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Buyers & Sellers
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Buyers & Sellers Basham & Associates is selling a 35,733 sq.ft. King Soopers-anchored center situated on 20 acres at the intersection of Highway 119 and Colorado Boulevard in Firestone, CO. Cotenants include Subway, Blockbuster Video, H&R Block, Cost Cutters, Papa Murphy’s, Dental One and The UPS Store. The center is 95% occupied and tenants are bound to NNN leases with escalating rental rates. An eight-acre outparcel is included. The asking price is $14.3 million with a Cap rate of 6.75%. For more information, contact Brandon Basham, Basham & Associates, 1499 Blake Street, Suite 1F, Denver, CO 80202; 303-550-5133. NAI Isaac Commercial Real Estate Services represented Richmond Centre, LLC, a joint venture between Carolina Holdings, Inc. and Crosland, Inc., in its acquisition of 120 acres at the intersection of Interstate 75 and Barnes Mill Road in Richmond, KY. Plans call for a mixed-use facility with 800,000 sq.ft. of retail space to be constructed on the site including anchors Meijer, JCPenney, Belk, Home Depot and Cinemark Theatre. Opening is slated for the third quarter of 2008. For more information, contact NAI Isaac Commercial Real Estate Services, 771 Corporate Drive, Suite 300, Lexington, KY 40503; 859-224-2000, Fax 859-224-0848. Hanley Investment Group Real Estate Advisors negotiated the $26.5 million sale of Rancho Cordova Town Center, a 150,158 sq.ft. Target-anchored center situated on 12.2 acres at the intersection of Folsom Boulevard and U.S. Highway 50 in Rancho Cordova, CA. Passco Cos., LLC acquired the center from Pacific Castle. The company also negotiated the $12.5 million sale of Marguerite Plaza, a 37,615 sq.ft. center situated on 3.5 acres on Marguerite Parkway in Mission Viejo, CA. Cadence Capital Investments acquired the center from Viejo Properties, LLC. The company also negotiated the $4 million sale of Magnolia Plaza, a 5,042 sq.ft. center situated on 0.52 acres at the intersection of Warner Avenue and Magnolia Street in Fountain Valley, CA. The transaction was between private investors. The company also negotiated the $3.79 million sale of Zitny Plaza, a 19,197 sq.ft. center situated on 1.5 acres on Garden Grove Boulevard in Garden Grove, CA. The transaction was between private investors. For more information, contact Edward B. Hanley, Hanley
Investment Group Real Estate Advisors, 2569 McCabe Way, LMG Investments, LLC is selling a 57,111 sq.ft. pad site at Lewisville Old Town Center, located at the intersection of Business Highway 121 and Main Street in Lewisville, TX. The site is suitable for a bank, gas station, convenience store or fast food restaurant. The company is also selling a 6.42-acre site located at the intersection of Northwest Military Highway and George Road in San Antonio, TX. For more information, contact Randall Gonzalez or Marci
Millender, LMG Investments, LLC, 5440 Harvest Hill Road, Suite 233, Dallas, TX
75230; 972-233-8888, Fax 972-233-1615; Colliers International is selling Sunset Plaza Retail Center, a 72,685 sq.ft. center located on Pacific Street in Rocklin, CA. The average daily traffic count is 42,900 vehicles. The center is 92.9% leased and the asking price is $13 million. For more information, contact Gary Gallelli, Jr. or Stuart
Wright, Colliers International, 1400 Rocky Ridge Drive, Suite 150, Roseville, CA
95661; 916-784-7550, Fax 916-784-2098; Nassimi Realty Corp. acquired Flint Ridge Shopping Center, a Sears-anchored center located in Fairfield, AL. Aegon USA Realty sold the property. For more information, contact Nassimi Realty Corp., 7 Penn
