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Buyers & Sellers
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Buyers & SellersMidland Red Oak Realty, Inc. is seeking to acquire sites in AZ, AR, CA, CO, LA, NM, NV, OK and TX. The buyer prefers multi-tenanted units with a minimum of 100,000 sq.ft. in the range of $10 million to $25 million. The company would like to add value through leasing, pad sites or repositioning. For more information contact Neill McClung, Midland Red Oak Realty, Inc., PO Box 9340, Midland, TX 79708; 915-687-0148; Fax 915-687-4011; Web site: www.mromgmt.com.
Commercial Advantage has the listing to sell a 76,000 sq.ft. center in a suburb of Chicago, IL. The center is distressed, with rates below market level and existing buildings in need of new facade. The site has 8.25 acres, including 1.5 acres that has yet to be developed and the roof is 90% new. The CAP rate is 8% and the owner would carry half the contract. For more information contact Victor Nickerson, Commercial Advantage, 407 South Dearborn Street, Suite 1040, Chicago, IL 60605; 312-341-1154; Fax 312-341-1178.
A 70,000 sq.ft. neighborhood center anchored by Winn-Dixie and Blockbuster Video in affluent suburb of Dallas, TX is up for sale. Area demographics include an average annual household income of $105,000 in a one-mile radius. Asking price is $7.32 million cash or financing is available that will produce 12% cash-on-cash return. For more information contact Thomas J. Reif, Reif & Associates Inc., PO Box 796157, Dallas, TX 75379; 972-370-6011; Fax 972-370-6013; E-mail: t11@gte.net. Or contact Laurence Saper or Melvyn B. Moss, NAI Capital Commercial Real Estate, 19300 South Hamilton Avenue, Suite 100, Gardena, CA 90248; 310-532-9080; Fax 310-327-6259.
Voit Commercial Real Estate has the listings to sell numerous centers and single tenant units in CA. Properties range from new developments to upside potential and fixed rent bumps. Price ranges from $1 million to $23.6 million. The company deals exclusively with principals. For more information contact Joe A. Cyr, Voit Commercial Brokerage, 18500 Von Karman Avenue, Suite 150, Irvine, CA 92612; 949-851-5100; Fax 949-261-9092; E-mail: jcyr@voitco.com.
Woolbright Development acquired Palm Aire Shopping Center in Deerfield Beach, FL. The Publix-anchored center, located at Hillsboro Boulevard and Route 1, was purchased for $9 million from Rofar Realty Company. For more information contact Mike Fimiani, Woolbright Development, 4800 North Federal Highway, Suite D-108, Boca Raton, FL 33431; 561-393-8865; Fax 561-393-6655.
Staubach Retail Services has the listing to sell numerous net-leased properties in the Northeast: a 111,994 sq.ft. BJ’s Wholesale Club store in Victor, NY with a NOI of $512,500 and an asking price of $6.2 million; a 117,830 sq.ft. Costco store in Brookfield, CT with a NOI $652,968 and an asking price of $7 million; a 51,972 sq.ft. Sports Autority and Dollar Express store in Hazlet, NJ with a NOI of $663,150 and an asking price of $7 million; a 26,124 sq.ft. Pep Boys, IHOP and Leslie’s store in Salem, NH with a NOI of $259,000 and an asking price of $2.8 million and a 5,340 sq.ft. Chili’s location with a NOI of $90,000 and an asking price of $1.125 million. Assumable financing is available on: a 55,209 sq.ft. Zany Brainy and Sports Authority store in Springfield, NJ with a NOI of $1.025 and an asking price of $10.75 million; a 69,244 sq.ft. PetsMart and Sports Authority store with a NOI of $904,585 and an asking price of $9.6 million and a 42,887 sq.ft. Sports Authority store with a NOI of $917,782 and an asking price of $9.6 million. For more information contact David T. Wojciechowski, Staubach Retail Services, 405 Lexington Avenue, 17th Floor, New York, NY 10174; 212-221-9700 ext. 129; Fax 212-221-8584; E-mail: dtwoj@staubach.com; Web site: www.staubach.com.
Equity Investment Group acquired the 152,025 sq.ft. Hilltop Plaza in Virginia Beach, VA. The community center is anchored by a 63,632 sq.ft. North Carolina Furniture Company, a 24,140 sq.ft. Office Depot and a 10,300 sq.ft. JoAnn Fabrics & Crafts. The deal was brokered by Divaris Real Estate. For more information contact Wanda Albert, Equity Investment Group, One Buckhead Plaza, 3060 Peachtree Road, N.W., Suite 1560, Atlanta, GA 30305-2242; 404-364-2984; Fax 404-364-2985.
