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Buyers & Sellers
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Buyers & SellersShaw’s Supermarkets, Inc. completed the sale of 19 shopping centers totaling 1.4 million sq.ft. in five New England states to a consortium of buyers led by Northstar Properties. The sale price was $117 million. 15 of the 19 properties are anchored by a Shaw’s supermarkets, and all of the supermarkets will remain open and continue to be operated by Shaw’s. Spaulding & Slye Colliers brokered the sale, which was the largest portfolio sale of strip shopping centers in the region’s history. Nine of the centers were located in MA, four each in ME and NH, and one each in CT and RI. For more information, contact Bernard Rogan of Shaw’s Supermarkets at 508-350-3316, Fax 350-3112.
Upland Real Estate Group, Inc. represented the seller in the sale of a 13,905 sq.ft. Walgreens located in Sioux Falls, SD. The purchase price was $4.562 million. First Weber Group represented the buyer. For more information, contact Deborah Peterson at 612-376-4475, Fax 376-4489.
CB Richard Ellis/Oklahoma brokered the sale of Utica 71 shopping center, a 24,995 sq.ft. center located on East 71st Street in Tulsa, OK. Mapleoak Investments purchased the property from Oakley & McCracken LLC for $1.844 million as part of a 1031 exchange. The company also brokered the sale of South Lewis Plaza, a 41,698 sq.ft. shopping center located on South Lewis Avenue in Tulsa, OK. Kansas City Life Insurance Company sold the property to R. Daniel Richardson and Robert Bohli for $2.1 million. For more information, contact Matthew Guse at 918-665-3830.
Aminoff & Co. has the listing to sell two Staples office supply stores in TX. The first has an asking price of $2.55 million with a 9.25% cap rate based on net rent, less reserves for roof and structure. The current 15-year lease commenced April 2000 and carries four five-year options with a rent increase in the 11th year. The second has an asking price of $2.68 million with a cap rate 9.25% based on net rent, less reserves for roof and structure. The initial 15-year lease term commenced April 2000 with three five-year options and a rent increase in the 11th year. For more information, contact Gary Aminoff at 310-201-9600, Fax 201-4311.
C-21 Alliance has a client seeking 1031 replacement properties in CA in the $3 million to $5 million range. Of interest are NNN tenants with 10-year lease or greater and rent increases. Shopping centers close to the Bay Area are of interest, and cap rates need to be close to 8.5% or higher. For more information, contact Jamil Tams at 650-991-5223, Fax 415-621-0594.
Prudential Commercial Real Estate Services represents an REIT seeking triple net leased shopping centers built in the last ten years in GA. Candidates for acquisition must be anchored by credit tenants or supermarkets with long term leases. For more information, contact 770-277-5938 (Fax).
Century 21 West Penn LLC is seeking three replacement properties for a 1031 exchange closing in December totaling up to $6 million in Orange or Los Angeles Counties in CA or Pittsburgh, PA. For more information, contact Patrick Dicesare at 949-858-7989.
Rein & Grossoehme represented both the buyer and seller in the sale of Sun Valley Plaza, a 54,068 sq.ft. shopping center located on the northeast corner of 74th Street and Main in Mesa, AZ. Pacific Life Insurance Company sold the property to 74 Main Street LLC for $1.2 million. The center was 87% leased at the time of the sale. For more information, contact Mark Rein at 602-954-7217
Edgemark LLC brokered the sale of Yorkshire Plaza, a 361,984 sq.ft. power center anchored by Burlington Coat Factory, Value City Furniture, Best Buy, Pier One and Men’s Warehouse, and located at the intersection of New York Avenue and Route 59 in Aurora Hills, IL. MGI Properties was the seller, and the buyer was M & J Wilkow. For more information, contact 630-472-1010.
