Buyers & Sellers

For more information, contact John Caplan at (412-571-2007), Email: westpenncomm@aol.com.

Richman Realty Associates has the listing to sell four 7-Eleven freestanding stores in FL. The properties, which may be purchased separately, have 14-year-11-month leases with three- to five-year options and 8.5% to 8.9% caps. Asking prices range from $1.6 million to $2.5 million. The company also has the listing to sell a 7-Eleven in Broward County, FL with a 20-year, absolute NNN lease with increases and an 8.7% cap. The company has the listing to sell a Staples in New England with a 15-year lease, increases in the tenth year, and a 9.25% cap. The company also has the listing to sell a a Publix-anchored shopping center in Central FL.

For more information, contact Sy Richman at (561-852-7090), Email (syrich@aol.com).

Trammell Crow Company has the listing to sell two OfficeMax stores with new, totally net leases; one term began in November 1999 and the other began in March 2000. The tenant pays all expenses, including roof and structure. The asking prices are $2.68 million and $2.88 million. The first requires $762,000 cash with debt of $1.918 million at 9.4 percent; the second requires $814,000 cash with debt of $2.066 million at 9.4 percent. Assumable financing is in place at a 30/10 fixed rate.

For more information, contact Piet Visser at (415-986-1900, ext. 252).

Welch Realty Company has the listing to sell 2.24 acres at a traffic-controlled intersection in the Bartlett area of Memphis, TN. A new Kroger-anchored center sits across the street.

For more information, contact Ken Hoerster at (901-759-5100), E-mail khwelch@aol.com.

Meacham/Oppenheimer Inc. represents a client in the market to acquire 7-11 properties throughout CA.

For more information, contact Scott Cash at (408-378-5900), Email scash001@aol.com.

Voit Commercial Brokerage has the listing to sell a variety of shopping centers and tenanted buildings in CA and NV. Shopping centers in southern CA include: a 19,785 sq.ft. project listed at $3.5 million; a 47,432 sq.ft. center anchored by 99¢ Only and Pic N Save priced at $5.8 million; a 10,200 sq.ft. project anchored by Starbucks and Hollywood Video listed at $3.2 million; a 6,290 sq.ft. new development with tenants including Baja Fresh, Panda Express, Coffee Bean & Tea Leaf, listed at $2.5 million; a 15,064 sq.ft. project tenanted by Wienerschnitzel, Baskin & Robbins and Subway, listed at $2.98 million; a 37,687 sq.ft. center containing Smart & Final and Wells Fargo Bank, listed at $4.6 million; and a 20,270 sq.ft. project anchored by Bally’s Fitness and Chuck E. Cheese, listed at $8.61 million. In NV, a 137,622 sq.ft. new development anchored by Lucky and SavOn is listed at $18.5 million. Tenanted properties in southern CA include: a Sav-on Drugstore, of 16,854 sq.ft. priced at $3.5 million; a Sam’s Club of 114,300 sq.ft. priced at $11 million; a Carl’s Jr. of 2,962 sq.ft. priced at $2.075 million; a Home Base of 111,830 sq.ft. priced at $11.5 million; an Office Depot and Michael’s occupying 47,141 sq.ft. priced at $8.975 million; and a Taco Bell of 2,000 sq.ft. priced at $900,000. The company also has listings for Raley’s Market in NV, Rite Aid Drug in Southern Ca, PetsMart in southern CA, 7-Eleven in southern CA, call to discuss terms.

For more information, contact Joe A. Cyr at (949-851-5100, Email jcyr@voitco.com.

Regency Realty Corporation sold the Mountain & Evergreen Center in Monrovia, CA to Young Properties, Inc. for $7.6 million. The Charles Dunn Company represented both buyer and seller in the transaction. Tenants of the 48,187 sq.ft. center include Ross Dress for Less, Airtouch Cellular, Chico’s Tecate Grill, La Jolla Patio & Mattress, and David’s Bridal. The company also sold a build-to-suit, 14,884 sq.ft. Sav-On Drugs location in Lomita, CA to a family trust for an undisclosed sum. California Retail Investments was the broker for the buyer and Net Lease Properties represented the seller. Regency expects to complete construction of the property during summer 2000.

For more information on the Mountain & Evergreen Center, contact Brian Smith; for more information about the Sav-On Drugs property, contact Mark Harrigan Sr., both at (213-624-6500).

Crossover Commercial Group, Inc. has the listing to sell a mixed-use strip center in Palm Bay, FL. The 17,760 sq.ft. retail and office property consists of three buildings with 24 units of 740+- sq.ft., 23 of which are rented. In 1999, gross income was $129,849 and operating expenses were $45,385.60, generating a net operating income of $84,464.

