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Buyers & Sellers
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Buyers & SellersInterfoods of America, Inc. purchased 71 Popeye’s Chicken & Biscuits units from RMS Family Restaurants Inc. The transaction gives the company 163 restaurants in seven states. The company also acquired 32 of the fee properties on which the stores operate, and the company secured the development rights to build 56 additional units in the coming seven years. For more information, contact Robert Berg at 305-670-0746.
Rodamco North America N.V. agreed to purchase Urban Shopping Centres, Inc. in an all-cash deal valued at $3.4 billion including the assumption of debt. Rodamco currently owns 16 malls in the U.S. If the deal goes through, the merged businesses would create the third-largest U.S. regional mall owner. For more information, contact 404-266-1002.
CBL & Associates Properties reached an agreement with The Richard E. Jacobs Group, Inc. to purchase the Jacobs Group’s interest in 21 regional malls and two associated centers valued at approximately $1.2 billion. The portfolio totals 19.2 million sq.ft., and includes five malls in WI, three in NC, KY and SC, two each in MI and OH and one each IL, TN and TX. The acquisition is expected to close during the first quarter of 2001. For more information, contact John Foy at 423-855-0001.
Charter Realty & Development Corp. entered into a joint venture with WP Realty to acquire Lordens Plaza, a 136,734 sq.ft. shopping center located on Route 101A in Milford, NH. The center is anchored by Shaw’s and Osco, while other tenants include Radio Shack, GNC and others. The company has forged a deal with Shaw’s to expand its store by 15,000 sq.ft. to encompass a total of 65,000 sq.ft., and has deals to bring Dollar Tree (7,500 sq.ft.) and Toadstool Books (7,500 sq.ft.) to the center. Demographics show a trade area population of 105,254 earning over $80,000 as the average income. For more information, contact Daniel Zelson at 203-629-3939.
Bridgecan Realty Corp. has the listing to sell a 12,000 sq.ft. strip center located in the downtown district of Hamilton, Ontario, CN. The center has been 100% occupied since it opened 12 years ago, and is anchored by Farmer Al. Annual NOI is $127,829, resulting in a cap rate of 9.6% on the sale price of $1.329 million. For more information, contact Dave Sohal at 905-332-2322, Fax 905-332-3444, Email dsohal@bridgecan.com, Web site www.bridgecan.com
Kitchell Development purchased a 10.65 acre parcel of commercially zoned land located at the northeast corner of Medical Center Drive and East Palomar Street in Chula Vista, CA to develop the Plaza at Sunbow, a proposed 100,000 sq.ft. shopping center anchored by Ralph’s and Sav-On Drugs. Construction is slated to begin this month and is expected to be completed during July 2001. For more information, contact Lisa Carter or Don Glatthorn at 949-487-2771.
Welsh Companies has the listing to sell Sun Lake Plaza, a 66,103 sq.ft. shopping center anchored by a 51,703 sq.ft. Winn-Dixie and located in Casselberry, FL. The 100%-occupied center has room for an 18,480 sq.ft. expansion of the Winn-Dixie supermarket and 6,000 sq.ft. of t local shop space. An 8.5-acre vacant parcel to the west is available. Annual NOI (with 5% vacancy) was $680,314. The cap rate is 9.72% based on an asking price of $7 million. Assumable financing of $5.431 million (due October 2001) at 7.98% is in place. For more information, contact Ginger Gelsheimer at 407-420-1360, Fax 407-420-1301.
Turner Net Lease Properties has the listings to sell several Eckerd Drug, Walgreens, CVS and 7-Eleven properties in the Mid-Atlantic, Southeast and Midwest. Cap rates are between 8% and 9.25%. The company also has the listing to sell several freestanding food, pet and book stores. Zero cash flow deals with ‘A’ credit principals are possible, and these properties are available for 1031 exchanges. For more information, contact Gary Turner at 321-952-2894, Fax 321-952-8967.
DLC Management Corporation acquired Whiterock Marketplace, a 325,000 sq.ft. shopping center located at the intersection of Garland and Jupiter Roads in Dallas, TX. Spaces of 1,200 sq.ft. to 2,800 sq.ft. are available. Anchors include Home Depot, Tom Thumb Supermarkets, Marshalls, Factory 2-U and Dollar Tree. The company also acquired Beach Shopping Center, a 210,000 sq.ft. shopping center located at the intersection of Routes Six and 202 in Peekskill, NY. Spaces of 1,000 sq.ft. to 30,000 sq.ft. are available. Anchors include Grand Union, CVS, Odd Job and Tutor Time. For more information, contact Michael Cohen at 914-631-3131, Fax 914-631-6533, Email mcohen@dlcmgmt.com
The Proto Group represented the buyer, Short Beach Investment Group, LLC, in the acquisition of a 5.26-acre parcel zoned for commercial development located on Route 184 adjacent to Wal*Mart in Groton, CT. The seller, Worldwide Consulting Inc. of Old Lyme, was represented by U.S. Properties. The sale price was $670,000. For more information, contact Steve Patten or Lou Proto at 203-234-6371.
Gulfview Realty represents a client seeking investment properties (retail centers or apartments) ranging between $5 million and $10 million. Value-added potential properties (through vacancy, motivated seller or owner with financial difficulties) are of interest, and properties should be located within a two hour drive of Beverly Hills, CA. Only principals or brokers with direct listings need apply. The company also has the listing to sell an assortment of properties located in FL, NE and IL, all bearing NNN leases with increases every three years plus options and cap rates close to 9% on the asking price. For more information, contact E. Martinez at 813-963-2197, Fax 813-963-3172.
CB Richard Ellis has the listing to sell National Plaza Shopping Center, a 31,980 sq.ft. shopping center located in Manchester, TN. Anchors include Save-A-Lot and Dollar General. Upside potential can be actualized from the renting of a 2,100 sq.ft. space available at the center. The asking price is $700,000 based on a cap rate of 13%. The company also represents a client who is opening laser eye surgery centers nationwide and in Canada, and who is interested in purchasing exisiting vacant eye surgery centers. For more information on National Plaza, contact Paul Gaither at 615-248-1161, Fax 615-255-4610; for more information on the Laser Eye Surgery Centers, contact Janet Sterchi at 615-248-1118.
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