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Buyers & Sellers
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Buyers & SellersForest City Development sold the Canton Centre Mall in Canton, OH to Bankers Trust Corp. to satisfy debts that total over $20 million. The 700,000 center has Montgomery Ward and General Cinemas leaving the project and was built in 1965. The company had sold its interest in Rolling Acres Mall in Akron, OH to Bankers Trust over a year ago, but continues to own part of Chapel Hill Mall in Akron, OH. For more information contact Duane Bishop, 1100 Terminal Tower, 50 Public Square, Cleveland, OH 44113; 216-623-4750; Fax 216-263-6208.
Center Trust, Inc. completed the sale of two neighborhood centers in the western states. The aggregate sales price was $29.1 million. The properties included in the transaction are: the 104,000 sq.ft. Westgate North in Tacoma, WA and the 169,000 sq.ft. Madera Marketplace in Madera, CA. The company will pay $15.1 million in debt on the centers and apply the proceeds to the outstanding balance on the company’s secure credit facility. For more information contact Center Trust, Inc., 3500 Sepulveda Boulevard, Manhattan Beach, CA 90266; 310-546-4520; Fax 310-545-8455.
Ed Killian has the listing to sell 12 centers in TX and FL. The entire package is available for $35.4 million at a 9% CAP rate and all centers are located in front of Super Wal*Mart stores. The sites are NNN-leased and good for 1031 exchanges. Financing is available and individual prices range from $928,533 to $10.7 million. The centers may be mixed and match to fit a 1031 criteria. For more information contact Ed Killian, 775-329-8833; E-mail: killianco@aol.com.
Ramsey Real Estate Group is looking to acquire existing buildings and/or land suitable for development or redevelopment. The company has just completed the redevelopment of Prospect Square in La Jolla, CA. For more information contact Jeffrey T. Ramsey, Ramsey Real Estate Group, 750 B Street, Suite 2870, San Diego, CA 92101-8132; 800-685-7734; Fax 800-685-8350.
Walpert Properties acquired the 50,445 sq.ft. French Village Square in Memphis, TN. The transaction price was $1.6 million and the center is anchored by a 9,900 sq.ft. Roy Good Appliance City. The center is located near the intersection of Summer Avenue and Graham Road and the seller was the Sol I. Jaffe Trust. For more information contact Patty Riney, Walpert Properties, 11457 Olde Cabin Road, Suite 200, St. Louis, MO 63141; 314-567-1221; Fax 314-567-9289.
Shopping Center Realty Corporation has the listing to sell the 20,000 sq.ft. Blockbuster Plaza in Phillipsburg, NJ. The center is located on Route 22 and is anchored by Blockbuster, Sherwin Williams and H&R Block. The company also has the listing to sell the 14,500 sq.ft. Autozone Plaza in Waterbury, CT. The center is fully occupied. The company also has the listing to sell two 4,000 sq.ft. buildings tenanted by The Vitamin Shoppe and Mattress Liquidators in Levittown, NY. The sites are located on Hempstead Turnpike, which has one of the highest average daily traffic counts on Long Island. For more information contact Brian Moss, 203-629-1919; Fax 203-629-1931.
Hunington Properties, Inc. has the listing to sell 45 EZ Pawn freestanding locations in TX, FL, CO and OK. The properties are sale-lease back transactions. The NNN leases offered are for a 15-year primary term with a 10% increase every five years. Prices range from $200,000 to $500,000. For more information contact Sandy P. Aron, Hunington Properties, Inc., 109 North Post Oak Lane, Suite 550, Houston, TX 77024; 713-623-6944; Fax 713-963-9329; Web site: www.hpiproperties.com.
Royalton Investment Group acquired the 124,000 sq.ft. Bradford Plaza Shopping Center in West Chester, PA. The seller was Wellsford Capital Properties, LLC and the deal was brokered by Staubach Retail Services. The center is located southwest of Philadelphia and is anchored by a 42,500 sq.ft. Giunta’s Thriftway and a 10,800 sq.ft. CVS Drugstore. The center has three available outparcels. The company is also seeking to acquire retail properties in the midwest, mid-atlantic and southeast states. For more information contact Adam M. Lutz, Royalton Investment Group, 31000 Northwestern Highway, Suite 220, Farmington Hills, MI 48334; 248-539-7800 ext. 110; Fax 248-539-8833.
CB Richard Ellis brokered the sale of 0.8 acres to Delizioso, Inc. in Adrian, MI. The company will open its eighth Fazoli’s Italian Restaurant in northwest OH/southeast MI. CB Richard Ellis has the listing to sell four outparcels at Crossroads-Worthington in Worthington, OH. The sites are ideal for restaurants. The company also has the listing to sell a thirty-acre site at Interstate 270 and Georgesville Road in Columbus, OH. The project has outparcels on Georgesville Road, a signalized entrance and lots with Interstate 270 frontage. For more information about the MI property contact Harry Ong or Denise Zyndorf, CB Richard Ellis, P.O. Box 351150, Toledo, OH 43635; 419-861-1100; Fax 419-861-1170. For more information on the OH properties contact Brenda Newman or Zac Kirk, CB Richard Ellis, 200 East Campus Boulevard, First Floor, 614-847-1492; Fax 614-847-1327.
Ramco-Gershenson Properties Trust sold the 210,000 sq.ft. Athens Town Center in Athens, AL. The transaction price was $8.4 million. For more information contact Ramco-Gershenson Properties Trust, 27600 Northwestern Highway, Suite 200, Southfield, MI 48034; 248-350-9900; Fax 248-350-9925.
Goldman Retail Associates have the listing to sell a 52,000 sq.ft. parcel located on North Lake Avenue in Altadena, CA. The site is at a signalized intersection and owned by Rite Aid. The asking price is $1.5 million and the property does not have drive thru possibilities. For more information contact David Goldman, Goldman Retail Associates, 1640 South Sepulveda Boulevard, Suite 112; Los Angeles, CA 90025; 310-235-0444; Fax 310-996-2328.
NewMark Merrill Companies acquired the 83,621 sq.ft. Bristol Warner Village in Santa Ana, CA. The center is anchored by the 99 Cent Only Store, Kragen Autoparts, Wherehouse and Chevron and is located at the intersection of Bristol and Warner Avenues. Marcus & Millichap brokered the transaction and NewMark Merrill plans to remodel the center later this year. Area demographics include a population of 35,000 residing in a one-mile radius and an average daily traffic count of 65,000 vehicles. For more information contact Kristine Everly, NewMark Merrill Companies, 18801 Ventura Boulevard, Suite 300, Tarzana, CA 91356; 818-996-0700; Fax 818-996-0760.
Marcus & Millichap has the listing to sell a 20-year NNN-leased Eckerd Drugs location in FL. The site is located at an intersection featuring Home Depot and Winn-Dixie. The asking price is $3,375,000. The company also has the listing to sell two 20-year NN-leased Rite Aid locations in Hampton and Front Royal, VA. Rent increases are included in the leases and financing is available. The asking prices are $2.7 million and $2.875 million at a 10.8% CAP rate. For more information contact Lori Schneider, Marcus & Millichap, 110 Southeast Sixth Street, Suite 2450, Fort Lauderdale, FL 33301; 954-463-2400 ext. 110; Fax 954-463-9222. |