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Buyers & Sellers
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Buyers & SellersTrammell Crow Company has the listing to sell a 50,000 sq.ft. 24 Hour Fitness building in a center anchored by Albertsons and Service Merchandise in Dallas, TX. The asking price is $7.785 million at a 9.9% CAP rate. The company also has the listing to sell three Children’s World Learning Center locations in MA and NJ. The tenants have 15-year NNN leases with fixed bumps every three years. The units all reflect a 8.8% CAP rate and are located in Freehold, NJ (asking price of $1.569 million), Medford, NJ ($1.473 million) and West Bridgewater, MA ($1.986 million). For more information contact Piet Visser, Trammell Crow Company, 505 Montgomery Street, Suite 825, San Francisco, CA 94111; 415-986-1900 ext. 252; Fax 415-986-8131.
Michaelson Commercial Real Estate has the listing to sell a three-tenant property at the intersection of Fountain and La Brea Avenues in West Hollywood, CA. The site is adjacent to a 45,000 sq.ft. Ralph’s Market. The asking price is $1.625 million. For more information contact Terry Michaelson, Michaelson Commercial Real Estate, 5335 Penfield Avenue, Woodland Hills, CA 91364; 818-348-0446; E-mail: tmichaelson@earthlink.net.
CB Richard Ellis brokered the sale of an 88,000 sq.ft. shopping center located on West Copans Avenue in Pompano Beach, FL. The seller was Wal*Mart Realty Company and the buyer was Tower Crossing Associates, LLC. The company also brokered the sale of commercial land at the intersection of Miami Gardens Drive and 87th Avenue in Miami, FL. Albertson’s, Inc. was the buyer and GND Limited Partners was the seller. For more information contact Rebecca Hamilton, CB Richard Ellis, 5355 Town Center Road, Suite 701, Boca Raton, FL 33486; 561-394-2100; Fax 561-393-1650.
Arroyo & Coates has the listing to sell a 14,907 sq.ft. Walgreens in Oxnard, CA with a NNN-lease on a 20-year term and eight five-year options. The NOI is $387,389 and the asking price is $4,842,362 at an 8% CAP rate. The site is located at the intersection of Oxnard Boulevard and Vineyard Avenue and has proximity to the Esplanade Shopping Center. Financing is available. For more information contact Eric C. Wilcox or Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800; Fax 415-392-4030; E-mail: ewilcox@a-c.com.
Legend Properties, Inc. has the listing to sell the Cedar Square Shopping Center in Cape May County, NJ. The center is anchored by Acme Market, Fashion Bug, Radio Shack, McDonalds and GNC. A 43,000 sq.ft. former Jamesway anchor spot is available. The asking price for the center is $4 million. For more information contact Michael DePetris, Legend Properties, Inc., 625 Ridge Pike, Suite A-107, Conshohocken, PA 19428; 610-941-4034; Fax 610-941-4038.
Grand Sakwa Properties has an option to acquire the 850,000 sq.ft. Southtown Mall in Fort Wayne, IN. The Indiana General Assembly is considering a bill that generate up to $5 million for an entrance to the center to be built from U.S. Highway 27. The bill would allow the city of Fort Wayne to keep the sales and income taxes generated by the center for five years. The struggling center has lost four anchors and most of its national tenants in the past few years. For more information contact Grand Sakwa Properties, 32000 Northwestern Highway, Suite 125, Farmington Hills, MI 48334; 248-855-5500; Fax 248-855-0915.
Inland Retail Real Estate Trust, Inc. acquired a 102,098 sq.ft. free-standing Kmart location in Macon, GA. The store is located on Paul Walsh Drive and the tenant has a NNN-lease that runs through 2024. The transaction price was $9 million. The company also acquired a 131,575 sq.ft. Lowe’s Home Improvement location in Warner Robbins, GA. The store is located on Watson Boulevard and the tenant has a lease running through 2017. The transaction price was $9.4 million. JDN Realty Corporation was the seller in both transactions. For more information contact Inland Retail Real Estate Trust, 2901 Butterfield Road, Oak Brook, IL 60523-1106; 630-954-5656; Fax 630-218-5270.
Grubb & Ellis brokered the sale of an 11,957 sq.ft. center in West Hollywood, CA. The center is fully-occupied by local tenants and was acquired by the Amiri Family Trust. The transaction was valued at $1.5 million. The seller was the Agopian Family Trust. For more information contact Tom Lagos or Ken McLeod, Grubb & Ellis West Los Angeles office, 500 North State College Boulevard, Suite 100, Orange, CA 92868; 714-939-6000; Web site: www.grubb-ellis.com.