Starwood Heller LLC purchased Seaview Square, a 117-acre regional mall located in Ocean Township, NJ. The company acquired the property from Equitable Real Estate Investment Management Inc., and plans to convert the ailing facility to a one million sq.ft. power center. The company will retain the mall’s two active tenants, Sears and Value City, but will turn them into freestanding buildings. Additionally, the company hopes to lure Target, Lowe’s Home Center and other big-box retailers. To make room, the remainder of the existing structure, including a vacated movie theater and Stern’s store, will be torn down. For more information, contact Tod Heller at 201-945-9555.
Mid-America Real Estate Corporation (MAREC) brokered the sale of East Town Plaza, a 208,959 sq.ft., 29-acre shopping center located at the intersection of Zeier and East Washington Roads in Madison, WI. The center is anchored by Marshalls, Burlington Coat Factory, Borders Books and Jo Ann Fabrics. Ramco-Gershenson was the purchaser. Acting as exclusive broker for the Simon Property Group, the company also brokered the sale of Marwood Plaza, a 105,875 sq.ft. shopping center anchored by Kroger and CVS in Indianapolis, and Arvada Plaza, a 95,831 sq.ft. center anchored by King Sooper in Arvada, CO. For more information, contact 630-954-7300.
Re/MAX Niagara Realty Ltd. has the listing to sell Niagara Falls Plaza, a 30,159 sq.ft. shopping center with below-market rents. The asking price is $2.799 million. For more information, contact Lou Grottola at 905-356-9600, Fax 374-0241.
Federal Realty Investment Trust sold Peninsula Shopping Center, a 296,000 sq.ft. project located in Palos Verdes, CA to Principal Life Insurance Company for $48.6 million. The company reported an approximate gain of $3.7 million. For more information, contact 301-998-8100.
Excel Legacy Corp. has the listing to sell Desert Fashion Plaza located on North Palm Canyon Drive in Palm Springs, CA. The company had planned to revamp the center, transforming it into a new mall of 365,000 sq.ft. to open during 2002. However, that plan was scrapped and the property was put up for sale last month. The center is only 30% occupied, and tenants include Saks Fifth Avenue. Resort Theaters of America, Inc. has also signed a lease and plans to build a 12-screen, stadium-seating complex there in the coming months. For more information, contact Kelly Burt at 619-485-9400.
Colliers Appelt Womack, Inc. has the listing to sell three pad sites well suited for restaurant development located near the main entrance of Kingwood, a residential community in Houston, TX. For more information, contact Christopher Winters at 713-830-2106, Fax 830-2118.
Northwest Atlantic Realty Services has the listings to sell several excess Costco properties in AZ, CA, NV and WA. The properties range between 106,000 sq.ft. and 138,000 sq.ft. and are priced between $5 million and $14 million. For more information, contact Steve McArthur at (949-724-0025).
Stafford Smith Commercial Realty sold The Union Avenue Shopping Center, a 17,000 sq.ft. center anchored by Super Quik Check and located at the intersection of Union Avenue and Route 36 in Hazlet, NJ. The DeMaio family of Shrewsbury and Lakewood was the buyer. For more information, contact Ray Smith at 732-747-1000.
PRAEDIUM Advisors, Inc. represents a client who wants to purchase buildable pad sites of 3,000 sq.ft. to 6,000 sq.ft. in the southeastern valley (Gilbert, Tempe, Chandler, Mesa) of AZ. Properties in Gilbert and Tempe will be given preference. The space should be suitable for a dry cleaners and be located in or adjacent to an anchored shopping center. For more information, contact Victor Allison at 602-840-2000, Fax 840-5852, Email victor@praedium-advisors.com
International Capital Inc. has a portfolio of three Goodyear properties, each measuring 5,789 sq.ft., in Broken Arrow, OK, Rockwell, TX and Sugarland, TX. Each property is leased for approximately five years, concluding during 2003. The asking price is $1.877 million based on a 10% cap rate. For more information, contact Susan Thomas at 281-497-3707, Fax 520-441-7350, Email susandthomas@yahoo.com
Tanger Properties sold two of its smaller non-core properties in NC which have failed to perform to company standards. The properties were 97,749 sq.ft. and 88,200 sq.ft. and sold for a cash consideration of $7.88 million. The two properties accounted for less than 1% of the company’s overall sales, and are located in McMinnville and Lawrence, respectively. For more information, contact Stanley Tanger at 366-274-1666, Fax 274-6632.
