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Buyers & Sellers
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Buyers & Sellers BPG Properties, Ltd. acquired Park Center Plaza, a nine-building, 600,000 sq.ft. mixed-use property located in San Jose, CA for $169 million. The company acquired the site on behalf of BPG Investment Partnership VIII and VIII A, LP from a partnership of Divco West and RREEF. Cary Commercial represented the buyer and seller. The project is comprised of 538,000 sq.ft. of office space and 62,000 sq.ft. of restaurant and retail space. For more information, contact Andrew White, BPG Properties,
Ltd.; 310-725-8431; Staubach Retail is selling Glenwood Plaza, a 220,946 sq.ft. neighborhood strip center located in Oneida, NY, for $15.9 million at a Cap rate of 8.35%. The center is 91% occupied with national tenants, including Big Lots, Advance Auto Parts, Fashion Bug, KFC, Eckerd, Rent-A-Center, Payless ShoeSource and a dark Price Chopper. For more information, contact Meghan O’Connor or David T.
Wojciechowski, Staubach Retail, 366 Madison Avenue, 5th Floor, New
York, NY 10017; 646-744-2552 or 212-710-5241; TREC Acquisitions is looking to acquire anchored, unanchored or shadow-anchored shopping centers throughout the Denver, CO market, including Aurora, Boulder, Centennial, Cherry Creek, Fort Collins, Glendale, Longmont and Meridian. Centers should have GLAs of at least 25,000 sq.ft., be built after 1995 and be priced between $10 million and $60 million. Also, the company is representing a client looking to acquire NNN CVS and Walgreens stores with Cap rates of 7%. For more information, contact Brian D. DiSalvo, TREC
Acquisitions, 2801 North Tenaya Way, Las Vegas, NV 89128; 702-851-9008 Ext. 183,
Fax 212-602-0101; Income Property Specialists is looking to enter into joint venture partnerships to acquire developments priced between $2 million and $250 million nationwide. Preferred demographics include a trade-area population of 100,000. For more information, contact Shaun Gindi, Income Property
Specialists, 1871 Folsom Street, Boulder, CO 80302; 303-441-2033 Ext. 206, Fax
303-442-8962; Grubb & Ellis | West Shell Commercial is selling
Tylersville Retail Center, an 18,558 sq.ft. project located at the intersection
of Tylersville Road and Princeton-Glendale Road/SR 747 in West Chester, OH, for
$6.25 million at a Cap rate of 7%. Tenants include Key Bank, Caribou Coffee,
Ideal Fitness and New China Restaurant. Area demographics include a population
within five For more information, contact Jeffrey E. Johnston or
Christopher B. Prosser, Grubb & Ellis | West Shell Commercial, 425 Walnut
Street, Suite 1200, Cincinnati, OH 45202; 513-562-2231/2232, Fax 513-721-0630;
Dixon and Assoc., Inc. is selling an Ace Hardware-anchored shopping center in the Seattle, WA area for $8.9 million. For more information, contact Dixon and Assoc, Inc., PO Box
2350, Renton, WA 98056; 425-255-2424, Fax 425-255-3313; Schaffer & Associates, LLC is selling a McDonald’s 20-year ground lease in Mableton, GA for $1.088 million at a Cap rate of 5.65%. The company is also selling a Starbucks 10-year ground lease in Mableton, GA for $1.443 million at a Cap rate of 6.5%. The two properties are adjacent and can be acquired separately or together. For more information, contact Jeff Schaffer, Schaffer &
Associates, LLC, 210 Sandy Springs Place, Atlanta, GA 30328; 404-255-7999, Fax
404-250-0617; Twin Rivers Capital, LLC acquired 42 acres at the intersection of Highway 52 and Cypress Gardens Road in Berkeley County, SC to develop Foxbank Towne Center, a 500,000 sq.ft. retail/office project. The center will be the centerpiece of Foxbank Plantation, an 800-acre master-planned community. Opening is slated for 2011. For more information, contact Twin Rivers Capital, LLC, 57 Hasell Street Charleston, SC 29401; 843-722-9925, Fax 843-722-9947. GVA Advantis brokered the sale of Olde Towne Marketplace, a 43,126 sq.ft. center located on London Boulevard in Portsmouth, VA, for $5.25 million. Component Capital Group sold the site to Olde Towne Marketplace, LLC. The center is anchored by Food Lion and cotenanted by Blockbuster Video. For more information, contact Cindy Mackey, GVA Advantis;
757-754-4553; Colliers Spectrum Cauble closed the $11.7 million sale of Cooper Oaks Crossing, an 86,175 sq.ft. center located on Cooper Street in Arlington, TX. The company represented the seller, Cooper Oaks, LP, in the sale to Cornerstone Cooper Oaks, LLC. Tom Thumb grocery store anchors the site with cotenants including Starbucks and AT&T. For more information, contact Joe Montgomery, Colliers
Spectrum Cauble; 404-574-1029; Re/Max Commercial is representing a client looking to
acquire sites located in eastern MA, north of Boston, for between $1 million and
$2.5 million at Cap rates of 6.5%. For more information, contact Paul Whitney, Re/Max
Commercial; 781-572-1184; Transwestern represented the seller, Romanek Properties, with the $42 million sale of a 12-property retail/office portfolio located in Champaign, IL. The portfolio totals 241,198 sq.ft., which includes The Shoppes of Knollwood. For more information regarding the Champaign portfolio,
contact Stacey Eddington, Transwestern, 1900 West Loop South, Suite 1300,
Houston, TX 77027; 713-270-3336, Fax 713-270-6285; The Goldstein Group completed the sale of a former McDonald’s situated on 1.45 acres on Route 22 West in North Plainfield, NJ. The buyer will redevelop the property into a strip center. The company represented the buyer and sellers, McDonald’s Corp. For more information, contact Chuck Lanyard, The Goldstein
Group; 201-703-9700; Skyline Developers, LLC acquired a site located at the intersection of Steinway Street and 30th Avenue in Astoria, Queens, NY for $22.5 million. Tenants include New York Sports Club, Duane Reade and Washington Mutual Bank. For more information, contact Skyline Developers, LLC, 13-15
West 54th Street, Charles Wayne Properties, Inc. is selling a 7,000 sq.ft. Advance Auto store situated on 0.87 acres at the intersection of South Main Street and Turner Street in Ashland City, TN for $1.772 million at a Cap rate of 7.1%. For more information, contact Sam Nasrallah, Charles Wayne Properties, Inc., 480 Spoonbill Lane, Melbourne Beach, FL 32951; 321-725-0051, Fax 321-725-1075. The Wiles Group of Marcus & Millichap is selling The Market Shoppes of Cleveland Avenue, a 22,720 sq.ft. neighborhood shopping center situated on 1.8 acres in Columbus, OH, for $2.225 million at a Cap rate of 8.4%. For more information, contact Erin Wiles-Patton, The Wiles
Group of Marcus & Millichap; 614-360-9035, Fax 614-474-1696; LMR Capital Advisors, LLC, a direct hedge fund, is looking to acquire or joint venture on land or new construction, mixed-use with retail and hotel components, in addition to community shopping centers, with high density throughout the Midwest; Chicago, IL and the New England states for $25 million and up. For more information, contact Michael A. Rivera, LMR Capital Advisors, LLC; 239-770-6257. |