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Buyers & Sellers
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Buyers & SellersColumbia Realty New York, LLC has the listing to sell two recently constructed Eckerd Drug stores and three Rite Aid drug stores. The Eckerd Drug stores are located in Cliffwood Beach, NJ and Watervliet, NY, while the Rite Aid stores are located in Albany, NY, Greenville, NY and New Milford, CT. Each of the freestanding stores have 20 year leases. For more information, contact Marc Goldstein at 518-862-9133, Email mgoldstein@jrndevelopment.com
The Abbey Company purchased the Upland Freeway Center, a 116,000 sq.ft. shopping center tenanted by The Baby Co., Sit ‘N’ Sleep, Lamps Plus and Source Home Furnishings and located on West Seventh Street between Mountain and Central Avenues in Upland, CA. The daily traffic count is 225,000 cars. Spaces totaling 13,181 sq.ft. are available. Demographics include a population of 800,000 residing within 10 miles earning $62,000 as the average income. For more information, contact Ed Middleton at 909-987-8811.
Divaris Real Estate brokered the sale of a commercial parcel of 17.35 acres located between Independence Boulevard, Virginia Beach Boulevard and Columbus Street in the central business district of Virginia Beach, VA. The Town Center of Virginia Beach will be developed on the parcel. The sale price was $7.67 million. The company also brokered the sale of a one-acre parcel located at the intersection of Columbus Loop and 123 Garrett Drive in Virginia Beach, VA. The sale price was $954,000. For more information, contact Gerald Divaris at 757-497-2113.
Trammell Crow Company has the listing for several properties which may be of interest to parties needing to complete 1031 exchanges, including: a Walgreens located at a major intersection in Palm Beach County, FL with a new 20-year lease available for delivery during September/October 2000. The asking price is $4.302 million at an 8.1% cap rate; a Children’s World Learning Center located in Aberdeen, NJ with a 15-year corporate net lease with CPI increases every five years available for delivery during September 2000. The asking price is $2.133 million at an 8.8% return; an OfficeMax located in Weatherford, TX with a new 15-year lease, located adjacent to a Home Depot, with assumable financing in place of $1.768 million amortized for 30 years, and due in 10 years. The asking price is $2.68 million; and a Merchants Tires located in Richmond, VA with a new 20-year lease with 10% increases every 5th year available for delivery during September 2000. The asking price is $1.591 million. For more information, contact Piet Visser at 415-986-1900, Fax 986-8131.
Marcus & Millichap has the listing to sell Herrington Center, a 43,769 sq.ft. specialty center on four acres located at the intersection of Herrington Road and Old Norcross Road in Lawrenceville, GA. The center is 76% occupied. Demographics include a population of 170,890 residing within five miles earning $70,000 as household income. The daily traffic count is 24,000 cars. NOI is $567,442. Kroger operates nearby. The asking price is $5.1 million. The company also has the listing to sell an Arby’s fast food restaurant triple-net leased with 18 years remaining on a 20-year term. The 3,416 sq.ft. building is located on a .69-acre lot on Northwest 9th Street in Corvallis, OR. Rent increases of 3% every two years commence May 2001. The asking price is $1.093 million. For more information on Herrington Center, contact Thomas Jorgenson at 770-393-1700, Fax 393-1738; for information on the Arby’s property, contact Colby Haugness at 425-453-8330, Fax 455-9123.
Sperry Van Ness sold Park Pointe Center, a three-tenant center in a master planned community located in Mission Viejo, CA for $3.3 million. For more information, contact Reza Etedali at 949-250-4100.
Crossover Commercial Group has the listing to sell a 96% occupied, 17,760 sq.ft. strip center located in Palm Bay, FL. NOI is $84,464, while operating expenses are $45,385. The asking price is $900,000. For more information, contact Carmine Ferraro at 407-633-3724, Fax 633-5636.
Pace Realty Fund, LLC sold Ballwin Plaza, a 200,000 sq.ft. shopping center anchored by Sears Hardware, Michael’s, Jo Ann Fabrics, Dress Barn and Longhorn Steakhouse and located on Manchester Road in St. Louis, MO. The sale price was $15 million, and the buyer was Weingarten Realty Investors, Inc. Pace is interested in acquiring retail projects throughout the midwest. For more information, contact Weingarten Realty Investors, Inc., 713-868-6361.
Colliers International has the listing to sell Midas Center, a three-tenant retail facility occupied by Midas Mufflers and Brakes, Canned Foods Grocery Outlet and Store of Floors, and located at the intersection of 77th Avenue and Everett Mall Way Southeast in Everett, WA. The asking price of $2.7 million is below replacement cost and identical to the underlying land value. Additionally, a 5,400 sq.ft. freestanding building which sits on a back parcel of 20,500 sq.ft. is available. The asking price is $500,000. For more information, contact Paul Sleeth at 206-223-1266.
