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Buyers & Sellers
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Buyers & Sellers The Macerich Co. acquired the Inland Center in San Bernardino, CA for $63.3 million. The acquisition was done in a 50/50 joint venture with Walton Inland Investors IV. Concurrent with the closing, a $54 million loan at a 4.64% fixed rate was placed on the property. Inland Center is a one million sq.ft. super-regional mall anchored by Sears, Robinson-May, Macy’s and Gottschalks. For more information, contact Arthur Coppola or Thomas E. O’Hern, The Macerich Co., 401 Wilshire Boulevard, Suite 700, Santa Monica, CA 90401; 310-394-6000, Fax 310-395-2791; Web site: www.macerich.com.
Spectrum Realty Advisors is selling, on behalf of Northridge Capital, Inc., Northridge Shopping Center, a 75,792 sq.ft. center located in Dunwoody, GA. The company also is selling, on behalf of Wallace Properties, LLC, Wallace Pointe, a 66,000 sq.ft. center located in Wallace, NC. For more information, contact Joe Montgomery, Katherine Isakson or Jon Barry, Spectrum Realty Advisors, 5871 Glenridge Drive, suite 400, Atlanta, GA 30328; 404-252-2288, Fax 404-252-8666.
Sperry Van Ness is selling Rogers Plaza Town Center, a 334,054 sq.ft. supermarket-anchored center located in Grand Rapids, MI for $26 million. A $10 million renovation has just been completed. There are pad sites available. For more information, contact Joseph French, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-251-4126; Email: frenchj@svn.com.
NewMark Merrill Cos. acquired Town Plaza Center, a 134,510 sq.ft. center located along the 15 Freeway at the intersection of Rancho California Road and Ynez Road in Temecula, CA. The center is anchored by Orchard’s Marketplace, a 10-screen stadium seating Sanborn Theaters, Armstrong Garden Center, Starbucks and The UPS Store. The center was acquired from Arden Realty. The site has an average daily traffic count of 250,000 vehicles. The center also contains 49,690 sq.ft. of shop space built around a courtyard center. For more information, contact Adrienne Shaffer, NewMark Merrill Cos., 5850 Canoga Avenue, Suite 650, Woodland Hills, CA 91367; 818-710-6100, Fax 818-710-6116; Web site: www.newmarkmerrill.com.
Edens & Avant Real Estate Services brokered the sale of Waynesville Plaza, a center located on U.S. Highway 19/23 in Waynesville, NC. The center is anchored by a 25,000 sq.ft. Food Lion and an 8,300 sq.ft. Dollar General. The company also brokered the sale of Lexington Village, a 30,764 sq.ft. center located on U.S. 378 in Lexington, SC. The center is tenanted by Sansbury Opticians, Educational Wonderland, TCBY Yogurt and Ritz Camera. The full-leased center was acquired by Milestone Properties, Inc. For more information, contact Phillip White, Edens & Avant, 900 Bank of America Plaza, 1901 Main Street, Columbia, SC 29201; 803-779-4420, Fax 803-765-0684; Web site: www.earealestateservices.com.
Grubb & Ellis Co. is selling a 57,106 sq.ft. former Furr’s Supermarket located at 9400 Dyer Street in El Paso, TX for $1.5 million. The building is situated on a land area of 6.63 acres. Area retail includes Northgate Mall, a 220,000 sq.ft. center anchored by Walgreens. For more information, contact Ken McLeod, Grubb & Ellis Co., 1100 Glendon Avenue, Suite 900, Los Angeles, CA 90024; 310-235-2921; Email: ken.mcleod@grubb-ellis.com.
Marcus & Millichap Real Estate Investment Brokerage Co. sold the Genesee Commons, a 97,772 sq.ft. center located on Miller Road at the southern end of Genesee County in Flint Township, MI for $10.2 million with a Cap rate of 9%. The center is 96% occupied and tenanted by Old Navy, Bed Bath & Beyond and JoAnn Fabrics. Area retail includes Target, Burlington Coat Factory, Circuit City, Petsmart, Borders Books, Best Buy and Michael’s. The company also is selling the Golden Gate Shopping Plaza, a 99,606 sq.ft. center located at the intersection of East Big Beaver and Dequindre Roads in Troy, MI. The center is tenanted by CVS, Aldi, Dollar General, U.S. Postal Service and ACO Hardware. Area demographics include a population of 80,000 within one mile. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 28411 Northwestern Highway, Suite 750, Southfield, MI 48034; 248-352-5050, Fax 248-352-3813; Web site: www.marcusmillichap.com. For more information regarding Golden Gate Shopping Plaza, contact William T. O’Connor, Marcus & Millichap Real Estate Investment Brokerage Co., 28411 Northwestern Highway, Suite 750, Southfield, MI 48034; 248-352-5050, Fax 248-352-3813.
