The plaza was one of Grindle's original wheel ranches, analternative name he preferred to use for his car dealerships. Itwas built in 1979, with two wings added later. The Pocklington,Pocklington and Forster Retail Investment Group of Advantis RealEstate Services Co., a GVA Worldwide partner, brokered the deal forthe buyer and the seller.According to Martin Forster, Grindle putthe property on the market in a bid to organize his portfolio andthe deal closed slightly below the $4.25-million asking price. Headds there was a lot of interest in this property, which falls intothe group' niche: 10,000-sf to 80,000-sf unanchored retailproperties.

Forster explains to GlobeSt.com the sale was a "quick" deal,from start to finish, because there was "no fresh, outsidemortgage." Typically, deals of this kind average 30 to 45 days ofdue diligence with a 30-day closing, he adds.

Occupancy at Central Park Plaza has been steady, Forster says,and there are "fairly major leases coming up for renewal." Onetenant, Connie's Bar, occupies approximately 5,500 sf and its leaseis up for renewal in August. Pocklington, Pocklington and ForsterRetail Investment Group, which will manage the property on behalfof the new owner, plans to sign the bar to a triple net lease, andin time convert all the leases to triple net leases, Forsterexplains.