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Buyers & Sellers
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Buyers & SellersRichman Realty Associates Richman Realty Associates has the listing to sell a Winn Dixie-anchored shopping center with 4,800 sq.ft. of locals in Orlando, FL at an asking price of $6.1 million and an 8.5% cap rate. The company has the listing to sell a Publix-anchored shopping center, currently under construction and fully pre-leased, with 20,000 sq. ft of locals in Central FL. The projected NOI is $900,000. Also for sale is a Staples in New England with a 15 year NN lease and three five-year options, while rent bumps in the tenth year and the property is priced at a 9.0% cap. The initial NOI is $390,000. The company has the listing to sell a group of Don Olsen Firestone stores, mainly in FL. Leases are 20-year NNN with 2% increases at four-year intervals and a 9.0% cap. The price range is $1.2 million to $1.7 million. The company also has the listing for several 7-Elevens in FL. Leases are 14 years and 11 months with 12% increases every five years, including options. Prices range from $1.6 million to $2.6 million at 8.5% to 9.0% cap rates. For more information, contact Sy Richman at (631-477-1300). Crossover Commercial Group Crossover Commercial Group has the listing to sell a 17,760 sq.ft. strip center in Palm Bay, FL. The occupancy level is 96% and the asking price is $900,000. The NOI is $84,464. For more information, contact Carmine Ferraro at (407-633-3724). Goldberg Real Estate Goldberg Real Estate Inc. is open to buying grocery-anchored retail centers anywhere in the U.S. The company prefers that at least 60% of income derives from credit tenants and financing in place. The company has as much as $5 million in cash from a 1031 and wants a total trade amounting to $5.5 million or more. For more information, contact David Goldberg at (480-348-2280). Pacific Landmark Realty Pacific Landmark Realty has the listing to sell a 29,000 sq.ft. Office Depot in Lakewood, CA. The store is adjacent to Petco and Big 5 Sporting Goods. The property is triple net corporate lease guaranteed by Office Depot, Inc. The asking price is $6.43 million at an 8.5% cap rate. The company also has the listing to sell a 2,730 sq.ft. Chevron Gas Station in Ontario, CA. The absolute triple net 30 year lease has fixed 20% escalations every fifth year. The cap rate is 7% now, 8.4% in three years and the asking price is $1.37 million. For more information, contact Bradford Kuish at (949-723-2050). Trammell Crow Company Trammell Crow Company has the listing to sell three 23,500 sq.ft. freestanding Office Max properties, in Shelby, NC and Duncanville and Weatherford, TX. All three properties are leased to Office Max for a term of 15 years, completely net. The TX leases have three five-year options to renew at increased rent, and the NC lease has four five-year options to renew at increased rent. The asking price for the Duncanville, TX property is $2.763 million; for the Weatherford, TX property $2.868 million and for the Shelby, NC property $3.083 million. For more information, contact Piet Visser at (415-986-1900, ext. 252). Turner Net Lease Properties Turner Net Lease Properties represents a client exchanging $9 million who needs to replace $7.8 million in debt. The client prefers a single tenant retail facility but will consider other property types. Location is important and the client prefers a property with assumable debt. An additional $300,000 may be added to the client’s equity. For more information, contact Gary Turner at (321-952-2894). Arroyo & Coates Arroyo & Coates has the listing to sell a 42,958 sq.ft. Sports Authority located in the Market at Braintree shopping center in Braintree, MA. The property has a 20 year lease that commenced July 1999 with a cap rate of 8.85%. The asking price is $10.15 million or $236 psf. For more information, contact Eric Wilcox at (415-445-7800). Collins Commercial Corporation Collins Commercial Corporation has the listing to sell Packers Square, a 48,797 sq.ft. office and retail center in Tustin, CA. The center consists of Ruby’s restaurant, two single tenant medical office buildings and one multi-tenant retail building and is 100% occupied. The asking price is $6.4 million or $131 psf with a cap rate of 10%. For more information, contact Robert Carlton at (949-851-2300). Robinson Sigma Commercial Real Estate Robinson Sigma Commercial Real Estate has the listing to sell Shady Banks, a 57,654 sq.ft. shopping center in Yorktown, VA. Current tenants include Food Lion, Rite Aid and Bethel Video. The center is 98% occupied. The asking price is $3.6 million. The company also has the listing to sell Newport Crossing Shopping Center, a 200,088 sq.ft. shopping center in Newport News, VA. Current tenants include Phar Mor, Food Lion and AJ Wright. The center is 94% occupied and has two undeveloped outparcels also available. The asking price is $13.1 million. For more information, contact Kevin DiBona at (757-490-3300). Cap Rate Properties Cap Rate Properties has the listing to sell a 21,977 sq.ft. Toys ‘R Us in San Bernadino, CA near a regional mall, and adjoining a strip center. The 30 year, double net lease expires in 2014. The cap rate is 10% after deducting a reserve from current rent of $265,921 with rent increases of 10% each five years (next increase in February 2004). The landlord is responsible for the roof and structure. The asking price is $2.615 million. Tenant closed the store in 1994 and continues to pay rent. For more information, contact Dean Curci at (949-852-9400). The sale package is visible on Web site at www.caprate.com The Boulder Group The Boulder Group brokered the sale of a 2,496 sq.ft. retail property leased to 7-Eleven in Marco Island, FL for $1 million. For more information, contact Randy Blankstein at (847-562-0003). HVP HVP has the listing to sell a 44,000 sq.ft. retail center in Cortlandt, NY. Family Dollar and Save-A-Lot are major tenants, and the center is 95% leased to ten tenants. Pad site possibilities also exist. The asking price is $2.5 million. For more information, contact D. Kaufteil at (914-522-4498), email dk@hvp.com MGI Properties MGI Properties signed an agreement to sell an $8.3 million retail property in Peabody, MA, and three other retail properties in MO, IL and MI. For more information, contact Phillip C. Vitali at (617-422-6000). Colliers Towle Real Estate Colliers Towle Real Estate is looking for prime outparcels in MN, ND, SD and western WI for Burger King, Bridgestone-Firestone, Denny’s and BP/Amoco. For more information, contact Todd Johnson at (612-347-9312). CB Richard Ellis/Whittier Partners Investment Properties Group CB Richard Ellis/Whittier Partners Investment Properties Group represented Warwick Summit Square, Inc. in the purchase of a 132,975 sq.ft. shopping center, anchored by Staples and PetSmart, from E & A Northeast LP in Warwick, RI. The price was $16.16 million. For more information, contact Gina Marie Pizziconi at (617-912-7051). Anthony Realty, Inc. Anthony Realty, Inc. has the listing to sell a 21,200 sq.ft. lot with a 3,500 sq.ft. building at the intersection of Route 88 and Arthur Avenue in Point Pleasant, NJ. The property is zoned general commercial. The daily traffic count on Route 88 is 22,200 cars and a population of 135,000 resides within five miles. For more information, contact John Herriott at (732-935-1144).
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