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Buyers & Sellers
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Buyers & SellersExcell Fund LLC is seeking value-added retail properties nationwide in the $2 million to $10 million range. Properties larger than 85,000 sq.ft. are of interest. For more information, contact Brent Hoag at 303-320-0003, Fax 303-377-6167.
The Mills Corporation sold a portfolio of shopping centers totaling 2.2 million sq.ft. for more than $169 million, including more than $40 million in proceeds. The first phase of the transaction took place during August and resulted in the divestiture of 10 of 11 centers in the portfolio. The centers were sold for $141 million and netted the company approximately $25.5 million, $9 million of which will be temporarily invested in a portfolio of low risk single tenant ‘A’ rated credit net leases until Mills can redeploy the equity into development projects. The second phase comprised the sale of Liberty Plaza in Philadelphia, PA and is contingent upon successful early defeasance of the underlying debt. The center is expected to sell for $28.2 million, netting $14.5 million. For more information, contact Ken Parent at 703-526-5000.
Pan Pacific Retail Properties acquired Sycamore Plaza, a 105,085 sq.ft., 94% leased shopping center located at the intersection of State College Boulevard and La Palma Boulevard in San Diego, CA. The sale price was $7.4 million. For more information, contact Carol Merriman at 760-727-1002.
CC Realty Advisors is seeking value-added distressed or semi-distressed neighborhood and community shopping centers of at least 50,000 sq.ft., with no maximum. The company hopes to spend $100 million in the coming 12 to 18 months throughout the Northeastern, Midwestern, South Central, Southeastern and Southwestern U.S. Centers where value can be added through repositioning, rehabilitation and/or retenanting are of particular interest. The company possesses cash and equity sources for a quick sale. Procuring brokers are recognized. For more information, contact Frank Banko at 724-942-4810, Fax 724-942-4812, Email fbanko@ccrealtyadvisors.com
TKO Real Estate Advisory is representing a client with six small centers for sale in NJ and NY with a total NOI of $1.983 million based on a 9% cap rate. For more information, contact Ted Kraus at 609-587-6200, Email ted@dealmakers.net
Heatley Capital Corporation has the listing to sell a 12-acre "going-home" corner suited for a convenience store or other commercial/mixed-use project in Dallas-Fort Worth, TX. 11 new subdivisions exist within a one mile radius, with access to Interstate 35-E, Flower Mound and Dallas-Fort Worth Airport. The company also has the listing to sell a "ready-to-go" corner adjacent to an Albertson’s supermarket. The site is flanked on three sides by large apartment complexes and stands two blocks from Vista Ridge Mall and Interstate 35E. The site is subdividible. For more information, contact Mike Heatley at 214-220-9617, Fax 972-402-8385.
Trammell Crow Company has the exclusive listing to sell Tower Place, a 114,997 sq.ft. shopping center located in Charlotte, NC. A 6,000 sq.ft. developable outparcel is included in the offer. The 90%-occupied center has a projected annual NOI of $1.466 million at a 9.98 cap rate. The projected five-year leveraged IRR is 23.38%. The parking ratio is 6.7 cars per 1,000 sq.ft. The asking price is $14.7 million. For more information, contact Allen McDonald at 615-221-6626, Fax 615-377-6921.
Spectrum Realty Advisors sold Crossroads South, a specialty center located in Jonesboro, GA on behalf of PM Ltd./SunTrust; and Hillsborough Square, a 20-acre redevelopment project located in Tampa, FL on behalf of MONY-Life Insurance Co. For more information, contact Joe Montgomery, Katherine James or Jon Barry at 404-252-2288, Fax 404-252-8666.
Location Realty, Inc. purchased Stonewall Commons, a 10,000 sq.ft. strip center anchored by Subway and Cargill Bank, and located at the southeast corner of Interstate 395 and Route 44 in Putnam, CT. The center is immediately adjacent to Wal*Mart, Super Stop & Shop, Big Kmart and TJ Maxx. Plans call for the development of up to 120,000 sq.ft. of new retail space. For more information, contact Michael O’Brien at 860-344-0001.
Westwood Financial Corp. has the listing to sell a 9,869 sq.ft. 7-Eleven-anchored strip center on a land area of 19,554 sq.ft. located on the southeast corner of Riverside Drive and Camarillo Street in North Hollywood, CA. Demographics show a population of 209,000 residing within three miles earning $62,000 as the average income. The daily traffic count is 73,000 cars. The asking price is $1.92 million. Westwood has additional shopping centers for sale in Southern CA and metropolitan Phoenix, AZ ranging in price from $1 million to $10 million. For more information, contact Phillip Duke at 310-820-5443.
CB Richard Ellis negotiated the sale of Payless Cashways Center, an 83,692 sq.ft. shopping center located on the southwest corner of 35th and Dunlap Avenues in Phoenix, AZ. The company represented the seller, Phoenix DLS, while RBI represented the buyer, Chandler Center Investors. The sale price was $3.9 million. For more information, contact 602-735-5555, Fax 735-5655.
Midland Red Oak Realty, Inc. is seeking multi-tenant properties with a minimum of 100,000 sq.ft. and value-added potential through vacancy, pad sites or rate pressure. The company prefers single portfolio or single asset transactions of $5 million to $100 million. The company also sold an 18,000 sq.ft. pad site at Madera Village Shopping Center located on East Tanque Verde Road, Tucson, AZ. For more information on the center, contact Charles Anglin and Neil McClung at 888-301-0148, Email canglin@mromgmt.com, Web site www.mromgmt.com; for more information on the pad site, contact 520-622-0077.
Upland Real Estate Group represented the seller in the sale of 11,800 sq.ft. Tutor Time Daycare Center located in Champlin, MN. The purchase price was $1.674 million. For more information, contact Keith Sturm or Michael Houge at 612-332-6600, Fax 612-376-4489.
Drucker & Falk LLC has the listing to sell an eight-acre development site located on Victory Boulevard in York County, VA. The property aligns with a planned median break and is located directly across from Wal*Mart. The site can be purchased in its entirety, or can be subdivided into two outparcels. The owner is receptive to uses between one and eight acres. For more information, contact Alan Meetze at 757-873-1401, Fax 757-873-0727.
Realty Executive Commercial has the listing to sell a 14-acre site zoned for retail use located across from Wal*Mart Supercenter in Goose Cree, SC. The adjacent property can also be acquired to create a 19-acre parcel with a daily traffic count of 20,000 cars. The company also has the listing to sell a 4.7-acre site on the next corner north of the Wal*Mart; and also has the listing to sell a 2.25-acre site located on Highway 78 in Sumnerville, SC. For more information, contact James Warrington at 843-881-2814, Fax 843-881-8347, Email jimmywow@mindspring.com
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