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Buyers & Sellers
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Buyers & SellersAdvantis Real Estate Services has the listing to sell the 167,000 sq.ft. Parkway Center and the 49,500 sq.ft. Parkway Village located on U.S. Highway 27 in Tallahassee, FL. The Parkway Center is anchored by Ross Dress for Less, Olive Garden, Walgreens, Spec’s Music and Books A Million. The Parkway Village is a mixed-use development that is anchored by Applebee’s. The properties are being marketed as a combined offering. For more information contact Allen E. Henderson, Advantis Real Estate Services, 4300 West Cypress Street, Suite 1000, Tampa, FL 33609; 813-342-4706; Fax 813-342-4004.
Lynch Realty Group LLC has the listing to sell net-leased sites in the Midwest. Three Spin Cycle NNN-leased locations in OH and MO are available with 20-year leases that commenced in 1998. The asking prices range from $685,000 to $840,000 and all three properties have over 12% CAP rates. The company is also listing a Kinko’s Copy Center opening April 2001 in Bloomington, IL. The site is across from a regional center and the tenant has a 10-year NN lease with rent increases. The asking price is $1,937,500. The company is also listing the sale of two Blockbuster Video outparcels at regional centers in Cincinnati and Columbus, OH. Both locations have 10-year NN leases and are 4,800 sq.ft. buildings. The asking prices are $1,253,333 and $1,258,666. For more information contact Kevin P. Lynch, Lynch Realty Group, 708-387-8030; Fax 708-387-8111.
Lutz Capital Corporation brokered the sale of three former Flooring America sites in MI, IN and NC. The sales included 35,400 sq.ft. of space. The company has 15 sites available in MI, NC, SC and VA. The company also brokered the sale of the 124,000 sq.ft. Bradford Plaza Shopping Center in West Chester, PA. The center is anchored by Giunta’s Thriftway Supermarket and CVS Pharmacy. The sale price was $9 million which was financed by Heller Real Estate Finance. Legend Properties will manage the 88%-occupied center. For more information contact Adam M. Lutz, Lutz Capital Corporation, 31000 Northeastern Highway, Suite 220, Farmington Hills, MI 48334; 248-539-7800; Fax 248-539-8833.
Bob Amonn has the listing to sell the 5,200 sq.ft. building on an outparcel of a center anchored by Albertson’s grocery store. The building is occupied by Blockbuster Video while Advanced America Check Center and TGF Haircutters are slated to open this month. The asking price is $1,418,300 at a 9% CAP rate. For more information contact Bob Amonn, 808-521-8800.
Jagee Properties has the listing to sell the 65,500 sq.ft. Arlington Plaza in Arlington, TX. The center is located on Cooper Street and is anchored by Family Dollar, Nebraska Books, Midwest Cards and Subway. The center is fully occupied and has over $500,000 in NOI. The asking price is $5 million at a 10% CAP rate. Financing totalling $3.5 million at 7.8% on a 30-year term is available through GMAC. For more information contact Bill Jackson, Jagee Properties, 3228 Camp Bowie Boulevard, Fort Worth, TX 76107; 817-335-5881; Fax 817-335-1905.
Olive Real Estate Group has the listing to sell a 58,741 sq.ft. pad site at a center anchored by Wal*Mart Supercenter, Hobby Lobby and Office Depot in Colorado Springs, CO. The asking price is $700,000 and broker participation is welcome for this cash sale. For more information contact David D. Syverson, Olive Real Estate Group, 102 North Cascade Avenue, Suite 250, Colorado Springs, CO 80903; 719-598-3000; Fax 719-578-0089.
Burnham Pacific Properties sold its interests in Puget Park Shopping Center in Everett, WA and Cameron Park Place in Cameron Park, CA. The purchase price was $19 million and the buyers were Retail Value Investment Program, a group including Developers Diversified, Coventry Real Estate Partners and Prudential Real Estate Investors. For more information contact Burnham Pacific Properties, 110 West A Street, Suite 900, San Diego, CA 92101; 619-652-4700; Fax 619-652-4711.
The Westwood Group is looking to acquire centers in the Midwest between 50,000 sq.ft. and 200,000 sq.ft. The preferred price range is $2 million to $10 million at above a 10% CAP rate. All occupancy factors will be considered and redevelopment and value added opportunities are welcome. The company has the ability to close quickly. For more information contact Michael Bowen, Westwood Group, 900 Third Street, Suite 204, Muskegon, MI 49440; 231-722-9999; Fax 231-722-9960.
