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Buyers & Sellers
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Buyers & SellersTrammell Crow Company has the exclusive listing to sell Murray Income Properties II, Ltd.’s fee simple interest in Germantown Collection Shopping Center, a 55,297 sq.ft. center located at the intersection of Poplar Avenue and Exeter Road in eastern Shelby County, TN. Tenants include The Gap, The Limited, Talbots, Eddie Bauer, Sharper Image, Restoration Hardware and Banana Republic. The center is currently 100% occupied, with an average rent of $20.58 psf. Annual NOI is projected to be $881,629. The asking price is $9.8 million. For more information, contact Allen McDonald at 615-221-6626, Fax 377-6921.
The Boulder Group brokered the sale of a 15,120 sq.ft. property on which Walgreen’s holds a long term lease. The property was purchased by an IL investor for the purpose of completing a 1031 exchange. For more information, contact Mike Stone at 847-562-8500.
R.G. Kennedy & Associates is selling an 7,000 sq.ft. Advance Auto store located in Cleveland, OH. The asking price is $1.034 million with a cap rate of 10% based on an annual NOI of $103,459. A 1031 exchange is ideal. The company also is listing a 7,000 sq.ft. Advance Auto located in Xenia, OH. The asking price is $829,170 with a 10% cap rate based on an annual NOI of $82,917. For more information, contact Mark Zelnik at 614-280-9200, Fax 614-280-9244, Email mzelnik1@columbus.rr.com
Marcus & Millichap has the listing to sell an Edwards Cinema property located adjacent to the West Covina Plaza Mall in the Lakes Business Marketplace in West Covina, CA. Edwards Cinema has leased the property for 20 years NNN with options and fixed rent increases. The asking price is $25.76 million, based on a 10% cap rate; the company also has the listing to sell a Car Spa property located in Norco, CA. Car Spa has leased the car wash/gas station/convenience site for 20 years NNN with rent increases. The asking price is $6.3 million based on a 9.5% cap rate; the company also has the listing to sell a Mimi’s Cafe property located in Colorado Springs, CO. Mimi’s Cafe holds a 20-year NNN lease. The asking price is $2 million based on an 8.25% cap rate. For more information, contact Donald Evans at 909-605-1800, Fax 909-605-1832.
Flocke & Avoyer represented the buyer, BMR International II, LLC in the purchase of the 5,700 sq.ft. Australian Pub Center located on Grand Avenue in Pacific Beach, CA. The sale price was $900,000. For more information, contact David Baker at 619-280-2600, Fax 619-280-3311.
Pan Pacific Retail Properties purchased Granary Square, a 137,000 sq.ft. shopping center located just east of Interstate Five at the intersection of McBean Parkway and Arroyo Drive in Valencia, CA. The purchase price was $18.3 million. Demographics show a population of 58,000 residing within three miles earning household incomes in excess of $84,000. The center was 87% leased at closing and is anchored by Ralph’s supermarket and Long’s Drugs. Other tenants include Blockbuster Video and Starbucks. For more information, contact Carol Merriman at 760-727-1002.
Upland Real Estate Group represented the seller in the sale of an 11,800 sq.ft. Tutor Time property located in Blaine, MN. The sale price was $1.748 million. For more information, contact Keith Sturm at 612-332-6600. The Laramie Ameris Group acquired St. Mary’s Plaza, a 108,000 sq.ft. supermarket-anchored center located in St. Mary’s, PA. The company would like to purchase additional "B" class neighborhood centers throughout the U.S., exclusive of the West Coast. Principals and seller-direct brokers may make submissions. For more information, contact David Ash at 817-226-3389, Fax 817-795-2008.
Crossover Commercial Group, Inc. has the listing to sell a 17,760 sq.ft. strip center located on Palm Bay, FL. The center supports mixed uses and is 96% occupied. NOI for 1999 was $84,464. The asking price is $900,000. For more information, contact Carmine Ferraro at 407-633-3724, Fax 407-633-5636.
Business Real Estate Brokerage Co. brokered the sale of the 124,408 sq.ft. Canyon Plaza retail center located on Telegraph Canyon Road in Chula Vista, CA. The sale price was $16.75 million. The property, which is anchored by Vons Supermarket and Rite Aid, was sold by Chula Vista Canyon Plaza, Ltd., and the buyer was Canyon Gateway Plaza, LLC. Other tenants include McDonald’s, Washington Mutual, Payless Shoes, Mission Federal Credit Union and the Automobile Club. The center was purchased through an exchange transaction following the $14.55 million sale of the Oro Vista Villas apartment complex in San Diego, CA. For more information, contact Joe Yetter or Chuck Klein at 858-546-5469.
