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Buyers & Sellers
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Buyers & Sellers
Hopkins Real Estate Group specializes in the development and acquisition of shopping centers in urban infill and redevelopment areas. The majority of HREG projects are neighborhood and community shopping centers anchored by grocery, drugstores, and/or junior department stores. HREG is acquiring existing neighborhood and community centers where there is a "rehabbing" opportunity or a straight acquisition of neighborhood and community centers where there is a value added "play;" and existing outdated and functionally obsolete malls to convert or "de-mall" them into community, power and/or entertainment centers; and free-standing facilities tenanted by supermarkets, drugstores or other larger retail users. For more information, contact Hopkins Real Estate Group at 949-640-1770.
Diversified Commercial Investments has the listing to sell an 80,500 sq.ft. shopping center anchored by LA Fitness and Exxon, in Covina, CA. The asking price is $5.4 million or $67 psf and requires a $1.62 million downpayment and is priced at a 9.26% cap rate. The project shows a scheduled gross income of $684,684 with a NOI at $499,824 and a total return before income taxes of $183,663 or 11.34%. For more information, contact Douglas K. Cancienne ext. 103 or Keith P. Brennan ext.102 at (310) 659-2625.
Grubb & Ellis|Harrison & Bates has the listing to sell Chase City Colonial Shopping Center on E. 2nd Street in Chase City, VA. The 14,488 sq.ft. strip center is currently occupied by a grocery store, a coin laundry and a small vacant restaurant, while covering one complete block on 1.03 acres. The company also has the listing to sell the 50,865 sq.ft. Triangle Plaza Shopping Center, a neighborhood center anchored by Farmer Jack on Routes 33 and 22 in Louisa, VA. The asking price is $1.3 million or $26 psf at a 10% cap rate. For more information, contact Jerry Yospin or Mike Weisberg at 804-788-1000, Email: jerry.yospin@harrison-bates.com
NAI/Latter & Blum, Inc. has the listing to sell Gentilly Woods Shopping Center on Chef Menteur Highway in New Orleans, LA. The asking price is $6.25 million or $33 psf. The enclosed community shopping center, serving the Gentilly and Gentilly Woods communities, has a 137,978 sq.ft. GLA plus 25,000 sq.ft. which housed a former twin-screen theater. For more information, contact Rick Kirschman at 504-569-9459, Email: rkirschman@latterblum.com
Terranova Corp. has the listing to sell a 13,905 sq.ft. Walgreens on the southwest corner of Broward Boulevard and NW 7th Avenue, in downtown Fort Lauderdale, Broward County, FL. The rental rate is $291, 255 per year fixed or $24,271.25 per month, with percentage rent of 2% of gross revenues less prescription and food sales, and 0.5% of gross prescription and food sales over total fixed rent. The lease commenced July 1, 1998 and expires June 30, 2058. Lease terms include:Tenant may cancel lease in 20 years, and every 5 years thereafter from the lease commencement date with six months notice. Tenant is responsible for all operating expenses except capital improvements. The company also has the listing to sell a Target at the intersection of S. Military Trail and Forest Hill Boulevard in Palm Beach, FL. The building has 95,545 square feet and is on approximately 8.98 acres. Nearby anchors include Kmart, Winn-Dixie, Walgreens, Eckerd, Syms and TJ Maxx. Within a five mile radius,resides a population of 259,000 with an average household income of $53,000. The asking price is $3.25 million. For more information contact Paul Ahmed regarding Walgreens Email: paul@terranovacorp.com and regarding Taget, contact Darryl Robinson Email: darryl@terranovacorp.com.
Shelby/Estus Realty Group, Inc. has the listing to sell several Eckerd locations in the Houston, TX market. The sites include: 4820 Hwy 6 North (at Rippling/Loch Katrine) priced at $2.535 million, 8407 Hwy 6 South (at Beechnut) priced at $2.63 million, 5212 Antoine (at Pinemont) priced at $2.983 millions and 5422 Bellaire (at Chimney Rock) priced at $5.95 million, and 3940 Fondren (at Westpark) priced at $3.715 million. For more information, contact Alan Shelby at (713 974-1777, x119), Fax (713 975-2899) or E-mail: ashelby@houston.rr.com.
CB Richard Ellis brokered the sale of Superstition Springs Plaza, a 13,350 sq.ft. specialty center in Mesa, AZ. The sale price was $2.6 million. Sperry Van Ness represented the buyer. For more information, contact Steve Fernandez at (602-735-5720).
