Inland Real Estate Acquisitions Inc. acquired two shopping centers in Port St. Lucie, Fla., for $73.7 million on behalf of Inland Diversified Real Estate Trust Inc..
Inland bought the 112,421-square-foot Tradition Village Center, which is anchored by a Publix grocery store. It also bought a portion of the 359,775-square-foot The Landing at Tradition power center. Mark Cosenza, vice president of IREA, negotiated the purchase of both properties.
“We feel that these quality assets, located in an upscale Sun Belt community, serve the population’s current needs quite well and have the potential for long-term growth,” Barry Lazarus, president and COO of Inland Diversified, said in a statement. “Taken together, these two properties combine the stability of a grocery-anchored, necessity-based shopping center with a power center mix of very prominent retailers.”
According to Inland, the properties had been on the market for more than two years and the original asking price was $115 million.
Both centers are part of a recently-constructed master planned community in Port St. Lucie, around 50 miles from West Palm Beach.
HFF Negotiates Washington Harbour Sale
The Washington, D.C. office of Holliday Fenoglio Fowler L.P. (HFF) closed the sale of Washington Harbour, a class A, two-building mixed-use development on the Potomac River in Washington, D.C.
The HFF investment sales team was led by executive managing director Stephen Conley, managing director Andrew Weir and director Elizabeth Taylor Johnston. Rockpoint Group and MRP Realty purchased the property free and clear of debt.
The property includes two towers totaling 532,601 square feet; 456,376 of office space and 76,225 square feet of retail space. Washington Harbour is 86 percent leased to more than 20 tenants, the largest of which are law firms Foley & Lardner and Kelley Drye & Warren. On-site amenities include a two-story, 489-space underground parking garage and a fitness center.
KeyPoint Partners Adds New Property Management Assignments
KeyPoint Partners LLC has been awarded eight new property management assignments in seven eastern states.
With the addition of these new assignments, KeyPoint Partners now provides services for assets totaling well over 25 million square feet in the eastern United States from Maine to North Carolina.
The assignments include retail, office, and industrial properties, and were awarded by both current and new clients, including LNR Property Corp., USAA Real Estate Co. and Dividend Capital Total Realty Trust.
The retail assignments include the 145,000-square-foot Beaver Creek Commons in Apex, N.C., the 650,000-square-foot Mt. Nebo Pointe Park in Pittsburgh, Pa., the Centerton Square Shops in Mount Laurel, N.J., the 225,600-square-foot Wampanoag Plaza in East Providence, R.I. and the 29,000-square-foot 631 Park Square building in Kennebunk, Me.
Urstadt Biddle Acquires Partnership Interest in Scarsdale Center
Urstadt Biddle Properties Inc. completed the purchase, through a wholly-owned subsidiary, of a general partnership interest that equates to a 9.97 percent equity interest in the limited partnership which owns the Midway Shopping Center in Scarsdale, N.Y. for an approximate purchase price of $6 million, excluding closing costs.
Urstadt also made an additional investment in Midway in the form of an unsecured loan to the partnership in the approximate amount of $11.6 million which the partnership used to repay a second mortgage and unsecured debt. The loan matures in January 2013.
Midway contains 247,000 square feet of leasable space and is anchored by a new 69,000-square-foot ShopRite supermarket, expected to open in July 2010, and an 11,000-square-foot CVS.
As part of the transaction, UBP became the exclusive managing and leasing agent of both Midway and an adjacent 60,000-square-foot shopping center owned by some of the partners of Midway.
Marcus & Millichap Closes Three Deals
Tim Giambrone, vice president - investments and director of Marcus & Millichap’s National Retail Group in Atlanta, represented the seller, a lender, in the sale of the 78,000-square-foot Plaza Azteca in Norcross, Ga., for $3.2 million, or $40.7 per square foot.
The center was a REO property and has an occupancy rate below 45 percent at the time of closing. The buyer, Live Oak Plaza LLC, was a local investor who brought leases to the closing which would immediately bring the centers occupancy above 75 percent.
In another deal, Peter Snell of Marcus & Millichap’s Washington D.C. office arranged the sale of a former Circuit City in Temple Hills, Md., for $2.1 million, or $65 per square foot. Snell represented the seller, a private Florida based owner, and procured the buyer and end user, Beauty 4 U, an affiliate of Beauty.com and Drugstore.com. The location will serve as both a retail store and office headquarters for the regional beauty supply chain.
The property was developed for the previous tenant in 1991 and encompasses 32,065 square feet. The building has remained vacant since Circuit City liquidated in January 2009.
In a third deal, Snell teamed with Kirk Knight and Benjamin Marks to arrange the sale of a McDonald’s ground lease in Rockville, Md., for approximately $2.3 million, or a 5.5 percent cap rate.
The McDonald’s was developed in 1998 and encompasses 3,657 square feet on a 1.01 acre lot. The property is subject to a long term absolute net ground lease with rent increases every five years.
Marcus & Millichap represented the seller, Archbishop Phillip Hannan of the Archdiocese of New Orleans, and procured the buyer, a private Maryland based developer.
Other Notable Deals
A joint venture of Angelo, Gordon & Co. and Atlantic Realty Cos. Inc. purchased the 164,000-square-foot Plaza America Shopping Center in Reston, Va. Collins C. Ege of Jones Lang LaSalle brought Atlantic Realty and Angelo, Gordon & Co. together. Atlantic Realty developed the center, which opened in 1995, and has managed the property since.
Reichel Realty completed the sale of two shopping centers, the 80,000-square-foot Shawnee Plaza in Kansas City, Kan., and the 110,000-square-foot Oakbrook Plaza in Ocala, Fla. Reichel exclusively represented the owners in both transactions. Shawnee Plaza, owned by Southport Mortgage, sold for $1.5 million. Oakbrook Plaza, owned by Four Florida Shopping Centers, sold for $2.8 million. Both centers were owned by a trust that controls several commercial properties in South Florida that are leased and managed by Reichel Realty.
Grubb & Ellis Co. announced that Kim E. Mowers, senior vice president, facilitated the sale of 3440 Berlin Turnpike, a 40,850-square-foot retail building in Newington. A private investor sold the property to P.C. Richard & Son for $3.3 million.
129 West Church Street LLC bought a former 11,296-square-foot Rosie O’Grady’s in Orlando, Fla., for $2.2 million from Alvan Slemons Arnall. Jamie Barati, director of office services with Colliers International Central Florida represented the buyer. Jeff Tanner of Coldwell Banker Commercial represented the seller. Plans are underway to redevelop the 80-year-old property as MoJo, a New Orleans-style restaurant and bar with live entertainment.