Buyers & Sellers
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Buyers & Sellers

Lynch Realty Group is selling a 2,296 sq.ft. Chipotle Mexican Grill in Milwaukee, WI for $1.345 million. The restaurant is situated on approximately 0.33 acres located at 3232 South 27th Street. Chipotle has executed a 10-year initial lease term with two five-year options. Fixed rental increases equal to 11% are in place from lease years five and six of the initial lease term and 11% rental increases every extension option thereafter.

For more information, contact Lynch Realty Group, 20 South Clark Street, Suite 850, Chicago, IL 60603; 312-456-9620, Fax 312-456-9626; Email: info@lynchrealtygroup.com.

Divaris Real Estate, Inc. sold nine acres of land with a 104,000 sq.ft. building, formerly occupied by Hechinger/HQ at 3900 High Point Road in Greensboro, NC. The property will be used as a furniture store. So far, the company has sold 10 Hechinger/HQ stores in the following markets: Birmingham, AL; Glen Burnie, MD; Syracuse, NY; Greensboro and Fayetteville, NC; Columbus, OH; Philadelphia and Pittsburgh, PA; Greenville, SC; and Burke, Fredericksburg, Newport News and Roanoke, VA.

For more information, contact Kaniece Alexander, Divaris Real Estate, Inc., One Columbus Center, Suite 700, Virginia Beach, VA 23462; 757-497-2113, Fax 757-497-1338; Email: info@divaris.com; Web site: www.divaris.com.

Greiner-Maltz is marketing a development site at 38-01 Queens Boulevard, directly across the street from a Subway, in Long Island City, NY. The 22,500 sq.ft. site is expandable to 45,000 sq.ft. and currently contains a 24,000 sq.ft. one-story building.

For more information, contact Greiner-Maltz, 7600 Jericho Turnpike, Woodbury, NY 11797-1788; 718-928-2024; Email: arabinowitz@greinermaltz.com.

CB Richard Ellis, Inc. is marketing Crenshaw Imperial Shopping Center, a 160,281 sq.ft. center located at 11200-11350 South Crenshaw Boulevard in Inglewood, CA for $17.1 million. The center is anchored by Ralphs and Rite Aid and is tenanted by Kragen Auto, Hollywood Video, Aaron’s Sales & Lease, KFC/Taco Bell, Jack-In-The-Box and Conroy’s Flowers. The center is situated on a land area of 10.85 acres. Area demographics include a population of 165,520 within two miles earning $49,310 as the average household income. The site has an average daily traffic count of 69,338 vehicles.

For more information, contact Sam Alison or Dan V. Riley, CB Richard Ellis, Inc., 355 South Grand Avenue, Suite 3100, Los Angeles, CA 90071-1552; 213-613-3637, Fax 213-613-3630; Email: salison@cbre.com; Web site: www.cbre.com.

Coldwell Banker Commercial Realty Services brokered the sale of Village Square Shoppes, a 44,868 sq.ft. center located at 3636 High School Road in Indianapolis, IN for $1.3 million. Coldwell Banker represented Fowler Flanagan and Village Shoppes, LLC in the transaction. The center is scheduled for renovation this year. Tenants include Family Dollar and Victory Beauty. The buyer is looking for other 10,000 sq.ft. to 50,000 sq.ft. unanchored strip centers throughout the midwest.

For more information, contact Thomas English or Jim Shook Jr., Coldwell Banker Commercial Realty Services, 8888 Keystone Crossing, Suite 1225, Indianapolis, IN 46240; 317-575-9970, Fax 317-575-9972; Emails: tenglish@cbcrs.com and jshook@cbcrs.com.

The Boulder Group sold the following five properties: a 13,650 sq.ft. property on which Walgreens holds a 25-year NNN lease in Hilltop, MN for $5.195 million with a Cap rate of 7.7%; a 14,490 sq.ft. property on which Walgreens holds a 25-year NNN lease in Kokomo, IN for $4.187 million with a Cap rate of 7.6%; a 14,490 sq.ft. property on which Walgreens holds a 25-year NNN lease in Cedar Park, TX for $4 million with a Cap rate of 7.275%; a 10,125 sq.ft. property on which CVS holds an 18-year NN lease in Pleasant Grove, AL for $2.9 million with a Cap rate of 8%; and a 13,905 sq.ft. property on which Walgreens holds a 14-year NN lease in Richardson, TX for $2.85 million with a Cap rate of 8.7%.

