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Buyers & Sellers
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Buyers & SellersCB Richard Ellis has the listing to sell the 83,033 sq.ft. Gateway Courtyard shopping center in Fairfield, CA. The center is located between Interstate 80 and the 1 million sq.ft. Solano Mall. The project is anchored by Barnes & Noble Booksellers, Gateway Country, Aaron Brothers and Linens-N-Things. The center has an occupancy factor of 96% and a 2002 proforma NOI of $1,299,959. The asking price is $15.25 million at an 8.5% CAP rate. Area demographics include a population of 79,724 residing in a three-mile radius earning an average annual household income of $52,865. The company brokered the sale of three properties in New England. The 120,411 sq.ft. North Attleboro Shopping Center in North Attleboro, MA sold for $17.175 million. Fern Realty, LLC bought the center anchored by HomeLife, CompUSA, PetsMart, Michael’s and TGI Friday’s and located near the Emerald Square Mall. The 182,847 sq.ft. Jordan Lane in Whethersfield, CT sold for $13 million at a 10% CAP rate. The company represented both sides in the transaction. The center is anchored by Super Stop & Shop, Fashion Bug, A.J. Wright, Dollar Tree and Big Lots and the buyer was WP Realty, Inc. The 89,112 sq.ft. Country Plaza in Grafton, MA. The company represented both sides in the $10 million transaction. The center is anchored by Super Stop & Shop. The company brokered the sale of the 91,505 sq.ft. Depot Marketplace in Prescott, AZ. The center, located in the former train depot at the intersection of Montezuma and Sheldon Roads, is anchored by Staples and Walgreens. The center also includes an Albertson’s grocery store that was not part of the sale. The company represented both parties in the $10.6 million transaction. CB Richard Ellis brokered the sale of a 3.7-acre parcel in Batavia, IL. Goodwill Industries of Southeast WI and Metropolitan Chicago acquired the site located at the intersection of Randall Road and McKee Street and will build an 18,000 sq.ft. retail facility. Batavia Land Company was the seller. CB Richard Ellis, Portfolio Services has the listing to sell five properties as a package or individually. The sites are all leased to national retailers and the landlord is responsible for the roof and structure. The sites are: a 35,750 sq.ft. Bed Bath & Beyond store with a 15-year lease and a 33,662 sq.ft. Circuit City location with a 20-year lease (both commenced in 1999) in Eatontown, NJ; a 33,617 sq.ft. Syms clothing store with a 10-year lease (commenced in 1999) in Lawrenceville, NJ that includes a 33,617 sq.ft. mezzanine; a 65,008 sq.ft. building 49% occupied by Office Depot with a 10-year lease (commenced in 2000) in Grand Forks, ND; a 66,000 sq.ft. National City Mortgage location with a 10-year lease (commenced in 1998) in Miamisburg, OH and a 35,175 sq.ft. Ross Stores location with a 10-year lease (commenced in 1999) in El Paso, TX that includes a 35,175 sq.ft. mezzanine. Last date to submit offers is June 20, 2001. For more information on the CA property contact Timothy L. Bower, Mark R. Koenig or Jerry Asher, CB Richard Ellis, 1840 Century Park East, Suite 700, Los Angeles, CA 90067-2108; 310-550-2521, Fax 310-203-9624. For more information on the transaction in the northeast contact Joseph Pierik, CB Richard Ellis, 600 Atlantic Avenue, Federal Reserve Plaza, 22nd Floor, Boston, MA 02210; 617-912-7055, Fax 617-912-7001, Web site: www.cbre.com. For more information on the AZ sale contact Bob Young, CB Richard Ellis, 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-5555, Fax 602-735-5655, Web site: www.cbre.com/phoenix. For more information on the IL sale contact Carole Borg, Wendell Hollan or John Schoditsch, CB Richard Ellis, 1900 East Golf Road, Suite 640, Schaumburg, IL 60173; 847-517-1850, Fax 847-706-4959. For more information on the portfolio sale contact Donna Kolius or Jim Tipps, CB Richard Ellis, Portfolio Services, 2500 West Loop South, Suite 100, Houston, TX 77027; 713-840-6505, Fax 713-960-8583. Cushman & Wakefield brokered the sale of the 157,463 sq.ft. Windsor Green Shopping Center in West Windsor, NJ. The center is located on Route 1 South and is anchored by Pathmark, Marshalls, Staples, Zany Brainy and Wendy’s. The company represented the buyer, Mainardi Management, in the $19.8 million transaction. The seller was AEW/National Resources. For more information contact Gary Gabriel, Cushman & Wakefield, One Meadowlands Plaza, Suite 1100, East Rutherford, NJ 07073; 201-935-4000, Fax 201-804-0064.
