Sales & acquisitions Dallas - Dallas-based Coyote Management Inc. recently acquired Sarasota Square Mall in Sarasota, Fla., from Chicago-based Heitman Capital Management LLC. Financial terms of the transaction were not disclosed.
Sarasota Square is the largest regional mall in Sarasota County. The 900,000-sq.-ft. property is anchored by Burdines, Dillard's, J.C. Penney and Sears. The transaction was financed by Column Financial Inc. and facilitated through a limited partnership between Dana Commercial Credit Inc. and Coyote Sarasota Mall LC.
North Miami Beach, Fla. - Equity One Inc. recently acquired Shoppes of North Port, an 85,000-sq.-ft. shopping center in North Port, Fla., for $7.25 million. The seller was undisclosed.
The center, anchored by Publix supermarket and Beall's Outlet, has an estimated net operating income of approximately $700,000. "The acquisition of the Shoppes of North Port is another significant step toward expanding our presence on the west coast of Florida," notes Equity One chairman and CEO Chaim Katzman.
St. Louis - Walpert Properties recently acquired Southwest Plaza shopping center in Olathe, Kan., for $3.6 million from a locally based partnership.
The 101,153-sq.-ft. center is anchored by Fleming Foods, Osco Drug, Mr. Goodcents, Salvation Army Superstore and several smaller tenants. The acquisition brings the number of properties owned and managed by Walpert to 12 in the Kansas City area.
Los Angeles - An undisclosed California investor recently acquired a $9.2 million interest in a 40,000-sq.-ft. retail center in the northwest San Fernando Valley. The seller was Grae Ventures LLC of Los Angeles.
Built on a three-acre plot in the 1950s, the center at Chatsworth Street and Balboa Boulevard includes anchor tenants Staples, El Pollo Loco restaurant and Walgreens. An adjoining 99 Cent Only store was not part of the transaction, according to LeeAnne Sichel of TOLD Partners, who represented the buyer. Grae Ventures LLC was represented by Greg Whitney, Allen Young, Sam Alison and Dan Riley of CB Richard Ellis.
Los Angeles - Regency Realty Corp. recently acquired Garden Village shopping center in San Pedro, Calif, for $5.1 million from Los Angeles-based Manulife USA.
CB Richard Ellis Retail Services represented the Fort Lauderdale, Fla.-based REIT in the transaction. Garden Village is a 105,000-sq.-ft. retail center on 9.39 acres at the northeast corner of Western Avenue and Westmont drive. Regency Realty intends to demolish more than 50% of the center to accommodate a major supermarket, the name of which has yet to be announced. The balance of the center will be renovated. Garden Village will re-open in fourth quarter 2001.
Garden Village was built in 1979 with a town and country architectural theme. CB Richard Ellis' Richard Rizika notes that during the late 1980s, the vacancy rate in the property increased to more than 25% and further suffered from subsidence issues that hindered the owner's leasing efforts. Manufacturer's Life Insurance Co. foreclosed the property and retained CB Richard Ellis to reposition Garden Village.
To overcome the barriers to redevelopment, CB Richard Ellis assembled a team of engineers, environmental consultants and architects. In acquiring the center, Regency Realty eventually competed with 15 other buyers via a formal competitive bid process.
Celina, Ohio - S.L. Nusbaum Realty Co. of Norfolk, Va., recently sold the Lakewood Village shopping center in Celina to an undisclosed buyer for $5.1 million. The 113,897-sq.-ft. center is anchored by Wal-Mart, Stage Department Store, Shoe Show and Rent to Own.
Established in 1906, S.L. Nusbaum Realty Co. manages, develops, and brokers shopping centers, apartments and office/industrial properties in Virginia, North Carolina and Maryland. It is one of the largest commercial real estate firms in Virginia.