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Buyers & Sellers
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Buyers & SellersNAI Cravey Real Estate Services has the listing to sell a 33,840 sq.ft. building formerly occupied by Gibson’s located on South Brahma Boulevard in Kingsville, TX. The site is convertible to medical or call center uses. The landlord will split the building to accommodate users as small as 10,000 sq.ft. and will provide a vanilla box for creditworthy tenants. The asking price is $295,000. For more information, contact Matthew Cravey at 361-289-5168, Fax 361-289-5442.
Robert Stuart represents a client who is actively buying underperforming shopping centers in the Midwest region, with emphasis on IN, IA and IL. Centers with high vacancies and those in need of serious repairs are of particular interest. Centers should be 100,000 sq.ft. or larger, and may include regional malls. The client would like to purchase multiple centers. For more information, contact Bob Stuart at 407-277-1628, Email rubobstu@aol.com
Midland Red Oak Realty has the listing to sell NorthCross Mall, a 302,689 sq.ft., 92% occupied mall in Austin, TX. The asking price is $25 million. The company also has the listing to sell Madera Village Shopping Center, a 96,706 sq.ft., 98%-occupied shopping center in Tucson, AZ. The company recently sold an 18,000 sq.ft. outparcel at this site. The asking price is $12 million. The company also has the listing to sell Plaza Palomino, a 98,430 sq.ft., 91%-occupied mixed-use project also located in Tucson, AZ. The asking price is $12 million. Additionally, the company is seeking multi-tenant properties in AZ, AR, CA, CO, LA, NM, NV, OK and TX valued between $10 million and $25 million with upside potential through vacancy, pad sites or repositioning. Single asset or portfolio transactions are preferred. For more information contact Charles Anglin or Neil McClung at 888-301-0148; for more information on the sale of the 18,000 sq.ft. pad site at Madera Village, contact 520-622-0077.
Marcus & Millichap has the listing to sell a neighborhood shopping center anchored by Wal*Mart and Albertson’s in Peoria, AZ. The 100%-occupied center has assumable financing at below market rates. The asking price is $4.2 million. The company also has the listing to sell a single-tenant net leased property occupied by Hollywood Video in Upland, CA. The asking prices is $1.55 million. The company also has the listing to sell a strip center anchored by Carl’s Junior and Round Table located in Yucaipa, CA. For more information, contact Scott Stolper at 858-452-8300, Fax 858-546-8254. Cohen & Company, Inc. has the listing to sell Troy Marketplace, a 140,000 sq.ft. shopping center located along U.S. Highway 231 in Troy, AL. The 98%-occupied center, which is anchored by Wal*Mart and Winn-Dixie, carries a note of $4.653 million at a rate 8.42% with a 30-year amortization, due August 2007. The asking price is $6 million based on a 10.37% cap rate. There is broker participation in this property. For more information, contact Helen Putterman at 212-679-1222, Fax 212-679-1533.
Houlihan-Parnes Realtors has the listing to sell a 151,925 sq.ft. Wal*Mart Supercenter located in Ebensburg, PA. The property is leased for 20 years commencing in January 1999, with six five-year options. Annual rent is $955,108 NNN with no increases and no mortgage. The asking price is $11.8 million. For more information, contact Richard Slavin at 914-472-6070, Fax 914-472-6073.
Neal Realty & Investments, Inc. brokered the sale of Premo’s Subs, a submarine restaurant previously owned by Successful Subs, Inc. The property is located in the metropolitan Miami, FL area. For more information, contact M. Scott Pence at 954-568-0530.
Edgemark, LLC represented the seller in the sale of Huntington Plaza I, a 32,831 sq.ft. shopping center anchored by Blockbuster Video and located at the intersection of Huntingdon Boulevard and Algonquin Road in Hoffman Estates, IL. Vranas Associates represented the buyer. For more information, contact Jeff Kowal at 847-472-1010.
Grubb & Ellis/West Los Angeles represented the seller, MRES USA America Fund, in the sale of Redlands Mall, a 173,680 sq.ft. shopping center anchored by Gottschalks and Sav-On Drugs, and located at 100 West Redlands Boulevard in Redlands, CA. The 90%-occupied property was purchased by Redlands Mall of America, LLC. The sale price was $8.9 million or $51.24 psf, based on a cap rate of $9.7%. Other tenants include Denny’s, B. Dalton, Metabolife, Round Table Pizza, Downey Savings and Loan, Business Bank of California and Hallmark. For more information, contact Patrick Furlong, vice president of operations for the Redland Mall at 909-793-0333.
Mid-America Real Estate Group represented the seller, UBS Realty Investors, LLC, in the sale of Nora Plaza, a 301,000 sq.ft. shopping center anchored by Target and Wild Oats market, located at the intersection of 86th Street and Evergreen Avenue in Indianapolis, IN. The purchaser was an affiliate of Visconsi Companies, Ltd. For more information, contact 630-954-7300.
Sullivan Hayes Companies has the listing to sell a 3.23-acre site located on Webster Square Road abutting the approach ramp for Route Nine North in Berlin, CT. The site is zoned "Planned Shopping A" and is listed at an asking price of $250,000/acre. Demographics show a population of 128,959 residing within three miles earning $61,475 as the average income. The daily traffic count is 78,000 + vehicles. Webster Square, a shopping center anchored by A&P Super Foodmart, operates directly across the street, as does Showcase Cinemas. For more information, contact Tim McNamara at 860-677-5252, Fax 679-5260.
The Hutensky Group, LLC has the listing to sell Juniata Square, a 34,309 sq.ft. shopping center located in the Juniata Park section of Philadelphia, PA. Rent Rite recently signed a lease at the Blockbuster-anchored center. Demographics show household income of $32,032 for the population residing within three miles. Projected NOI for the coming year is $294,160. The company also has the listing to sell an outparcel at Northpark Center on which a Staples office supply store is currently being constructed. The center, anchored by Elder-Beerman, Kohl’s, Marshall’s and Lowe’s, is located at the intersection of Interstate 70 and Old Troy Pike in Huber Heights, OH. The 23,942 sq.ft. Staples sits on a 2.1-acre parcel with a 15-year lease plus four five-year options. The daily traffic count is 29,000 vehicles. For more information, contact Joseph French at 860-527-2222, Email jtomany@hutenskygroup.com
Finard & Company has the listing to sell Porter Square Galleria, a 53,411 sq.ft shopping center located at the intersection of Mass and Somerville Avenues in Cambridge, MA. Anchors include Pier 1 Imports, Soft Home and Pizzeria UNO. Demographics show a population of 314,914 residing within three miles earning $57,920 as the average income. Other tenants include Blockbuster, Jenny Craig, Cellular One, Jennifer Convertibles and Parelli Optical. Other retailers operating nearby include McDonald’s, Dunkin Donuts, Star Amrket, City Video and Tags Hardware. There are 750 parking spaces on site. For more information, contact 781-273-5555, Fax 781-272-8408.
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