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Buyers & Sellers
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Buyers & Sellers Grubb & Ellis Co. represented DR-Three Clear Lake Properties, LLC in the sale of a 113,810 sq.ft. H.E.B-anchored center located on Bay Area Boulevard in Houston, TX. The 58,279 sq.ft. H.E.B. was not part of the sale. The company also sold Hesperia Marketplace, a 96,962 sq.ft. supermarket-anchored center in Hesperia, CA. For more information, contact George Cushing, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056-3017; 713-626-8888, Fax 713-626-2288; Web site: www.grubb-ellis.com. For more information regarding Hesperia Marketplace, contact Ken McLeod at 310-235-2921; Email: ken.mcleod@grubb-ellis.com.
Abood Wood-Fay Real Estate Group/TCN Worldwide represented both buyer and seller in the sale of Miracle Center, a 432,787 sq.ft. center located on Coral Way in Coral Gables, FL for $15 million. The center was sold to Miracle Marketplace, LLC. For more information, contact Pani Roshani, Abood Wood-Fay Real Estate Group/TCN Worldwide, Alhambra West, 95 Merrick Way, Suite 380, Coral Gables, FL 33134; 305-446-0011, Fax 305-446-1907; Email: info@aboodwoodfay.com
Pennsylvania Real Estate Investment Trust agreed to acquire the 925,000 sq.ft. Cumberland Mall in Vineland, NJ for $59.5 million from Cumberland Mall Associates. The mall is anchored by Boscov’s, JCPenney and Value City. Its inline space is currently 98.8% occupied and has 62 tenants, including American Eagle Outfitters, Gap, Old Navy and Victoria’s Secret. Area retail includes BJ’s Wholesale Club, Home Depot and Regal Cinemas. In a related deal, PREIT has agreed to acquire a vacant 1.7-acre outparcel from an affiliate of Cumberland Mall Associates. 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.
NewBridge Retail Advisors, Inc. served as advisor in the sale of Randall Park Mall by CDC Randall Park Mall Trust to NSC New Markets, LLC and Southern Properties, Inc. The 1.4 million sq.ft. mall is located at the intersection of Interstate 480 and Highway 422 in the Cleveland, OH area. Tenants include Sears, Kaufmann’s, Burlington Coat Factory and Magic Johnson’s/Loew’s Theaters. The property was 60% occupied at the time of the sale with two vacant department store boxes. For more information, contact Gary Saykaly, NewBridge Retail Advisors, Inc., Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588.
Lease Back Partners is looking to acquire net-leased properties nationwide with the following criteria: retail, office, industrial and special-use properties from $5 million and up, portfolios and properties with a BBB-or better credit rating. For more information, contact Julian Goldberg, Lease Back Partners, 277 Cherry Hills Court, Thousand Oaks, CA 91320; 805-496-6605, Fax 805-499-6352; Email: goldberg@sale-leaseback.com.
Grubb & Ellis/Harrison Bates represented Laramie Irongate in the sale of Irongate Village Shopping Center, a 57,830 sq.ft. center located on Iron Bridge Road in Chesterfield County, VA for $4.2 million to Irongate Mutual, LLC. The center is anchored by Food Lion. The company also sold represented Retlaw 100, LLC in the sale of Phase I of Westchase, a center located at the intersection of Cox Road and Westerre Parkway in Henrico County, VA to Cox Road, LLC for $1.59 million. For more information, contact Lynn M. McDaniel, Grubb & Ellis/Harrison Bates, 830 East Main Street, Fifth floor, Richmond, VA 23219-2725; 804-788-1000 Ext. 213, Fax 804-782-1145; Email: lynn.mcdaniel@harrison-bates.com; Web site: www.harrison-bates.com.
CB Richard Ellis, Inc. is selling lots from 1.61 acres to 3.88 acres at the intersection of Route 59 and Meridian Parkway in Aurora, IL. The site has an average daily traffic count of 52,000 vehicles. Area retail includes Fox Valley Mall. Area demographics include a population of 205,962 within five miles earning $106,233 as the average household income. For more information, contact Wendell Hollan Jr. or John Schoditsch, CB Richard Ellis, Inc., 700 Commerce Drive, Suite 500, Oak Brook, IL 60523; 630-573-7114 or 630-573-7109; Emails: wendell.hollan@cbre.com and john.schoditsch@cbre.com; Web site: www.cbre.com.
Island Associates Real Estate, Inc. brokered the sale of a 15,000 sq.ft. retail/office building located on Sunrise Highway, near Route 109, in West Babylon, NY. The property consists of 11 tenants, including five office spaces and six retail tenants. For more information, contact Island Associates Real Estate, Inc., 444 Route 111, Suite 1, Smithtown, NY 11787; 631-982-2100, Fax 631-982-2101; Web site: www.islandassociates.com.
Marcus & Millichap Real Estate Investment Brokerage Co. of Detroit is marketing Riverview Commons, a 93,026 sq.ft. center located in Riverview, MI. The center is anchored by Rite Aid and is 98% occupied. For more information, contact William T. O’Connor, Marcus & Millichap Real Estate Investment Brokerage Co. of Detroit, 28411 Northwestern Highway, Suite 750, Southfield, MI 48034; 248-415-2600, Fax 248-352-3813.