Icon specializes in purchasing real estate with valuation problems through trade or cash programs. The company will consider owned and leased properties. For more information, contact Geoff Disston at (203-328-2337) or David Prose at (203-328-2326).
Baumgard Development Corporation specializes in purchasing shopping centers and shopping center parcels, with a concentration in FL, GA, NC and SC. The company prefers to buy strip centers, or land suited for the development of strip centers in the size range of 35,000 sq.ft. to 40,000 sq.ft. or 100,000 sq.ft. supermarket-anchored shopping centers. Larger centers will be considered as well. All prospective properties must be on corners of major thoroughfares. For more information, contact Daniel Baumgard at (305-661-0110).
Neal Realty & Investments, Inc. sold the Shoppes North Bay Village, a 36,000 sq.ft. shopping center on 79th Street Causeway in North Bay Village, FL. The sale price was $1.525 million. For more information, contact Timothy Neal at (954-568-0530).
Syndicated Equities Corporation brokered the sale of a 13,905 sq.ft. parcel, on which Walgreens drug store holds a long-term lease for $2.68 million; and two 10,908 sq.ft. parcels on which Eckerd drug holds a long-term lease. The sale prices were $2.71 million and $2.935 million respectively. For more information, contact Richard Kaplan at (31-640-9020).
Westwood Financial Corp. sold a 7-11-anchored shopping center to Goldenview Properties for $1.231 million. The 5,955 sq.ft. center was 100% occupied at the time of the sale. The company also sold Wonderland Shopping Center, a 70, 520 sq.ft. center shadow anchored by Albertson’s Supermarket, McDonalds and 7-Eleven at the intersection of Eastern and Owens Avenues in Las Vegas, NV. The sale price was $2 million. The center was 99% occupied at the time of the sale. In addition, the company is seeking to dispose of as many as 30 non-core properties and reinvest the equity in supermarket and drug store-anchored shopping centers in the western U.S.via 1031 tax-deferred exchanges. For more information, contact Phillip Duke at (310-820-5443).
Capital Real Estate Group is seeking ground leases of any size nationwide. Ground lease portfolios are of particular interest. For more information, contact Diana Pechenick at (310-243-1890).
Kin Properties, Inc. is actively seeking single tenant properties as a principal. Preferred tenants include discount stores, supermarkets and drug stores. For more information, contact Lee Cherney at (800-833-4162).
ARC Properties, Inc. has the listing to sell several 15,120 sq.ft. Walgreens pharmacies in NJ; a 14,294 sq.ft. Walgreens in Memphis, TN; a 24,000 sq.ft. Lechter’s, Inc. in Paramus, NJ; a 66,925 sq.ft. Sports Authority in Atlanta, GA; a 38,016 sq.ft. Heilig-Myers Co. in Spokane, WA; a 36,510 sq.ft. CompUSA in Charlotte, NC; and a 109,160 sq.ft. Wal*Mart in Houston, TX. For more information, contact Claudia Lomicky at (973-249-1000).
U-Haul is aggressively seeking properties in the U.S. and Canada. Purchases are all cash. Preferred sites are two to four acres, well located with main arterial frontage, near power centers and fee simple. For more information, contact Matt Braccia at (800-528-0361).
Pliskin Realty and Development is seeking investment properties for its portfolio, particularly shopping centers. For more information, contact Jeffrey Pliskin at (516-997-0100).
Re/Max Southern Realty is seeking strip centers and malls for immediate acquisition. The company prefers large acquisitions to be located along the Eastern seaboard and requires that properties be a minimum of 75,000 sq.ft. The company is also seeking net leased properties of all types nationwide. For more information, contact John Shelley at (850-837-1880), Fax (850-837-8724).
Buyers Realty has the listing to sell several Walgreens pharmacies in large markets throughout MO. The properties are pre-financed and buyers may either avail of the financing after closing or buy for cash. The stores are 13,905 sq.ft. with 20 year leases and competitive cap rates. For more information, contact Jeff Daniels at (515-277-4000).
Colliers Arnold Commercial Real Estate Services has the listing to sell a 6,435 sq.ft. dry cleaning plant on a 30,230 sq.ft. parcel on U.S. Highway 19 in Pinellas County, FL. The daily traffic count is 84,000+ cars on U.S. 19 and 20,000+ on State Road 590 (the property fronts this road). The asking price is $1.722 million. For more information, contact John Hotchkiss at (727-442-7184).
