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Buyers & Sellers
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Buyers & Sellers Marcus & Millichap is selling Windridge Center, a 78,000 sq.ft. center located in Indianapolis, IN. The center is 96% occupied and is selling for $3.45 million with a Cap rate of 11.7%. Anchors include O’Malia’s Supermarket and CVS. Area demographics include a population of 120,000 within five miles earning $85,000 as the average household income. For more information, contact Kahlil Bernard, Marcus & Millichap, 101 West Ohio Street, Suite 1550, Indianapolis, IN 46204; 317-955-2600, Fax 317-955-0083.
CB Richard Ellis/Whittier Partners brokered the sale of the 160,000 sq.ft. Warwick Centre in Warwick, RI for $30.794 million. The Warwick Centre is 100% occupied and is tenanted by Barnes & Noble, DSW and Linens ‘N Things. CB Richard Ellis negotiated the investment sale of Millennium Market Center located at 6230 East State Street in Rockford, IL. The seller was First Rockford Group, while the buyer was Sansone Brothers Holding Co., LLC. Millennium Market is a 20,620 sq.ft. center tenanted by Kinko’s, Men’s Wearhouse and Gateway Country Computers. CB Richard Ellis Retail Services acquired Pacific Square, a 143,892 sq.ft. center located at 1600 West Redondo Beach Boulevard in Gardena, CA for over $11 million. CB Richard Ellis represented both buyer, Rich Development Co., and the seller, Kataoka, Inc., in the transaction. For more information, contact CB Richard Ellis/Whittier Partners, 600 Atlantic Avenue, 22nd Floor, Boston, MA 02210; 617-912-7000, Fax 617-912-7001. For more information regarding Millennium Market, contact Angela Gentry, CB Richard Ellis, Inc., 311 South Wacker Drive, Suite 400, Chicago, IL 60606; 312-935-1400, Fax 312-935-1880; Email: angela.gentry@cbre.com; Web site: www.cbre.com. For more information regarding Pacific Square, contact Richard Rizika at 310-516-2338.
Sperry Van Ness is selling the following properties: Redhill Plaza, a 75,134 sq.ft. center located in Upland, CA for $11 million; Exposition Marketplace, a 49,594 sq.ft. center located in Los Angeles, CA for $9.485 million; Newport Marketplace Mobile & Car Wash in Menifee, CA for $3.995 million; a 2,581 sq.ft. Jack-In-The-Box in Anaheim, CA for $1.29 million; and a retail assemblage in Marietta, GA for $1.065 million. The site includes a 2,000 sq.ft. convenience store and is situated on a land area of 3.5 acres. For more information, contact Brad Umansky, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 909-466-2500; Email: umanskyb@svn.com. For Jack-In-The-Box, contact Hooman Ghaffari at 818-610-0414; Email: hooman.ghaffari@svn.com. For more information regarding the Marietta, GA sites, contact John Johnson at 404-303-1232; Email: johnsonj@svn.com.
Advantis/GVA sold Crossroads at Mandarin, a 72,000 sq.ft. Food Lion-anchored center located in Jacksonville, FL. For more information, contact Brad C. Luger or Lawrence T. Randolph, Advantis/GVA, 4300 West Cypress Street, Suite 1000, Tampa, FL 33607; 813-342-4707 or 813-342-4701; Emails: bluger@advantisgva.com and lrandolph@advantisgva.com; Web site: www.advantisgva.com. ReMax Land Sales Division is selling 43 acres of vacant land in Harvard, IL for $1.875 million. There are 10 lots, each from one to two acres. For more information, contact Robert Calzaretta, ReMax Land Sales Division, 3501 Regent Drive, Palatine, IL 60067; 847-310-2193, Fax 847-705-6938; Email: rcalzar671@comcast.net.
Equity Capital Partners is selling Marketplace at Miracle Mile, a 111,000 sq.ft. center located at the intersection of Jackman and Laskey Roads in Toledo, OH. The center is situated on a land area of 17.83 acres. The site is zoned C-3 for general commercial. For more information, contact Robert L. Sutton, Equity Capital Partners, 111 East Wayne Street, Suite 500, Fort Wayne, IN 46802; 260-426-4704.
Inland Retail Real Estate Trust, Inc. acquired Piedmont Plaza, a 148,100 sq.ft. center located in Apopka, FL for $8.35 million from P.O’B Apollo, LP. The center is located at the intersection of State Highway 436 and Piedmont-Wekiva Road and is a one-story, multi-tenant shopping center anchored by a 107,400 sq.ft. Beall’s Department Store and a 14,400 sq.ft. Paramount Health Club. Cotenants include ABC Nails, H&R Block and restaurants. In addition, the center is shadow-anchored by an Albertsons supermarket, which was not part of the transaction. For more information, contact Rick Fox, Inland Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com.
Intervestors Realty, Inc. is selling 300,000 sq.ft. of land in Miami, FL. The space is suited for a large mixed-use development with a retail component. For more information, contact Ignacio Garcia Du-Quesne, Intervestors Realty, Inc., 2600 Douglas Road, Suite 309, Coral Gables, FL 33134; 305-444-8050, Fax 305-444-2192; Email: intvereal@aol.com.
The Woodmont Co. closed on the sale of Prestonwood Place, a 130,926 sq.ft. center located at the intersection of Belt Line Road and Montfort Drive in Addison, TX. The center is situated on a land area of 16 acres. The seller was Mony Realty Capital. The buyer, Rushmore Properties, plans to reposition Prestonwood Place as a higher-end retail site, raising the center’s profile to complement the existing array of upscale restaurants and retailers in the area. The center is currently 60% leased. Area demographics includes a population earning $78,000 as the average household income. For more information, contact The Woodmont Co., 2100 West Seventh Street, Fort Worth, TX 76107-2306; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com.
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