Brown Realty Advisors brokered the sale of Mall Corners Shopping Center in Duluth, GA. The sale price was $17,750,000 and was brokered by Sam Hale. The buyer was Glenwood Development and Charles Lotz, et al and the seller was Paine Webber Realty Advisors. For more information contact Sam Hale, Brown Realty Advisors, 419 Crossville Road, Suite 103, Roswell, GA 30075; 770-594-1915; Fax 770-594-7065.
Flocke & Avoyer brokered the sale of a 5,000 sq.ft. freestanding building to Al’s Sporting Goods at 9250 Mission Gorge Road in Santee, CA. The sale price was $565,000. For more information contact David M. Baker, Flocke & Avoyer Commercial Real Estate, 3131 Camino Del Rio North, Suite 190, San Diego, CA 92108; 619-280-2600; Fax 619-280-3311.
Ciminelli Development Company acquired the 31,000 sq.ft. Evanstown Plaza in Williamstown, NY. The purchase price was approximately $2 million and is the company’s first retail property. The center is anchored by Sedano’s Restaurant and Manhattan Bagel has 6,000 sq.ft. available. For more information contact James F. Dentinger, Ciminelli Development, 350 Essjay Road, Buffalo, NY 14221-8242; 716-631-8000; Fax 716-631-8034.
Pace Properties, Inc. brokered the sale of a 145,000 sq.ft. center in Jennings, MO to Westline Properties, Inc. The center is located on Halls Ferry Road and the seller was Kimco Realty Group. For more information contact Pace Properties, 1401 South Brentwood Boulevard, Suite 100, St. Louis, MO 63144-1440; 314-968-9898; Fax 314-968-5050.
Mainardi Management Company acquired the 157,463 sq.ft. Shops at Windsor Green located on Route One in Princeton, NJ. The center is anchored by Pathmark Supermarket, Marshalls and Staples. The center is also tenanted by Marty’s Shoes, The Avenue, Pizza Hut, Wendy’s and Dunkin Donuts. The company acquired the center from National Resources and Cushman & Wakefield brokered the transaction. For more information contact Andrew Mainardi, III, Mainardi Management Co., 1044 Route 23, Suite 100, Wayne, NJ 07470; 973-696-9265; Fax 973-696-1880.
Weingarten Realty Investors acquired the 480,000 sq.ft. Colonial Plaza Marketplace in Orlando, FL. The sale price was $54 million and the seller was Cousins Properties Incorporated. The center is located at the intersection of East Colonial Drive and Bumby Avenue across from Orlando Fashion Square. The center has an occupancy factor of 97% and is anchored by Barnes & Noble, Old Navy, SteinMart, Linens ‘N Things, Marshalls, Babies ‘R’ Us, Rhodes, Staples, Ross Dress for Less, Circuit City and Just For Feet. The center also includes 30 local and service-oriented retailers. For more information contact Drew Alexander, Weingarten Realty Investors, 2600 Citadel Plaza Drive, P.O. Box 924133, Dallas, TX 77292; 713-866-6000; Fax 713-866-6049.
H&R REIT acquired the remaining interests in two properties anchored by Wal*Mart in eastern Canada. The first was the 50% interest in the property on Maloney Boulevard West in Gatineau, PQ at a price of $17.6 million. The second was the remaining half of a property on Chain Lake Drive in Halifax, NS at a price of $7.3 million. The company also acquired a 20% interest in a 104,000 sq.ft. center in Pouyn-Noranda, PQ for $2.1 million. For more information contact Tom Hofstedter, H&R REIT, 3625 Dufferin Street, Suite 500, Downsview, ON, Canada, M3K 1N4; 416-635-7520; Fax 416-398-0040.
Wolverine Equities Company, the investment affiliate of the Staubach Company, acquired 96 properties across the eastern U.S. from CVS Drugstores. The portfolio involves over 1 million sq.ft. and the purchase price was $288 million. The sites have long-term leases that allow CVS control and continued operations. The properties are located in AL, CT, GA, IL, IN, KY, MD, MI, NJ, NY, NC, OH, PA, TN, VA and Washington, DC. For more information contact The Staubach Company, 15601 Dallas Parkway, Suite 400, Dallas, TX 75001; 972-361-5000; Fax 972-361-5909.