Landtel Management represents a client seeking to acquire seven to 10 properties per year in the $20 million to $200 million price range with diversified long term BBB to A credit rated tenant anchors. The company prefers occupancy factors over 90% and CAP rates over 10%. The purchaser will consider properties nationwide.For more information contact Gregory Davenport, Landtel Management, Inc., 2400 East las Olas Boulevard, Suite 105, Fort Lauderdale, FL 33301; 954-525-3584, Fax 309-218-4760, Web site: www.landtelmanagement.com.
Michaelson Commercial Real Estate has the listing to sell a three-tenant building adjacent to a 45,000 sq.ft. Ralph’s Supermarket at the intersection of Fountain and West La Brea Boulevards in West Hollywood, CA. The asking price is $1,525,000.For more information contact Terry Michaelson, Michaelson Commercial Real Estate, 5335 Penfield Avenue, Woodland Hills, CA 91364; 818-348-0446, Email: tmichaelson@earthlink.com.
Rancourt & Associates has the listing to sell a 211,000 sq.ft. center anchored by Save-a-Lot Supermarket in central FL. The center is located on a prime corner and can be expanded by 54,584 sq.ft. The center has an occupancy rate of 73% and is tenanted by Aaron Rentals, Appliance Direct, Video News and Family Dollar. Shell and Steak and Shake occupy outparcels. The center was partially renovated in 2000.For more information contact Jon Zolsky, Rancourt & Associates, Inc., 444 Seabreeze Boulevard, Daytona Beach, FL 32118; 386-226-2622, Fax 386-226-2624, Email: jon@edrancourt.com.
Grubb & Ellis brokered the sale of the 59,616 sq.ft. Lynwood ValuPlus Marketplace in Lynwood, CA. The center is anchored by ValuPlus Food Warehouse and was fully occupied at the close of the sale. The company represented the seller, Market Ventures of Manhattan Beach, and NAI Capital represented the buyer, Continental Development. The transaction price was $7.5 million. Grubb & Ellis also brokered the sale of the 65,219 sq.ft. Eagle Rock Center in Eagle Rock, CA between the same principals. The center is anchored by Super A Foods and Sav-On and the transaction was valued at $8.3 million.For more information contact Sharon Abar, Grubb & Ellis, 500 North State College Boulevard, Suite 100, Orange, CA 92868; 714-939-6000, Fax 714-937-1388.
Garrick-Aug Worldwide has the listing to sell a 21,000 sq.ft. six-story flagship building at 604 Fifth Avenue in New York City, NY. The site has 30 feet of frontage and is located between 48th and 49th Streets on the west side of the Avenue, one block from Rockefeller Center. The site is currently tenanted by TGI Friday’s but will be delivered vacant. The column-free structure was designed by William Van Allen, architect of The Chrysler Building. Area retailers include Swissair, H&M, Benetton, HMV, Kenneth Cole, Banana Republic, Cole Haan, Sephora and Barnes & Noble. For more information contact Faith Hope Consolo or Joseph Aquino, Garrick-Aug Worldwide, 360 Lexington Avenue, New York, NY 10017-6502; 212-557-9090, Fax 212-983-7192.
Colliers Seeley International brokered the sale of the 106,000 sq.ft. Home Depot location in San Fernando, CA. The company cobrokered the transaction, valued at $14.65 million, with Marcus & Millichap on behalf of Regency Centers. The project is built on 8.7 acres of land. Colliers Texas International has the listing to sell a 7,469 sq.ft. center in Port Arthur, TX. The center is anchored by Blockbuster Video and all leases are NNN. Assumable, non-recourse financing is available with an $840,000 balance. The asking price is $1,139,000 with cash-on-cash return of 12.3%. Area retailers include Super Kmart, Waffle House and Sonic Drive-In. For more information on the CA property contact William Bauman, Colliers Seely International, 444 South Flower Street, Suite 2200, Los Angeles, CA 90071; 213-627-1214, Fax 213-627-2700. For more information on the TX property contact Christopher D. Winters, Colliers Texas, 1300 Post Oak Boulevard, Suite 225, Houston, TX 77056; 713-830-2106, Fax 713-830-2118, Email: cwinters@collierstexas.com.