Reif & Associates is seeking 15 to 20 year leases with investment-grade tenants. Up to $70 million is available. For more information, contact Thomas Reif at (972-732-1994), Fax (972-732-6769).
Trammell Crow Company has the listing to sell a single tenant child care property triple net leased for 15 years with increases every fifth year. The asking price is $2.13 million, and the property will be ready for delivery during late Summer 2000. For more information, contact Piet Visser at (415-986-1900).
Heatley Capital Corporation has the listing to sell two pad sites next to Albertson’s supermarket two blocks from Vista Ridge Mall and Interstate 35E in Dallas-Fort Worth, TX. 60,000 sq.ft. to 10 acres is available. For more information, contact Mike Heatley at (214-220-9617), Fax (402-8385).
Freitas Associates Inc. Real Estate is seeking corporate sale/leaseback properties. Specifications include single tenant properties, with public companies with a ‘B’ or better credit rating and net worth of $80 million+ preferred. The company prefers to purchase properties within the range of $3 to $100 million. The sale/leaseback net leases typically run 15 to 20 years beginning at 8.5%-9% of total cost. For more information, contact Richard Freitas at (508-238-3939).
Henry Hanna has the listing to sell three Walgreens pharmacies currently under construction: a 15,120 sq.ft. property in OH with a 20 year lease double net lease, to be completed during October 2000. The asking price is $4.96 million; another 15,120 sq.ft. property in OH double net leased, to be completed during September 2000. The asking price is $5.5 million; and a 13,905 sq.ft. property in IL with a 20 year double net lease, which commenced in October 1999. For more information, contact Henry Hanna at (410-749-8980), Fax (603-754-1600).
Jones Lang LaSalle has the listing to sell a .86-acre parcel with 13,650 sq.ft. freestanding building housing a bank branch on Dixie Highway in Erlanger KY; a 2.35-acre parcel with a 7,272 sq.ft. freestanding building housing a bank branch with teller booths and an Atm on Dixie Highway in Florence, KY; a .67-acre undeveloped parcel on Rebel Road in Nicholasville, KY; a 4,594 sq.ft. bank branch on East 46th Street in Indianapolis, IN; a 2.2-acre parcel on North Franklin Road fronting 42nd Street in Indianapolis, IN; a 3,000 sq.ft. building formerly housing a bank branch on West Main Street in Lagoda, IN; a .9-acre parcel with a 3,400 sq.ft. building housing a bank branch on Clio Road in Flint, MI; a 970 sq.ft. building housing a drive-thru bank on Michigan Street in Petosky, MI; and a .86-acre parcel with a 1,390 sq.ft. building housing a bank branch in Coshocton, OH. For more information, contact Julia Sherman at (312-228-2683), Fax 228-2081).
Shopping Center Realty Corp. has the listing to sell a two freestanding 4,000 sq.ft. buildings on a .75-acre parcel on Hempstead Turnpike in Levittown, NY. The Vitamin Shoppe is a tenant. The company also has the listing to sell Autozone Plaza, a 14,500 sq.ft. strip center on Lakewood Road in Waterbury, CT. For more information, contact Brian Moss at (203-629-1919).
Richman Realty Associates has the listing to sell multiple freestanding 7-Eleven properties in FL. The stores have 15 year leases with three to five-year options at cap rates between 8.5% and 8.9%. The asking prices are $1.6 million to $2.5 million. The company also has a 15-year triple net leased Staples property for sale in the Orlando, FL area. The cap rate is 8.5%, and the asking price is $4 million. For more information, contact Sy Richman at (561-852-7090).
First Rockford Group is seeking Class A gas stations in Lake in the Hills, Algonquin, Carpentersville, Huntley, Batavia, St. Charles, Geneva, Elgin, North Aurora and Aurora, IL. For more information, contact Bharat Puri at (815-229-3000).
V.P. Investment Sales Group has the listing to sell an America’s Service Station. The property is triple net leased for 20 years with increases every five years. The tenant is responsible for all maintenance. The asking price is $1.4 million. For more information, contact David Butler at (713-830-2105).
Romme Real Estate has the listing to sell three vacant tracts near a Wal*Mart Supercenter at the intersection of Interstate 70 and U.S. 183 in Hays, Kansas. Two parcels are 8.5 acres, and the third is 31 acres. For more information, contact Errol Wuertz at (888-811-3655).