Plaza, Suite 1700, New York, NY 10001; 212-643-8080, Fax 212-643-2626; Colliers Arnold Commercial Real Estate Services sold Benjamin Center, a 42,270 sq.ft. development located in Tampa, FL. Murchri Investments, LLC acquired the center for $3.3 million. For more information, contact Colliers Arnold, 4350 West Cypress Street, Suite 300, Tampa, FL 33607; 813-221-2290, Fax 813-224-9403. Kimco Realty Corp. purchased Black Mountain Village in Mira Mesa, CA along with a shopping center in Sparks, NV for $53.6 million. Wall Street Property Co. sold the properties, with Burnham Real Estate acting as adviser. For more information, contact Kimco Realty Corp., 3333 New Hyde Park Road, New Hyde Park, NY 11042; 516-869-7197, Fax 516-869-7133. Millennium Venture Group, Inc. is looking to acquire sites suitable for freestanding, single-tenant buildings of 500 sq.ft. and up with on-site parking as well as sites from 0.25 acres to one acre suitable for multi-tenant buildings. The sites should be within the Orlando and Tampa, FL metropolitan areas. For more information, contact Santiago Escobedo, Millennium
Venture Group, Inc., 1999 Broadway, Suite 3225, Denver, CO 80202; 303-339-5186,
Fax 303-573-6503; Cushman & Wakefield of New Jersey, Inc. negotiated the $14.675 million sale of Grand Plaza Shopping Center, located at the intersection of Route 18 and Arthur Street in East Brunswick, NJ. Pagano Real Estate, Inc. acquired the center from a private seller. The 58,000 sq.ft. center is situated on 18.5 acres and plans call for razing the existing buildings and building a 180,000 sq.ft. center. For more information, contact Cushman & Wakefield of New Jersey, Inc., One Meadowlands Plaza, 7th Floor, East Rutherford, NJ 07073-1605; 201-935-4000, 201-935-0724. Marcus & Millichap negotiated the $20.6 million sale of Colonial Promenade Bear Lake, a shopping center located in Orlando, FL. The center, leased entirely by NNN tenants, was 99% occupied at the time of sale. For more information, contact Jack Holly, Marcus & Millichap,
1900 Summit Tower Boulevard, Suite 650, Orlando, FL 32810; 407-557-3800, Fax
407-557-3954; Staubach Investment Sales is selling a 220,000 sq.ft. strip center in Oneida, NY. The center is 91% occupied. The asking price is $16.6 million with a Cap rate of 8%. For more information, contact Meghan O’Connor or David
Wojciechowski, Staubach Investment Sales, 366 Madison Avenue, 5th
Floor, New York, NY 10017; 646-744-2552/212-710-5241, Fax 212-710-5251; Lamar Cos. acquired Norwin Plaza Shopping Center, a 248,120 sq.ft. center anchored by Aldi, Eckerd and Norwin Hills Medical Center and located at the intersection of Norwin Avenue and U.S. Route 30 in Irwin, PA. For more information, contact Larry Brooks, Lamar Cos., 2951
Northeast 185th Street, Suite 2005, Aventura, FL 33180; 305-682-9396,
Fax 305-682-9010; John Bowles Co. is looking to acquire strip centers on behalf of an investor throughout AZ, CA, IL, LA, NV and TX valued up to $40 million. The company has an interest in anchored centers with value-add possibilities. For more information, contact Mike Cagle, Charles Williams or
Quinton Mathews, John Bowles Co., 5495 Belt Line Road, Suite 215, Dallas, TX
75254; 972-267-1000, Fax 972-267-1700; Mid-America Real Estate Co. represented both Inland Real Estate Corp. and Bonne Management Corp. in the sales of their interests in Spring Hill Fashion Corner, located at the intersection of State Route 31 and State Route 72 in West Dundee, IL, to a private developer. The 185,000 sq.ft. center was acquired for $16 million. For more information, contact Mid-America Real Estate Co.,
One Parkview Plaza, 9th Floor, Oakbrook Terrace, IL 60181-4713;
630-954-7309, Fax 630-954-7304/7306;
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