Grubb & Ellis-Harrison & Bates has the listing to sell Market Place Shopping Center in Ocean City, MD. The 69,724 sq.ft. neighborhood center has a 97% occupancy factor and is anchored by a Food Lion and CVS. The center is across from a large outlet center and has a NOI of $525,431. The asking price is $5.4 million based on a 9.7% CAP rate and the estimated cash on cash return is 12.6%. For more information contact Lynn McDaniel, Grubb & Ellis-Harrison & Bates, 830 E. Main Street, Fifth Floor, Richmond, VA 23219-2725; 804-788-1000 ext. 213; Fax 804-782-1145.
Cohen & Company has the listing to sell a 6,000 sq.ft. net-leased Blockbuster on Lynnhaven Boulevard in Virginia Beach, VA. The tenant pays $95,352 per anum plus CAM, taxes and insurance. The lease expires in December 2005 with one five-year option at $111,720 per annum. The asking price is $960,000. For more information contact Robert Altschuler, Cohen & Company, 21 East 40th Street, New York, NY 10016; 212-679-1222 ext. 318; Fax 212-679-1533; E-mail: Altschuler@cohenco.com.
Colliers International-Texas is listing the sale of a 7,469 sq.ft. center located at the intersection of Highway 73 and Twin City Highway in Port Arthur, TX. The center is fully leased and adjacent to the Super Kmart. The center has a NOI of $111,033 and the asking price is $1,139,000. Tenants include AT&T Phone Center, Blockbuster and Park Avenue Cleaners. For more information contact Christopher D. Winters, Colliers International, 1300 Post Oak Boulevard, Suite 225, Houston, TX 77056; 713-830-2106; Fax 713-830-2118; E-mail: cwinters@collierstexas.com.
Crossover Commercial Group, Inc. has the listing to sell a 17,760 sq.ft. strip center in Palm Bay, FL. The center has a 97% occupancy factor and a NOI of $84,464. The asking price is $900,000 and only registered (by fax or e-mail) brokers will be recognized for a fee. For more information contact Carmine Ferraro, Crossover Commercial Group, 4265 Quechua Road, Cocoa, FL 32927; 321-633-3724; Fax 321-633-5636; E-mail: cpstferraro@juno.com.
Renz & Renz is looking to acquire single-tenant net-leased properties in the Western states for a buyer in exchange. Properties in the price range of $300,000 to $900,000 will be considered. For more information contact George L. Renz, Renz & Renz, 7791 Wren Avenue, Suite B, Gilroy, CA 95020; 408-846-1031; Fax 408-846-1042; E-mail: grenz@ccim.net; Web site: www.renz-renz.com.
Brad Thomas Properties acquired the 71,443 sq.ft. Chester Plaza in Chester, SC. The center is anchored by Bi-Lo, Advance Auto Parts and Family Dollar and was sold for $2.25 million. For more information contact Brad Thomas at 864-596-0611, E-mail: rbtinc@prodigy.net.
Summit Commercial Properties is seeking to acquire seven to 20 acre plots of retail land in first through third tier cities in the Midwest. Only sites located close to a major intersection or high growth area are of interest. For more information contact Blake Elliott, Summit Commercial Properties, 105 South Broadway, Suite 945, Witchita, KS 67202; 316-612-7002; Fax 316-612-7052.
Weingarten Realty Investors acquired 19 grocery-anchored centers from Burnham Pacific Properties for $145.5 million cash and the assumption of $132 million in mortgage debt. Burnham Pacific is liquidating its 53 properties. The portfolio includes 2.47 million sq.ft. and the centers are 96% leased. The centers are located in Castro Valley, Sacramento, Duarte, Bellflower, Vacaville, Fremont, Madera, Menifee, Placerville, Redondo Beach, San Marcos, Redding, San Jose, Benecia, Santa Rosa, Citrus Heights, Suisun City and Westminster in CA. For more information contact Weingarten Realty Investors, 2600 Citadel Plaza Drive, P.O. Box 924133, Houston, TX 77008-1362; 800-688-8865; Fax 713-866-6049.
CC Realty Advisors is looking to acquire value added neighborhood and community centers of 50,000 sq.ft. and larger throughout the Northeast, Midwest, Southeast and Southwest of the U.S. Sites that are primed for repositioning, rehabilitation and/or retenanting are preferred. 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.
Modern Continental Enterprises, Inc. acquired the former Hudson Belk store in downtown Raleigh, NC. Plans for redevelopment include offices, shops and a Ristorante Marino Italian cafe. The project is scheduled for completion mid-2002. For more information contact Modern Continental Enterprises, Inc. , 600 Memorial Drive, Cambridge, MA 02139-4814; 617-864-6300.
Jeffrey D. Gravely has the listing to sell 1.68 acres of land adjacent to McDonalds in Manatee County, FL with direct frontage on U.S. Highway 301. The site is one quarter-mile east of Interstate 75 at a signalized entrance to the 600,000 sq.ft. Prime Outlet Mall. The location is zoned for general commercial and has all utilities available. The asking price is $12 psf, but long term lease offers will be considered. For more information contact Jeffrey D. Gravely, 941-753-1616; Fax 941-753-8119. |