Cohen & Company Real Estate has the listing to sell the Beachway Shopping Center and the Shoppes of Palmway in Pompano Beach, FL. The neighborhood centers have stable tenancy and potential upside. The company also brokered the sale of the 90,000 sq.ft. Otranto Center in North Charleston, SC. The center is located on Rivers Avenue and is anchored by Piggly Wiggly, Ladies Choice and Tuesday Morning. The center had an occupancy factor of 86% at closing and has proximity to the Northwoods Mall.For more information contact Helen Putterman, Cohen & Company Real Estate, 21 East 40th Street, New York, NY 10016; 212-679-1222 ext. 306, Fax 212-679-1533.
Millenium Properties, Inc. brokered the sale of the 25,760 sq.ft. center located on South Pulaski Road in Alsip, IL. The property is adjacent to the Jewel/Osco Center and tenants include Hallmark Cards, Dairy Queen and Aurellio’s Pizza. The transaction was valued at $1.55 million.For more information contact Daniel J. Hyman, Millenium Properties, Inc., 55 West Monroe, Suite 910, Chicago, IL 60603; 312-338-3003, Fax 312-338-3008.
Walpert Properties acquired two properties in OK. The 80,000 sq.ft. Eastgate Shopping Center is located in Tulsa and is anchored by Furniture Factory Outlet, Pep Boys and Dollar General. The center is located at the intersection of Admiral and Memorial Streets and is adjacent to the Wal*Mart Supercenter. The transaction price was $2.51 million. The company also acquired the 138,000 sq.ft. Country Club Plaza in El Reno. The center is located at the intersection of Country Club Road and Southwest 27th Street and is anchored by Stage Stores and Tractor Supply Company. The transaction price was $3 million.For more information contact Michael G. Rizzo, Walpert Properties, 11457 Olde Cabin Road, Suite 200, St. Louis, MO 63141; 314-567-1221, Fax 314-567-9289, Email: info@walpertproperties.com.
Borrus Associates, Inc. represents able buyers seeking to acquire centers in NY, NJ, eastern PA, southern CT and DE.For more information contact Julius A. Borrus, Borrus & Associates, 3333 US Highway 9, Old Bridge, NJ 08857; 732-679-4100, Fax 732-679-2263.
Hunington Properties, Inc. has the listing to sell 34 single-tenant properties based on a leaseback arrangement. The seller, EZCorp is offering NNN leases with a 15-year term with three five-year options including 10% rate increases every five years. The stores are located in TX, OK, FL, IN, CO and AR.For more information contact Sandy P. Aron, Hunington Properties, Inc., 109 North Post Lane, Suite 550, Houston, TX 77024; 713-623-6944, Fax 713-963-9329, Email: sandy@aroncompanies.com, Web site: www.hpiproperties.com.
J.W. Shute International has the listing to sell a 10,000 sq.ft. Mulberry Child Care Center in the Redhawk area of Temecula, CA. Tenant has a 15-year lease with two five-year options. Terms include 15% fixed increases every five years including options and landlord is responsible for structure only. Lease commences in August and the property has a NOI of $209,088. Asking price is $2.39 million at an 8.75% CAP rate. For more information contact Jim Shute, J.W. Shute International, 4 Trovita Street, Irvine, CA 92620; 714-734-5960, Fax 714-734-5961, Email: shute@jwshute.com.
