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Buyers & Sellers
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Buyers & SellersMiller Valentine Group has the listing to sell a 25-acre parcel on Route 741 just north of the Dayton Mall. The site is adjacent to a new Home Depot and National Amusements Cinema, Lowe’s, Best Buy, Toys ‘R’ Us and Dick’s Sporting Goods. For more information contact Peter Nichols or Marvin Marcus, Miller Valentine Group, 4000 Miller Valentine Court, Dayton, OH 45439-1487; 937-293-0900; Fax 937-299-1564.
Trout, Segall & Doyle is seeking to acquire an exchange property in the May-June timeframe. The buyer prefers single-tenant, good credit property within a three hour drive of Baltimore, MD or in Cincinnati, OH. Buyer has up to $2 million and will exchange for one or multiple properties with good credit tenant and no landlord responsibilities. For more information contact Arthur W. Putzel, Trout, Segall & Doyle, 5100 Falls Road, 219 Village Square, Baltimore, MD 21210; 410-435-4000; Fax 410-435-4277; E-mail: aputzel@troutsegall.com.
Holliday Fenoglio Fowler, LP brokered the sale of the 116,665 sq.ft. Four Points Shopping Center in Austin, TX. Barshop & Oles Company sold the HEB Supermarket-anchored project to BVT Institutional Investments. For more information contact Holliday Fenoglio Fowler, LP, 8750 North Central Expressway, Suite 950, Dallas, TX 75231; 214-265-0880; Fax 214-265-9564.
Sperry Van Ness has the listing to sell the 214,186 sq.ft. Lakewood Marketplace Shopping Center in Lakewood, CA. The center is located at the intersection of South Street and Woodruff Avenue and is anchored by Marshalls, Ross, Petco, Blockbuster Video, Carl’s Jr., Kragen, El Pollo Loco, Arby’s and Sears. Pavilions and Rite-Aid are also in the center but not involved in the offer. The site has long term stability and an institutional seller. The average daily traffic count is 50,000 cars. The asking price is $34 million at a 9.6% CAP rate. The center has an NOI of $3,250,857 and is 100% occupied. For more information contact Reza Etedali, Sperry Van Ness, 18881 Van Karman Avenue, Suite 800, Irvine, CA 92616; 949-250-4100; Fax 949-251-9200; E-mail: etedalir@svn.com.
Rein & Grossoehme brokered the sale of a 4,800 sq.ft. Blockbuster Video location in Apache Junction, AZ. The sale price was $1,065,000 or $221 psf. For more information contact Jerry Robers, Rein & Grossoehme, 3900 East Camelback Road, Suite 408 North, Phoenix, AZ 85018; 602-954-0717; Fax 602-954-7001; E-mail: mail@high-yield.com.
CB Richard Ellis brokered the sale of two retail properties in southern CA. The first was 4,982 sq.ft. three-tenant building in Orange, CA. The building located at the intersection of Tustin and Katella Avenues sold for $1.1 million at an 8.7% CAP rate. The second property was 24,600 sq.ft. former Heilig-Meyers location in Buena Park, CA. The building located on Lincoln Avenue sold for $1.175 million. For more information contact Joe Miller, CB Richard Ellis, 2125 East Katella Avenue, Suite 100, Anaheim, CA 92806; 714-939-2100; Fax 714-939-2270.
Marcus & Millichap brokered the sale of the 37,000 sq.ft. United Jersey Bank Plaza in Mount Laurel, NJ. The center located at the interection of Route 38 and Larchmont Road was sold for $7.5 million. The company represented both the buyer and the seller. The center is anchored by Summit Bank and Rockaway Bedding. The company has the listing to sell two NN-leased Rite Aid Drugstore locations in Hampton and Front Royal, VA. The leases are 20-year terms with six five-year options and rent increases after year 10. The asking prices are $2.7 million and $2.875 million respectively and financing is available. For more information on the NJ property contact Douglas Kirk, Marcus & Millichap, 1628 JFK Boulevard, 12th Floor, Philadelphia, PA 19103; 215-557-0900; Fax 215-557-0966; E-mail: dkirk@marcusmillichap.com. For information on the VA sites contact Lori Schneider, Marcus & Millichap, 110 Southeast Sixth Street, Suite 2450, Fort Lauderdale, FL 33301; 954-463-2400 ext. 110; Fax 954-463-9222; E-mail: lori@nnndeal.com.