Grubb & Ellis has the listing to sell Santa Clarita Place, a 114,168 sq.ft. shopping center anchored by Rite Aid, Goodwill and Bank of America, and located at the intersection of Seco Canyon and Bouquet Canyon Roads in Santa Clarita, CA. The daily traffic count is 60,000 cars. The asking price is $14.2 million at an 9.25% cap rate. For more information, contact Tom Lagos at 310-235-2936 or Ken McLeod at 310-235-2921.
CB Richard Ellis has the listing to sell a fee simple interest in Cross Creek Square Shopping Center, a 132,197 sq.ft strip center located in Tallahassee, FL. The center is anchored by an 81,922 sq.ft. Trees n’ Trends secured by a Wal*Mart guaranty through 2007, and is 92.6% occupied. The center is in close proximity to a 3,200-acre mixed-use community development. Demographic requirements include a population of 94,042 residing within five miles earning $51,082 as household income. The asking price is $5.6 million. For more information, contact Daniel Allen at 904-630-6362.
DJM Asset Management, LLC has the listing to sell three fee-owned Scotty’s locations in FL. The first, a 56,210 sq.ft. building on 10.9 acres is located at the intersection of 22nd Avenue North and 34th Street North in St. Petersburg; the second, a 29,946 sq.ft. building on six acres, is located at the intersection of Beville and Nova Roads in Daytona Beach; and the third, a 39,123 sq.ft. building on 4.3 acres located at the intersection of Del Prado Boulevard and Pine Island Road in Cape Coral. For more information, contact James Avallone at 631-752-1100, Email javallone@djmasset.com.
Northwest Atlantic Real Estate Services has the listing to sell a 117,022 sq.ft. building on a 15.819-acre land area currently tenanted by Costco, and located on Green Valley Road at Interstate 80 and Interstate 680 in Fairfield, CA. The daily traffic count is 117,000 cars. Demographics include a population of 238,162 residing within 10 miles earning $59,009 as the average income. The company also has the listing to sell a 122,944 sq.ft. shopping center located at the intersection of 99 Freeway and Briggsmore Avenue in Modesto, CA. The daily traffic count on Briggsmore drive is 28,648 cars. Demographics show a population of 426,269 residing within 15 miles earning $45,217 as the average income. For more information, contact Steve McArthur at 949-724-0025.
Coldwell Banker has the listing to sell Golden West Plaza, a 10,950 sq.ft. strip center on a 36,176 sq.ft. parcel located on Golden West Street in Westminster, CA. Westminster Center, Edward’s Cinema, Lucky, Rite Aid and Home Depot operate nearby. Demographics show a population of 194,636 residing within three miles earning $61,674 as household income. The asking price is $1.775 million. The company also has the listing to sell three parcels located on Stewart Parkway west of the Interstate Five interchange in Roseburg, OR. The 12-acre parcel lists for $6 psf, the .59-acre parcel lists for $7 psf and the 1.18-acre lists for $8 psf. Wal*Mart and Roseburg Valley Mall operate nearby. For more information on Golden West Plaza, contact David Oden at 949-585-7607, Fax 585-7633; for more information on the parcels, contact Maria Duncan at 541-484-2100, Fax 484-9574.
Daum Commercial Real Estate Services has the listing to sell Balboa Sherman Plaza, a 14,891 sq.ft. strip center located in Van Nuys, CA. NOI is $220,127. The asking price is $2.55 million reflecting an 8.63% cap rate. For more information, contact Eric Kalfa at 818-615-0150, Fax 615-0550.
Henry S. Miller Commercial has the listing to sell a 72,745 sq.ft. parcel located on the northeast corner of Interstate 635 and MacArthur Boulevard in Irving, TX. Demographics include a population of 142,036 residing within five miles earning $74,081 as the household income. The daily traffic counts are 118,000 cars (I-635) and 23,000 cars (MacArthur Boulevard). Several major retailers including Wal*Mart Supercenter, Sam’s Target and Kroger operate nearby. The asking price is $1.2 million or $16.50 psf. For more information contact Dan Shoevlin at 972-419-4043. Phillips Edison & Company is seeking shopping centers of at least 75,000 sq.ft. nationwide. Centers should be priced between $2 million and $100 million. Deals are all cash at closing. The company has closed on every project put under contract, and typically closes within 45 to 60 days. For more information in eastern states, contact Nate Tower, at 410-528-0670, Fax 528-0672, Email ntower@phillipsedison.com; for more information in western states, contact Peter Leider at 949-475-9275, Fax 261-7014, Email pleider@phillipsedison.com.
