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Buyers & Sellers
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Buyers & SellersGolden Arbook LP has the listing to sell 52 acres south of Ross Perot’s Alliance Airport in Fort Worth, TX. Parcel is zoned commercial and has frontage on three roads that are slated to be arteries for the airport. Two roads offer access to Interstate 35 with an exit south of Alliance. The site is across from Hillwood Development Park Glen multi-use development. For more information contact David Ash, Golden Arbook LP, 817-226-3389; Fax 817-795-2008; E-mail: dash@ameris.com.
IPG Investment Properties is selling a 5,000 sq.ft. building leased to Hollywood Video. The site is a pad at a 400,000 sq.ft. Wal*Mart-anchored center in Southern CA. The lease has a 15-year term with $120,000 rent first five years and a 12% increase in year six. The asking price is $1.3 million. The company also has the listing to sell 20-year NN-leased site at a 68,000 sq.ft. corner pad in a Home Depot anchored center in Phoenix, AZ. The rent is $257,000 for the first 10 years and $274,820 in years 11-20. The lease has eight five-year options with six percent rent increases with each option. The asking price is $3,212,000 at a 8% CAP rate. For more information contact Parviz Donboli, IPG Investments, 3080 North Civic Center Plaza, Suite 50, Scottsdale, AZ 85251; 480-675-0054; E-mail: parviz@ipginvestments.com.
Net-Properties has the listing to sell an Eckerds store in Covington, LA. The lease is NN on a 20-year term with four five-year options and the NOI is $309,856. The asking price is $3,349,794 at a 9.25% CAP rate. For more information contact Jen VanWilliams, Net-Properties, 410-749-8980; Fax 603-754-1600; E-mail:jen@net-properties.com; Web site: www.net-properties.com.
Charlie Kennedy has the listing to sell a regional center in Los Angeles County, CA. The asking price is $34 million for the center that has 83% credit tenants and is anchored by Vons-Pavillions, Petco, Ross, Marshall’s, Blockbuster Video, Sears, Arby’s, Carl’s Jr., Kragen and El Pollo Loco. Area demographics include a population count of 600,000 residing in a five-mile radius earning an average annual household income of $72,000. The institutional seller has financing immediately available with 75% LTV, a 30-year amortization period and a rate of approximately 7.5%. For more information contact Charlie Kennedy, 949-225-1816; E-mail: kennedyc@svn.com.
Horizon Group Properties Inc. sold its outlet center in Dry Ridge, KY to Sugar Oak Corporation for $2.5 million. For more information contact Andrew Pelmoter, Horizon Group, 77 West Wacker Drive, Suite 4200, Chicago, IL 60601; 312-917-1500; Fax 312-917-8440.
Flocke &Avoyer brokered the sale of a 10,797 sq.ft. multi-tenant retail building in the Rancho Del Ray Business Center in Chula Vista, CA. The building with tenants including Auto Zone and Pizza Hut was purchased by the San Ysidro Investment Company for $2.5 million. The seller, Standard Insurance Company, was represented by Jordan Bueti. For more information contact Eric Costa or Mike Seiber, Flocke & Avoyer, 3131 Camino Del Rio North, Suite 190, San Diego, CA 92108; 619-280-2600; Fax 619-280-3311.
Commercial Net Lease Realty is looking for a 1031 exchange property in the Northeast. Preferred sites are single-tenant, investment grade, have at least a 10-year term and are in the $12 million to $15 million price range with no debt. For more information contact Jay Bastian, Commercial Net Lease Realty, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1144; Fax 407-650-1046; E-mail: jay_bastian@cnlreit.com.
CB Richard Ellis has the listing to sell three centers in FL. Vero Mall is located at a signalized intersection on Route 1 in Vero Beach, FL. The 174,000 sq.ft. center is vacant and alternative uses are possible. The asking price is $5.7 million. Pine Island Plaza is located at Oakland Park Boulevard and Pine Island Road in Sunrise, FL. The 33,002 sq.ft. center is fully occupied and the asking price is $4 million. Point Plaza is located on Nob Hill Road in Tamarac, FL. The 28,812 sq.ft. center is fully occupied and serves the surrounding planned residential communities. The asking price is $4 million. For more information contact Lee S. Sobel, CB Richard Ellis, 777 Brickell Avenue, Suite 1000, Miami, FL 33131; 305-381-6431; Fax 305-381-6462; E-mail: lsobel2@cbre.com.
Jupiter Realty Corporation sold the 314,321 sq.ft. Southwest Commons Shopping Center in Denver, CO. The site is 32 acres located at Wadsworth Boulevard and West Cross Drive and was sold to GMS Realty. The center is anchored by Kmart, Mars Music, Just for Feet, Office Depot and Cost Plus. For more information contact Jerry Ong, Jupiter Real Estate, 919 North Michigan Avenue, Suite 1500, Chicago, IL 60611; 312-642-6000; Fax 312-642-2316.
NAI Isaac Commercial Properties Inc. brokered the sale of a 28-acre parcel at Cherry Blossom Centre in Georgetown, KY to Wal*Mart Stores for $5.88 million. The site is located at Interstate 75 and US Route 62, adjacent to the Toyota North America manufacturing plant. For more information contact Bruce R. Isaac, NAI Isaac Commercial Properties, 771 Corporate Drive, Suite 300, Lexington, KY 40503; 859-224-2000; Fax 859-224-0848.
Westwood Financial Corporation acquired the King Sooper’s-anchored center in Highlands Ranch, CO. The center is located at South University Avenue and Highlands Ranch Highway adjacent to TJ Maxx and Office Max. The center is fully leased and tenants include Starbucks, Subway and Panda Express. The sale price was $9.35 million. For more information contact Joe Dykstra, Westwood Financial Corporation, 11440 San Vincente Boulevard, Suite 200, Los Angeles, CA 90049; 310-820-5443; Fax 310-207-5154.
The Festival Companies and Cherokee Investment Partners II, LP acquired 68 corner properties primarily in the West and Midwest from Equilon Enterprises, LLC. The properties will be developed by Festival Commercial Real Estate Services. For more information contact Aaron Swerdlow, The Festival Companies, 9841 Airport Boulevard, Suite 700, Los Angeles, CA 90045; 310-665-9600; Fax 310-665-9009. Web site: www.festivalcos.com.
Rein & Grossoehme brokered the sale of the 5,500 sq.ft. Childtime Childcare at 31st Avenue and Bell Road in Phoenix, AZ. The buyer, Don Bogue, paid $1,257,500 for the building which was 100% occupied at time of closing. For more information contact Jerry Roberts, Rein & Grossohme, 3900 East Camelback Road, Suite 408 North, Phoenix, AZ 85018; 602-954-7000; Fax 602-954-7001.
First Union Properties brokered the sale of the 28,000 sq.ft. Knickenbocker Plaza Shopping Center in East Memphis, TN. The buyer was Knickerbocker Plaza LLC who paid $3.575 million for the center anchored by Kinko’s Copies, Dixie Cafe, Memphis Optical, Bensinger’s Cleaners and the CD Warehouse. For more information contact Kip Lichterman, First Union Properties, 5500 Poplar Avenue, Suite 8, Memphis, TN 38119-0910; 901-820-0910.
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