Buyers & Sellers
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Buyers & Sellers

Commercial Ventures, Inc. represents a client in the market to acquire shopping centers in the Dallas/Fort Worth, TX market. Preferred projects should be priced at an 11% cap rate. Older centers will be considered.

For more information, contact Scott Jerwick at (913-262-7799), e-mail (jerwicks@aol.com), home page (www.commven.com).

The Lutz Companies has the listing to sell a portfolio of 26 NNN leased properties in FL, IN, MI, NC, SC and VA. The sites are leased to Flooring America and have one to eight years remaining on the lease, with no options. The asking price for the portfolio is $21.2 million. Individual buildings may be purchased and the asking prices range from $150,000 to $1.5 million.

For more information, contact Adam Lutz at (248-539-7800), Fax (539-8833).

Beazley Company Realtors has the listing to sell multiple tracts of land fronting I-95 in Westbrook, CT. The land is located an exit away from outlet malls and is zoned Interstate (flexible). The sites range in size from four acres to 20 acres and can be purchased separately or assembled. Utilities are available to the property, but septic will need to be engineered.

For more information, contact Gregg Wagner at (860-388-3491).

Phoenix Commercial Real Estate has the listing to sell a 6,900 sq.ft. building currently occupied by Meineke Muffler in Framingham, MA. The freestanding unit sits on a 30,000 sq.ft. lot with 289 ft. of frontage. The asking price is $749,000. The site is also available for lease at $12 psf NNN.

For more information, contact Dave Tognacci at (508-820-0133).

Spectrum Realty Advisors represented Branch/Interrealianz Realty Fund, L.P., in its sale of Stonewood Village, a 50,164 sq.ft. neighborhood retail center, in Stone Mountain, GA.

For more information, contact Katherine James, Joseph Montgomery or James Hudgins at (404-252-2288), Fax (252-8666).

One Liberty Properties, Inc. recently acquired a 43,200 sq.ft building net leased to Ames Department Stores in Hamilton, NY through a wholly owned subsidiary for $1.34 million. The tenant’s lease runs through 2010 with renewal options through 2030.

For more information, contact Jeffrey Fishman at (516-466-3100), homepage (www.1liberty.com).

Walpert Properties brokered the sale of Prestige Plaza in Miamisburg, OH to Prestige Plaza, LLC for $1.95 million and Plaza St. Clair in Memphis, TN to Plaza St. Clair, LLC for $6.85 million.

For more information, contact Robert Walpert at (314-567-1221).

Arroyo & Coates has the listing to sell a 15,616 sq.ft. two-tenant buiding in Citrus Heights, CA. The facility is occupied by a 14,662 sq.ft. Walgreens and a 954 sq.ft. TSR Paging store. The stores have a 60-year primary lease term with eight five-year options to terminate. The asking price is $4.6 million based on an 8% cap rate or $291.89 psf. The company has the listing to sell a two-tenant, 96,114 sq.ft. retail building at Terra Nova Shopping Center in Chula Vista, CA. Tenants occupying the building include a 51,367 sq.ft. Bed Bath & Beyond and a 44,477 sq.ft. Sports Authority. The asking price is $10.75 million based on an 8.89 % cap rate or $111.85 psf. The company has the listing to sell a 40,700 sq.ft. Sports Authority at Arrowhead Festival Power Center in Glendale, AZ. The tenant signed a 20-year lease which commenced in October 1999. The asking price is $5.025 million based on an 8.79% cap rate or $123.46. The company also has the listing to sell a 42,500 sq.ft Sports Authority in St. Petersburg, FL. The tenant has a 20-year lease which commenced in September 1999. The site is located one mile north of the 1.3 million sq.ft. Tyrone Square Mall and is situated across from both Wal*Mart and Target-anchored centers. The asking price is $5.21 million based on an 8.87% cap rate or $122.59 psf.

For more information, call Eric Wilcox at (415-445-7800).

Greenberg Development Company has the listing to sell a freestanding Pizza Hut in Fairview Heights, IL. The tenant has a 10-year lease. The restaurant is located on an outparcel of an Aldi-anchored shopping center. There is an additional outlot available as well. The property is ideal for a 1031 exchange.

For more information, contact Bob Greenberg at (314-965-2000), Fax (966-3667), email (rggreen4@aol.com).

Grubb & Ellis represented BF Roddco, LLC in its acquisition of a 51,268 sq.ft California Plaza retail center from Haeri, LLC, for $4.3 million. BF Roddco plans to open a Payless Foods store this month on the site, making the project 84% leased.

For more information, contact Mark Hong at (714-939-6000).