CB Richard Ellis/Ft. Lauderdale/Palm Beach County represented the seller, Lakes Devco Joint Venture, in the sale of Lakes Plaza, a 54,922 sq.ft. shopping center on 6.92 acres located on Banks Road in Margate, FL. The buyer was Poinciana Management. The company also represented the seller, FNB Real Estate Corporation, in the sale of Lakeside Shoppes, a 46,374 sq.ft. shopping center on 4.86 acres located on West Hallandale Beach Boulevard in Hallandale Beach, FL. For more information, contact Dave Donnellan at 561-393-1606 or Bill Strauss at 561-393-1615.
Single Tenant Realty Advisors is seeking portfolios of single tenant, ‘A’ rated properties NNN leased with a 15-year primary term remaining. Eastern seaboard properties are preferred. Properties should be in the $5 million to $25 million price range, clear of debt and with cap rate of 9% or higher. Flat leases are OK, and the company will consider ‘BBB’ properties. Also, the company will make forward commitments for to-be-built units singly or in blocks. For more information, contact Nick Pavonetti at 727-595-5688.
Starwood Urban Investments purchased two parcels formerly occupied by Upton’s and Old Navy on the Miracle Mile in Coral Gables, FL. The total purchase price was $6.45 million. The company has not yet decided if it will bring in a new tenant for the Upton’s space or whether it will redevelop it into a mixed-use center. With the purchases, the company now has more than 150,000 sq.ft. on the Miracle Mile under its ownership. For more information, contact 415-677-9196.
Paramount Investments has recently been infused with fresh capital and is seeking investment properties between $1 million and $20million located in MI and OH. Brokers are always protected. For more information, contact David Rubin at 248-538-8600, Fax 538-4303, Email drubin@paramountbank.com
Michael Antkies Real Estate has the listing to sell a 6.55 acre parcel, the site of a proposed 23,400 sq.ft. freestanding property located across from The Gap on Federal Road in Danbury, CT. Borders Books, Circuit City, Linens ‘N’ Things, Stew Leonard’s, Costco, TJ Maxx, Michael’s, Office Max, Waldbaum’s, Shop Rite and Strawberries operate nearby. Demographics include a population of 95,244 residing within five miles earning $68,198 as the median household income. For more information, contact Michael Antkies at 203-798-7766
Wal*Mart Realty has outparcels and excess property for sale in every region of the continental United States. For more information on properties in AZ, CA, CO, ID, MT, ND, NE, NM, NV, OR, SD UT and WY, contact David Dallas at 501-273-8122, Email dddalla@wal-mart.com; in TX and OK, contact Carole Baker at 501-204-0047, Email cjbaker@wal-mart.com; in AR, IL, IN and KS, contact Tom Allen or Misti Mager at 501-204-0171, Email mmmager@wal-mart.com; in AL, GA, KY, LA, MI, MS, NC, OH, SC, TN and WI, contact Mike Webb at 501-204-0015, Email mewebb@wal-mart.com; and in CT, Washington, D.C., DE, FL, MA, ME, NH, NJ, NY, PA, VA, VT and WV, contact Travis Rodgers at 501-277-0039, Email tirodge@wal-mart.com
Continental Real Estate Companies sold Omni International Mall, a 1 million sq.ft. shopping center in Miami, FL on behalf of CP Miami Retail LP. For more information, contact Carol Greenberg Brooks at 305-854-7342, Fax 858-6239.
