|
Buyers & Sellers
|
|
|
Buyers & SellersJames Hanson Inc. has $250 million of investment capital for single tenant sale/leaseback transactions in the U.S, Canada, Mexico or Europe. The tenant can be sub-investment grade, and turnaround companies are of interest. The projects can be retail, industrial or office facilities, and existing or to-be-built properties. The company will do pre-construction purchases with full funding up front and wants a $4 million minimum investment with no maximum. For more information, contact Peter Kellner at (212-874-1234).
Arroyo & Coates has the listing to sell a 15,616 sq.ft. building housing a 14,662 sq.ft. Walgreens pharmacy and a 954 sq.ft. TSR Paging in Citrus Heights, CA. The property is leased for 20 years and is a 1031 exchange opportunity. The asking price is $4.29 million. The company has the listing to sell a 96,000 sq.ft. two-tenant triple net-leased property tenanted by The Sports Authority and Bed Bath & Beyond in Chula Vista, CA. The property is on an 8.34 acre parcel. The asking price is $10.75 million with $3.406 million down. The company also is seeking an up-leg to complete a tax-deferred exchange with a property it is selling in June of this year. The company will consider properties with a total purchase price between $3 million and $5 million with a preference for single tenant leases. No flat leases. Locations should be in primary or secondary U.S. cities. Unsubordinated ground leases and distribution centers are of most interest. The closing date should be flexible from June 2000 through first quarter of 2001. For more information, contact Eric Wilcox at (415-445-7800).
Butler Realty has the listing to sell an 88-acre parcel zoned "general" with approximately fifteen acres zoned "retail" in southern NH. It abuts condominium homes and the Sagamore Industrial Park. The proposed site plan calls for an 11-lot subdivision which can accommodate 538,000 sq.ft. Included in the retail zone are three proposed lots for a 6,000 sq.ft. restaurant, a 5,000 sq.ft. bank and a 25,000 sq.ft. retail building fronting Route 3A. The daily traffic count is 22,000 cars. Utilities are available at site, and the town would be receptive to a single user. The asking price is $4.6 million. For more information, contact David Faulkner at (603-893-7500).
Diversified Holdings Ltd. is aggressively seeking office, retail and multi-family units totaling 1.2 million sq.ft. in OH and surrounding states, and FL. Its preferred price range is $2 million + with cap rates of 11%+, depending on upside potential. The company would like the owner to carry a second mortgage for 10% of purchase price or some form of creative financing. For more information, contact David Bromley at (330-869-9534).
Marcus & Millichap has the listing to sell Lithonia Shopping Center, a 59,231 sq.ft., 3.89-acre facility in Lithonia, GA anchored by Eckerd Drug, Wayfield Foods and Family Dollar. The anchors occupy more than 70% of the total square footage. Five-mile demographics show a population of 68,000 earning $46,000 as household income. Competing retail centers in the area have rent rates averaging $7.50 psf, while rents at the Lithonia Shopping Center average less than $4 psf. The asking price is $1.25 million, with a down payment of $312,500. The current cap rate is 12.8%. For more information, contact Mark Cooley at (770-393-1700).
Dundee Realty Corp. has the listing to sell the 792,000 sq.ft. Greenbriar Mall located at the intersection of Interstate 285 and Lakewood Freeway in Atlanta, GA. The mall is 92% occupied and anchored by Burlington Coat Factory, Rich’s, Cub Foods and Circuit City. It sits on a parcel of nearly 100 acres and offers expansion opportunities. For more information, contact Paul Braun at (416-365-3532). Diversified Realty Corporation sold the 144,000 sq.ft. Stone Mountain Shopping Center in Stone Mountain, GA to SK Real Property Associates of Atlanta, GA. The sale price was $1.8 million. For more information, contact Perry Grueber at (216-755-5455).
Carl Chuzy Co. has the listing to sell a 60-acre parcel located at the intersection of Interstate 135 and 53rd Street North in Wichita, KS. The owner will sell or build-to-suit. For more information, contact Bill Morin at (316-686-8333).
Caruso Affiliate Holdings acquired Parkway Calabasas Center, an 80,000 sq.ft. retail center directly across from The Commons in the west valley area of Los Angeles, CA. The seller was AETNA Life Insurance Company. The Commons, also owned by Caruso, will undergo a renovation to be completed by the 2000 holiday season. For more information, contact Barbara S. Casey at (310-458-1224).
Oshman’s Sporting Goods Inc. sold its 10,000 sq.ft. West Los Angeles property to an organization who will convert the property to non-commercial use. The sale price was $7.8 million. For more information, contact Alvin Lubetkin at (713-928-3171).
Wohl Investment Company acquired Katella Plaza, a 63,000 sq.ft. shopping center anchored by Marie Callendars, Pep Boys, Chevron and McDonalds at the northeast corner of Katella Boulevard and Glassell Street in Orange, CA. The center is 62% occupied and will undergo remodeling in the immediate future. For more information, contact K. Gregory Wohl at (949-955-0115).
Joseph Failla Real Estate is seeking sites of a minimum of 200 acres throughout the U.S. for subdivision and recreational use bordering recreation sites such as lakes, rivers, ponds, national forests and ski areas. The company is representing a cash buyer who will close quickly, and the company is willing to co-broker the sale. For more information, contact (718-966-6760).
Woodmont Realty represented the buyer, Arlington-Arkansas Court, LP, in the sale of Arkansas Court Shopping Center. The 115,000 sq.ft. center, located at the northwest corner of Arkansas Lane and State Highway 360, sits on 10.3 acres of land and is anchored by Fontana Italian Restaurant, Hyena’s Comedy Club and Women’s Total Fitness. The seller was Trans Texas Investment Property IV. For more information, contact Angie Fuessel at (214-979-0430). |