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Buyers & Sellers
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Buyers & SellersThe Westwood Group is seeking to acquire value-added centers ready for redevelopment in the midwest. The company’s price range is $2 million to $10 million with at least a 10% CAP rate and GLAs of 50,000 sq.ft. to 200,000 sq.ft. All occupancy factors will be considered and the company prefers to close quickly. For more information contact Michael Bowen, The Westwood Group, 900 Third Street, Suite 204, Muskegon, MI 49440; 231-722-9999; Fax 231-722-9960.
Yale Realty Group brokered the acquisition of the 100,000 sq.ft. Southwest Commons in Worcester, MA. The center is anchored by a 50,000 sq.ft. Big Y Supermarket, Blockbuster Video, CVS, Chuck E. Cheese and 99 Restaurant. A 10,000 sq.ft. outparcel is available. The company also brokered the acquisition of the 75,000 sq.ft. Regency Pointe Shopping Center in Jacksonville, FL. The center is located across from Regency Mall and is tenanted by Olive Garden, Coconuts and Gateway Computer. The company also brokered the acquisition of a freestanding NNN-leased Pizza Hut location on Danbury Road in Ridgefield, CT. For more information contact David Gould, Yale Realty Services Corporation, 501 Washington Avenue, Pleasentville, NY 10570; 914-769-7600; Fax 914-760-5463.
NewMark Merrill Companies, LLC sold the 10,000 sq.ft. Flamingo Decatur Plaza in Las Vegas, NV. The center is located on Flamingo Road and the transaction price was $2.25 million. Sperry Van Ness brokered the deal and Wilson Brothers Real Estate Group handled negotiations. For more information contact Kristine Everly, NewMark Merrill Companies, 18801 Ventura Boulevard, Suite 300, Tarzana, CA 91356; 818-996-0700; Fax 818-996-0760.
Prime Retail, Inc. sold the 257,000 sq.ft. Silverthorne Factory Stores in Silverthorne, CO. The center was sold for a transaction price of $29 million. Proceeds will be used to pay down a $90 million mezzanine loan closed in December, 2000. For more information contact Glenn Reschke, Prime Retail, Inc., 100 East Pratt Street, 19th Floor, Baltimore, MD 21202; 410-234-0782; Fax 410-234-1762.
CB Richard Ellis Retail Investment Advisory Group sold a 87,406 sq.ft. Kmart location in Apache Junction, AZ. For more information contact Gregory M. Dalton or Gary B. Wildeson, CB Richard Ellis, 1512 Eureka Road, Suite 100, Roseville, CA 95661; 916-781-2400; Fax 916-781-4870.
National Net Lease Realty brokered the sale of a NNN-leased Garden Ridge location in O’Fallon, IL. The transaction price was $11.1 million and offered over 11% cash-on-cash return. The tenant has 20 years remaining on the lease. The company also has the listing to sell an 8,900 sq.ft. Eckerd Drugs store at the Carthage Plaza in Carthage, TX. The tenant has five years remaining on its lease. The annual rent is $91,625 with no renewal options. The asking price is $900,000 at a 10.22% CAP rate. The company has the listing to sell a Taco Bell location in MN. The asking price is $1.2 million at a 9% CAP rate. The tenant is in the first year of a 20-year NNN lease with rent increases every five years. Tenant is franchisee with over 170 locations. For more information contact Terry Marks, National Net Lease Realty, 4729 Libbit Avenue, Encino, CA 91436; 818-905-5597; Fax 818-905-5596.
Real Estate World Florida Commercial, Inc. brokered the sale of a 16,500 sq.ft. center located on Cypress Road in Plantation, FL. The transaction price was $1.7 million. For more information contact Randy North, Real Estate World Florida Commercial, Inc., 221 West Hallandale Beach Boulevard, Hallendale, FL; 954-455-3366 ext.222; Fax 954-454-5551.
GGP/Homart II LLC acquired the 1.53 million sq.ft. Willowbrook Mall in Houston, TX. The company is a 50/50 venture between General Growth Properties, Inc. and the New York State Common Retirement Fund. The total acquisition price was $144.9 million. The company arranged a fixed-rate 10-year nonrecourse mortgage at 6.93% for $102 million. The balance was paid by a short-term variable rate loan at LIBOR plus 75 basis points. The center has an NOI of $12.9 million and an occupancy rate of 92.5%. The center is anchored by Dillard’s, Foley’s, JC Penney, Lord & Taylor and Sears. For more information contact John Bucksbaum, General Growth Properties, 110 North Wacker Drive, Chicago, IL 60606-1511; 312-960-5005; Fax 312-960-5991.
M&H Realty Partners IV LP acquired a 115,000 sq.ft. former Costco store located at the intersection of Winchester and Magarita Roads in Murrieta, CA. The site is adjacent to the Temecula Town Center, an 800,000 sq.ft. regional center owned by Forest City Development. The property has the ability to host three tenats. For more information contact Will Tipto, M&H Realty Partners IV, 800-500-4769.
The Staubach Company brokered the sale of the 45,153 sq.ft. Village Park Shopping Center in Colleyville, TX. The center is fully occupied and tenants include Holly’s Hallmark, Cigarettes Cheaper, Nationwide Mutual, Ultra Cuts and Prudential. The buyer was Wild Pony Colleyville, LLC and the seller was Praedium Centennial Associates, LP. For more information contact Ken Shulman, The Staubach Company, 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 972-361-5023; Fax 972-361-5909.