H. Stephen Kirschner, Inc. has the listing to sell a 300,000 sq. ft. power center, anchored by Burlington Coat Factory, Linens 'N Things, TJ Maxx and CompUSA at an 10% cap rate. The company has the listing to sell a 700,000 sq. ft. enclosed mall located in the Northeast. Anchors include Bon Ton and Toys R Us. A 90,000 anchor space is vacant. The property has been assessed at $24 million and is offered at $8,500,000. The company is also marketing the sale of a 100,000 sq. ft. shopping center located in the Northeast anchored by Home Place. A second anchor position is vacant. The property has been appraised at $10 million. The asking price is $8.5 million. The seller will master lease vacancy. Also for sale is a fully leased 400,000 sq. ft. power center located in the Southwest. Anchors include Home Place, Circuit City, Office Max, PETsMART. The center is fully leased. Assumable financing is available and the asking price reflects a 9% cap rate. A 200,000 sq.ft. virtually vacant shopping center located in the Southeast is also on the selling block at an asking price of less than $16.00 psf (less than the land value). Seller will also enter into joint ventures if desired. Principals only. The company also represents a private investment firm which is seeking to acquire shopping centers of a minimum of 100,000 sq. ft. with supermarket anchors. Stable or value added from Maine to Florida. Portfolios are preferred. The firm has acquired over $100 million in assets in 1999. For more information, contact H. Stephen Kirschner at 631-595-9595, Fax: 243-2020.
CC Realty Advisors, Inc. is in the market to acquire value-added, distressed or semi-distressed neighborhood and community shopping centers with GLAs of 50,000 sq.ft. The company plans to purchase $100 million of value added centers within the next 12 to 18 months throughout the Northeastern, Midwestern, South Central, South Eastern and South Western United States where value can be added through repositioning, rehabilitation, and or re-tenanting the center. Procuring brokers recognized. For more information contact, Frank A. Banko at 724-942-4810, Fax: 942-4812, e-mail: fabchamp@sgi.net
Crossover Commercial Group, Inc. has the listing to sell a 17,760 sq.ft. strip center in Central Florida. The occupancy level is 96%, while the 1999 actual gross income was $129,849; operating expenses were $45,385 with a net operating income of $84,464. The asking price is $900,000. For more information, contact Crossover Commercial Group, Inc. at 407-633-3724 Fax: 407-633-5636, e-mail: cpstferraro@juno.com
CB Richard Ellis has the listing to sell Lake Forest Plaza Shopping Center, a 50,965 sq. ft. shopping center on a land are of 5.92 acres in El Dorado Hills, CA. The center is 83% occupied and the parking field is large and ample. The center has monument signage. The asking price is $6 million or $117 psf with a cap rate of 10.22%. For more information, contact John DuBois Phone: 916-446-8761 Fax: 916-446-8750 e-mail: jdubois@cbrichardellis.com
Integrity Realty Services has the listing to sell the 51,220 sq.ft. North Brooke Center located one mile north of the Arboretum on Research Blvd. (Hwy 183) in northwest Austin, TX. The asking price is $5.5 million or $109.33 psf. For more information, contact Joe Linsalata at (512) 327-5000 Fax: (512) 327-5078 e-mail: joe@integrityrs.com
Wimbish Riteway is in the market to acquire shopping centers in FL priced at a 12%+ cap rate. For more information, contact Don Gilliland at 954-557-4333 e-mail: giligan@bellsouth.net
James E. Hanson Co. Inc. is in the market to acquire shopping centers and industrial facilities of at least 100,000 sq.ft. with an opportunity to create value by retrofitting the property, leasing vacant space, or by doing additional development. For more information, contact Peter Kellner at 201-488-5800 Fax: 201-488-0246, e-mail: pkellner@jehanson.com