For more information, contact Carmine Ferraro at (407-633-3724), Email cpstferraro@juno.com.

CB Richard Ellis Retail Services brokered the sale of two retail properties in Orange County, CA for approximately $1.655 million. A private investor closed escrow on the tenant-occupied Weinerschnitzel building in Buena Park. The buyer paid approximately $975,000 for the triple net leased investment located on Orangethorpe Avenue. In the second transaction, Diamond Restaurants paid approximately $680,000 for 29,600 sq.ft. of land also on Orangethorpe Avenue. The buyer, a Burger King franchisee, intends to build a Burger King on the site. The company negotiated the $4.1 million sale of Kachina Village, a multi-tenant retail center in Phoenix, AZ. CBRE represented the buyer, Kachina Village, LLC, a group of Phoenix and San Diego investors. Colliers International represented the seller, Crown Life Insurance Company of Toronto, CN. Evanco/Rogers Realty Advisors of Phoenix will manage the 48,000 sq.ft. center, which is tenanted by Moroney’s Cleaners, Manuel’s Mexican Restaurant, Goodyear Tires, FastSigns and 5 Star Image. The company also brokered the $4.6 million sale of two freestanding Osco Drug Stores in Tucson, AZ to Commercial Industrial Realty Co. CBRE represented the seller, Parkwest Development Company of Scottsdale, doing business as PWAL Broadway & Prudence, LLC and PWAL Sunrise & Kolb, LLC. The company has the listing to sell three shopping centers in CA. The 107,005 sq.ft. Valley Shopping Center in Sacramento is anchored by Raley’s Supermarket and is offered at $11.5 million. The 111,683 sq.ft. Venetian Square Shopping Center in Stockton is anchored by Save Mart Supermarket and Dollar Tree; the asking price is $7.825 million. The 116,959 sq.ft. Westgate Shopping Center in Woodland (Sacramento CMSA) is anchored by Raley’s Supermarket and is listed at $11.55 million. The company has the listing to sell Cross Creek Square Shopping Center in Tallahassee, FL. The 132,197 sq.ft. center is located on 14.78 acres and offers parking for 744 vehicles. It is zoned "Mixed Use B," which allows for most retail/commercial uses, and is anchored by an 81,922 sq.ft. Trees n Trends backed by a Wal*Mart lease guaranty through 2007. 1999 demographics included populations of 31,250 and 94,042 residing within three miles and five miles, respectively, earning average household incomes of $52,891 and $51,082, respectively. The listing price is $5.6 million cash with a cap rate of 11%.

For more information about the Orange County, CA properties, contact Joe Miller at (714-939-2202), Web site: www.cbrichardellis.com. For more information about Kachina Village, contact Steven Cook or Jeff Levine at (602-735-5555). For more information about the Osco Drug Stores, contact Cam Stanton or Michael Auther at (602-735-5555) or Brian Harpel at (520-323-5100). For more information about Valley Shopping Center, Venetian Square Shopping Center or Westgate Shopping Center, contact Don Howson at (916-446-8269), Email dhowson@cbrichardellis.com; John DuBois at (916-446-8761), Email jdubois@cbrichardellis.com; Jon Gianulias at (916-446-8787), Email jgianulias@cbrichardellis.com; Craig Sherle at (916-446-8280), Email csherle@cbrichardellis.com. For more information about Cross Creek Square Shopping Center, contact Christopher J. Neidhardt at (904-630-6397), Email cneidhardt@cbrichardellis.com.

Commercial Real Estate Specialist Inc. has the listing to sell a Hollywood Video NNN property in Poplar Bluff, MO. The building is in final construction stage and has a 15-year lease. Rent for years 1-5 is $95,760, years 6-15 show $103,320 and two five-year options give 12 percent increases.

For more information, contact David J. Donley at (573-339-0488).

Several unanchored strip centers are available throughout Dade County in Southern FL. All are 100 percent occupied and offer 10 percent to 11 percent cap rates. Asking prices range from $2 million to $7 million.

For more information, contact Zachary Zurich, Email zzurich@bellsouth.net.

DJM Asset Management, LLC has the listing to sell three fee-owned Scotty’s locations in St. Petersburg, Daytona Beach and Cape Coral, FL. The properties include land and freestanding buildings; acreage ranges from 4.3 acres to 10.9 acres. The buildings range in size from 29,946 sq.ft. to 56,210 sq.ft.

For more information, contact Emilo Amendola at (631-752-1100) or Elizabeth Wicks at (617-422-6299).

Arroyo & Coates has the listing to sell 12.356 acres of land under a 130,915 sq.ft. Target in Cherry Hill, NJ. The tenant has a 20-year unsubordinated ground lease. The listing price is $9.062 million with an 8 percent cap rate.