Buyers & Sellers

For more information on the Office Max property, contact Michael R. O’Mara at (617-912-7086), Email momara@ix.netcom.com; for more information on Jordan Lane, contact Joseph Pierik, William Moylan or Chris Angelone at 617-912-7000.

Trammell Crow Company has the listing to sell two new Merchant Tire stores in NC and VA. Both properties are leased for 20 years with increases every fifth year. Leases commence during late summer 2000. The Burlington, NC property is priced at $1.739 million, while the Richmond, VA property is priced at $1.591 million.

For more information, contact Piet Visser at (415-986-1900), ext. 252, Email pvisser@trammellcrow.com

GFI Realty Services Inc. represents a client seeking strip centers and shopping centers of 75,000 sq.ft. on the East Coast with a 9% cap rate or better.

For more information, contact Arnold Mager at (212-837-4529), Email amager@gficap.com.

Aries Deitch & Endelson, Inc. is seeking an income-producing property for a 1031 exchange in the Atlanta, GA vicinity priced at approximately $20 million with market cap rates.

For more information, contact Manny Berger at (914-949-2800), ext. 1. Fax (914-949-2424), Email (http://ade-re.com/invest.html) for an executive summary.

G. Earl Real Estate, Inc. has the listing to sell a 21,000 sq.ft. center for single tenant or multi-tenant use, contiguous to a recently-opened AutoZone. Currently set up for auto sales, the auto service center and body shop is adaptable to big box retail or multi-tenant retail. The price includes down draft paint booth with a bake and air-dry feature plus completed frame rack system. New parking lot lights were built in 1999. The property sits on 2.46 acres, with a daily traffic count of 15,000+ cars. The seller can provide positive environmental documentation. The property was MAI appraised at $1 million (1998). The asking price has been reduced from $975,000 to $895,000, and the seller will take much less with quick closing. The seller will pay a $20,000 cash incentive to the broker who, on or before May 15, 2000, procures an acceptable offer to purchase the entire property and successfully closes. The incentive will be paid at time of closing, in addition to any co-brokerage fee. Payment will be made to the designated broker in compliance with DRL regulations.

For more information, contact Gary E. Eake at (920-426-0417), Email: ge@gebroker.com, Web site www.gebroker.com to view 910 W. Murdock Street under "Properties For Sale."

HSK, Inc. has the listing to sell a 175,000 sq.ft. Wal*Mart store located in the Southeast leased for 20 years with no landlord responsibilities. The property has a self-liquidating mortgage with a $100,000 cash flow after debt service. Principals only.

For more information, contact H. Stephen Kirschner at (631-595-9595).

Cornerstone Real Estate has the listing to sell a 106,000 sq.ft. shopping center anchored by a 44,000 sq.ft. Kroger. 2000 NOI is $420,000. The asking price is $3.8 million.

For more information, contact James Bennett at (541-772-1828), Email: jlbennet@cdsnet.net.

Massey Knakal Realty Services, Inc. has the listing to sell an irregularly shaped parcel with frontages of 200 ft., 206 ft. and 100 ft. on three different streets, near the Hudson River in NY. One lot is built full with a mix of one-, two-, and four-story masonry buildings. Another lot is improved with a 100 ft.-x-500 ft. masonry building, a three- and four-story building on the northerly side, and a loading dock in the middle of the block. A 100 ft.-x-100 ft. portion on the south side is unimproved. There is an unused elevatored railroad track diagonally transversing the site, covering the loading dock area and intersecting the northerly building. NY State has recently taken lots west of the property. The buildings have been demolished, affording Hudson River views, and there are plans for a city/state park to be developed there. The seller is looking for a long-term triple-net lease (49 years) somewhere between $1.6 million and $2 million per year, based on a value for the property of $16 million to $20 million. The lessee would also recieve an iron-clad option to purchase at a well-below market price.

For more information, contact Stephen Levine at (212-888-8850).