The Hayman Company acquired the 104,956 sq.ft. The Shoppes of Dadeland in Miami, FL. The site is located across from the Dadeland Mall and is tenanted by Linens ‘N’ Things, Old Navy, The Container Store and Just for Feet. The center is fully occupied and will provide a 12.5% cash-on-cash return. For more information contact Andrew E. Hayman, The Hayman Company, 5700 Crooks Road, Suite 400, Troy, MI 48098; 248-879-7777; Fax 248-879-2430; E-mail: andrew@haymanco.com.
NAI James E. Hanson Company, Inc. is seeking to acquire centers with a minimum of 100,000 sq.ft. for added value by retrofitting, leasing vacant spaces or doing additional development. Typical projects require a capital transfusion. Capital is available for joint ventures. For more information contact Peter Kellner, NAI James E. Hanson Company, Inc., 235 Moore Street, Hackensack, NJ 10023; 201-488-5800; Fax 201-488-0246.
Equity Investment Group acquired the 99,924 sq.ft. Country Fair Shopping Center in Angola, IN. The center is anchored by a 56,554 sq.ft. Scott’s Foods and Low Bob’s Tobacco. For more information contact Wanda Albert, Equity Investment Group, 3060 Peachtree Road Northwest, Suite 1560, Atlanta, GA 30305-2242; 404-364-2984; Fax 404-364-2985.
The Stan Johnson Company has the listing to sell a 23,942 sq.ft. Staples store located on Highway 54 in Osage Beach, MO. The asking price is $2.71 million at a 9.5% CAP rate. The annual rent is $257,377 with increases every five years. The teanant has a 15-year lease with four five-year otpions. Landlord is responsible for roof, structure and parking. Financing is available with a nonrecourse loan at 2.75% spread over the 10-year U.S. Treasury rate for up to 75% LTV on a 10 year term with a 25-year amortization period. The store is located near the Stone Crest Regional Mall, Wal*Mart and Lowe’s Home Improvement. The company also has the listing to sell a 30,000 sq.ft. Mars Music Store located on West Memorial Road in Oklahoma City, OK. The store is located near Lowe’s Home Improvement, Old Navy, Office Depot and Quail Springs Mall. The tenant has a 10-year lease with three five-year options and annual rent is $240,000 with a 10% increase after year five and 11% increases with each option. The landlord is responsible for roof and structure. The asking price is $2,525,000 at a 9.5% CAP rate. For more information contact Jeff Hughes, The Stan Johnson Company, 8801 South Yale Avenue, Suite 330, Tulsa, OK 74137-3536; 918-494-2690; Fax 918-494-2692.
Mid-America Real Estate Group brokered the sale of two land parcels in McHenry, IL. The company sold a 12-acre outparcel to Home Depot, who will build a 120,327 sq.ft. store directly north of the site of a new Meijer Superstore. Kohl’s acquired a 9.57-acre site where it will build a 86,835 sq.ft. store anchoring a 220,000 sq.ft. center being developed by the seller, Rubloff Development. Other tenants for the center will include Office Max, Circuit City and Michaels. For more information contact Kevin McLoughlin, Mid-America Real Estate Group, Two Mid-America Plaza, Suite 330, Oakbrook Terrace, IL 60181; 630-954-7300; Fax 630-573-7018.
Marcus & Millichap has the listing to sell the following properties: A HomeBase store that is undergoing a $3 million renovation to the House to Home concept located at a freeway location in San Diego, CA. The tenant has a 20-year lease with rent increases every five years. The asking price is $14,135,000 at a high cap rate; A fully occupied center anchored by Wal*Mart and Sam’s Club at a freeway location in San Diego, CA. Other tenants in the center include Mervyns, Longs Drugs, Staples, Pic N Save, Party City and HomeBase. The site has short and long term upside. The asking price is $34.15 million at a 9.5% CAP rate; An Albertson’s-anchored neighborhood center in Riverside, CA. Other tenants include Radio Shack, U.S. Post Office, Denny’s, One Price Clothing, Del Taco and Honey Baked Hams. The asking price is $12.9 million at a 10% CAP rate; A Stater Brothers-anchored center in Yucaipa, CA. Other tenants include Rite Aid, Auto Zone, Goodyear, Radio Shack, Baskin Robbins, Hallmark and Domino’s. The asking price is $9.58 million at a high CAP rate; A Savemart-anchored center in Porterville, CA. The center is the dominant market-anchored center in region and is also tenanted by Kragen, Blockbuster, Sears and Miller’s Outpost. The center has an occupancy factor of 81% and has major highway visibility. The asking price is $7.2 million. The company sold an Orchard Supply Hardware-anchored center in Rancho Cucamonga, CA for $10.1 million. The company also sold a Vons-anchored in Moreno Valley, CA for $24.4 million. For more information contact Alan M. Krueger, Marcus & Millichap, 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800 ext. 605; Fax 909-605-1832.
Mark Kasper has the listing to sell a 193-acre land parcel in Yaphank, Long Island, NY. The site has 3,000 feet of frontage along the Long Island Expressway at exit 66 (County Road 101). Zoned for retail or residential. For more information contact Mark Kasper, 631-423-0189. |