Marcus & Millichap has the listing to sell two NNN-leased properties in Las Vegas, NV. The two-tenant properties are leased by Jack in the Box and Quix Convenience Store/Phillips 66 Gas with 20-year terms with options and built-in rent increases. The sites are located at the intersection of Boulder Highway and Russell Road near the entrance to Sam Boyd Stadium and on a major retail corner in the northeast submarket at the last major intersection before the entrance to Lake Mead Recreation area. The company also has the listing to sell a 3,300 sq.ft. Taco Bell at the intersection of East Tropicana Avenue and Topaz Street. The tenant has a NNN lease with 20-year term and 10% rent increases every five years. The asking price is $1,615,000 with an 8% CAP rate. Other area retailers include McDonald’s, KFC, Chevron, Arby’s, Pizza Hut, PetsMart, Wendy’s, Circuit City and Ultimate Electronics. The company also brokered the sale of a NNN-leased Sav-On Drugs in Hillcrest, CA. The site featured a new building and was purchased at a 7.5% CAP rate. The company has the listing to sell four NNN-leased restaurants in MI and IN. The leases have 19 years remaining and fixed rate increases every two years. The sites are: a 9,345 sq.ft. Mountain Jack’s location in Farmington Hills, MI with an asking price of $1,075,000 at a 9% CAP rate; a 6,490 sq.ft. Mountain Jack’s location in Kentwood, MI with an asking price of $1,515,000 at a 9% CAP rate; a 8,753 sq.ft. Mountain Jack’s location in Troy, MI with an asking price of $1.39 million at a 9% CAP rate and a 23,744 sq.ft. Tippecanoe Place location in South Bend, IN with an asking price of $1.58 million at a 9% CAP rate. The South Bend, IN location is the former Studebaker Mansion. For more information on the Jack in the Box properties contact Christopher E. LoBello, Marcus & Millichap, 3993 Howard Hughes Parkway, Suite 120, Las Vegas, NV 89109; 702-693-5800, Fax 702-734-0756; Email: clobello@marcusmillichap.com. For more information on the Taco Bell store contact Nicholas P. Scelsa, Marcus & Millichap, 1545 River Park Drive, Sacramento, CA 95815; 916-929-1900 ext. 213, Fax 916-921-2914, Email: nscelsa@marcusmillichap.com. For more information on the Sav-On Drugs sale contact Scott L. Stolper, Marcus & Millichap, 9255 Towne Center Drive, Suite 110, San Diego, CA 92121; 858-452-8300, Fax 858-546-8254, Email: sstolper@marcusmillichap.com. For more information on the MI and IN restaurants contact Richard H. Merryman or Bill Schofield, Marcus & Millichap, 750 Battery Street, Fifth Floor, San Francisco, CA 94111; 415-391-9220, Fax 415-296-7088.
The Goldstein Group/ChainLinks has the listing to sell a 5.6 acre parcel of developable land in Phillipsburg, NJ. The site is located at the intersection of Route 22 West and Greenwich Street across from an approved power center anchored by Circuit City, Lowe’s, Marshall’s, Target, Applebee’s and Linens ‘n Things. The location serves the Easton, PA market and other area retailers include Home Depot, McDonald’s, Stop & Shop, Laneco, Phillipsburg Mall, Toys ‘R’ Us, Shop Rite and Wal*Mart. Area demographics include a population of 73,217 residing in a five-mile radius earning an average annual household income of $53,586.For more information contact Chuck Lanyard or Wayne King, The Goldstein Group/ChainLinks, 2100 Route 208, Fair Lawn, NJ 07410; 201-703-9700, Fax 201-703-9678, Web site: www.thegoldsteingroup.com.
NewMark Merrill Companies is seeking to acquire investment and development properties throughout the western states. The company is seeking sites specifically in AZ, CA, CO, NV and WA. For more information contact David Frank or Sandy Sigal, NewMark Merrill Companies, 18801 Ventura Boulevard, Suite 300, Tarzana, CA 91356; 818-996-0700, Fax 818-996-0760.
Lynch Realty Group has the listing to sell the 30,246 sq.ft. Cicero Plaza in Cicero, IL. The center is fully occupied and anchored by Hollywood Video, Check Into Cash and Metz Banking. The center was built in 1999 and the asking price is $4.4 million at a 10% CAP rate. The company also has the listing to sell the 84,900 sq.ft. Continental Center in Orland Park, IL. The center is located at the intersection of 159th Street and Harlem Avenue and added value and redevelopment opportunities. The asking price is $7.5 million with a motivated seller. For more information contact Kevin P. Lynch, Lynch Realty Group, LLC, 708-387-8030, Fax 708-387-8111, Email: klynch@lynchrealtygroup.com.