Integrity Realty Services has the listing to sell the 13,000 sq.ft. Ingram Park Place in San Antonio, TX. The center is located a half-mile north of Loop 410 north of Wurzbach Road, directly across from the Ingram Park Mall and the asking price is $1 million at a 10.08% CAP rate. The NOI is $102,439 and the center is fully occupied. The company is also selling the 68,608 sq.ft. Leon Valley Shopping Center in San Antonio, TX. The asking price is $4.4 million at a 9% CAP rate and includes a 44,000 sq.ft. pad site. The NOI is $395,817 and the center is located at the intersection of Bandera and Huebner Roads. For more information contact Joe Linsalata, Integrity Realty Services, 512-327-5000; E-mail: joe@integrityrs.com.
Mid-America Real Estate Group brokered the sale of a 11,200 sq.ft. former Flooring America store in Schaumburg, IL. The store is located on West Higgins Road and a second quarter opening is planned for Grant’s Appliance for its third Chicagoland location. For more information contact Peggy McNamara or Alan Raskin, Mid-America Real Estate Group, Two Mid-America Plaza, Suite 330, Oakbrook Terrace, IL 60181; 630-954-7300.
Net Leased Investments has the listing to sell a 20-year NNN ground lease to the 7-Eleven Corp. in Pembroke Pines, FL. Rent commences in June and the site is adjacent to a new CVS Pharmacy at a signalized corner. The company also has the listing to sell two NN-leased OfficeMax properties in the Midwest. The tenants have 15 years remaining on its leases. The asking price is $2.5 million a piece at a 9.75% CAP rate. For more information contact Bob Fraser, Net Leased Properties, 407-977-2448; Fax 407-977-0775.
Edgemark LLC brokered the sale of the 12,436 sq.ft. Yorkhouse Commons II in Waukegan, IL. The center is anchored by Hollywood Video and located at the intersection of Yorkhouse and Lewis Avenues. The company also brokered the sale of two ground leases; a McDonald’s lease in Valparaiso, IN and a Kentucky Fried Chicken lease in Elgin, IL. For more information contact Jeffrey J. Kowal, Edgemark LLC, 2215 York Road, Suite 503, Oak Brook, IL 60523; 630-472-1010; Fax 630-472-1019.
Weingarten Realty Investors acquired the Colonial Plaza Marketcenter in Orlando, FL. The power center has an occupancy factor of 97% and is anchored by Barnes & Noble, Old Navy, Stein Mart, Marshalls, Babies R Us, Rhodes Furniture, Staples Office Supplies, Ross Dress for Less, Circuit City and Just for Feet. The transaction price was $54 million and did not include the Chik-Fil-A or Walgreens buildings. The center is built on the site of the first major suburban shopping plaza in the area. For more information contact Weingarten Realty Investors, 2600 Citadel Plaza Drive, P.O. Box 9244133, Houston, TX 77292; 713-866-6000; Fax 713-866-6049.
CC Realty Advisors, Inc. is seeking value-added neighborhood and community shopping centers larger than 50,000 sq.ft. throughout the northeastern, midwestern, south central, southeastern and southwestern United States. Company seeks to add value to the property through repositioning, rehabilitating and/or retenanting the center. The company is a principal buyer and broker participation is protected. For more information contact Frank A. Banko, CC Realty Advisors, 3637 Washington Road, McMurray, PA 15317; 724-942-4810; Fax 724-942-4812; E-mail: fbanko@ccrealtyadvisors.com.
Goldschmidt & Associates brokered the sale of a 25,000 sq.ft. retail building located on Boston Post Road in Mamaroneck, NY. The buyer was RJG Realty, LLC and the seller was owners of the former House of Lights store. The property was then leased to Sam’s Carpet which will relocate its Mamaroneck store. For more information contact Eric S. Goldschmidt, Goldschmidt & Associates, One Chase Road, Scarsdale, NY 10583; 914-723-1616; Fax 914-723-7720.
IPG Investments has the listing to sell a 15,000 sq.ft. building on which Walgreens has a 20-year NNN lease. The asking price is $3.6 million at a 7.75% CAP rate. The company is also listing the sale of a 10,000 sq.ft. three tenant building in AZ. The property has 80% credit tenants and a NOI of $184,382. The asking price is $1.9 million. For more information Parviz Donboli, IPG Investments, 602-458-1792; E-mail: parviz@ipginvestments.com.
Heatley Capital Corporation has the listing to sell 5.34 acres zoned commercial located at the intersection of East Loop 820 and Vistaview Drive in Fort Worth, TX. The asking price is $1,163,052 for the site that offers 370 feet of service road frontage and has an average daily traffic count of over 100,000 cars. For more information contact Mike Heatley, Heatley Capital Corporation, 2108 Hurd Drive, Suite 200, Irving, TX 75038; 972-550-0700; Fax 972-580-1989.
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