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Buyers & Sellers
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Buyers & Sellers Mid-America Real Estate Corp. coordinated the sale of Hoffman Village Shopping Center, a 158,313 sq.ft. center located at the intersection of Golf Road and Barrington Road in Hoffman Estates, IL. The center is anchored by Dominick’s Finer Foods and Putting Edge and is cotenanted by Blockbuster Video, Washington Mutual, GNC, Radio Shack and Creative Scrapbooks. The center was 93% occupied at the time of the sale. 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.
Madison Marquette acquired Monroe Mall, a 350,000 sq.ft. center located in Monroe, NC. The company also announced plans to enhance the appeal of the property through an extensive rehabilitation and repositioning program. The center is anchored by Belk, Sears, JCPenney and Peebles and is cotenanted by Pacific Sunwear, Bath & Body Works, Walden Books, GNC, Radio Shack and Hibbett Sporting Goods. For more information, contact Madison Marquette, 1850 M Street NW, 12th Floor, Washington, DC 20036; 202-741-3800, Fax 202-741-3801; Web site: http://www.madisonmarquette.com.
Sandor Development Co. sold the following two sites: West Burlington Commons, a 12,000 sq.ft. center located in West Burlington, IA for $2.61 million and an 11,800 sq.ft. space located in Bluffton, IN for $2.49 million. For more information, contact Jackie Corgan, Sandor Development Co., 2220 North Meridian Street, Indianapolis, IN 46208; 317-925-9011; Web site: www.sandordev.com.
Richman Realty Associates is selling a number of single-tenant properties, including Walgreens, fast food locations, ground leases, banks, convenience stores and land parcels. 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.
Edens & Avant acquired Toco Hills Promenade Shopping Center, a 154,000 sq.ft. center located near the intersection of North Druid Hills Road and La Vista Road in Atlanta, GA. The center is anchored by a 52,000 sq.ft. Publix and has 30 other tenants. For more information, contact Edens & Avant , 900 Bank of America Plaza, 1901 Main Street, Columbia, SC 29201; 803-779-4420, Fax 803-765-0684; Web site: www.edensandavant.com.
Marcus & Millichap Real Estate Investment Brokerage Co. sold Colony Plaza Shopping Center, an 86,450 sq.ft. center located on Highway 6 in Sugar Land, TX for $15.366 million with a Cap rate of 7.74%. The center is tenanted by Wel-Farm Grocery, Café East Restaurant, Southwestern National Bank and TA Traders. Area demographics include a population of 180,000 within five miles earning $100,000 as the average household income. The site has an average daily traffic count of 21,500 vehicles. The company’s Las Vegas, NV office is marketing Fort Apache Commons Park, a 43,757 sq.ft. center located on South Fort Apache Road at the intersection of Fort Apache and West Charleston Boulevard in Las Vegas, NV for $27.5 million. The site has an average daily traffic count of 100,000 vehicles. Tenants include Fast Frame, Equity Title, LV Skin Clinic and Evolve Salon. The company’s Chicago, IL office is marketing Canfield Plaza, a 100,992 sq.ft. center located in Canfield, OH for $13.945 million. The center is situated on a land area of 14.48 acres and is located on East Main Street. Tenants include Giant Eagle, Radio Shack, Farmer’s National Bank, Dollar Tree, Advance America and UPS Store. For more information contact Marcus & Millichap Real Estate Investment Brokerage Co., 14185 Dallas Parkway, Suite 650, Dallas, TX 75254; 972-755-5200, Fax 972-755-5210; Web site: www.marcusmillichap.com. For more information regarding Fort Apache Commons Park, contact Marcus & Millichap Real Estate Investment Brokerage Co., 3993 Howard Hughes Parkway, Suite 300, Las Vegas, NV 89109; 702-215-7100, Fax 702-215-7110. For more information regarding Canfield 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.
The Staubach Co. represented Regency Centers Corp. in the sale of Trussville, a 56,563 sq.ft. center located on the south side of Main Street, just east of the intersection with Chalkville Road, in Trussville, AL, to Engle Realty Co., Inc. The center is anchored by Food World, CVS, Tuesday Morning and Verizon Wireless. The company also represented First Horizon Bank in the acquisition of a 1.069-acre site located at the intersection of Oakmont and Harris in Fort Worth, TX from Vertex Asset Partners, LP. For more information, contact The Staubach Co., 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 800-944-0012; Email: info@staubach.com; Web site: www.staubach.com.
