Sperry Van Ness negotiated the sale of Voice Road Plaza, a 131,850-square-foot community shopping center in Carle Place, N.Y., for $36.2 million. The seller, a New York City-based hedge fund, bought the property in December 2006, with the intention of raising cash flow and selling it at a profit, says Joseph French, national director of retail properties with Sperry Van Ness, who together with Neil Golub brokered the transaction. “Unfortunately, the market went the wrong way,” according to French, who notes the property has been on the market for close to a year (it was previously marketed, unsuccessfully, by a nationalfirm). Part of the difficulty was that whoever bought the center would have to put down $13 million in cash (the property came with a $23 million in-place mortgage).
“We were still able to make [the seller] a profit,” says French. The buyer is a New York City-based 1031 private investor who has previously specialized in multi-family assets, but wanted to acquire properties that were less management-intensive.
The transaction closed at an 8 percent cap rate. Voice Road Plaza currently features an occupancy rate of 98.8 percent. Anchors include Staples, Big Lots, Party City, Dress Barn and Bass. The property was originally built in 1951, but underwent a renovation in 1996.
Acadia Realty Trust purchased Cortlandt Towne Center, a 640,000-square-foot shopping center in Cortlandt, N.Y., from Centro Properties Group for $78.0 million. The price represents a 40 percent discount to the center’s replacement cost… Inland American Real Estate Trust Inc. purchased seven grocery-anchored shopping centers totaling 588,522 square feet from Macquarie CountryWide Trust for $71.1 million. The centers are located throughout Alabama, Florida, Georgia, Washington and the Carolinas. The sale is part of an agreement between Macquarie and Inland Real Estate Acquisitions for the purchase of equity and interest in 30 U.S.-based retail assets by March 2009… RioCan Real Estate Investment Trust signed an agreement to purchase six grocery-anchored shopping centers in suburban Montreal from ING Real Estate Canada L.P. for Can$67.5 million or U.S.$83.5 million. The portfolio totals 454,000 square feet… Inland American Real Estate Trust purchased the first phase of the Streets of Indian Lake, a 235,144-square-foot shopping center in Hendersonville, Tenn., from Continental Real Estate Companies for $20.8 million, plus the assumption of a $40.8 million first mortgage. Inland plans to acquire an additional 21,249 square feet at the center for $8.0 million at a later date… Regency Centers sold a single-tenant, 77,028-square-foot H-Mart shopping center in Lynnwood, Wash. to a local developer for $14.9 million… Simon Property Group Inc. sold Cincinnati Mills, a 1.4-million-square-foot mall in Cincinnati, Ohio, to North Star Realty for approximately $9.2 million. The buyer had to assume $18.0 million in bonds for the property... The Kislak Company, Inc. negotiated the sale of a 15,027-square-foot mixed-use property in Short Hills, N.J. for $3.8 million… RCG Ventures purchased Shenandoah Plaza, a 146,121-square-foot shopping center in Newnan, Ga. from Centro Properties. The center is anchored by Big Lots, Goodwill, Dollar General and HOV Services… Plaza Advisors negotiated the sale of Regency Village, an 83,167-square-foot shopping center in Orlando, Fla., from Tinwood LLC, a joint venture between Regency Centers and Publix, to Regency Village Realty Associates, LLC… Edgemark Commercial Real Estate Services, LLC negotiated the sale of a 5,601-square-foot outlet shopping center in Lockport, Ill. from TBS, Lockport LLC to a private individual.