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Buyers & Sellers
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Buyers & Sellers Developers Diversified Realty and Coventry Real Estate Advisors acquired Phoenix Spectrum Mall, a 1.145 million sq.ft. mall located along Bethany Home Road in Phoenix, AZ. The companies will redevelop the mall, which is 88% leased and anchored by Wal*Mart, Costco, Dillard’s, PetsMart, Ross Dress for Less, Hometown Buffet, Walgreen’s, Bank of America and Harkins Theater. Area demographics include a population of 200,000 within three miles earning $52,000 as the average household income. For more information, contact Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 877-CALL-DDR; Web site: www.ddr.com.
CB Richard Ellis negotiated the sale of a 130,000 sq.ft. Home Depot property at 420 Telegraph Road in Bellingham, WA for $19.5 million. The company is selling Terra Vista Town Center, a 10,000 sq.ft. center located in Rancho Cucamonga, CA for $3.325 million. The center is 100% leased and 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. For more information, contact Katherine Haug, CB Richard Ellis, 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-1782, Fax 602-735-5655; Email: katherine.haug@cbre.com; Web site: www.cbre.com/phoenix. For more information regarding Terra Vista Town Center, contact Phil Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8521, Fax 949-725-8545.
Upland Real Estate Group, Inc. sold a 23,800 sq.ft. Borders bookstore in McHenry, IL for $5.36 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.
Reza Investment Group is selling Mission Bell Plaza, a 243,368 sq.ft. center located at 301-571 West Los Angeles Avenue in Moorpark, CA for $25.3 million. The center is tenanted by Albertsons, Maverick’s, AutoZone, Radio Shack, Carl’s Jr., Hallmark, Carlson Wagonlit Travel, El Pollo Loco, Wells Fargo and Baskin Robbins. Area demographics include a population within three miles earning $99,000 as the average household income. For more information, contact Reza Etedali, Reza Investment Group, 3 Park Plaza, Suite 550, Irvine, CA 92614; 949-833-3380, Fax 949-833-3382; Email: reza@gowithreza.com; Web site: www.gowithreza.com.
Weichert Commercial Brokerage is selling a 2,500 sq.ft. building located at 1171 West St. Georges Route 27 in Linden, NJ for $249,000. The building is currently tenanted by Route 27 Laundromat. For more information, contact Christina Lee, Weichert Commercial Brokerage, Inc., 220 Old New Brunswick Road, Piscataway, NJ 08854; 732-562-8600, Fax 732-562-0528; Email: clee@weichertcommercial.com.
Cedarwood Development is looking to acquire sites from 30 acres to 100 acres throughout the Northeast, Southeast, Mid-Atlantic and Midwest. The company prefers older and smaller regional malls and community shopping centers that can be expanded, re-leased, remodeled and converted into power centers. For more information, contact Dave Ferron, Cedarwood Development, Inc., 9 Loving Terrace, Palmyra, VA 22963; 434-591-0004, Fax 434-591-0054; Email: dferron@cedarwood.com.
RLI is selling a land area of 1.75 acres located at 9101 North Knoxville Avenue in Peoria, IL. The asking price is $8 psf. For more information, contact Richard Dievempee, RLI, 9025 North Lindbergh Drive, Peoria, IL 611015; 309-693-5877, Fax 309-689-2046.
Cencor Realty Services is looking to acquire supermarket-anchored centers throughout TX from $5 million to $100 million with any Cap rate. For more information, contact Stephen Hefner, Cencor Realty Services, 3102 Maple Avenue, Suite 500, Dallas, TX 75201; 214-954-0300, Fax 214-953-0860; Email: shefner@cencorrealty.com; Web site: www.cencorrealty.com.
Ludwig and Seeley, Inc. negotiated the sale of Rite Aid Plaza, a 21,720 sq.ft. center located in Mt. Clemens, MI. For more information, contact Bruce Kwaselow, Ludwig & Seeley, 31555 West Fourteen Mile Road, Suite 100, Farmington Hills, MI 48334; 248-539-1700, Fax 248-539-3776; Web site: www.ludwigseeley.com.
CRIC Capital, LLC entered into an $18 million sale-leaseback transaction with GasMart USA, a developer and operator of convenience stores. CRIC Capital acquired five convenience store/gas station properties in the Chicago, IL area. GasMart USA will lease back the retail properties under new, 20-year NNN leases. For more information, contact CRIC Capital, LLC, One Exeter Plaza, Boston, MA 02116; 617-303-4400, Fax 617-303-4440; Web site: www.criccapital.com.
Colliers International represented both parties in the acquisition of Clayton Valley Shopping Center, a 217,000 sq.ft. center located at 5400 Ygnacio Valley Road in Concord, CA for $26 million. Regency Centers acquired the center with plans to change the complexion of the project. For more information, contact Colliers International, 1850 Mt. Diablo Boulevard, Suite 200, Walnut Creek, CA 94596; 925-279-0120, Fax 925-279-0450; Web site: www.colliers.com.
Inland Retail Real Estate Trust, Inc. acquired Warwick Center, a 159,958 sq.ft. center located at 1324 Bald Hill Road in Warwick, RI for $30.8 million. The center is tenanted by a 49,829 sq.ft. Dick’s Sporting Goods, a 31,180 sq.ft. Linens ‘n Things, a 28,000 sq.ft. Barnes & Noble, a 25,000 sq.ft. Designer Shoe Warehouse and other local tenants. 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; Web site: www.inlandgroup.com.
Marcus & Millichap Real Estate Investment Brokerage Co. sold Park Sedona Plaza, a 98,772 sq.ft. center located at 2370 West Highway 89A in Sedona, AZ for $11.6 million with a Cap rate of 8.8%. The center is anchored by Safeway, Rite Aid, McDonald’s and World Savings and is 100% occupied. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 2398 East Camelback Road, Suite 550, Phoenix, AZ 85016; 602-952-9669, Fax 602-952-1150; Web site: www.marcusmillichap.com. Or contact Larry Gray at 925-979-9810 Ext. 116.
Trammell Crow Co. is selling a 22,500 sq.ft. building located at the intersection of Washington Boulevard and Greenwood Avenue in Montbello, CA. The site has an average daily traffic count of 54,084 vehicles. Area demographics include a population of 101,538 within two miles earning $51,646 as the average household income. Area retail includes Jack-In-The-Box. For more information, contact Rick Trice, Trammell Crow Co., 3 Park Plaza, Suite 1600, Irvine, CA 92614; 949-477-4748, Fax 949-477-9147; Web site: www.trammellcrow.com.
Spectrum Realty Advisors sold Brookwood Square, a 68,941 sq.ft. center located in the Buckhead section of Atlanta, GA on behalf of the buyer, Coro Realty Advisors, LLC. For more information, contact Joe Montgomery, Katherine Isakson or Jon Barry, Spectrum Realty Advisors, 5871 Glenridge Drive, Suite 400, Atlanta, GA 30328; 404-252-2288, Fax 404-252-8666.
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