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Buyers & Sellers
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Buyers & SellersRogers Realty & Auction Company is listing for sale a 51,700 sq.ft. grocery-anchored center in Western NC. The center was built in 1999 and is offered at a 9.284% CAP rate. For more information contact B. Mark Rogers, Rogers Realty, P.O. Box 729, Mount Airy, NC 27030; 336-789-2926; Fax 336-789-2310; E-mail: bmrogers@ccim.net.
Flocke & Avoyer brokered the sale of 1.6 acres at 215 North Second Avenue in El Cajon, CA that is leased by Walgreens. The sale price was $3 million. For more information contact Brian J. Quinn, Flocke & Avoyer, 3131 Camino Del Rio North, Suite 190, San Diego, CA 92108; 619-280-2600; Fax 619-280-3311.
United Equities is looking to acquire regional and strip centers in the Houston, TX and Dallas, TX markets. For more information contact Anthony Clay, United Equities, 6909 Ashcroft Drive, Suite 200, Houston, TX 77081; 713-772-6262; Fax 713-981-4035; E-mail: aclay@unitedequities.com.
H. Stephen Kirschner, Inc. represents a buyer of neighborhood centers with a minimum value of $5 million and available at a 10% CAP rate. The buyer will consider only value added center and power center conversions and portfolio properties are preferred. Sites will be considered nationwide with preference to those located east of the Mississippi. For more information contact H. Stephen Kirschner, 61 East Industry Court, Deer Park, NY 11729; 631-595-9595; Fax 631-243-2020.
Spaulding & Slye-Colliers brokered the sale of the 212,000 sq.ft. Fairhaven Common in Fairhaven, MA. The center located at the intersection of Alden Road and Route 6 was sold by First Bristol Group to Heyman Properties for $16,668,000. The center is anchored by Wal*Mart, Marshall’s, Sears Hardware, Pizza Hut and Fashion Bug. For more information contact Steve Steinberg, Spaulding & Slye-Colliers, 255 State Street, Boston, MA 02109; 617-531-4122; Fax 617-531-4287.
Trammell Crow Company is seeking to acquire centers in South FL with GLAs greater than 100,000 sq.ft. The company is not interested in coupon clippers. For more information contact Bill Chalmers, Trammell Crow Company, 1801 North Military Trail, Suite 150, Boca Raton, FL 33431; 561-394-8161; Fax 561-394-4414; E-mail:bchalmers@trammellcrow.com.
Kristal Real Estate Investments is looking to acquire distressed centers in the Northeast. The company is also interested in taxpayers, NNN-leased properties and centers in the New York City metropolitan area. For more information contact Kristal Real Estate Investments, 99 Park Avenue, Suite 201-A, New York, NY 10016.
NAI Cravey Real Estate Services has the listing to sell two former HEB grocery stores in Corpus Christi, TX. The 59,878 sq.ft. building on five acres at 4135 Ayers is zoned general business and surrounded by retail, office and industrial space. The 39,610 sq.ft. location on 4.7 acres at 3102 Baldwin is zoned for general business and surrounded by commercial and residential developments. For more information contact Lynann Pinkham, NAI Cravey Real Estate Services, 5541 Bear Lane, Suite 111, Corpus Christi, TX 78405; 361-289-5168 ext. 105; Fax 361-289-5442; E-mail: lynann@craveyrealestate.com.
Jones Lang LaSalle brokered the sale of the 147,214 sq.ft. CrossRoads of Lake Buena Vista in Orlando, FL. GE Retail Group of Dallas acquired the center from Walt Disney World Hospitality & Recreation Corporation for $27 million. The center has a 96% occupancy rate and is located at the Buena Vista entrance of Walt Disney World Resort and is near Interstate 4. The center is anchored by Chevy’s, Red Lobster, Jungle Jim’s, Pizzeria Uno and McDonald’s. For more information contact Mark De Reimer, Jones Lang LaSalle, 153 East 53rd Street, 33rd Floor, New York, NY 10022; 212-812-5700; Fax 212-421-5242.
The Grossman Companies acquired the Faxon Family Trust property adjacent to the Quincy City Hall in Quincy, MA. Included in the sale is the Monroe Building which is tenanted by 67,500 sq.ft. of office and retail. The company also plans an apartment building and parking garage. For more information contact Louis Grossman, The Grossman Companies, 1266 Furnace Brook Parkway, Quincy, MA 02269; 617-472-2000; Fax 617-472-4600.
Steven D. Bell & Company brokered the sale of the 165,000 sq.ft. Abingdon Towne Center in Abingdon, VA. The center is located off of Interstate 81 and is anchored by Kmart and Food City. The Bell Company will manage the property. For more information contact Ed Harrington, Steven D. Bell & Company, 823 North Elm Street, Suite 200, Greensboro, NC 27401; 336-272-7196; Fax 336-378-9705.
