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Buyers & Sellers
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Buyers & Sellers Kaplan Real Estate represented the following retailers in the sale of the following properties: Heartland Bank in the sale of one acre on Richardson Road in Arnold, MO and AK Associates in the sale of a 32,000 sq.ft. Schnucks Grocery on South Duchesne in St. Charles, MO. For details, contact David A. Wright, Kaplan Real Estate Co., 1000 Macklind Avenue, St. Louis, MO 63110; 314-652-7000, Fax 314-652-2228; Web site: www.kaplanrealestate.com.
RLI is selling a land area of 2.5 acres best suited for a restaurant at Knoxville Square, a center located on North Knoxville in Peoria, IL. The asking price is $8 psf. The center is anchored by Kroger, RLI Insurance and AmericInn Hotel Financing. The company can also provide build-to-suit alternatives. For more information, contact Blake Hillemeyer, RLI/Knoxville Square, 9025 Lindbergh Drive, Peoria, IL 61615; 312-718-5521, Fax 309-214-0134; Email: blakehillemeyer@gmail.com. Passco Real Estate Enterprises, Inc. completed the acquisition of Olathe Station Phases I and II, a center located at the intersection of 119th and Blackbob Road in Olathe, KS for $53 million. The center was acquired from A.B./Olathe Limited Partnership and A.B. Olathe II Limited Partnership. Phase I is anchored by Super Target, Bed Bath & Beyond, OfficeMax, Basset Furniture Store and PetsMart. Phase II features and entertainment component with a 30-screen AMC Theater, Michaels and Brook Mays Music, along with restaurants such as Joe’s Crab Shack, Zio’s Italian Restaurant and Texas Roadhouse. For more information, contact Passco Real Estate Enterprises, Inc., 96 Corporate Park, Suite 200, Irvine, CA 92606; 949-442-1000, Fax 949-442-2460; Web site: www.passco.net.
Inland Western Retail Real Estate Trust, Inc. acquired Publix Shopping Center, a 63,864 sq.ft. center located on Park West Boulevard in Mt. Pleasant, SC for $12.05 million. The center is anchored by a 44,840 sq.ft. Publix supermarket. For more information, contact Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.
DJM Asset Management is selling a 7,159 sq.ft. former Hops Restaurant located on Briarwood Drive in Jackson, MS for $1.3 million. The building is situated on a land area of 1.1 acres and is adjacent to Chili’s and Comfort Inn. For more information, contact James Avallone, DJM Asset Management, 445 Broad Hollow Road, Suite 417, Melville, NY 11747; 631-752-1100 Ext. 224, Fax 631-752-1231; Web site: www.djmasset.com.
Prestige Properties & Development Co., Inc. is looking to acquire strip centers throughout the Northeast for approximately $10 million with a Cap rate of 7%. The centers must have a GLA or land area of 100,000 sq.ft. For more information, contact Charles Farmer, Prestige Properties & Development Co., Inc., 546 Fifth Avenue, 15th Floor, New York, NY 10036; 212-944-0444, Fax 212-944-7899; Email: cfarmer@prestige-nyc.com.
Terranova Corp. completed the sale of a former Kmart store located in Pembroke Pines, FL to Costco Wholesale, Inc. for $7 million. Terranova represented the seller, CCMCSC 2000 – 1 Broward Plaza, LLC in its disposition of the vacant Kmart, which sits on the western end of Westfork Plaza, a supermarket-anchored center located at the intersection of Pines Boulevard and Dykes Road. Costco will tear down the building to construct a 135,739 sq.ft. store with a garden center and a gas station. For more information, contact Kerry Wilcox, Terranova Corp., 801 Arthur Godfrey Road, Suite 600, Miami Beach, FL 33140; 305-779-8908, Fax 305-672-7800; Web site: www.terranovacorp.com.
Urstadt Biddle Properties, Inc. acquired The Dock Shopping Center located in Stratford, CT for $50.25 million. The Dock is currently 97% leased, has 14 tenants and is anchored by a 60,000 sq.ft. Stop & Shop supermarket. Cotenants include Staples, Blockbuster Video and Toyworks. For more information, contact Willing L. Biddle or James R. Moore, Urstadt Biddle Properties, Inc., 321 Railroad Avenue, Greenwich, CT 06830; 203-863-8200; Web site: www.ubproperties.com.