RREEF Funds is in the market to acquire shopping centers including neighborhood, community and power centers as well as regional malls. For more information, contact 415-781-3300, Fax 781-2229, Email www.rreef.com
Centennial American Properties, LLC has the listing to sell three 10,908 sq.ft. Eckerd Drugs, one each in King’s Mountain, NC with an annual rent of $188,160, Piedmont, SC generating an annual rent of $185,900 and Seneca, SC with an annual rent of $225,700. Each property is flat leased for 20 years with $.50 bumps in option years. For more information, contact Guy Woolbright or Pete McDonald at 864-271-3894, Fax 242-5498, Email guyw@capllc.com, petem@capllc.com.
Ramco-Gershenson recently formed a $125 million acquisition joint venture for the purchase of shopping centers with value-added potential in the Midwest, Mid-Atlantic and Northeastern U.S. For more information, contact Dawn Garcia at 248-728-1526, Fax 728-1600.
Welco Realty, Inc. has the listing to sell a freestanding 7,500 sq.ft. building on Allerton Avenue in the Bronx, NY. The building sits on a paved and fenced lot with 200 feet of frontage and 25 parking spaces. Demographics include a population of 1.5 million residing within five miles earning $40,519 as the average income. For more information, contact 914-576-7500, Fax 576-7596.
Insignia/ESG has the listing to sell Brookhollow, a 167,618 sq.ft., 13-acre shopping center anchored by HEB Supermarket and Beall’s, located on San Pedro Avenue at Brookhollow Boulevard in San Antonio, TX. The daily traffic count is 117,000 cars. Demographics show a population of 185,367 residing within five miles earning $80,667 as household income. The estimated NOI is $1.414 million. The asking price is $15.7 million. For more, information, contact James Thomas at 214-525-2080.
Commercial Net Lease Realty, Inc. has the listing to sell a number of properties and developmental parcels along the automotive alliance corridor located in Tuscaloosa County in West Central AL including: Jackson Square, a 13,710 sq.ft. strip center on 2.5 acres located at the intersection of Highways Five and Eleven in Woodstock, AL. The owner pays property taxes, insurance and maintenance on parking lot and structure only; a 30-acre parcel located on U.S. Highway 11 just south of interstate 59/20 at the Tuscaloosa city limits. The site is envisioned as a retail center for which Phase I construction has been approved. The asking price is $2.5 million. For more information, contact Jane Marshall at 205-556-4080, Fax 556-2070, Email janem@wwisp.com.
Chase Properties is seeking anchored shopping centers of at least 75,000 sq.ft. in any area of the U.S. except the West Coast. REO properties are of particular interest, and new development deals will also be entertained. Substantial vacancies are tolerable if center is well located. Free and clear yields of 9.75% based on existing NOI are typically sought. For more information, contact David Palchesko at 216-464-6626, Fax 464-6346.
Chevron Real Estate Management Company has the listings to sell more than 50 surplus properties in the eastern region of the U.S. priced between $5,000 and $4.9 million. The company also has the listing to sell 18 surplus properties in the western region of the US priced between $120,000 and $1.3 million. For more information, contact 925-973-4405.
Lamar Companies is seeking shopping centers with cash flow and upside potential of at least 100,000 sq.ft. in CA, CO, FL, GA, MD, NJ, OH, PA, TX VA and WI, and of at least 150,000 sq.ft. in other regions. There is no maximum size. Shopping centers must be at least 15% unoccupied. Demographic requirements include a population of 50,000 residing within three miles earning $40,000 as the average income. Most types of environmentally contaminated sites will be considered. Deals are all cash and can close within 30 to 60 days from the date an offer is accepted. For more information, contact Cory Boss at 973-285-1924, Fax 285-9263.
Reliable Properties is seeking retail properties that need change of use, redevelopment or which have high vacancy. Value-added centers in need of rehabilitation, expansion, tear-down or site plan changes are of interest. The company will consider vacancies up to 100%. Properties should be between 10,000 sq.ft. and 350,000 sq.ft. and located in southern CA. Deals can be done for existing financing or cash. Principals only. For more information, contact 323-653-3777.
Newcastle Properties has the listing to sell Cicero Town Center, a 110,000 sq.ft. redevelopment project located at the intersection of 32nd Street and Cicero Avenue in Cicero, IL. The 600,000 sq.ft. Cicero Marketplace whose tenants include Target, Home Dept Sam’s Club and OfficeMax operates one block north of the center, and the 286,000 sq.ft. Hawthorne Works project operates nearby as well. The daily traffic count is 44,700 cars. Demographics include a population of 831,900 residing within five miles earning $46,390 as the average income. For more information, contact 847-480-9700, Fax 480-9703.
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