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Buyers & Sellers
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Buyers & SellersBrauvin Capital Trust has the listing to sell several NNN-leased properties nationwide. The tenants in the properties include: Taco Bell, Blockbuster, Mobile Lube Express, Bally’s Total Fitness and Ponderosa. Vacant sites are also available. The company is also looking to acquire single tenant NNN-leased properties nationwide. Properties in the $500,000 to $3 million price range will be considered with the company preferring an 11% CAP rate. Portfolios up to $50 million will also be considered. For more information contact Barry Bain, Brauvin Capital Trust, 30 North LaSalle Street, Suite 3100, Chicago, IL 60602; 312-759-7662; Fax 3112-759-7800.
Turner Net Lease Properties, Inc. has several 7-Eleven locations available throughout FL. The prices range from $1.5 million to $2.5 million at 8.5% to 9% CAP rates. For more information contact Gary Turner, Turner Net Lease Properties, Inc., 200 Ocean Avenue, Suite 203, Melbourne Beach, FL 32951; 321-952-2894; Fax 321-952-8967.
GVA Williams brokered the sale of Cumberland Centre in Chicago, IL’s O’Hare submarket and includes a 43,000 sq.ft. Bally’s Health Club. For more information contact David Trumpy, GVA Williams, 8550 West Bryn Mawr Suite 1100; Chicago 60631; 773-308-1031; Fax 773-693-6161.
Mid-America Real Estate Corporation sold four centers on behalf of affiliates of Pine Tree Commercial. The centers involved in the sale are: the 70,209 sq.ft. Pine Tree Plaza in Ames, IA, anchored by Staples and Cinemark Theaters; the 61,253 sq.ft. Northridge Plaza in Portage, WI anchored by Staples, Hallmark, On Cue, GNC, Radio Shack and Check ‘N Go; the 108,784 sq.ft. Plover Plaza in Plover, WI anchored Shopko, Dollar Tree, Fashion Bug, Fantastic Sam’s and Hallmark; the 136,830 sq.ft. Water Tower Plaza in Bradley, IL achored by Marshalls, Michaels Arts & Crafts, Staples, MC Sports, Factory Card Outlet and Barnes & Noble Booksellers. The company also brokered the sale of Wing Park Shopping Center in Elgin, IL. The company represented the seller, Learsi & Company in selling the 84,163 sq.ft. center anchored by Blockbuster Video, Card & Party Outlet and Rent-A-Center. The company also brokered the acquisition of the 187,812 sq.ft. Scharrington Square in Schaumburg, IL. The center is anchored by Jewel/Osco, Hobby Lobby and Bally Fitness and located at the intersection of Schaumburg and Barrington Roads. The seller was GE Investments, represented by CB Richard Ellis. The company also brokered the sale of 87,485 sq.ft. Chase Plaza in Buffalo Grove, IL. The center is anchored by Dominick’s Finer Foods, Blimpie’s, GNC and Domino’s Pizza and is located at the intersection of Lake Cook and Arlington Heights Road. The company represented the seller LaSalle Advisors. For more information contact Mid-America Real Estate Corporation, Two Mid-America Plaza, Suite 330, Oakbrook Terrace, IL 60181; 630-954-7300.
Paine/Wetzel ONCOR International brokered the sale of an 8,232 sq.ft. former Blockbuster Video store on Grand Avenue in Franklin Park, IL. The company represented the buyer, Georgia-Kingston Partnership, while DK Realty Partners represented the seller. For more information contact Stuart Rosenberg, Paine/Wetzel ONCOR International, 8700 West Bryn Mawr Avenue, Chicago, IL 60631-3512; 773-714-9300; Fax 773-714-8253.
Eyde Company has the listing to sell vacant land with visibility from Interstate 96 in Lansing, MI. Lowe’s Home Improvement, Gander Mountain, Wal*Mart and TSC Tractor Supply are operating in the area. Land can be used for theater, big box or hotel uses. For more information contact Michele Abbruzzese, Eyde Company, 4660 South Hagadorn Road, Suite 660, East Lansing, MI 48823; 800-442-3933; Fax 517-351-3946; E-mail: mshaw@eyde.com.
