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Buyers & Sellers
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Buyers & SellersGrubb & Ellis has the listing to sell a 46,350 sq.ft. Jo Ann Fabrics store on South Cracknerneck Road in Independence, MO. The current lease runs 15 years with three five-year options and commenced in February 2000. The company also sold Closter Commons, a 45,600 sq.ft. shopping center anchored by Fleet Bank and Annie Sez in Closter, NJ. For more information on the MO property, contact Rodney Jones at (816-531-5303), (Fax 531-5409); for more information on the NJ sale, contact Sandy Schonberg at (973-486-2500).
Concorde Realty Partners acquired Stones River Mall, a 450,000 sq.ft. shopping center anchored by Dillard’s Sears, JC Penney and Goody’s in Murfreesboro, TN. The price was $32 million. For more information, contact Melanie Keenan at (212-286-1600).
Syndicated Equities Corporation has the listing to sell five properties: a Walgreens drug store for $3.27 million at an 8.10% cap rate at 95th and Halsted in Chicago, IL; a Walgreen drug store for $1.82 million with debt in place in Bolingbrook, IL; an Eckerd drug store for $3.367 million at an 8.50% cap rate in Lakeland, FL; an Eckerd drug store for $2.551 million at an 8.70% cap rate in Titusville, FL; and a Walgreens drug store for $4.8 million at an 8.50% cap rate in Bethlehem, PA. For more information, contact Carol Blomstrand at (312-640-9020).
Colliers L&A represented the seller, Metropolitan Bank & Trust, in the sale of Frankford Square Shopping Center, a 15,000 sq.ft. strip center on Frankford Avenue in Philadelphia, PA. The price was $850,000. For more information, contact Douglas R. Sayer at (215-925-4600).
Re/Max Realty Agency, Inc. has the listing to sell approximately 11 acres zoned commercial on Route 30 just off of Interstate 81 in Chambersburg, PA. The parcel is located directly across from a Wal*Mart Supercenter, and other retailers in the are include Ollies, Just Cabinets, Hoss’s Steak House, Dunham Sports and Aldi. The owner will subdivide or land lease. For more information, contact Bob Hickey at (800-626-7186).
Horizon Group Properties has agreed to purchase a total of seven shopping centers in KY, MI, MN, MO, and NV from Triple Net LLC during June of this year. The shopping centers total 1.6 million sq.ft. of gross leasable space. The contract price is $93.5 million. If the sale is consummated, Triple Net will incur a substantial loss for income tax purposes. For more information, contact Gary J. Skoien at (312-917-4227).
Shopping Centers, Etc. brokered the sale of the former Scotty’s location on Volusia Avenue in Orange City, FL. The property consists of 4.08 acres with 35,000 sq.ft. of building area and was purchased by Superior Sheds. For more information, contact George Sandland at (407-830-0778).
Western Properties Trust sold Belle Mill Landing, a 125,000 sq.ft. shopping center with tenants including Rite Aid and Food-4-Less in the Sacramento, CA area. The sale price was approximately $8 million. For more information, contact Jim Wright at (916-791-0600), Fax (791-0700).
Trout, Segall & Doyle brokered the sale of a 27,500 sq.ft. former Hardees restaurant on 29th Street in Baltimore, MD. The new owners plan to redevelop the facility, turning it into a Burger King with a drive-thru. For more information, contact Emily Agueda at (410-435-4000), Fax (435-4277).
Innovative Realty, Inc. sold a Chi-Chi’s restaurant on McKinley Parkway in Buffalo, NY to a franchisee of TGI Friday’s. The building will be demolished to make way for a prototypical TGI Friday’s. For more information, contact (716-684-9000).
NZ/Bridge Financial sold an undeveloped 14.6-acre parcel of land on the northwest corner of Ray and McClintock Roads in Chandler, AZ to Albertson’s, Inc. for $2.8 million. The company expects to record pre-tax income of $1.1 million in the first quarter of 2000 from the sale. Albertson’s plans to develop a shopping center on the site. For more information, contact Jerome L. Joseph at (602-952-8836). |