VII International Realty has the listing to sell a 30,122 sq. ft. freestanding Office Depot located at a high-profile intersection in Joplin, MO. The asking price is $3.76 million based on a 9% cap rate or $124.99 psf.

For more information, contact Larry Wanser at (631-862-8080).

R.J. Brunelli & Co., Inc. represented CIN Essex Green LP, a venture between an affiliate of Investcorp International, Inc. and Crow Holdings, in its acquisition of the Essex Green Shopping Center in West Orange, NJ from MONY Life Insurance company for $42 million. The 352,000 sq.ft shopping center is anchored by a Sterns, Sears Hardware, Petco, a General Cinema nine-screen theater and Shop Rite. The new owners have appointed Brunelli & Co. as the exclusive leasing agents for the property, and spaces ranging from 5,000 sq.ft. to 16,000 sq.ft. are available.

For more information, contact William Lenaz at (732-721-5800).

Sugarland Properties Incorporated sold a .6 acre site to Legend Marketing, Inc. at Sugarland Business Park. The buyer plans to develop a Popeye’s Chicken restaurant on the site, which is expected to open during summer.

For more information, contact G. Peter Jacob at (281-242-2000).

Trademark led a partnership which acquired a 50,000 sq.ft. former Service Merchandise store in Midland Plaza Shopping Center in Midland, TX. Trademark plans to divide the property in two spaces with Michaels and Bed Bath & Beyond as tenants. Both of the stores are expected to open during late Spring 2000. Midland Plaza is also anchored by Mervyn and Pier 1 Imports.

For more information, contact Tony Chron at (817-870-1122), Fax (429-1815), homepage (www.tdmk.com).

The Sembler Company recently sold a .93 acre outparcel at the intersection of SR70 and Creekwood Boulevard in Bradenton, FL to McDonalds. The company also recently sold a 1.3 acre outparcel at the intersection of SR60 and Valrico Road in Bradenton, FL to Burger King. The Burger King is under construction and is expected to be the first of the new concept stores in FL.

For more information, contact (727-384-6000), Fax (342-4272), homepage (www.sembler.com).

Eastbourne Investments Ltd. acquired a 55-acre development tract along State Highway 249 at the corner of Northpoints Boulevard in

Houston, TX for $4.34 million. With the acquision, Eastbourne now holds 10 properties in the United States and is actively seeking grocery-anchored retail and development properties in the Southern and Western regions.

For more information, contact Frank Egan at (416-597-3310).

GFI Realty Services, Inc. has the listing to sell a 10,000 sq.ft. strip center at Main and Belden Streets in Watertown, CT, which will be completed by the mid-year. The strip center will be anchored by a 4,000 sq.ft. Blockbuster Video, a 2,400 sq.ft. Radio Shack, a 1,500 sq.ft. Starbucks Coffee and a 2,100 sq.ft. Ace Cash. The asking price is $1.95 million, and on an all cash basis the initial return is 11%.

For more information, contact Maury Gordon at (212-837-4535).

The Hutensky Group sold the 147,554 sq.ft. School Street Square in East Hartford, CT to an affiliate of Woodgreen Management, Inc. for $16.1 million. Major tenants include Big Y World Class Markets, Rite Aid, Blockbuster Video, Fashion Bug and AutoZone.

For more information, contact Denise Robidoux at (860-527-2222).

Ira Marks Commercial Realty has the listing to sell a 45,303 sq.ft. corner lot on U.S. 1 at the corner of 15th Place in Vero Beach, FL. Presently an 1,800 sq.ft. restaurant operates on the parcel and a 1.7-acre contiguous lot can be assembled. The property sits across from Publix, Kmart and Outback Steakhouse. The asking price is $695,000.

For more information, contact Ira Marks at (561-794-7758).

Pepperdine Real Estate Operations of Pepperdine University is aggressively acquiring retail properties anywhere in the U.S.

For more information, contact Costa Anestos at (310-456-4109).

Investment Management Associates brokered the $730,000 sale of the 7,500 sq.ft. Flagler Shops in Miami, FL.

For more information, contact Daniel Baumgard or Ralph Sheppard at (305-661-0110), Fax (661-7803). uuu

Kimco Realty Corp., during the fourth quarter of 1999, acquired 13 sites totaling 1.5 million sq.ft. for $108.3 million for its core portfolio. Fourth quarter acquisitions included three shopping centers totaling one million sq.ft. for $99.1 million. For the year, Kimco acquired 34 properties totaling 3.4 million sq.ft. for an aggregate cost of $229.4 million for its own portfolio.

For more information, contact Kimco Realty Corp. at (516-869-7100).