J.D. Block Services, Inc. has the listing to sell Atlantis Plaza, a 63,280 sq.ft. strip center on more than eight acres. The center was formerly leased as a WinnDixie/Eckerds Drug Center. Both retailers vacated and center is now releasing. The center is 64.5% occupied and was fully renovated in 1993. The current NOI is $140,000+ and growing. The asking price is $2 million.

For more information, contact Jon Block at (954-472-3885), Email jdblock@jdblockservices.com, Web site www.jdblockservices.com.

International Capital, Inc. has the listing to sell Brown Trail Shopping Center, a 5,000 sq.ft. one-story strip shopping center on .5 acres. The asking price is $395,000.

For more information, contact Jan Rhea at (972-241-3592), Email: jrhea1@airmail.net.

Greenberg Development Company has the listing to sell a small IL shopping center at a 10% cap rate that is well suited for a 1031 exchange. The company also has a listing for a property well suited for a 1031 exchange in the St. Louis, MO metro area-(Fairview Heights, IL). Tenants include the State of IL (on a recently-commenced 10-year lease), a freestanding Pizza Hut with a triple-net lease, and Aldi anchors the center, but they own their own building. One additional outlot is available.

For more information, contact Bob Greenberg at (314-965-2000), Email: Rggreen4@aol.com.

Auerbach Associates, Inc. has the listing to sell Pembroke Plaza, a 20,250 sq.ft., 100% leased shopping center located on the southeast corner of the US 441 (State Road #7) and Pembroke Road in Hollywood, FL. The center is situated adjacent to and shares access with a Home Depot complex and U.S. Post Office. Walgreens is erecting a freestanding building directly across the street on the northeast corner. The daily traffic count is more than 72,000 cars. The center houses nine tenants and is anchored by Home Choice Rent-to-Own (4,500 sq.ft.) and 441 Bingo Hall (4,950sq.ft.). The asking price is $1.95 million; gross income is $285,490 and total expenses are $81,952, leaving a net operating income of $203,538 with a 10.4% cap rate. The company also has the listing to sell Springtree Shopping Center, a 46,760 sq.ft. strip center on 3.5 acres anchored by Party Supermarket, Mattress Giant & Entenmann’s Bakery. The center is located on the northwest corner of University Dr. & Oakland Park Blvd., Sunrise, FL. The daily traffic count is over 100,000 cars. Wal*Mart and Office Depot are on the northeast corner, and a 135,000 sq.ft. BJ’s Wholesale Center is just to the rear. A Lowe’s Home Improvement Center is under construction on the southwest corner. The asking price is $4.3 million. The effective gross income for 1999 was $626,400 with total expenses of $147,400 leaving net operating income of $479,000 with an 11% cap rate..

For more information, contact Stuart Auerbach at (305-672-0492), Email: auerbach_e@popmail.firn.edu.

CB Richard Ellis has the listing to sell Valley Shopping Center, a 107,000 sq.ft., 15.8-acre supermarket-anchored center in the Sacramento, CA market. The center also has three pad sites and is 97.6% occupied. The asking price is $11.5 million. The company also has the listing to sell Venetian Square, a 116,959 sq.ft., 9.21-acre supermarket-anchored shopping center. The occupancy rate is 88% and the asking price is $7.825 million. The company also has the listing to sell Westgate Shopping Center, a 11,683 sq.ft., 9.64-acre supermarket-anchored shopping center. The occupancy rate is 97.3% and the asking price is $11.55 million.

For more information on Valley Shopping Center, contact Jon Gianulias at (916-446-8787), Email: jgianulias@cbrichardellis.com. For more information on Venetian Square, contact John DuBois at (916-446-8761), Email: jdubois@cbrichardellis.com. For more information on Westgate Shopping Center, contact Don Howson at (916-446-8269), Email: dhowson@cbrichardellis.com.

Ramco-Gershenson Properties Trust has entered into a joint venture with an affiliate of Investcorp Internation to purchase East Town Plaza, a 209,000 sq.ft. shopping center located at the intersection of Zeier Road and East Springs Drive in Madison, WI. The purchase price was $16.5 million. The center is anchored by Jo Ann Fabrics, Burlington Coat Factory, Marshall’s and Borders Books, and demographice include a trade area population earning $57,000 as average household income.