Cohen & Company Real Estate has the listing to sell the 235,000 sq.ft. Tara Crossing in Jonesboro, GA. The center is located at the intersection of Tara Boulevard and Interstate 75 and is 98% occupied. The center is anchored by a Cub Foods and Old Time Pottery. The company prefers to deal with principals only. For more information contact Phyllis Bosworth, Cohen & Company Real Estate, 21 East 40th Street, New York, NY 10016; 212-679-1222; Fax 212-679-1533.
Midland Red Oak Realty is seeking to acquire properties in the Southwestern states. The company requires a minimum of 100,000 sq.ft. GLA, and a minimum value of $10 million at a 9% CAP rate. The company also prefers a 50% occupancy factor. For more information contact Neill McClung, Midland Red Oak Realty, 400 West Illinois Avenue, Suite 1030, Midland, TX 79701; 915-685-0169; Fax 915-687-4011.
Sun Land Realty of FL, Inc. is listing the sale of 9.26 acres zoned commercial located just east of Interstate 95 in Melbourne, FL. The parcel is 37.8 acres total and has 28.54 acres zoned industrial. Water and sewer are available and the asking price is $2.4 million. The company is also listing 4.26 acres on Highway 192, a quarter-mile east of Interstate 95 in Melbourne, FL. The zoned commercial land has 305 feet frontage and the asking price is $750,000. The company is also listing a 1,584 sq.ft. former Taco Bell on Northeast Harris Road in Palm Bay, FL. The site has access from two roads and the asking price is $195,000. For more information contact Michael E. Dreyer, Coldwell Banker Commercial Sun Land Realty of FL, Inc., 3150 North Wickham Road, Suite 1, Melbourne, FL 32935; 321-751-0700; Fax 321-751-9009; E-mail: dreyer@sunlandrealty.com.
Net Leased Investments is listing the sale of a 8,000 sq.ft. Pier 1 Imports unit to be completed in April as an outparcel to a 200,000 sq.ft.-plus center in TN. The tenant has a 10-year NN lease with a rent increase after year five. The asking price is $1.375 million at a 9.25% CAP rate. The company is listing several centers in the mid-atlantic states and FL which can be purchased seperately or as a portfolio. The company prefers to deal only with principals. For more information contact Bob Fraser, Fraser Enterprises, 407-977-2448.
TSI Partners is seeking to acquire "B" and "C" shopping centers throughout the southeast, focusing on GA, NC and SC. The company prefers single-anchor centers with local tenants filling out the space. The company requires upside opportunities. For more information contact Tom Jorgenson, TSI Partners, 404-303-1424; Fax 404-256-1518; E-mail: tjorgenson@tsipartners.com.
Prudential Realty Georgia is listing the sale of a two-acre shopping center site in Gainesville, GA. The site is graded and zoned commercial with all utilities present. For more information contact Chuck Clausen, Prudential Georgia Realty, P.O. Box 1242, Gainesville, GA 30503; 770-533-6714; Fax 770-967-8162.
G. Earl Real Estate, Inc. has the listing to sell a 1.88 acre lot contiguous to Lake Shore Municipal Golf Course in Oshkosh, WI. The site is located at the intersection of US Highway 41 and State Highway 21 and has 230 feet of frontage on Highway 21. The asking price is $434,000. For more information contact Gary E. Eake, G. Earl Real Estate, 410 North Koeller Street, Oshkosh, WI 54902; 920-426-0417; Fax 920-426-3442; E-mail: ge@gebroker.com.
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