Nassimi Realty, Inc. acquired Oakland Park Festival Centre, a 133,000 sq.ft. center located on North Andrews Avenue in Oakland Park, FL. The center is anchored by Winn-Dixie, Dollar General, AutoZone and U.S. Post Office and is 90% leased, with about 14,000 sq.ft. of space available. The company acquired the center from KPT Communities, LLC, an affiliate of Kimco Realty Corp. For more information, contact Jeremy Fergusson, Nassimi Realty, Inc., Seven Penn Plaza, 370 Seventh Avenue, Suite 1700, New York, NY 10001; 610-687-0807.
NAI Hiffman represented Judah, LLC in the sale of Bloomingdale Plaza, an 85,116 sq.ft. center located at the southwest corner of Army Trail Road and Bloomingdale Road in Glendale Heights, IL. North American Real Estate acquired the property for an undisclosed price. The center is tenanted by Swingles Furniture Clearance Center, Big Lots, Jackson Hewitt Tax Service, Allstate Insurance, Subway and Domino’s Pizza. For more information, contact NAI Hiffman, One Oakbrook Terrace, 22nd Street and Butterfield Road, Suite 600, Oakbrook Terrace, IL 60181; 630-932-7258.
Acadia Realty Trust formed a joint venture with Klaff Realty, L.P. for the purpose of making investments in surplus or underutilized properties owned of controlled by retailers. Acadia has also acquired Klaff’s rights to provide asset management, leasing, disposition, development and construction services for an existing portfolio of retail properties and/or leasehold interests comprised of approximately 10 million sq.ft. throughout the U.S. For more information, contact Acadia Realty Trust, 1311 Mamaroneck Avenue, Suite 260, White Plains, NY 10605; 914-288-8100, Fax 914-428-2760.
Donahue Schriber acquired Smoke Tree Village, a 106,161 sq.ft. center located at the intersection of Palm Canyon Drive and Sunrise Way in Palm Springs, CA from Smoke Tree, Inc. The center is anchored by Ralphs, Longs Drugs and Canyon National Bank, is currently 97% leased and has spaces available of 400 sq.ft. to 2,100 sq.ft. For more information, contact Donahue Schriber, 200 East Baker Street, Suite 100, Costa Mesa, CA 92626; 714-545-1400, Fax 714-545-4222; Web site: www.donahueschriber.com.
Inland Real Estate Sales, Inc. brokered the sale of Waukegan Plaza, an 8,750 sq.ft. center located at the intersection of Waukegan Road and Oakton Avenue in Niles, IL for $1.29 million. Inland Retail Real Estate Trust, Inc. acquired Oak Summit Shopping Center, a 142,706 sq.ft. center located at 344 East Hanes Mill Road in Winston-Salem, NC for $13.6 million. The company also will acquire Phase II of the center upon its completion. Phase II consists of 29,307 sq.ft. and Inland will pay $4.4 million to make the total price $19.3 million. Tenants include Staples, Fashion Bug, Cato fashion, Payless Shoes, Sally Beauty, Radio Shack and Goody’s Family Clothing. The center also is shadow-anchored by Wal*Mart Supercenter, which was not part of the transaction. For more information, contact Rick Fox, Inland Real Estate Sales, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com.
Arroyo & Coates is selling a center that is 100% leased to The Shoe Pavilion located at 270 South Lake Avenue in downtown Pasadena, CA for $2.853 million with a Cap rate of 6.5%. The center is adjacent to Pasadena’s newest lifestyle center and immediately south of a new mixed-use development containing 53,000 sq.ft. of new office space and 72 new luxury residential units. Area retail includes Pea In The Pod, Structures, Good Guys/Tower Records, Imaginarium, Pier 1 Imports, Blockbuster Music and Aaron Brothers. The site has an average daily traffic count of 55,000 vehicles. The property is offered on an all-cash basis only. For more information, contact Eric Wilcox, David J. Gustafson or Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800, Fax 415-276-2360; Email: ewilcox@a-c.com.
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