For more information, contact Dennis Gershenson at (248-728-1510).

Heatley Capital Corporation has the listing to sell two pads sites two blocks from the Vista Ridge Mall in Dallas-Fort Worth, TX. Buyers may purchase between 60,000 sq.ft. and 10 acres.

For more information, contact Mike Heatley at (214-220-9617).

STRA Realty represents an institutional investor seeking supermarket-anchored power centers located in eastern MI ranging in size from 50,000 sq.ft. to 400,000 sq.ft. The company prefers CBD and inner-city locations with school, medical and government tenants. Properties with cap rates of 11% to 12% with cash or assumable finacing in place are of particular interest.

For more information, contact Nick Pavonetti at (727-595-5688), eFax (810-816-5994).

Crossover Commercial Group, Inc. has the listing to sell a 17,760 sq.ft. strip center located in Palm Bay, FL. The center is comprised of six units measuring 2,000 sq.ft. to 8,880 sq.ft. in three buildings. Of the 24 rentable units, 23 are currently occupied. Gross income for 1999 was $129,849 with operating expenses of $45,385, leaving a net operating income of $84,464. The asking price is $900,000.

For more information, contact Carmine Ferraro at (407-633-3724), Fax (407-633-5636).

Re/Max Central has the listing to sell a 1.14-acre parcel in the central business district of Palos Hills, IL. The property is zoned B1 on a 4-lane roadway and is presently being used as an auto repair facility with a 1,200 sq.ft. building. The property also has 200 ft. of frontage.

For more information, contact Ken D’Alessandro at (630-539-4100), Fax (307-1002).

First Commercial Properties has the listing to sell a seven-acre parcel with development lots of one to three acres at the intersection of 52nd and Sheridan Boulevard in Arvada, CO. The lots are intended for restaurant, gas station/convenience stores, fast-food or other retail projects. The adjacent lot is zoned for a car wash, mini-storage and an office/warehouse facility.

For more information, contact Bruce Linke at (303-973-5125), Fax (948-8696).

NAI/Eric Bram & Co. brokered the sale of a 22-acre parcel to Wawa, Inc. The property is located at the Collingwood Circle, at the intersection of Routes 33 and 34, and Wyckoff Road in Wall Township, Monmouth County, New Jersey. The site will be home to Wawa’s new concept combining a retail convenience store with a gas station as well as a retail center, which Bram will also market. The company also recently secured a site for Wawa in Bricktown, New Jersey.

For more information, contact Harold Wien at 732-229-5200.

Re/Max Precision Realty has the listing to sell a 6.5-acre parcel on the Berlin Turnpike in the greater Hartford, CT area. The site includes a 41,000 sq.ft. heavy industrial building and the asking price is $2.9 million. The company also has the listing to sell an 88-room motel on 2.5 acres with a pad site available for an asking price of $1.75 million. Other company listings in the area include a freestanding convenience store on .5 acre (converted gas station) and a 5,000 sq.ft. restaurant that is fully equipped and qualified for a liquor license on 1.73 acres

For more information, contact Dave Marsden at 860-665-0850, Email rltordave@aol.com.

Charter Realty & Development Corp. brokered the sale of 8.8 acres to Costco Wholesale Club in Norwalk, CT. Costco plans a 130,000 sq.ft. store with multi-level parking and expects to be open by the end of 2000.

For more information, contact Daniel Zelson, 203-629-3939.

Millennium Properties, Inc. brokered the sale of a 12,000 sq.ft. property at the corner of Randolph and Jefferson in the West Loop area of Chicago, IL. The property sold for $1.75 million to MCZ Development.

For more information, contact Daniel J.Hyman, 312-338-3003.

Fry Realty is looking to buy anchored shopping and strip centers or malls in the Midwest, Northeast or Southeast valued at $5 million and up.