CBL & Associates’ deal to acquire 23 centers from The Richard E. Jacobs Group has closed. The transaction price was over $1.3 billion for 19.2 million sq.ft. of space. The price included $124.8 million in cash and $771.3 million in non-recourse mortgage debt. The company also issued more than 12 million units of CBL’s operating partnership. The centers included are: CherryVale Mall in Rockford, IL; Fayette Mall in Lexington, KY; Jefferson Mall in Louisville, KY; Kentucy Oaks in Paducah, KY; Midland Mall in Midland, MI; Fashion Square Mall in Saginaw, MI; Randolph Mall in Asheboro, NC; Cary Towne Center in Cary, NC; Hanes Mall in Winston-Salem, NC; Eastgate Mall and Eastgate Crossing in Cincinnati, OH; Towne Mall in Franklin, OH; Old Hickory Mall in Jackson, MS; Parkdale Mall in Beaumont, TX; East Towne Mall, West Towne Mall and West Towne Crossing in Madison, WI; Brookfield Square Mall in Milwaukee, WI; Regency Mall in Racine, WI; Wausau Center in Wausau, WI; Citadel Mall and Northwoods Mall in Charleston, SC and Columbia Mall in Columbia, SC. For more information contact CBL & Associates, One Park Place, 6148 Lee Highway, Suite 300, Chattanooga, TN 37421-6511; 423-855-0001; Fax 423-490-8662.
Horizon Realty Services has the listing to sell the following properties in IL. A 5,400 sq.ft. building in Northfield hosts a Crost Furniture store and IL’s second busiest Starbucks Coffee. The asking price is $1.2 million. Sibley Crossing is a 42,894 sq.ft. center with credit tenants in Dolton. The asking price is $2.5 million. A two-acre tract on Peterson Avenue in Libertyville includes a 5,200 sq.ft. building that hosts a restaurant. The asking price is $1.6 million. A 13,500 sq.ft. operating restaurant located at Route 60 and Lakeview Parkway in Vernon Hills is available at an asking price of $600,000. For more information contact Sharon Sander, Horizon Realty Services, 3715 Ventura Drive, Suite 200, Arlington Heights, IL 60004; 847-870-8585; Fax 847-870-1888.
Bob Amonn has the listing to sell a new 5,200 sq.ft. retail center that is a pad at an Albertson’s-anchored center in WA. The site is occupied by Blockbuster Video, Advanced America Check Center and TGF Haircutters. The center’s other pads include Walgreen’s and Heritage Bank. The asking price is $1,418,300 at a CAP rate of 9%. For more information contact Bob Amonn, 808-521-8800.
Stiles Corporation sold two Publix-anchored shopping centers in Jacksonville, FL; the 74,546 sq.ft. Reedy Branch Commons and the 62,394 sq.ft. Windsor Commons. For more information contact Robert Breslau, Stiles Corporation, 300 Southeast Second Street, Fort Lauderdale, FL 33301; 954-627-9300; Fax 954-627-9399.
Madison Commercial Group is looking to acquire leased properties in the areas of Austin, TX; Dallas, TX and Waco, TX. The buyers require an 11% CAP or better on actual figures but will consider a 10% CAP with upside. For more information contact Kathy Gordon, Madison Commercial Group, 611 Carpenter Road, Suite 205, Austin, TX 78753; 512-836-8166; Fax 512-836-5601.
Trademark Companies acquired 55 acres on I35W in Fort Worth, TX. Plans call for a 450,000 sq.ft. Gateway Station Shopping Center anchored by Kohl’s. The power center is being developed in partnership with Kimco Developers, Inc. For more information contact The Trademark Companies, 301 Commerce Street, Suite 3060, Fort Worth, TX 76102; 817-877-2932; Fax 817-877-2930. |