West Side Property Group, LLC are aggressively seeking to acquire centers in the southeastern states. The company prefers grocery-anchored centers but will consider other projects with value-added potential. There is no minimum square footage and a $3 million minimum value requirement. For more information contact Myron Sheron, West Side Property Group, LLC, 750 Hammond Drive, Building 8, Suite 300, Atlanta, GA 30328; 404-233-1974, Fax 404-943-1974, Email: msheron@sherongroup.com.
Mid-America Real Estate Group/ChainLinks brokered the sale of the 27,717 sq.ft. Carillon Court Shopping Center in Romeoville, IL. The center is fully occupied and is anchored by Cambridge Properties, Tiroli Restaurant and Chicago Title Insurance. The property will eventually be incorporated with a larger retail development including freestanding Walgreen’s and BP Amoco locations. The seller was Romeo V Development, LLC. For more information contact Richard J. Venegoni, Mid-America Real Estate Group/ChainLinks, Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181; 630-954-7300, Fax 630-954-7304.
Archon Group, LP formed a new division doing business as Archon Retail to manage and acquire centers nationwide. The company is seeking to acquire power, specialty and grocery-anchored neighborhood and community centers nationwide, especially in markets where the company already has assets under management. The company is headquartered in Austin, TX and has offices in Washington, DC; Houston, TX and Los Angeles, CA.For more information contact Steve Lipscomb, Archon Retail, 600 East Las Colinas Boulevard, Suite 400, Irving, TX 75039; 972-368-2200, Fax 972-368-2599.
Morton G. Thalhimer Commercial Real Estate/Oncor International has the listing to sell the 148,625 sq.ft. Midlothian Market in Midlothian, VA. The center is located near the intersection of Interstate 76 and Midlothian Turnpike and is anchored by Phar Mor, Cato and JoAnn Stores. The center has 46,708 sq.ft. available and area retailers include Books A Million and Bob Evans. The average daily traffic count on Midlothian Turnpike in 53,000 cars. The asking price is $7.5 million. For more information contact C. Lee Warfield, Pamela H. Strieffler or Larry R. Agnew, Morton G. Thalhimer Commercial Real Estate, 1313 East Main Street, Richmond, VA 23219; 804-648-5881, Fax 804-697-3479, Web site: www.thalhimer.com.
NAI Hiffman brokered the buy out of the five-year lease for the 22,620 sq.ft. former Sears Hardware location at Brookside Plaza in Northbrook, IL. The buyer was Trader Joe’s for its first of 10 high-end grocery stores in the Chicago market. The company also brokered the sublease of a 21,058 sq.ft. freestanding former Sears Hardware located on East Roosevelt Road in Lombard, IL to Sterling Collision Centers, Inc. The company has the listing to sell a 10,698 sq.ft. freestanding former National Tire & Battery store in Mount Prospect, IL. The site is located on East Rand Road and the asking price is $1.3 million. The company is listing an assumable ground lease on a 12,150 sq.ft. for National Tire & Battery location in Waukegan, IL. The site is located at the intersection of Grand Avenue and Green Bay Road and the lease runs through October, 2018. Other retailers in the project include Sears Hardware, Office Depot and Hollywood Video. The company has the listing to dispose of six leases of former Sears Hardware locations in IL: a 21,440 sq.ft. endcap with six years remaining at Bartlett Commons Shopping Center in Bartlett; a 21,146 sq.ft. free-standing location with four years remaining at the Bloomingdale Shopping Center in Bloomingdale; a 21,439 sq.ft. store with six years remaining in the Wal*Mart-anchored center located near the intersection of Randall Road and Royal Boulevard in Elgin; a 21,000 sq.ft. endcap with four years remaining at the Naperville Shopping Center in Naperville; a 16,800 sq.ft. store with two years remaining at the Wheaton Plaza in Wheaton and a 21,824 sq.ft. store with one year left at the Iroquois Shopping Center in Naperville. For more information contact Robert J. Swierbut, NAI Hiffman, One Oakbrook Terrace, 22nd Street and Butterfield Road, Oakbrook Terrace, IL 60181; 630-932-1234, Fax 630-932-7258, Web site: www.hiffman.com.