The Eagle Group has the listing to sell an 82-acre property located just north of the Fayette County line in Clayton County, GA. The lot is currently being used for auto and truck salvage and repair, and the current zoning covers commercial and industrial uses. The site has nearly 1,500 sq.ft. of frontage on GA Highway 85 and has a daily traffic count of 30,000 cars. Demographics include a median property value of $80,000 within three miles, and an average income of $63,000. For more information, contact Top Kervin at 404-761-9822, Email topbrokers@msn.com
Rogers Realty has the listing to sell a two-acre + site located at the Interstate 74 and Highway 601 interchanges in Mount Airy, NC. The asking price is $550,000. The company also is marketing two two-acre sites along the NC Highway 52 bypass in Mount Airy, NC. Each site is priced at $425,000. The company also has the listing to sell 30.74 acres zoned commercial/industrial in Dobson, NC. The asking price is $1.1 million. For more information, contact B. Mark Rogers at 336-789-2926, Email bmrogers@ccim.net
MJ Partners has the listing to sell an 18.23-acre infill site located at the intersection of Army Trail Road and Merbach Drive in Carol Stream, IL. The site has 1,337 feet of frontage along Army Trail Road, and is located between Peppers Waterbeds and a senior living facility. Demographics show a population of 153,073 residing within five miles earning $81,318 as the average income. For more information, contact Micah Nathan or Yvonne Jones, CCIM at 312-726-5800, Fax 312-726-2905, Email mjpartners@msn.com
Net-Properties has the listing to sell a 12,738 sq.ft. property leased to Eckerd Drug for 20 years NN with four five-year options. The property is currently under construction. Estimated NOI is $309,856. The asking price is $3.56 million, based on an 8.6% cap rate. For more information, contact Henry Hanna at 4109-749-8980, Fax 410-742-8153.
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 all bearing NNN leases with increases every three years plus options and cap rates close to 9% on the asking price located in FL, NE and IL. 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 is representing a client who is opening Laser Eye Surgery Centers nationwide and in Canada. This client is interested in purchasing any existing 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.
Burnham Pacific Properties Inc. signed an agreement for the sale of 19 properties to GMS Realty, LLC for $305 million in cash. Burnham received a fairness opinion from the banking firm of Houlihan Lokey Howard & Zukin that confirmed the fairness of the offer from a financial standpoint. The properties measure a combine 2.5 million sq.ft. and are all supermarket-anchored shopping centers in CA. The sale is contingent on several conditions, including the approval of Burnham’s plan of liquidation by its shareholders. For more information, contact Scott Verges at 800-462-5181.
DJM Asset Management has been court-approved to assist in the disposition of Levitz furniture stores remaining retail leases pursuant to its recent entry into Chapter 11 bankruptcy protection. Four leases are available in Danvers, MA, Westborough, MA, Reading, PA and Nashua, NH on freestanding properties of 33,840 sq.ft. to 173,057 sq.ft. All bids must be received by October 24th. For more information, contact James Avallone or Emilio Amendola at 631-752-1100, Fax 631-752-1231.
Ross Realty Group Inc. represented the seller, a private investor in the sale of 2.25 acres of land located at the intersection of Van Dyke Road and Lakeshore Drive in Lutz, FL. Palm Beach Realty Group, Inc. represented the Buyer, The Convenience Store Warehouse, Inc. For more information, contact 727-725-2800.
Equity Properties has the listing to sell 4.15 acres located at the intersection of Larchmont Boulevard and Marne Highway in Mount Laurel, NJ. The lot occupies a corner location at a signalized intersection, and is being marketed for investment or development opportunity. For more information, contact David Vender at 610-645-7700, Fax 610-645-5454, Email dav@realinfonow.com
Nassimi Realty Corporation is seeking properties ranging in price from $500,000 to $30 million including existing shopping centers of 50,000 sq.ft. minimum with value added potential through redevelopment, expansion or vacancy; land for retail development with a minimum of 50,000 sq.ft. of buildable space, as well as other properties. The company prefers properties located in the northeastern corridor between Boston , MA and Washington, D.C. For more information, contact Dennis Cieri or Oliver Nassimi at 212-643-8080, Fax 212-643-2626.
Welco Realty has the listing to sell a parcel of land zoned for retail and office use located near the intersection of Westchester and Third Avenues in The Bronx, NY. The company will build to suit for rated companies, ground lease or outright sell. Developers may build approximately 19,000 sq.ft. for retail use on the ground floor, approximately 19,000 sq.ft. retail or office on the second floor and approximately 19,000 sq.ft. on a possible third level. A storage basement of the same dimension is also buildable. Demographics show a population of 1.093 million residing within three miles earning a household income of $35,123. For more information, contact 914-576-7500, Fax 914-576-7596.
KLMB, Inc. brokered the sale of a 64,000 sq.ft., 6.5-acre shopping center located on Dobbin Road in Towson, MD. The buyer was Continental Realty Acquisition Corp., and the seller was Talon Development Associates. The center is currently occupied to capacity by Ross Dress For Less and Scan Furniture. The sale price was $4.7 million. For more information, contact Kevin Barrett or Michael Patz at 410-321-0100.
BVT offers financial resources and development services to developers, investors and joint venture partners looking to partner with the company to acquire grocery-anchored neighborhood shopping centers throughout the Sunbelt. Centers should measure between 75,000 sq.ft. and 150,000 sq.ft. be anchored by the #1 or #2 supermarket in the area with at least 15 years remaining on the anchor lease. 50% of income should come from anchor and credit tenants, while 60% of total GLA should be credit tenants. Demographic requirements include a population of 50,000 residing within five miles. The company pays cash and can assume financing. Closing typically occurs within 60 days, and the company is willing to consider forward commits as well. For more information, contact 770-618-3500, Fax 770-618-3559.
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