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Buyers & Sellers
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Buyers & SellersZiff Properties, Inc. recently acquired Roosevelt Gardens Shopping Center, a 107,000 sq.ft. project located in Norfolk, VA. Ziff Properties is in the market to acquire value-added retail, office, light industrial and flex properties in the $1 million to $15 million price range. The company is interested in properties located in NC, SC, GA, northern FL and southern VA. For more information, contact Sharon Relford at 843-724-3463, Fax 843-724-3400, Email: srelford@zpi.net Web site: www.zpi.net
Lamar Companies recently closed on Oakland Pointe Shopping Center in Pontiac, MI. The 450,158 sq.ft. center is anchored by Circuit City, Office Depot, Toys ‘R’ Us and Media Play. For more information, contact Lamar Companies at 973-285-0660, Fax 973-285-0976.
Rein & Grossoehme brokered the sale of a 3,400 sq.ft. freestanding, single tenant building, occupied by Lee Myles, located on 75th Avenue and Indian School in Phoenix, AZ for $535,000. For more information, contact Jerry Robers at 602-954-7000, Fax 602-954-7001, Web site: www.high-yield.com
Colliers International has several listings to sell land parcels in Houston, TX. A 1.17-acre retail pad site on West Road at Sam Houston Tollway is priced at $15 psf. Two tracts of 19.125 acres and 18.077 acres, also on West Road at Sam Houston Tollway, are for sale and can be divided. The company is also marketing the sale of 4.32 acres adjacent to a 100,000 sq.ft. Kroger -anchored center in Houston, TX. The site is located along Highway 249, north of Compaq Computer. The company also has the listing to sell three pad sites located at the main entrance of Kingwood residential community in Houston, TX. The asking price is $12 psf to $15 psf depending on use and location. For more information on the site on West Road, contact William Byrd at 713-830-2131, Email: bbyrd@collierstexas.com or Michael Wallace at 713-830-2116, Email: mwallace@collierstexas.com. For more information about the site next to Kroger and the three pad sites near Kingwood, contact Christopher Winters at 713-830-21060, Fax 713-830-2118, Email: cwinters@collierstexas.com, Web site: www.collierstexas.com
Edgemark LLC brokered the sale of Yorkhouse Commons Shopping Center in Waukegan, IL. The 18,200 sq.ft. center is anchored by Blockbuster Video and sits between Jewel/Osco and Target. Edgemark also has the listing to sell a 12,500 sq.ft. freestanding facility tenanted by Family Dollar in Chicago, IL. For more information, contact Jeffrey Kowal at 630-572-5611, Fax 630-472-1019.
Atlantic International is selling Granwood Village Center, a 40,612 sq.ft., 95%-occupied center located in Old Hickory, TN and anchored by a 33,892 sq.ft. Food Lion with a 20-year lease. Built in 1999 on five acres, the project shows a NOI of $403,141. The asking price is $3.8 million. Principals only please. For more information, contact Geoffrey Southard at 843-744-9877, Fax 843-744-9879, Email: gls25@juno.com
VRT Corp. is in the market to acquire shopping centers in Los Angeles, CA area. For more information, contact Fred Shakib at 818-947-1670 Fax 818-947-1675, Email: Plusintern@aol.com
United Commercial Realty brokered the sale of 62,900 sq.ft. of land to Chili’s Bar & Grill at the Watauga Towne Crossing in Watauga, TX; 38,785 sq.ft. of land to Tweeter Home Entertainment in Lewisville, TX; 60,000 sq.ft. of land to Whataburger in Watauga, TX. For more information, contact 214-526-6262, Fax 214-523-0800.
Eastern Retail Services, Inc. is in the market to acquire supermarket-anchored shopping centers, either existing properties, pre-construction commitments or portfolios. Centers located in the eastern states are preferred, as are properties in the $5 million to $25 million price range. For more information, contact David Bows at 610-341-9200, Fax 610-964-0830 or David Amalia at 215-496-3013, Fax 215-496-3079.
RLF Realty has the listing to sell the McCrory Building on State Street in Schenectady, NY. The 7,076 sq.ft. freestanding building, built in 1985, is leased to McCrory through January 2010, with two five-year options. The asking price is $560,000. For details, contact Robert Freedman at 518-489-7474, Fax 518-489-0951.
