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Buyers & Sellers
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Buyers & Sellers Horizon Properties of Miami, Inc. sold a 79,000 sq.ft. parcel located at the intersection of Premier Drive and Atlantic Boulevard in Pompano Beach, FL to Golden Corral for $1.5 million. The company is actively looking for sites throughout Dade, Broward and Palm Beach Counties in FL. For more information, contact Horizon Properties of Miami, Inc., Park West Professional Center, 7785 NW 146th Street, Miami Lakes, FL. 33016; 305-364-9945, 305-364-9980; Email: jalvarino@horizonpropertiesfl.com and jbenes@horizonpropertiesfl.com
Reza Investment Group completed the sale of Lancaster Village, a center located at 1001 West Avenue I in Lancaster, CA to JRP Management Co., LLC for $7.25 million. The center consists of approximately 44,930 sq.ft. of retail space and is anchored by Vallarta Supermarket, which was not part of the sale. Cotenants include Subway and Winchell’s Donuts. For more information, contact REZA Investment Group, 3 Park Plaza, Ste. 550, Irvine, CA 92614; 949-833-3380; 949-833-3382; Web site: www.gowithreza.com.
Pennsylvania Real Estate Investment Trust executed an agreement to acquire The Gallery at Market East II located in Philadelphia, PA for $32 million. The company is scheduled to complete the acquisition of the 328,000 sq.ft. center during the second quarter of this year. The Gallery at Market East II is part of The Gallery at Market East, the largest retail complex in downtown Philadelphia, which is anchored by Strawbridge’s, Big Kmart and Burlington Coat Factory. The Gallery at Market East II is anchored by Burlington Coat Factory and currently has 51 inline tenants, including Old Navy, Foot Locker, Bath & Body Works, Limited, Express and Lerner. For more information, contact Pennsylvania Real Estate Investment Trust, 200 South Broad Street, Philadelphia, PA 19102-3803; 215-875-0700, Fax 215-546-7311; Web site: www.preit.com.
Coyote Management, L.P. acquired Tulsa Promenade Mall, a 928,000 sq.ft. mall located in Tulsa, OK from Connecticut General Life Insurance Co. The mall is anchored by Dillard’s, Foley’s, JCPenney and Mervyn’s and includes over 100 specialty stores and a 12-screen theater. Demographics include a trade-area population of 500,000 earning $67,000 as the average household income. For more information, contact Kymberley Woodard, Coyote Management, L.P., 16475 Dallas Parkway, Suite 250, Addison, TX 75001; 972-248-9375, Fax 972-248-0871; Email: coyote97@swbell.net; Web site: www.coyotemanagement.com.
NewBridge Retail Advisors is marketing Randall Park Mall, a 1.4 million sq.ft. regional mall located near the intersection of Interstate 480 and Highway 422 in Randall Park, OH. The mall is anchored by Sears, Kaufmann’s, Burlington Coat Factory and Magic Johnson’s/Loews Theaters and is situated on a land area of 60 acres. For more information, contact Gary Saykaly or Lynn Leonard, NewBridge Retail Advisors, Inc., Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588.
CBL & Associates Properties, Inc. acquired Volusia Mall, a 1,064,768 sq.ft. mall located across from Daytona International Speedway in Daytona, FL for $64 million in cash and the assumption of a $55 million non-recourse loan at an interest rate of 6.70%, which matures in 2009. The mall is currently 89.4% occupied and is anchored by Burdines, Dillard’s, JCPenney and Sears. The company also acquired Honey Creek Mall, a 680,890 sq.ft. mall located at the intersection of Interstate 70 and U.S. Highway 41 in Terra Haute, IN for $50 million in cash and the assumption of a $33 million non-recourse loan at an interest rate of 6.95%, which matures in 2009. The center is anchored by Elder-Beerman, LS Ayres, JCPenney and Sears. For more information, contact CBL & Associates Properties, Inc., CBL Center, Suite 500, 2030 Hamilton Place Boulevard, Chattanooga, TN 37421-6000; 423-855-0001, Fax 423-490-8662; Web site: www.cblproperties.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is marketing Mercede Executive Park, a 135,000 sq.ft. mixed-use retail/office center located at 1802 University Drive in Plantation, FL for $15.75 million. The property consists of three office buildings and four retail buildings, is situated on a land area of 8.7 acres and is 92% occupied. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 5900 North Andrews Avenue, Suite 100, Fort Lauderdale, FL 33309; 954)-463-2400, Fax 954-463-9222; Web site: www.marcusmillichap.com.
Coldwell Banker Commercial Realty Services represented Lakewood Shops, LLC in the acquisition of Lakewood Shops, a 12,000 sq.ft. center located in Indianapolis, IN for $1.225 million. For more information, contact Kurt Mathewson, Coldwell Banker Commercial Realty Services, 8888 Keystone Crossing, Suite 1225, Indianapolis, IN 46240; 317-575-9970, Fax 317-575-9972; Email: kmathewson@cbcrs.com.
CB Richard Ellis, Inc. represented Hamilton Partners in the sale of Elk Grove Town Center, a 131,849 sq.ft. center located at the intersection of Arlington Heights Road and Biesterfield Road in Elk Grove Village, IL to New Plan Excel Realty Trust. The center is anchored by Dominick’s Finer Foods and Walgreen’s. The company also completed the sale of nine retail sites totaling over 200,000 sq.ft. located in the Chicago, IL area for Shell Oil Products. Equilon Enterprises, LLC sold the nine properties as a package with an undisclosed value. The buyer was Interra Equities, which plans to redevelop the properties into retail sites. The facilities are located at 1600 South Central in Cicero; 3965 West Grand Avenue in Chicago; 17701 South Torrence in Lansing; 801 West Dundee in Wheeling; 2 East Rand in Mt. Prospect; 11500 South Crawford in Alsip; 201 East Lake in Bloomingdale; 9701 South Cicero in Oak Lawn and 13458 South Cicero in Crestwood. For more information, contact Starr Argyrakis, CB Richard Ellis, Inc., 311 South Wacker Drive, Suite 400, Chicago, IL 60606; 312-935-1400, Fax 312-935-1880; Email: starr.argyrakis@cbre.com; Web site: www.cbre.com.
Longford Properties is selling Longford at Tropicana located at the intersection of Tropicana and Hualapai in Las Vegas, NV. The site includes 200,000 sq.ft. of retail pads and office buildings and is situated on a land area of 12 acres. Area retail includes Wal*Mart Supercenter, Lowe’s Home Improvement, Target and Mervyn’s. Area demographics include a population of 131,293 within five miles earning $63,973 as the average household income. The company also is selling Longford at Lake Mead located at the intersection of Lake Mead and Pink Rose in Las Vegas, NV with an average daily traffic count of 22,000 vehicles. The site is situated on a land area of seven acres. Area demographics include a population of 155,181 within five miles earning $48,591 as the average household income. For more information, contact Sherri Green, Longford Properties, 3077 East Warm Springs Road, Las Vegas, NV 89120; 702-454-5300, Fax 702-454-1376; Email: sgreen@longfordproperties.net; Web site: www.longfordproperties.net. |