GMH Capital Partners, LP brokered the sale of the 40,000 sq.ft. former Levitz Furniture building in Fullerton, MD. GE Capital was the seller of the single-story unit located at the intersection of Rossville Boulevard and Route 1. The parcel includes 2.7 acres of paved parking and the transaction price was $2.775 million. The company also brokered the sale of an 80,156 sq.ft. former Hechinger’s location in Ridley, PA. The store is located at the intersection of MacDade Boulevard and Fairview Avenue and was purchased by Raymour & Flaningan. The site includes 6.1 acres of paved and lighted parking and the transaction price was $4.3 million. Ripco Real Estate/ChainLinks cobrokered the deal.For more information contact George Spaeder, GMH Capital Partners, LP, 10 Campus Boulevard, Newtown Square, PA 19073; 610-355-8500, Fax 610-355-8501.
Westwood Financial Corporation is seeking to acquire grocery or drug store anchored community and specialty centers in AZ, CA, CO, NV, NM, OR and WA. The price range is $5 million to $40 million and the company prefers all cash transactions or the assumption of existing debt. The company is also seeking development, redevelopment or turnaround properties between 10,000 sq.ft. and 500,000 sq.ft. in AZ, CA, CO, NV, OR and WA. The company is interested in regional, community and neighborhood centers with value-added opportunities through leasing of vacant space, building additional square footage, reconfiguration of antiquated site plans or tenant-mix upgrades. Investment ranges of $1 million to $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 310-447-8364, Email: jdykstra@westfin.com.
McDaniel & Company has the listing to sell a 58,000 sq.ft. center. The project has an excellent rental history and is fully occupied. The NOI is $199,500 and the asking price is $1.95 million. Conventional financing is available.For more information contact William A. McDaniel, McDaniel & Company, P.O. Box 5930, Spartenburg, SC 29304; 864-576-4660, Fax 864-587-7246, Email: billmcrltr@aol.com.
Wohl Investment Company acquired a 12.5-acre outparcel at Ontario Mills in Ontario, CA. The company will develop a 27,000 sq.ft. project on the plot located at the intersection of Milliken and Fourth Streets. Lee & Associates (909-989-7771) brokered the deal and will handle the sale or leasing of the project. The company is seeking to acquire properties in southern CA in the $2 million to $50 million price range. The company prefers projects with a value-added component and will evaluate modify-to-suit properties and ground leases. Broker participation is encouraged. For more information contact Greg Wohl or Peter Desforges, Wohl Investment Company, 2402 Michelson Drive, Suite 170, Irvine, CA 92612; 949-955-0115, Fax 949-955-0123, Web site: www.wohlinvestment.com.
Graybill and Associates, Inc. brokered the acquisition of a 12-acre site for a Home Depot store adjacent to a Wal*Mart Superstore in Lenoir City, TN. The seller, Cullom Properties retained two acres for future development which will be leased by Graybill & Associates. The company is the buyer’s broker for Home Depot in the Knoxville- East TN area.For more information contact Michael A. Graybill, Graybill & Associates, 3152 Washington Road, Augusta, GA 30907; 706-868-7400, Fax 706-868-0066, Email: mike@graybill-sold.com.
Trammell Crow has the listing to sell three Aramark Educational Resources locations with 15-year leases, including rent increases every third year. The 10,900 sq.ft. unit on 1.92 acres in West Bridgewater, MA has an asking price of $1.939 million at a 9% CAP rate. The 8,900 sq.ft. location on 1.53 acres in Freehold, NJ has an asking price of $1.535 million at a 9% CAP rate. The 8,900 sq.ft. location on 0.75 acres in Medford, NJ has an asking price of $1.443 million at a 9% CAP rate. The company also has the listing to sell a 50,000 sq.ft. building tenanted by 24-Hour Fitness in Dallas, TX. The unit is a part of a center anchored by Albertsons and Service Merchandise but only the 24-Hour Fitness space is for sale. The asking price is $7.785 million at a 10% CAP rate. 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, Email: Piet@nnnproperties.com.
Paramount Realty Services is seeking income-producing properties in NJ. The company prefers projects valued at over $4 million.For more information contact Maurice Zekaria, Paramount Realty Services, 1195 Route 70, Suite 2000, Lakewood, NJ 08701; 732-886-1500 ext. 102, Fax 732-886-1690, Email: mz228@yahoo.com.