Jaylon, Inc. recently closed on the sale of a commercial property and is in need of a trade. Properties should be multi-tenant and located in the midwestern U.S., or a credit single tenant with a cap rate of 9% or more located anywhere in the U.S. Vacant land zoned for commercial development in the Midwest, Southern FL or southwestern U.S. will also be considered, as will certain other types of properties. The company prefers turnaround or value-added properties, and can close in 30 days all cash. For more information, contact Jay Brown at 847-491-6787.
Marcus & Millichap brokered the sales of three Eckerd Drug Stores in Schenectady, NY ($2.985 million), Erial, NJ ($2.771 million) and West Mifflin, PA ($3.635 million). The company also brokered the sale of two Hollywood Video stores in Hermitage, PA ($1.185 million) and Versailles, PA ($1.36 million). For more information, contact Edward Winslow at 212-832-4500.
Klaff Realty, LP acquired El Paseo Shopping Center, a 58,162 sq.ft.specialty center on 4.75 acres located at the confluence of Highway 111 and El Paseo Drive in Palm Desert, CA. The project is anchored by Office Max and is 100% leased. For more information, contact Hersch Klaff at 312-360-1234, Fax 360-0606.
Newcastle Properties LLC acquired Cadwell’s Corners Shopping Center, an 80,000 sq.ft. specialty center located at the northeast corner of Lake Cook and Waukegan Roads in Northbrook, IL. Tenants include Barnes & Noble, Calico Corners, The Piano Gallery, Amlings Florist and Fitness Experience. The center is located just north of the Northbrook Court shopping center, whose tenants include Marshall Field’s, Lord & Taylor and Neiman Marcus. Additionally, the center is located directly across from Deerbrook Mall power center whose tenants include Best Buy, Jewel-Osco, Bed, Bath & Beyond, Office Max and Sport Mart. For more information, contact Michael Horne or Jim Devine at 847-480-9700, Fax 480-9703.
I.C.A. Realty Corp. has the listing to sell a Big Kmart located on Sixth Avenue in Aberdeen, SD. The 87,780 sq.ft. building is situated on a parcel of 9.07 acres and is net leased through July 2011, with ten five-year options thereafter. The asking price is $1.6 million, or $18.32 psf. For more information, contact James Dwoskin at 212-889-8730.
Edens & Avant acquired four shopping centers in MA, PA and VA totaling approximately 600,000 sq.ft. The acquisitions include: Fairhaven Plaza, anchored by Super Stop ‘N’ Shop and located in Fairhaven, MA; Northland Center, anchored by Giant Foods and CVS and located in State College, PA; York Marketplace, anchored by Giant Foods, Lowe’s Hardware and OfficeMax and located in York, PA; and Pinecrest Plaza, anchored by Fresh Fields in Annandale, VA. The company hastransacted more than 20 acquisitions in the last six months. For more information, contact Susan Sale at 800-662-7212, Email suzis@edensandavant.com
Cohen and Company, Inc., brokered the sale of Davidson Plaza, a 126,000 sq.ft. shopping center anchored by Kmart and located in Lexington, NC. Other tenants include an 8,640 sq.ft. Family Dollar, and Gold’s Gym recently signed a lease to occupy a 21,000 sq.ft. space formerly housing Lowe’s Foods. The company’s scheduled closing for the first half of 2000 now total close to $300 million and over 3.15 million sq.ft. For more information, contact 212-679-1222, Fax 679-1533.
Fidelity Land Development Corporation is seeking parcels for development in NJ and eastern PA. The company is also seeking existing shopping centers for investment in the same areas. For more information, contact John Muly at 973-966-2800, Fax 973-966-6161.
Millennium Properties, Inc. represented the seller, American Realty Advisors, in the sale of a 25,000 sq.ft. parcel with an 8,000 sq.ft. building formerly occupied by Pizza Hut located on North Milwaukee Avenue in Chicago, IL. After redevelopment, the property is intended for use as a strip center. The sale price was $1 million. For more information, contact Daniel Hyman at 312-338-3003.
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