Buyers & Sellers
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Buyers & Sellers


Developers Diversified Realty Corp. and Coventry Retail Partners sold The Village Shoppes of Salem, a 170,336 sq.ft. center located one mile south of The Mall at Rockingham Park on Route 28 in Salem, NH, to the Auxxi Trust 2002. The center is anchored by Best Buy, Linens ‘n Things, Michaels and CompUSA. Spaulding & Slye Colliers brokered the transaction.

For more information, contact Michelle Mahue, Developers Diversified Realty Corp., 3300 Enterprise Parkway, Beachwood, OH 44122; 216-755-5500, Fax 216-755-1500; Web site: www.ddrc.com.

The Bragg Family Trust and The Norton Family Trust, with representation by Flocke & Avoyer Commercial Real Estate, sold Boulevard Plaza, a 12,558 sq.ft. center located at 2800-2828 El Cajon Boulevard in San Diego, CA to Leist Survivor Trust for $2.21 million.

For more information, contact Brian J. Quinn, Flocke & Avoyer Commercial Real Estate, 3131 Camino Del Rio North, Suite 190, San Diego, CA 92108; 619-280-2600, Fax 619-280-3311; Web site: www.flockeavoyer.com.

Washington Real Estate Investment Trust acquired the Centre at Hagerstown, a 326,846 sq.ft. center located at the intersection of Interstate 81 and U.S. Route 40 in Hagerstown, MD for $41.7 million. The center is 98% leased and is anchored by Wal*Mart, Home Depot, Borders Books & Music, Marshalls, A.C. Moore, OfficeMax, Bed Bath & Beyond, PetsMart, Circuit City and Dick’s Sporting Goods.

For more information, contact Marie Donohue, Washington Real Estate Investment Trust, 6110 Executive Boulevard, Suite 800, Rockville, MD 20852; 301-255-0802; Web site: www.writ.com.

Weingarten Realty Investors acquired Lake Washington Square, a 112,000 sq.ft. center located at the intersection of Wickham Road and Lake Washington Road in Melbourne, FL from Lake Washington Square, Ltd. The sales price was not disclosed. The center is 98% leased and is anchored by Albertson’s and cotenanted by Tuesday Morning, TCBY and Sally Beauty Supply. The company also acquired Westminster Plaza, a 91,300 sq.ft. center located at the intersection of 72nd Avenue and Federal Boulevard in Westminster, CO. The center is 98% leased and is anchored by a 56,000 sq.ft. Safeway and cotenanted by Blockbuster Video, GNC and Checker Auto.

For more information, contact Tracy Pursell, Weingarten Realty Investors, PO Box 924133, Houston, TX 77292-4133; 713-866-6050, Fax 713-866-6993; Web site: www.weingarten.com.

The Hayman Co. acquired the 260,000 sq.ft. The Forum at Gateways Shopping Center located in Sterling Heights, MI. The center is anchored by Wal*Mart and Farmer Jacks and is cotenanted by Blockbuster Video, Payless Shoes, Radio Shack and Hallmark.

For more information, contact Andrew E. Hayman, The Hayman Co., 5700 Crooks Road, Suite 400, Troy, MI 48098; 248-879-7777, Fax 248-879-2430; Email: andrew@haymanco.com; Web site: www.haymancompany.com.

CB Richard Ellis sold a 26,000 sq.ft. CompUSA store located in Roseville, CA to a private investor. The company also sold a 7,000 sq.ft. Advance Auto Parts store located in Lubbock, TX to a private investor.

For more information, contact Gregory M. Dalton or Mary J. Chyzy, CB Richard Ellis, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-2400, Fax 916-781-4870; Emails: gdalton@cbre.com or mchyzy@cbre.com; Web site: www.cbre.com/daltonteam.

Advantis Real Estate Services Co. sold the Terrace Ridge Shopping Center, a 100,000 sq.ft. Publix-anchored center located in Tampa, FL.