Wal*Mart Realty has numerous properties available in the northeastern states. A one-acre outlot of a Wal*Mart Supercenter in Edinboro, PA is available at an asking price of $360,000. The company also has a 0.83-acre outparcel at a Supercenter located on Lynchburg Salem Pike in Bedford, VA. The asking price is $325,000. The price has been reduced on two outlots of the Supercenter located at Business Route 13 and Cedar Lane in Salisbury, MD. The 1.25-acre parcel is listed at $465,000 and the 1.13-acre parcel is listed at $400,000. The asking price has also been reduced on the 17.77-acre parcel near the Supercenter and Sam’s Club in Laurel, MD to $4 million. The site has parking and landscaping ready for a development of up to 130,000 sq.ft. The 7.2-acre outparcel of a Supercenter and Sam’s Club located at Sam’s Circle and Interstate 64 in Chesapeake, VA is back on the market. The asking price is $1.4 million. For a complete list of properties go to the company’s web site: www.wal-martrealty.com.For more information contact Travis L. Rodgers, Wal*Mart Realty, 2001 Southeast 10th Street, Bentonville, AR 72716-0550; 501-277-0039, Fax 501-273-6542, Email: tlrodge@wal-mart.com.
Brentwood Management brokered the sale of an 85,000 sq.ft. former Hechinger store in Abington, PA. The site is located on Old York Road and is situated on a 5.5-acre parcel. The building was acquired by Raymour & Flanigan Furniture for a transaction price of $5.7 million. The furniture retailer will open a 67,000 sq.ft. store at the site and the remainder of the center will be tenanted by a 10,000 sq.ft. Wine and Spirits Shop and an 8,000 sq.ft. Trader Joe’s.For more information contact Tony Curcio, Brentwood Management, 227 East King Street, Malvern, PA 19355; 610-240-9016, Fax 610-240-9018.
The Boulder Group brokered the sale of a net-leased 15,120 sq.ft. Walgreen’s store in Norman, OK. The 1.92-acre parcel contains the build-to-suit structure that was built in 2000 with a 20-year term on the lease. The site was acquired by Solana Sombra LLC for $3,033,000 at an 8.9% CAP rate and completed a 1031 exchange from the sale of a mobile home park. For more information contact Randy Blankstein, The Boulder Group, 1945 Techny Corporate Center, Suite 6, Northbrook, IL 60062; 847-562-0003, Fax 847-589-1217, Email: blankstein@1031properties.com.
Rotella Toroyan Clinton Group/RealSource brokered the buyout of two Shell’s Casual Seafood Restaurant leases. The first was a $735,000 deal for the 4,900 sq.ft. unit located on Monroe Street in Tallahassee, FL. The company also bought out the 10-year lease on the 7,000 sq.ft. restaurant located on Miamisburg-Centerville Road in Dayton, OH. The value of the transaction was $882,000. For more information contact Wlliam J. Rotella, Rotella Toroyan Clinton Group/RealSource, 6550 North Federal Highway, Suite 330, Fort Lauderdale, FL 33308; 954-229-7022, Fax 954-229-0553.
Fraga Properties has the listing to sell a 1.3-acre parcel of land located at the intersection of US 1 and Tennessee Avenue in Fort Pierce, FL. Area retailers include Kmart, Winn-Dixie, Staples and the Sabal Palm Plaza anchored by Publix. Area demographics include a population of 64,756 residing in five-mile radius earning an average annual household income of $37,369. The average daily traffic count is 64,000 cars. For more information contact Albert Fraga, Fraga Properties, Inc., 255 Alhambra Circle, Suite 380, Coral Gables, FL 33134, 305-446-4567, Fax 305-446-4580, Email: albert@fragaproperties.com.
Equity Investment Group acquired the 134,000 sq.ft. New Market Centre in Boone, NC. The center is tenanted by a 54,000 sq.ft. Lowe’s Foods, Rack Room Shoes, Movie Galleries and H&R Block. The center is located one mile off the Blue Ridge Parkway and serves Appalachian State University.For more information contact Equity Investment Group, One Buckhead Plaza, 3060 Peachtree Road Northwest, Suite 1560, Atlanta, GA 30305-2242; 404-364-2984, Fax 404-364-2985.
F.F. South & Company acquired the 260,000 sq.ft. Church Street Station in Orlando, FL. The mixed-use and entertainment center includes the 61,000 sq.ft. Church Street Exchange Shopping Center. The site is located in downtown Orlando, between Garland Avenue and the CSX Railroad tracks, across from the Church Street Market. The seller was Enic Entertainment Ltd. of London and the transaction price was $15.85 million. For more information contact Robert I.Kling, F.F. South & Company, 7600 Doctor Phillips Boulevard, Suite 72, Orlando, FL 32819-7238; 407-370-9300, Fax 407-370-9400, Email: kling@ffsmith.com.