AFT Real Estate is selling three lots at Shopko outlet located on 320 Highway in Rice Lake, WI. The company also is selling Shopko Plaza outlet located on Clairemont Avenue in Eau Claire, WI. For more information, contact Al Taft, AFT Real Estate, 1241 Menomonee Street, Eau Claire, WI 54703; 715-839-1234, Fax 715-839-6889.
KMO Development Group is selling The Landings at Roswell, a 24,750 sq.ft. center located in Roswell, NM for $2.552 million with a Cap rate of 8.50%. The center is currently 100% leased and is tenanted by Dollar Tree, Cato, Radio Shack, CitiFinancial and ACA Financial. Area retail includes Wal*Mart Supercenter and Rosewell Regional Mall. For more information, contact Grant Stewart, KMO Development Group, 5550 South Lewis, Suite 301, Tulsa, OK 74105; 918-743-3456, Fax 918-743-4084; Email: gstewart@kmodevelopment.com; Web site: www.kmodevelopment.com.
Grubb & Ellis Co. – Houston represented Weingarten Realty Investors in the sale of Parkway Square Shopping Center, a 156,520 sq.ft. center located at the intersection of Texas Avenue South and Southwest Parkway in College Station, TX. The center was 99% leased at the time and is anchored by a 44,455 sq.ft. Kroger supermarket. Cotenants include Stein Mart, King Dollar, Harbor Freight Tools, Half Price Books and Super Buffet Chinese Restaurant. The company also represented Westlake Plaza, L.P. in the sale of Westlake Atascocita Shopping Center, a 25,136 sq.ft. center located at the intersection of West Lake Houston Parkway and FM 1960 in Houston, TX. The center is 100% leased and is tenanted by Whataburger and a freestanding Blockbuster Video store. The company also represented Founders Lakeside, LLC in the sale of Lakeside Village Shopping Center, a 77,467 sq.ft. center located adjacent to the northeast corner of Westheimer and Wilcrest Drive in Houston, TX. The center is 100% leased, is situated on a land area of 5.5081 acres and is anchored by a Office Depot, Dollar Tree and Lenscrafters. For more information, contact George Cushing, Grubb & Ellis Co. – Houston, 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056-3017; 713-626-8888, Fax 713-626-2288; Email: george.cushing@grubb-ellis.com; Web site: www.grubb-ellis.com.
Upland Real Estate Group, Inc. sold the following three Jiffy Lube properties: a 4,073 sq.ft. site located in St. Peter, MO for $1.2 million; a 1,500 sq.ft. site in Zanesville, OH for $1 million and a 4,073 sq.ft. site in Cedar Park, TX for $1.4 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 612-376-4489; Email: brier@upland.com; Web site: www.upland.com.
The Woodmont Co. represented Fire Mountain Restaurants in the acquisition of 73,443 sq.ft. in Waxahachie, TX. Fire Mountain Restaurants is part of Ryan’s Restaurant Group, Inc., which operates more than 340 Ryan’s Grill, Buffet & Bakery and Fire Mountain Restaurants throughout 23 states. For more information, contact The Woodmont Co., 2100 West 7th Street, Fort Worth, TX 76107-2306; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com.
Cohen Commercial Properties, LLC acquired Roebuck Marketplace, a 231,140 sq.ft. center located at the intersection of U.S. Highways 11 and 75 with Interstate 59 in Birmingham, AL. The center is anchored by McRae’s, Winn-Dixie Marketplace, Goody’s and Rite Aid and is tenanted by Sally Beauty, Marty’s Menswear, Shoe Carnival, Dollar Tree and Hibbett Sporting Goods. Area retail includes Wal*Mart Supercenter. For more information, contact Cohen Commercial Properties, LLC, 11 East 44th Street, 10th Floor, New York, NY 10017; 212-679-1222, Fax 212-679-1533. |