C&K Properties is looking for a 1031 exchange property for between $20 million and $40 million. The company prefers office buildings/retail, shopping centers and single or multi-tenanted properties. For more information, contact Meir Cohen, C&K Properties, 675 Third Avenue, Suite 2400, New York, NY 10017; 212-279-9000 Ext. 202, Fax 212-604-0057; Email: meirc@candkproperties.com.
Friedman Real Estate Group, Inc. negotiated the sale of Shops at Sterling Ponds, a 144,174 sq.ft. center located at the intersection of Van Dyke Avenue and 14 Mile Road in Sterling Heights, MI. The sale includes 107,741 sq.ft. of inline space and 36,433 sq.ft. of six restaurant pad sites. The restaurants include McDonald’s, Don Pablo’s, Papa Vinos, T.G.I. Friday’s, IHOP and Joe’s Crab Shack. The center was acquired by B/K/G Development, LLC, a local division of Burton Katzman. For more information, contact Friedman Real Estate Group, Inc., 34975 West Twelve Mile Road, Farmington Hills, MI 48331; 248-324-2000, Fax 248-848-4141; Email: samantha.moffett@freg.com; Web site: www.friedmanrealestate.com.
Ray Schneider Co. is selling a site located at the intersection of 59th and West Northern in Phoenix, AZ. The site is an outparcel situated on a land area of 2.46 acres in a center anchored by Lowe’s Home Improvement and Wal*Mart. The lease on the property is for 20 years with 10% bumps every five years. The property is being listed at $5.952 million with a Cap rate of 6.25%. For more information, contact Jason Hisey, Ray Schneider Co., 6850 North Oracle, Tucson, AZ 85719; 520-331-3533; Email: jhisey@fastmail.fm.
Net Leased Investment Co. is selling a 6,446 sq.ft. freestanding building located on North County Road West in Odessa, TX for $857,150 with a Cap rate of 7%. The building is situated on a land area of approximately 30,800 sq.ft. The lease terms has four, five-year options with 10% increases in each option period. The company also is selling a 2,655 sq.ft. building located on Gandy Boulevard for $1.44 million with a Cap rate of 7.5% The lease term is for 20 years NNN with 10% increases every five years. For more information, contact Bob Fraser, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775; Email: bobfraser@netleased.com; Web site: www.netleased.com.
KMO Development Group, Inc. is selling a 22-acre site located at the intersection of Joe Harvey Boulevard and Grimes in Hobbs, NM. The site is located directly across the street from Home Depot and Wal*Mart Supercenter. For more information, contact Grant Stewart, KMO Development Group, Inc., 224 East 8th Street, Tulsa, OK 74119; 918-743-3456, Fax 918-743-4084; Emails: gstewart@kmodevelopment.com and office@kmodevelopment.com; Web site: www.kmodevelopment.com.
Developers Diversified Realty is looking to acquire open-air centers and lifestyle centers from 250,000 sq.ft. to one million sq.ft. nationwide for a minimum of $25 million. The company prefers that the centers be anchored by national tenants such as Wal*Mart, Target, Home Depot, Lowe’s Home Improvement and major or national supermarkets. 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.
Stiles Corp. acquired Marketplace at Altamonte, a 335,523 sq.ft. center located at the southeast corner of Interstate 4/State Road 436 interchange in Altamonte Springs, FL. Blackrock Retail Property Advisors, LLC brokered the transaction. The center is currently 100% leased and is anchored by T.J. Maxx, Linens ‘n Things, Ross Dress For Less, Burlington Coat Factory, CompUSA and Gold’s Gym. The property includes two outparcel buildings, including Lane Furniture and Peoples First Community Bank. For more information, contact Stiles Corp., 300 SE 2nd Street, Fort Lauderdale, FL 33301-1907; 954-627-9200, Fax 954-627-9399; Email: retail@stiles.com; Web site: www.stiles.com.
Grubb & Ellis Co. is selling Walnut Hills Plaza, a 39,701 sq.ft. center located on Amar Road in Walnut, CA for $14.15 million. The center is anchored by Albertsons. The company also is selling a center located on Redondo Avenue in Long Beach, CA. The center is anchored by Albertsons. For more information, contact Callie Goforth, Grubb & Ellis Co., 1100 Glendon Avenue, Suite 900, Los Angeles, CA 90024; 310-235-2921; Email: callie.goforth@grubb-ellis.com.
