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Buyers & Sellers
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Buyers & SellersCB Richard Ellis has the listing to sell Turlock Town Center, a 102,361 sq.ft., 97%-occupied shopping center located in Turlock, CA. The center is anchored by Albertson’s and Rite Aid. The asking price is $10.8 million at a 10% cap rate. For more information, contact Don Howson at 916-446-8269, John DuBois at 916-446-8761 or Jon Gianulis at 916-446-8787.
David Cronheim Company has the listing to sell 1.5 acres of commercial property located on U.S. Highway 46 in Ledgewood, NJ. The parcel had previously been approved for a 10,000 sq.ft. Sears Hardware store. For more information, contact 973-635-2180.
Marcus & Millichap has the listing to sell Venice Village Shoppes, a 171,065 sq.ft., 17-acre shopping center anchored by Publix, Walgreens and Bealls, and located on the northeast corner of U.S. Highway 41 in Venice, FL. Other tenants include Jo Ann Fabrics, Blockbuster, GTE, Hallmark, Subway, H&R Block, Pak-N-Mail, Burger King and Mobil Oil. Existing NOI is $1,832,969. The asking price is $21.575 million based on a cap rate of 8.5% with cash-on-cash of 8.8%. The property carries an assumable loan of $13.16 million at 7.14% interest due 3/08 with a 30-year amortization, leaving a required down payment of $8.415 million. The company also has the listing to sell Rocky Point Plaza, a 93,561 sq.ft., 10-acre shopping center anchored by Big Bear and located in Gahanna, OH. Estimated NOI is $835,742. The asking price is $9 million, based on a cap rate of 9.29% with cash-on-cash of 8.76%. The property carries an assumable loan of approximately $5.581 million at 8.39% with a 20-year term and a 10-year call. The annual debt service is $628,788. Other non-assumable financing exists as well. A down payment of $2.25 million is required. For more information on Venice Village, contact Les Aron or David Goldstein at 813-287-9777, Fax 287-1165; for more information on Rocky Point Plaza, contact Kenn Kerper at 513-759-0400.
Colliers Seeley has the listing to sell the Shoppes at Dadeland, a 104,956 sq.ft. shopping center located at the southwest corner of Kendall Avenue and U.S. Highway One in Miami, FL. The center is 100% NNN leased and anchored by Linens ‘n’ Things. Other tenants include Old Navy, Just For Feet and Container Store. Demographics include more than 100,000 households within a radius of five miles earning $86,000 as the average household income. For more information, contact Michael Ross at 310-477-6272, Fax 477-0053, Email mross@colliers-seeley.com; or William Bauman at 213-627-1214, Fax 627-2700, Email bbauman@colliers-seeley.com.
I.C.A. Realty Corp. has the listing to sell a 51,945 sq.ft., 5.716-acre Ultimate Electronics superstore located at the intersection of Interstate 74 and 53rd Street in Davenport, IA. The property is 72% leveraged. The property’s first mortgage was for $3.7 million at 8.6% with a 15-year maturity and 25-year amortization. The annual debt service is $360,482. The asking price is $5.15 million, meaning the property can be purchased for $1.45 million above the mortgage. The lease term runs 15 years with three five-year options and no landlord responsibilities. The daily traffic count is 43,400 cars. Demographics include a trade area population in excess of of 400,000. For more information, contact James Dwoskin at 212-889-8730, Fax 889-9007.
First Washington Realty Trust is selectively acquiring principally supermarket-anchored shopping centers throughout the mid-atlantic states and other metropolitan areas. For more information, contact Stuart Halpert at 301-907-7800, Web site www.firstwash.com
Equity Investment Group acquired Arvada Plaza, a 96,861 sq.ft. shopping center anchored by King Sooper, ARC Thrift Store, Goodyear and Payless Shoesource, and located in Arvada, CO. Simon Properties Group was the seller. The company also purchased Fairlane Village Mall, a 450,066 sq.ft. shopping center anchored by Boscov’s, Value City, D&K Stores, CVS, Fashion Bug and Carmike Theaters. The Claverton Corporation was the seller, and Rockwood Realty Associates, LLC brokered the transaction. For more information, contact Wanda Albert at 404-364-2984.
Syndicated Equities sold a 10,125 sq.ft. property on which a CVS drug store holds a long-term lease to complete a 1033 exchange. The sale price was $4.186 million; the company sold a 15,120 sq.ft. property on which Walgreens drug store holds a long-term lease to complete a 1031 exchange. The sale price was $3.781 million; the company sold a 44,176 sq.ft. property on which Raley’s supermarket holds a long-term lease to complete a 1031 exchange. The sale price was $6.212 million. For more information, contact 312-640-9020.
Colliers International sold Bonney Lake Village Shopping Center, a 90,784 sq.ft. strip center located in Bonney Lake, WA for $8.7 million. For more information, contact Paul Sleeth and Erin Conger at 206-223-0866.
Regency Realty Corporation sold Hawthorne Plaza, a 104,000 sq.ft. shopping center located at the intersection of Hawthorne and El Segundo Boulevards in Hawthorne, CA. Anchors include Albertson’s and Sav-On drugs, while other tenants include Taco Bell, Starbucks, Hollywood Video and Athlete’s Foot. The sale price was $20.1 million. For more information, contact Brian Smith at 213-624-6500.
Upland Real Estate Group, Inc. represented the seller in the sale of an 11,800 sq.ft. Tutor Time located in Cottage Grove, MN for $1.648 million. The company also represented the seller in the sale of a 5,000 sq.ft. Hollywood Video located in Huntsville, AL for $1.072 million. Marcor Investment Properties represented the buyer. For more information, contact Deborah Peterson at 612-376-4475, Fax 376-4489.
Edgemark LLC arranged the sale of SaveMore Plaza, a 147,761 sq.ft. shopping center located at the intersection of Routes 51 and Six in Hobard, IL. The company represented the seller, Crown Life Insurance Company, who sold the property to a private developer and an affiliated group of investors. For more information, contact 630-472-1010.
Dee’s Inc. purchased the 17-acre Sugar House Center retail development on South 1300 East in Salt Lake City, UT. The deal was part of a 1031 exchange which permitted Dee’s to trade approximately 100 acres in West Jordan, UT for the Sugar House center. Wal*Mart bought the West Jordan acreage, but paid the money to Montford-Apollo. Since the Sugar House land is worth more than the West Jordan property, Dee’s financed the difference. Wal*Mart expects to build a 203,000 sq.ft. supercenter on the West Jordan site, slated for an opening during the Spring or Summer of 2001. For more information, contact 801-487-4201.
CB Richard Ellis is seeking a long-term triple net leased property for a 1031 exchange priced up to $4 million. Preferred properties are single-tenant or anchored shopping centers. Tenants should be national or regional credit tenants. Leases of 10 or more years with fixed or CPI increases required, preferable in Southern CA. The company seks an 8.5% cap rate with the ability to achieve a leveraged cash-on-cash yield of 9%. For more information, contact Curtis Fralin at 310-550-2546, Fax 550-2558. |