For more information, contact Vinton Fry, 704-948-0011, Email fryrealty@dasia.net.

Davidson Conine Realty Advisors, Inc. brokered the sale of Overland Stage Shopping Center in Arlington, TX. The seller was Allmerica Financial Life Insurance and Annuity Company, and the buyer was Trademark Retail, Inc.

For more information, contact Davidson Conine Realty Advisors, Inc., 972-788-2800.

Allen Fuller Co. Realtors has the listings to sell a single-tenant and multi-tenant properties in South Florida with strong credit, long-term leases and which are well-suited for 1031 exchange.

For more information, contact David Mufson, 305-532-0881.

Borrus Associates Commercial Investment Realtors represents clients who are looking to buy anchored strip and power centers in CT, DE, MD, NJ, NY, and PA.

For more information, contact Julius Borrus, 732-679-4100.

Ziff Properties, Inc. is looking to buy multi-tenant retail property valued between $1 million and $15 million, in NC, SC, GA, Northern FL and Southern VA. The company has the ability to pay all cash on any deal and to close quickly, typically a 30-day due diligence period and 30-day closing. The investors are looking to create value in purchased properties and the company is privately held.

For more information, contact Melanie McLamb, 843-724-3412, Email mmclamb@zpi.net.

Weingarten Realty Investors acquired the Custer Park Shopping Center in Plano, TX. The center currently contains 147,000 sq.ft. and is situated on 14.7 acres. The company plans to renovate the entire center as well as demolish a vacant post office building and approximately 15,000 sq.ft. of small tenant space in order to construct a new 60,000 sq.ft. grocery store.

For more information, contact Weingarten Realty Investors, 713-866-6000.

Timber Development Corporation has a 68,000 sq.ft. shopping center for sale in the Cumberland, MD area. The center is anchored by a 40,000 sq.ft. national grocery store. Financing can be assumed.

For more information, contact Douglas Bercu, 404-257-9508.

I.C.A. Realty Corp. has the listing to sell an 11,288 sq.ft., 1.37-acre Rite Aid in Asbury Park, NJ. The primary lease term is 20 years, and the lease is scheduled to commence during September 2000, with four five-year options. The original term annual base rent $245,960, with percentage rent 2.5% of gross sales above natural breakpoint and a 10% cap rate. The asking price is $2.45 million and the company will respond to all reasonable offers.

For more information, contact James Dwoskin, 212-889-8730.

Center Trust, Inc. sold the 95,150 sq.ft. AMC Theater located in the Covina Town Square Shopping Center in Covina, CA for $23 million ($242 per sq.ft.). The buyer of the theater assumed the $17.4 million mortgage that the company obtained during March 2000. Net proceeds of approximately $5.3 million will be used to reduce the outstanding balance on the company’s secured credit facility.

For more information, contact Ned Fox at 310-546-4520.

Ames Realty II, a subsidiary of Ames Department Stores, bought JG Industries’ interest in the leased real estate where seven of the eight Goldblatt’s Department Stores were located for approximately $7.5 million. JG Industries plans to file a certificate of dissolution with the State of IL and its only continuing business activities are in connection with its ongoing liquidation.

For more information, contact Clarence Farrar at 773-481-5410.

Par Properties acquired a 109,000 sq.ft. retail building on Grand Street in Glendora, CA from Center Trust Real Estate for $8.1 million. The building is currently triple net leased to Home Base Inc. with more than nine years to run.

For more information, contact Patricia DeAngelis of Center Trust at (310-546-4520).

Sperry Van Ness has the listing to sell a 7.27-acre parcel zoned commercial located in Gilbert, AZ. The asking price is $2.1 million with financing available.

For more information, contact Kelle Rice at 480-425-5500.

Resicom Equities, Ltd. is seeking gas stations, convenience store which pump gas and truck stops nationwide in reasonably high-traffic areas. The gas stations should be pumping at least 50,000 gallons per month. Financing of up to 90% on the properties of interest is also available.