Cushman & Wakefield represented Seagis Property Group in the acquisition of a mixed-use building located on the Route 1 corridor in North Brunswick, NJ from Permacel, Inc. for $7.8 million. For more information, contact Cushman & Wakefield, 51 West 52nd Street, New York, NY 10019-6178; 212-841-7500, Fax 212-841-5002.
Real Estate USA is representing a client looking to acquire a passive NNN investment, preferably credit grade in either CA, OR or WA for $1 million to $2 million with a Cap rate of 7%. The client prefers at least 10 years left on the lease. For more information, contact Morris Montgomery, Real Estate USA, 7024 Alderwood Court, Suite B, Lacey, WA 98503; 360-412-1501, Fax 360-252-8866.
Sperry Van Ness completed the sale of Samantha Upland Center, a 5,500 sq.ft. center located on West Foothill Boulevard, near the 210 Freeway, in Upland, CA for $3.1 million. The company represented Wu Investments, while RE/MAX represented the buyer, Corelsun, LLC. The property sold at a 5.4% Cap rate. The building is situated on a land area of 0.46 acres and is tenanted by Pizza Hut, Yoshinoya and National Vision. For more information, contact David Ebeling or Megan Monfort, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100 Fax 949-251-9200; david.ebeling@svn.com and megan.monfort@svn.com.
Hanley Brown Group Real Estate Advisors represented the buyer and seller in the sale of Palmdale Village Plaza, a 27,455 sq.ft. center located at the intersection of East Avenue S and 25th Street East in Palmdale, CA for $6.975 million. The center is currently 100% occupied and is tenanted by Rite Aid, McDonald’s, Kentucky Fried Chicken, H&R Block, Sally Beauty, Subway and Spudnuts Donuts. For more information, contact Hanley Brown Group Real Estate Advisors, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7610, Fax 949-585-7611; Email: info@hanleybrown.com.
DJM Asset Management is selling a 2,500 sq.ft. Burger King restaurant located on East North Street in Greenville, SC for $825,000. The building is situated on a land area of 1.1 acres. Area retail includes McDonald’s, Papa John’s, Baskin-Robbins, Gold’s Gym, Tuesday Morning and Palmetto Bank. The company also is selling Kmart Plaza, a 106,491 sq.ft. center located on Overseas Highway in Marathon, FL. The company also is selling a 48,468 sq.ft. center located at the intersection of East McCulloch Road and Lockwood Boulevard in Oviedo, FL. The center is situated on a land area of 16.10 acres. The company also is selling a 50,839 sq.ft. former SaveRite Supermarket located on Walt Stephens Road in Stockbridge, GA. For more information, contact DJM Asset Management, 445 Broad Hollow Road, Suite 417, Melville, NY 11747; 631-752-1100, Fax 631-752-1231.
Baum Realty Group, Inc. arranged the sale of a 39,600 sq.ft. building located on West Cermak in Chicago, IL. The property is 100% occupied by a Wickes Furniture store. It was acquired for $2.55 million by a private investor. For more information, contact Baum Realty Group, Inc., 1030 West Chicago Avenue, Suite 300, Chicago, IL 60622; 312-666-3000, Fax 312-666-7970.
Metro Commercial Real Estate, Inc. is selling the following Burger King locations: a 2,500 sq.ft. restaurant located in Pennsauken, NJ for $1.44 million with a Cap rate of 6.25% and a 2,520 sq.ft. restaurant located in Philadelphia, PA for $1.6 million with a Cap rate of 6.25%. For more information, contact Gregory Jones, Metro Commercial Real Estate, Inc., Eight Tower Bridge, 161 Washington Street, Suite 375, Conshohocken, PA 19428; 610-260-2673, Fax 610-825-5156; Email: gjones@metrocommercial.com.
Faris Lee Investments sold County Fair Mall, a 400,000 sq.ft. mall located at the intersection of East Gibson and East Street in Woodland, CA for $15.1 million. The company represented the seller, Triple Net Properties. The center is situated on a land area of 35.23 acres and was 100% occupied at the time of the sale. Anchors include Gottschalks, Mervyns, Target and JCPenney. Cotenants include Foot Locker, Radio Shack, Citiwear, Pacific Sunwear, Washington Mutual and Cinemark Movie 5, as well as a variety of specialty stores and restaurants. For more information, contact Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Email: info@farislee.com; Web site: www.farislee.com.
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