CB Richard Ellis has the listing to sell a 72,832 sq.ft., 85% occupied, Marshalls-anchored Lakeside Plaza shopping center in CA. The anchor tenant makes up 35% of the center, has a high sales volume and pays percentage rent. Marshall's is paying well below market rent. The asking price is $3.8 million or $52.18 psf at a 10.02% cap rate. Also for sale is Valley Oak Shopping Center in Visalia, CA. The 76,898 sq.ft., 4.22 acre project is anchored by Michael's Art's and Crafts, Dollar Tree, Office Depot and Western Warehouse. The site offers 187 parking spaces and three access points from Beech Street and Mooney Blvd. The asking price is $8.25 million or $107 psf at a 9.7% cap rate. Willow Tree Plaza Shopping Center in Lakeport, CA is also on the selling block. The 97% occupied, 123,853 sq.ft. project sits on a land area of 12.15 acres. The center is anchored by Safeway Supermarket and Long's Drug, which are included in the offering. Other tenants include Round Table Pizza, Perko's and Sears. Retailers in the trade area include Wal*Mart, Kmart, and Rite Aid. The asking price is $8.1 million or $65.40 psf. For more information, contact Don Howson at 916-446-8269 Fax: 916-446-8750, e-mail: dhowson@cbrichardellis.com
Belle Terre Properties is selling a Just for Feet in Covington, LA with a triple net lease of 20 years and 10% increases every five years. The asking price is $3.895 million and the NOI is $349,839. For more information, contact Kevin Dalcourt at 337-232-8264 Fax: 337-237-9336
Roberts Equities is looking to buy retail properties to complete 1031 exchanges. Transaction range is between $4 million and $15 million in a geographic range within 50 miles of New York, NY. For more information, contact Rick Greenberg at 212-734-0500 x 1602 Fax: 212-734-4151 e-mail: rgreen100@aol.com
Investment Realty Resources, Inc. is in the market to acquire self storage sites priced up to $3.5 million and strip centers priced between $500,000 and $1.5 million in the northern Cincinnati to south Dayton, OH metro areas, and northern KY. For more information contact, Juan Muzquiz at 513-424-8106 Fax: 513-424-8107 e-mail: jmuzquiz@ccim.net
Abrams Properties, Inc. is seeking neighborhood shopping centers anchored by discounters and/or supermarkets. The company prefers centers of 75,000 sq.ft. or larger, and there is no maximum size. Financing is all cash. For more information, contact Jim O’Donnell at (770-953-1777).
Advantis has the listing to sell Lake Washington Square, a 112,000 sq.ft. strip center at the intersection of Wickham and Lake Washington Roads in Melbourne, FL. The property, which is 89% occupied and anchored by Albertson’s and Dollar General, can be expanded by as much as 25,000 sq.ft. Other tenants include Huntingdon Learning Center, TCBY and Sally Beauty Supply. Three-mile demographics show a population of 50,000 people earning $41,000 as average houshold income. The daily traffic count is 36,000+ on Wickham Road. NOI for 200 is projected to be approximately $600,000. For more information, contact Brad Lueger or Michael Lerner at (813-289-6159), Fax (282-0648).
Mid-America Real Estate Corp. sold three shopping centers in the metropolitan Chicago, IL market on behalf of Location Finders International. The first, Rose Plaza East and West, is a 26,116 sq.ft. center on 75th Street in Naperville. Tenants include Hollywood Video, Caribou, Starbucks and Kinko’s. The second, Rose Plaza, is a 24,204 sq.ft. center in Elmwood Park, IL. The tenant roster includes Sprint, Panera Bread and Binny’s Beverage Depot. Both properties were purchased by Inland Real Estate Acquisitions. The third, McHenry Grounds, is a 29,040 sq.ft. center on Richmond Road in McHenry, IL. Tenants include PetCare Superstore and Video Update. For more information, contact (630-954-7300).
Center Trust, Inc. sold a single-tenant facility in Glendora, CA anchored by HomeBase for net proceeds of $8 million. For more information, contact Ned Fox at (310-546-4520).
Urstadt Biddle Properties, a self-administered REIT specializing in anchored shopping centers, sold a property in Jonesboro, GA which is triple net leased to Value City Stores, Inc. for $3.3 million. For more information, contact James Moore at (203-863-8200).
ARC Properties, Inc. is seeking land for development in the New York, NY metropolitan area including drug stores, food stores, power centers or acquisition and joint ventures. The company is also seeking existing or to-be-built single tenant buildings, power centers, acquisitions and joint ventures. For more information, contact Ed Jaten or Claudia Lomicky at (973-249-1000), Fax (973-249-1001).
Geojef’s Ltd. has the listing to sell a 7,200 sq.ft. strip center on Colby Street in downtown Whitehall, MI. Tenants include Hunt Hardware, Glik’s Clothing Pitkin’s Drugs and Subway. Financing is cash and mortgage. The asking price is $250,000. For more information, contact Georgia or Jeff Cockerill at (231-894-5611), Fax (893-2791).
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