For more information, contact Brad Luger, Advantis GVA, 4300 West Cypress Street, Suite 1000, Tampa, FL 33607; 813-342-4707, Fax 813-342-4015; Web site: www.advantisgva.com.

Arizona Partners Retail Investment Group, LLC is looking to acquire centers in AZ, CA, CO, NM, NV and UT. The company prefers sites of at least 100,000 sq.ft. priced between $8 million and $50 million that are at least seven years old.

For more information, contact Sam Librizzi, Arizona Partners, 3200 North Central Avenue, Suite 2450, Phoenix, AZ 85012; 480-368-0111, Fax 602-266-6116; Web site: www.arizonapartners.com.

Transwestern Investment Co. is seeking investment opportunities nationwide for urban and in-fill retail properties in pedestrian retail environments. The company prefers redevelopment, remerchandising and lease-up opportunities, larger single asset sites of at least $20 million and portfolios ranging from $50 million to $300 million of community center assets with value-added opportunities. The company also is seeking a three-year to five-year holding horizon, 100% purchase, joint ventures and equity funding for developments and redevelopments.

For more information, contact James A. Stolpestad II, Transwestern Investment Co., 150 North Wacker Drive, Suite 800, Chicago, IL 60606; 312-499-1900, Fax 312-499-1901.

The Oxford Group is looking to acquire strip centers with GLAsP of at least 50,000 sq.ft. and vacant freestanding anchor stores in AL, AR, AZ, CO, KS, MI, MS, NM, OK and UT for at least $3 million. The company will consider all cash payments or assumption of existing financing and/or seller financing.

For more information, contact Rhonda K. Martin, The Oxford Group, 7001 Preston Road, Suite 200/LB 18, Dallas, TX 75205; 214-520-2800, Ext. 103, Fax 214-520-2878; Email: moxford@pilchers.com.

Marcus & Millichap Real Estate Investment Co. is selling Ridge Hudson Plaza, Stutson Bridge Plaza and Airport Plaza in Rochester, NY for $13 million. The three centers total 171,496 sq.ft., have NNN leases with scheduled increases, a total NOI of $1.2 million and have 2.5 acres of expansion land.

For more information, contact Kristen Bacorn or Richard Tola, Marcus & Millichap, 270 Madison Avenue, New York, NY 10016; 646-254-0727 for Kristen Bacorn or 646-254-0729 for Richard Tola, Fax 646-349-2362.

Inland Retail Real Estate Trust, Inc. has acquired the freestanding Bass Pro Shops Outdoor World in Dania, FL from Tanger Factory Outlet Stores, Inc. for $18.2 million. The 165,000 sq.ft. adventure, educational and interactive retail sporting goods concept store also has a restaurant and sushi bar on site. The property has a Cap rate of 8.79% based on an annual NOI of $1.6 million.

For more information, contact Rick Fox, Inland Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 50523; 630-218-8000, Ext. 4896; Web site: www.inlandgroup.com.

Trans State International, Inc. is selling a 175,000 sq.ft. center in GA, anchored by Goody’s, Office Depot, Ingles, Big Lots and Blockbuster Video. The company also is selling a 137,000 sq.ft. Kroger-anchored center in MO for $30 psf.

For more information, contact Trans State International, Inc., 4333 Mayhew Avenue, Suite 100, Cincinnati, OH 45238; 513-251-9600, Fax 513-251-9602; Email: www.transstateintl@aol.com.

Friedman Real Estate Group is selling the Mill Creek Shopping Center, a 131,386 sq.ft. center located at 5038 Miller Road in Flint Township, MI. The site is directly across from Genesee Valley Mall. The company also is selling Bonker & Playland located at G-5290 Sout Dort Highway in Grand Blanc Township, MI. The 15-acre site is zoned general commercial and allows for big box retail use.

For more information, contact David B. Friedman, Friedman Real Estate Group, 3200 Northwestern Highway, Suite 100, Farmington Hills, MI 48334; 248-737-3600; Email: davidf@freg.com; Web site: www.friedmanrealestate.com.