Praedium Advisors, Inc. has the listing to sell the 64,300 sq.ft. El Paseo Power Center in Calexico, CA. The center is located on Rockwood Avenue in front of a center anchored by Wal*Mart and Imperial Hardware. The asking price is $6.25 million at 10.4% CAP rate and has a NOI of $651,000. A $1.85 million down payment is required (14% return cash-on-cash) and a $4.4 million non-recourse loan at an 8% rate is assumable for one point subject to lender’s approval. The loan cannot be prepaid until 2009. The center has an occupancy factor of 92% with 5,020 sq.ft. available. For more information contact Victor H. Allison, Praedium Advisors, Inc., 4455 East Camelback Road, Suite E160, Phoenix, AZ 85018; 602-667-5471, Fax 602-840-7932, Email: victor@praedium-advisors.com.
Investment Management Associates brokered the sale of the 25,000 sq.ft. Kendall Lakes Shopping Center in Miami, FL. The center is located at the intersection of 137th Avenue and North Kendall Drive and the transaction price was $3,050,000. The company represented both the buyer and seller.For more information contact Daniel Baumgard, Investment Management Associates, 1575 San Ignacio, Suite 100, Coral Gables, FL 33146; 305-661-0110, Fax 305-661-7803.
Net Properties has the listing to sell a 12,378 sq.ft. NNN-leased Eckerd Drug location in Covington, LA. The tenant has a 20-year lease with four five-year options that commenced in February 2001. The NOI is $309,856. The asking price is $3,275,450 at a 9.46% CAP rate. The company is also selling three other drug stores in LA. For more information contact Henry Hanna, Net Properties, 218 East Main Street, Salisbury, MD 21801; 410-749-8980, Fax 410-742-8153; Web site: www.net-properties.com.
M.B. Roberts Company has the listing to sell five Walgreen’s stores in the Kansas City, MO area. Four of the properties have existing loans to be assumed for a 1% fee. The stores may be sold individually and are offered at an 8.18% CAP rate. The total asking price is $19,418,328. For more information contact Michael B. Roberts, M.B. Roberts Company, 205 Northwest Cypress, Lee’s Summit, MO 64064; 816-373-4773, Fax 816-373-4462, Email: mbroberts@ccim.net.
Jones Lang LaSalle is listing the closed bid sale of a 96,476 sq.ft. former Venture store at East Washington Street Mall in Indianapolis, IN. The center is located on Washington Street between Interstate 465 and Shadeland Avenue. The parcel includes 9.5 acres of land, an 8 foot by 22 foot pylon sign and has a daily average traffic count of 35,000 cars. McDonald’s and Applebee’s tenant outparcels of the store and is adjacent to Big Kmart. Area tenants include Osco Drugs, Target, Pep Boys, Kroger and General Cinemas. The bids are due June 20. For more information contact Suzanne Martinez, Jones Lang LaSalle, 200 East Randolph Drive Chicago, IL 60601; 312-782-5800, Fax 312-228-2081, Email: jlldis@am.joneslanglasalle.com.
Divaris Real Estate brokered the sale of the 33,256 sq.ft. Market Square Shopping Center in Midlothian, VA. The center is located on Hull Street and the transaction price was $900,000. The project is tenanted by Gayle & Co. Realtors, Premier Benefits, Inspiration Hair Design, Sergio’s Restaurant, Prism Computers, Action Rehab, Finger Fashions, Chesterfield Dance Studio and Murray’s TV. For more information contact Gerald S. Divaris, Divaris Real Estate, One Columbus Center, Suite 700, Virginia Beach, VA 23462-6760; 757-497-2113, Fax 757-497-1338.
Nourmand & Associates represents an exchange buyer looking for single-tenant NNN-leased deals in southern CA. The price range is $1 million to $1.5 million and the buyer has cash to close quickly. For more information contact Dan Beck, Nourmand & Associates, 210 North Cannon Drive, Beverly Hills, CA 90210; 310-888-3354, Fax 310-278-9900. |