Regency Centers sold 5.5 acres of land to Kohl’s Department Stores to build a 93,000 sq.ft. anchor store at the Plaza El Paseo in Santa Margarita, CA. The store is scheduled to open in February 2002. Kohl’s operates 320 stores nationwide. For more information contact Brian Smith, Regency Centers, 555 South Flower Street, Suite 3500, Los Angeles, California 90071; 213-553-2200; Fax 213-624-2280.
Yale Realty Services Corporation acquired a NNN-leased Pizza Hut location in Ridgefield, CT. The 2,400 sq.ft. building is located on Danbury Road and is located on a half-acre of land. For more information contact David Gould, Yale Realty Services Corporation, 914-769-7600.
Westwood Financial Corporation acquired the 449,738 sq.ft. Southgate Plaza in Sacramento, CA. The center is located at the intersection of Florin Road and Franklin Boulevard and is anchored by Albertson’s Supermarkets, Wal*Mart, Ross Dress For Less, OfficeMax, Jo-Ann Fabrics, Washington Mutual, Albertson’s Express and McDonalds. The purchase price was $23.9 million. CB Richard Ellis in Sacramento brokered the deal. The company is looking to acquire grocery or drug store anchored properties in metropolitan areas in the western states. The company is interested in properties between $5 million and $40 million and prefers all cash transactions or assuming existing debt. The company is also interested in short-term (less than three years) development, redevelopment or turnaround properties. The company will consider GLA’s from 10,000 sq.ft. to 500,000 sq.ft. and values between $1 million and $30 million. For more information contact Joe Dykstra, Westwood Financial Corporation, 11440 San Vincente Boulevard, Suite 200, Los Angeles, CA 90049; 310-820-5443; Fax 310-820-2934.
DLC Management Corporation acquired three centers in the Midwest. The University Place in Carbondale, IL; River Pointe Shopping Center in Madison, IN and Fayette Place in Lexington, KY were included in the transaction. The deal was brokered by Insignia/ESG. DLC Management will open a regional office in Chicago to handle its six centers in the Midwest. For more information contact Michael Cohen, DLC Management, 580 White Plains Road, Tarrytown, NY 10591; 914-631-3131; Fax 914-631-6533.
W.P. Carey & Company acquired a 132,000 sq.ft. retail store and a distribution center from The Bon-Ton Department Stores in York, PA. The store is an anchor at the Galleria Mall and the sale price was $12 million. For more information contact Edward V. LaPuma, W.P. Carey & Co., 50 Rockafeller Plaza, New York, NY 10020; 212-492-1100; Fax 212-492-8922.
Cap Rate Properties, Inc. has the listing to sell 10 NNN-leased properties in CA. Hawthorne Plaza in Hawthorne, CA is a 98,000 sq.ft. center that is 100% leased and anchored by Albertson’s/Sav-On. The asking price is $23.65 million. A 64,188 sq.ft. portion of Orange Town & Country Shopping Center in Orange, CA is tenanted by Party City, Zainy Brainy, David’s Bridal and Office Max. The center is across from Main Place Regional Mall and the asking price is $17.2 million. A Barnes & Noble Bookseller NNN-lease that is a part of the center has an asking price of $7.45 million. A 13,730 sq.ft. five-tenant portion of the center has an asking price of $5.2 million. Seal Beach Shopping Center is a 65,653 sq.ft. center anchored by Seal Beach Market in Seal Beach, CA. The center is adjacent to Leisure World and the asking price is $11.3 million. A three-tenant building that is part of a center anchored by Costco in Fountain Valley, CA has an asking price of $8.055 million. Another 36,332 sq.ft. portion of the center housing 13 tenants has an asking price of $5.6 million. A two-tenant building housing PetsMart and Office Depot that is part of a center anchored by Costco in Sacramento, CA has an asking price of $6.325 million. A 49,981 sq.ft. portion of Desert Hills Plaza in Yucca Valley, CA that has a 98% occupancy rate has an asking price of $3.6 million. The space surrounds a seperately-owned Food 4 Less Supermarket. A El Pollo Loco NNN-leased building in San Bernadino, CA has an asking price of $925,000 at a 8.75% CAP rate. The lease runs through 2008. For more information contact Dean L. Curci, Cap Rate Properties, Inc., 3636 Birch Street, Suite 200, Newport Beach, CA 92660; 949-852-9400; Fax 949-852-8475; E-mail: dean@caprate.com; Web site: www.caprate.com.
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