Sperry Van Ness is selling the following locations: a 133,685 sq.ft. center located in Dry Ridge, KY for $7 million; a 6,800 sq.ft. building in Hermosa Beach, CA for $2.8 million; a 13,050 sq.ft. center in Los Angeles, CA for $2.6 million; a 7.832-acre retail/auto site in Crawfordsville, IN for $2.49 million; a 5,000 sq.ft. building in Tarzana, CA for $1.699 million; a 15,000 sq.ft. center in Albuquerque, NM for $1.667 million; a 1,400 sq.ft. building in Santa Monica, CA for $1.395 million; Claremont Plaza, a 110,656 sq.ft. center located on Claremont Avenue in Ashland, OH for $1.9 million. The center is anchored by Tractor Supply Co. and is 24% occupied; and Kmart Plaza, a 49,420 sq.ft. center located on West 65th Street in Cleveland, OH for $2.5 million with a Cap rate of 9%. The center is anchored by Big Lots, Payless ShoeSource and Subway. For more information, contact Joseph C. French Jr., Sperry Van Ness, 50 Main Street, Suite 1000, White Plains, NY 10606; 914-682-6868, Fax 914-682-6867; Email: frenchj@sun.com. For more information regarding Claremont Plaza and Kmart Plaza, contact Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-250-4126; Web site: www.svn.com.
Karpoff Affiliates, LLC is looking to acquire NNN properties, shopping centers, mixed-use projects, gas stations, corner retail properties, apartment complexes, vacant development land and any residential conversion in the New York tri-state area, FL and NC. For more information, contact Karpoff Affiliates, LLC, 142 East 43rd Street, Suite 343, New York, NY 10017; 212-358-8044, Fax 646-607-7259.
Colliers-Seeley is marketing a 6,810 sq.ft. Foot Locker store on Pacific Boulevard in Huntington Park, CA for $4 million with a Cap rate of 6.25%. Area demographics include a population of 436,713 within three miles earning $38,413 as the average household income. For more information, contact Matthew C. Sullivan, Colliers-Seeley, 444 South Flower Street, Suite 2200, Los Angeles, CA 90071; 213-532-3286, Fax 213-627-2700; Email: msullivan@colliers-seeley.com; Web site: www.colliers.com.
Weichert Commercial Brokerage, Inc. is selling a 19,968 sq.ft. center located on West Hamilton Street in Allentown, PA for $949,000. For more information, contact Ronald H. Eichenberg, Weichert Commercial Brokerage, Inc., One West Broad Street, Suite 1020, Bethlehem, PA 18018; 610-861-9855, Fax 610-861-0564; Email: reichenberg@weichertcommercial.com; Web site: www.weichertcommercial.com.
Kotis Properties is selling a 0.8-acre outparcel to Crescent Commons in Cary, NC for $620,000. The center is anchored by Wal*Mart and Harris-Teeter. For more information, contact Kotis Properties, 1500 Mill Street, Suite 105, Greensboro, NC 27408; 336-574-2000, Fax 336-574-2001.
Metro Brokers Commercial is selling a land area of 1.14 acres on Hampton Street in McDonough, GA for $375,000. For more information, contact Wood Hughes, Metro Brokers Commercial, 211 White Sand Bay Drive, Stockbridge, GA 30281; 770-507-7766, Fax 770-234-5704.
Kudan Group, Inc. is selling the following Chicago, IL locations: an 8,900 sq.ft., two-story retail building on North Harlem Avenue for $1.2 million; a 6,800sq.ft. retail/office space at the intersection of Madison Avenue and North Ada Street for $1.7 million. The company also is selling a 6,169 sq.ft. space, which includes 3,400 sq.ft. of retail space, on North Lincoln Avenue in Skokie, IL for $699,000. For more information, contact Kudan Group, Inc., 1807 Glenview Road, Suite 205, Glenview, IL 60025; 847-724-7454, Fax 847-724-6447; Web site: www.kudangroup.com.
Upland Real Estate Group, Inc. sold a 2,809 sq.ft. Jack-In-The-Box restaurant in Rosamond, CA for $2.9 million. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401-1872; 612-332-6600, Fax 612-276-4489; Email: brier@upland.com. Web site: www.upland.com.
RJS Realty Group, Inc. sold North Beach Plaza, a 96,548 sq.ft. center located at the intersection of U.S. Highway 1 and Juno Road in Palm Beach Gardens, FL for $14.2 million. The center is tenanted by Sound Advice, West Marine, Blockbuster Video and Burger King. ROHO North Beach, Ltd. sold the property to a private real estate investment company. For more information, contact Steve Miskew, RJS Realty Group, Inc., 222 Lakeview Avenue, Suite 500, West Palm Beach, FL 33401; 561-659-9771.
Centdev Properties, LLC acquired Concord Plaza, a 50,000 sq.ft. center located on Highway 29 in Concord, NC. The center is anchored by Northern Tool and Equipment and will be renamed Northern Plaza. Additionally, the company plans on redeveloping the center to give it a new look and improve accessibility. For more information, contact Dale Tweedy, Centdev Properties, LLC, 16930 West Catawba Avenue, Suite 206, Cornelius, NC 28031; 704-895-1535 Ext. 17; Email: dtweedy@centdev.com. |