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Buyers & Sellers
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Buyers & Sellers Abrams Industries, Inc. sold Merchants Crossing Shopping Center located in North Fort Myers, FL for $21.8 million. The center is anchored by AMC, Beall’s, Jo-Ann Fabrics and Kmart. The sale did not include any of the company’s adjacent land holdings. For more information, contact Alan R. Abrams, Abrams Industries, Inc., 1945 The Exchange, Suite 300, Atlanta, GA 30339-2029; 770-953-0304, Fax 770-953-0302; Email: aabrams@abramsindustries.com; Web site: www.abramsindustries.com.
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, Robinsons-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.
PK Partners, LLC is looking to acquire sites throughout the Indianapolis, IN market with GLAs of 50,000 sq.ft. to 350,000 sq.ft. for anywhere from $1 million to $30 million. For more information, contact Keith B. Fried, PK Partners, LLC, 3815 River Crossing Parkway, Suite 150, Indianapolis, IN 46240; 317-817-8882, Fax 317-817-8884; Email: kfried@pkpartners.com; Web site: www.pkpartners.com.
Commodore Realty, Inc. is looking to acquire supermarket-anchored sites from 100,000 sq.ft. to 500,000 sq.ft. throughout FL for anywhere from $10 million to $30 million. For more information, contact Sandy Turner, Commodore Realty, Inc., 51 SW 9th Street, Miami, FL 33130; 305-372-3777 Ext. 29, Fax 305-358-1057.
Antonoff & Co. Brokerage, Inc. is selling a land area of 26 acres at the intersection of Highway 85 and 120th in Brighton, CO. For more information, contact Richard Hobbs, Antonoff & Co. Brokerage, Inc., 1528 Wazee Street, Denver, CO 80202; 303-623-0200, Fax 303-454-5400; Email: rhobbs@antonoff.com; Web site: www.antonoff.com.
NAI Capital Commercial is selling The Promenade at Town Center, a 182,477 sq.ft. center located at the intersection of McBean and Magic Mountain Parkways in Valencia, CA for $77 million with a Cap rate of 5.8%. Approximately 86% of the center is tenanted by national and credit tenants, including Pavilions, HomeGoods and McDonald’s. Area retail includes the Valencia Town Center Regional Mall and a 250-room Hyatt Valencia Hotel and Conference Center. The site has an average daily traffic count of 132,500 vehicles. Area demographics include a population within one mile earning $116,197 as the average household income. The company also is selling Landmark Center, a 71,651 sq.ft. center located at 2400 West Victory Boulevard in Burbank, CA for $7.95 million with a Cap rate of 5.8%. The center is 100% occupied and is tenanted by Hollywood Video, Radio Shack, Quizno’s and Baskin Robbins. For more information, contact Lisa Laing, NAI Capital Commercial, 16001 Ventura Boulevard, Suite 200, Encino, CA 91436; 818-905-2400, Fax 818-905-2425; Email: brothstein@naicapital.com; Web site: www.naicapital.com.
Ernest A. Barrueta is selling a 48,800 sq.ft. Winn-Dixie-anchored center located at the intersection of U.S. Highway 1 and Barefoot Boulevard in Micco, FL for $6.25 million. The Winn-Dixie occupies a space of 44,000 sq.ft., while the other tenants total 4,800 sq.ft. The center is situated on a land area of 8.54 acres. There is an NOI of $440,987. All leases are net of expenses and the landlord is responsible for roof and structure. For more information, contact Ernest A. Barrueta, 65 East India Row, Suite 2B, Boston, MA 02110; 617-733-3522, Fax 617-986-1695; Email: ebarrueta@comcast.net.
Arizona Partners acquired a vacant Wal*Mart building located off Highway 65 in the Sacramento, CA area for $9.05 million. Area retail includes the Roseville Galleria Mall. The company will convert the site to Sacramento’s first furniture gallery, comprising 150,000 sq.ft. of showroom/designer space to be called the Home and Design Center. Retailers ranging in size from 10,000 sq.ft. to 60,000 sq.ft. are planned. Opening is slated for the Fall. For more information, contact Sam Librizzi, Arizona Partners, 6621 North Scottsdale Road, Scottsdale, AZ 85250; 480-368-0111, Fax 480-368-0444; Web site: www.arizonapartners.com.
CB Richard Ellis, Inc. is selling a 1,682 sq.ft. Taco Mesa restaurant located at 647 West 19th Street and Anaheim Avenue in Costa Mesa, CA for $989,000. The first-year Cap rate is 5.93%. The site has an average daily traffic count of 70,000 vehicles. Area demographics include a population of 161,000 within three miles earning $87,888 as the average household income. The company also is selling a parcel occupied by Courtyard Shops at Terra Vista Town Center located on Foothill Boulevard in Rancho Cucamonga, CA for $9.918 million. The center is tenanted by Bath & Body Works, Payless Shoe Source, GameStop and Radio Shack and is 100% leased. The site has an average daily traffic count of 47,000 vehicles. Area demographics include a population of 236,057 within five miles earning $73,590 as the average household income. CB Richard Ellis/The Dalton Team is selling a Sam’s Club location in Roseville, CA. The site has an absolute net lease with 15 years remaining. For more information regarding the Sam’s Club location, contact Gregory M. Dalton or Sue Nelson, CB Richard Ellis/The Dalton Team, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; Emails: greg.dalton@cbre.com and sue.nelson@cbre.com; Web site: www.cbre.com/daltonteam. For more information, contact Philip Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8521, Fax 949-725-8545; Email: phil.voorhees@cbre.com; Web site: www.cbre.com.
Blatteis Realty Co., Inc. is selling the Yan Kin building, a 13,000 sq.ft. building located at 212 Sutter Street in San Francisco, CA, for $5.25 million with a Cap rate of 7%. The center is currently 80% occupied. The company also is looking to acquire sites throughout the San Francisco Bay area for between $1 million and $10 million with Cap rates of 6.8%. For more information, contact David Blatteis, Blatteis Realty Co., Inc., 44 Montgomery Street, Suite 1288, San Francisco, CA 94104; 415-981-2844, Fax 415-981-4986.
Coyote Management, L.P. acquired Tulsa Promenade Mall, a 928,000 sq.ft. center located in Tulsa, OK from Connecticut General Life Insurance Co. The transaction was financed by Drawbridge Special Opportunities Funds, LP and facilitated through a limited partnership between Torreon Capital LP and Coyote Tulsa Investors, LLC. For more information, contact Michael E. Rulli, Robert D. Lee or John N. Desco, Coyote Management, L.P., 16475 Dallas Parkway, Suite 250, Addison, TX 75001; 972-248-9375; Web site: www.coyotemanagement.com.
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