Center, a 226,687 sq.ft. center located in Port Elizabeth, NC to BH Properties, LLC. The center is anchored by Wal*Mart and is cotenanted by Dollar Tree and Food Lion. For more information, contact Kenneth Whichard, Whichard Real Estate, PO Box 31062, Raleigh, NC 27622; 919-786-1234, Fax 919-510-5445; Email: kwre@aol.com.
Net Leased Retail Properties is representing clients looking to acquire NNN properties nationwide from between $200,000 to $400,000. For more information, contact Shawn Jass, Net Leased Retail Properties, 1090 Joshua Way, Suite B, Vista, CA 92801; 760-734-1130 Ext. 100, Fax 760-560-1607; Web site: www.1031nnnsearch.com.
ERA is selling land areas of 3.28 acres to 10 acres on Interstate 5 in Willows, CA. Area retail includes Starbucks, Subway and Holiday Inn Express. For more information, contact Don Rogers, ERA, 3075 Cohasset Road, Suite 2, Chico, CA 95973; 530-899-4632, Fax 530-345-6381. |