For more information, contact Randy Blankstein, The Boulder Group, 1945 Techny, Suite 6; 847-562-0003, Fax 847-589-1217; Email: rb@1031properties.com.

Colliers Arnold Commercial Real Estate Services, Inc. negotiated the sale of a 14.2-acre retail development site at the intersection of State Route 50 and County Route 455 in Lake County, FL for $1.82 million. Lake McLeod, LLC sold the site to East Town Center, LLC, which is planning to develop a center anchored by a 44,840 sq.ft. Publix supermarket.

For more information, contact Trevor Hall or Matt Sullivan, Colliers Arnold Commercial Real Estate Services, Inc., 622 East Washington Street, Suite 300, Orlando, FL 32801; 407-843-1723, Fax 407-843-4485; Web site: www.colliersarnold.com.

Glimcher Realty Trust sold Southside Plaza, a 172,293 sq.ft. center located in Sanford, NC for $9.25 million.

For more information, contact William G. Cornely, Glimcher Realty Trust, 20 South Third Street, Columbus, OH 43215; 614-621-9000, Fax 614-621-9311; Email: grtinfo@glimcher.com; Web site: www.glimcher.com.

Sperry Van Ness sold an 87,403 sq.ft. center located at 9309-9359 Foothill Boulevard in Rancho Cucamonga, CA for $9.475 million. The center is anchored by Chuck E. Cheese, Blockbuster Video, Napa Auto Parts, Tuesday Morning and Gemmels Pharmacy. Foothill Village of Los Angeles sold the center to NNMR, LLC.

For more information, contact Brad Umansky, Sperry Van Ness, 800 North Haven, Suite 100, Ontario, CA 91764-4915; 909-466-2500, Fax 909-466-2512; Email: umanskyb@svn.com; Web site: www.svn.com.

Pan Pacific Retail Properties, Inc. acquired Pavilions Place, a supermarket-anchored community center in Huntington Beach, CA for $40.2 million. The 335,173 sq.ft. center is situated off of Interstate 405 at the intersection of Beach Boulevard and Heil Avenue. Area demographics include a population of 214,000 within three miles earning $79,000 as the average household income. The center is currently 91% leased and is anchored by Von’s Pavilions Supermarket and Target.

For more information, contact Pan Pacific Retail Properties, 1631 South Melrose Drive, Suite B, Vista, CA 92083; 760-727-1002, Fax 760-727-1430.

Holliday Fenoglio Fowler is marketing Inwood Village, a 235,666 sq.ft. lifestyle center located at the intersection of Inwood Road and Lovers Lane in Dallas, TX. The center is tenanted by Aaron Brothers, Barry Bricken, Bookstop, Cantina Laredo, Chicos, Eckerd, Gap, Gap Kids and Starbucks.

For more information, contact Jim Batjer, Holliday Fenoglio Fowler, One Lincoln Park, Suite 400, 8401 North Central Expressway, Dallas, TX 75225; 214-265-0880, Fax 214-265-1686; Email: jbatjer@hfflp.com; Web site: www.hollidayfenogliofowler.com.

Archon Group LP sold 10 former Albertsons stores, which range in size from 50,000 sq.ft. to 60,000 sq.ft., in San Antonio, TX. The buildings are all freestanding, although some are stand-alone and others are adjacent to shopping centers. Archon is the domestic real estate arm of Goldman Sachs. The company currently manages investments totaling more than $15 billion in North America, Asia and Europe.

For more information, contact Archon Group LP, 600 East Las Colinas Boulevard, Suite 400, Irving, TX 75039; 972-368-2200; Email: info@archongroup.com; Web site: www.archongroup.com.