National Net Lease Realty recently brokered sales of a CVS Pharmacy in Richmond, VA for $1.805 million; a site leased to Spincycle in Milwaukee, WI for $480,000; a parcel in Pearland, TX tenanted by Jack In The Box for $1.31 million and a site tenanted by Piccadilly Cafeteria for $900,000 in Charleston, SC. For more information, contact Terry Marks at 818-905-5597, Fax 818-905-5596, Email: info@terrymarks.com, Web site: www.terrymarks.com
PricewaterhouseCoopers Securities is selling The Corner at Seven Corners, a 100% leased 70,796 sq.ft. shopping center in Falls Church, VA. The specialty center is anchored by The Gap, KB Toy Works, Hollywood Video and the Guitar Center. The site contains a lower level parking garage and a Bennigan’s on a ground-leased outparcel. The center shows a NOI of $1.14 million and has an asking price of $7.76 million. For more information, contact Kevin Gray at 212-314-0452, Email: kevin.gray@us.pwcglobal.com or Jonathan Sorkenn at 212-314-0449, Email: jonathan.sorkenn@us.pwcglobal.com
Arroyo & Coates has the listing to sell a two-tenant building with long-term NNN leases. The 43,760 sq.ft. building is located on Market Street between Church and Sanchez Streets in San Francisco, CA. The lot size is 15,820 sq.ft. The two tenants are Walgreens (14,252 sq.ft.) and 24 Hour Fitness (15,127 sq.ft.). Walgreens’ lease runs 60 years with eight five-year options. 24 Hour Fitness’ lease runs 15 years with two five-year options to extend. Gross rent is $1.088 million with an $11,000 reserve and NOI of $1.077 million. The asking price is $13.75 million based on a 7.84% cap rate. For more information, contact Paul Souza at 415-445-7800, Email psouza@a-c.com
Cushman & Wakefield has the listing to sell a 30-acre site zoned commercial located at the intersection of Suncoast Parkway and Spring Hill Drive in Springhill, FL. The site has more than 1,000 ft. of frontage on Spring Hill Drive. Demographics show a population of 116,350 residing within five miles earning $33,369 as the household income. The asking price is $3 psf for 30 acres. The company also has the listing to sell a 24.5-acre and a 13.4-acre lot zoned for office/retail use located at the northeast and southwest corners of U.S. Highway 301 and West 35th Street in Ocala, FL. The 24.5-acre parcel has more than 1,350 ft. of frontage , while the 13.43-acre lot has over 900 ft. of frontage. The daily traffic count is 20,000 cars. Demographics show a population of 70,000 residing within five miles earning $35,500 as the average income. The asking price for the 24.5-acre lot is $2.3 million, while the asking price for the 13.43-acre lot is $2.53 million. For more information, contact Bruce Erhardt, Donald Baynard or Patrick Berman at 813-223-6300, Fax 813-221-9166.
CB Richard Ellis/Miami-Dade sold Granada Plaza, a 51,000 sq.ft. shopping center anchored by Eckerd Drug and Sedano’s and located in Miami, FL for $3.9 million. The company sold Goulds Plaza, a 20,708 sq.ft. shopping center for $1 million. The company also sold a 122,507 sq.ft. building at Mall at 163 Street in North Miami Beach, FL to Home Depot for $5.1 million. For more information, contact Lee Sobel at 305-381-6431, Fax 305-381-6462, Email lsobel2@cbrichardellis.com
Marcus & Millichap has the listing to sell Grand Blanc Mall, a 166,462 sq.ft. mixed-use center located on South Saginaw Street in Grand Blanc, MI. The center is anchored by a 52,000 sq.ft. Kroger/Kessel supermarket. The center is 96% occupied. Existing NOI is $1.178 million. The asking price is $11.3 million based on a cap rate of 10.43%. A down payment of $2.825 million is required. The proposed financing package includes 75% LTV ratio, 225 to 235 points over 10-year U.S. T-Bill with a 25 to 30 year amortization on a 10-year term. For more information, contact Kenn Kerper at 513-759-0400, Fax 513-759-2570, Email kkerper@marcusmillichap.com
Developers Diversified Realty (DDR) plans to purchase a portfolio of 15 retail properties for approximately $355 million from Burnham Pacific Properties. 14 of the 15 properties will be acquired in a joint venture with Prudential Real Estate Investors (PREI) and Coventry Real Estate Partners. The other will be wholly owned by DDR. The transaction will be funded 80% by PREI and 20% by DDR as limited partners. Coventry will be the general partner in the joint venture and will receive asset management fees and a promoted interest above 10% threshold returns to the limited partners. DDR holds a 79% interest in Coventry. The properties are a mix of supermarket-anchored centers and specialty centers in Southern CA, metropolitan San Francisco, CA, OR and WA. For more information, contact 216-755-5500, Fax 216-755-1500.
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