Marcus & Millichap has the listing to sell a triple-net leased Papa John’s Pizza location in Las Vegas, NV. The corner pad is of a commercial subdivision that includes a video store and Jack-in-the-Box. The tenant has a five year lease with 3% annual increases and two five-year options. The asking price is $472,000 at a 8% CAP rate. The company also has three single-tenant properties for sale. A Tires Plus store in Stone Mountain, GA with a 22-year NNN lease is being listed for sale. The asking price is $1.8 million for the building that was recently completed. The lease has 8% increases every four years and 10% during each option period. Area demographics include a population count of 50,000 in a three-mile radius earning an average annual household income of $74,197. An Office Depot 20-year lease in Memphis, TN is also available. The asking price is $4.04 million for the site with a population count of 19,141 residing in a one-mile radius. An Office Depot 20-year lease in Southaven, MS is also available located in proximity to a Super Wal*Mart. The asking price is $3,435,000 for the site with demographics including a population count of 43,864 residing in a three-mile radius earning an average annual income of $74,000. For more information on the Las Vegas property contact Christopher LoBello, 3993 Howard Hughes Parkway, Suite 120, Las Vegas, NV 89109; 702-693-5800; Fax 702-734-0756; E-mail: clobello@marcusmillichap.com. For information on the other properties contact Steven Z. Regenstreif, 16830 Ventura Boulevard, Suite 100, Encino, CA 91436; 888-666-3325; Fax 888-666-5504.
Regency Realty Corporation acquired the 269,933 sq.ft. San Farnando Value Square in San Fernando, CA. The center is anchored by Home Depot and Sam’s Club. Plans call for the expansion of the Home Depot and development of additional space for tenants including Radio Shack, Kentucky Fried Chicken and Togo’s. The company also acquired a 40-acre parcel of land in Fullerton, CA where it will develop the 412,000 sq.ft. Amerige Heights Town Center. The center will be anchored by a 142,600 sq.ft. Target store and other tenants will include Barnes & Noble, Linens-N-Things, Old Navy and Pier One Imports. The seller, Suncal Companies, was represented by Colliers-Seeley International in the $23.4 million transaction. The company also sold its interest in two properties in Gardena and Torrance, CA to the Sun Family Trust for $13.5 million. For more information contact Daniel J. Fox, Regency Realty Corporation, 16640 Chesterfield Grove Road, Suite 170, Chesterfield, MO 63005; 636-728-2700; Fax 636-519-9738.
Sperry Van Ness brokered the sale of two centers in CA. The 16,415 sq.ft. Crown Valley Center is located on Crown Valley Parkway in Laguna Nigel, CA. The strip center is anchored by Seventh Heaven Market, Pick Up Stix, LA Carpet and Subway. Crown Valley, LLC aquired the center from Laguna Crown, LTD for $5.5 million. The 42,613 sq.ft. Los Mares Plaza is located on Camino De Los Mares in San Clemente, CA. The center is anchored by Krikorian Theaters, Wahoo’s Fish Tacos, Blockbuster and Sanwa Bank. H.A. Los Mares, LLC acquired the center from Los Mares Theater Plaza, LLC for $9.25 million. For more information contact Reza Etedali, Sperry Van Ness, 18881 Von Karman Avenue, Suite 800, Irvine, CA 92612; 949-250-4100; Fax 949-250-4143.
The Staubach Company brokered the sale of the 170,015 sq.ft. Hulen Bend Village Shopping Center in Fort Worth, TX. The center is anchored by a 62,000 sq.ft. Kroger store with other tenants including Mardel, Texas Patio, The Silk Market and Coomer’s Craft Mall. Ground leases are in place with Taco Beuno, Pizza Hut, Kentucky Fried Chicken and Whataburger. The company represented the seller while Quine & Associates represented the buyer. For more information contact Michelle Davis, The Staubach Company, 15601 Dallas Parkway, Suite 400, Dallas, TX 75001; 972-361-5023; 972-361-5909.
Divaris Real Estate brokered the sale of 1.19 acres of land located at Wesleyan Commons Shopping Center in Virginia Beach, VA. The space located at the intersection of Diamond Springs and Wesleyan Roads was sold to Sonic Corporation who will join Food Lion as major tenants in the center. For more information contact Gerald Divaris, Divaris Real Estate, One Columbus Center, Suite 700, Virginia Beach, VA 23462-6760; 757-497-2113; Fax 757-497-1338.
Bosshardt Realty Services has the listing to sell a 3.2 acre site adjoining a Sports Authority at Interstate 75 and State Route 26 in Gainesville, FL. The site is approved for 22,500 sq.ft. and is across from a regional center with over one million sq.ft. The property is available for sale at an asking price of $1.4 million or for lease at $125,000 annually. A build-to-suit is also available. The company also has out parcels available in the $500,000 price range and a 6,000 sq.ft. building available for lease on two acres southwest of the University of Florida. For more information contact Michael S. Ryals, Bosshardt Realty, 5542 Northwest 43rd Street; Gainesville, FL 32653; 352-371-6100; Fax 352-375-4227; E-mail: mryals@gnv.fdt.net.
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