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Buyers & Sellers
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Buyers & SellersEstate Builders, Inc. Investment Real Estate is listing the sale of the following properties: A 23,252 sq.ft. former grocery store that has been remodeled into a Walgreen’s Drug Store in Portland, OR. The site is located at the intersection of North Lambard Street and North Greeley Avenue and the tenant has a 20-year term on the lease with six five-year options. The asking price is $5.1 million with a rent income of $408,000 for years one through 10 and $448,800 years 11 through 20. A 22,487 sq.ft. Quality Food Center Store located at the intersection of Northeast 33rd and Schulyer Streets in Portland, OR. The tenant has a NNN-lease with a 20-year term and two five-year options. The asking price is $5.09 million. Lease payments are $420,000 years one through 10, $453,600 years 11 through 15 and $489,888 years 16 through 20. A 36,000 sq.ft. parcel of land that hosts at 21,400 sq.ft. Quality Food Center building. The asking price for the land is $3.635 million. The tenant has a NNN lease with a 20-year term and four five-year options. The lease payments are $300,000 years one through five, $330,000 years six through 10, $363,000 years 11 through 15 and $399,300 years 16 through 20. For more information contact Mark Parsons, Estate Builders, 0324 Southwest Abernathy Road, Portland, OR 97201; 503-223-8339; Fax 503-223-1153.
NAI Fickling & Company has the listing to sell the 50,000 sq.ft. Northwest Commons Shopping Center in Macon, GA. The center is anchored by a 29,000 sq.ft. Food Lion and located in a fast-growing corridor. For more information contact Larry Crumbley, NAI Fickling & Company, 577 Mulberry Street, Suite 1100, Macon, GA 31201; 478-746-9421; Fax 478-743-2015.
RG Properties acquired the majority of Piqua East Mall in Piqua, OH. The company will redevelop the regional center into a power center renaming the project Miami Valley Crossing. Home Depot acquired a portion of the center to build an anchor store. Jo-Ann Fabrics will relocate its current store and triple its square footage. For more information contact Bo Gunlock, RG Properties, 8163 Old Yankee Street, Suite B, Dayton, OH 45458-1801; 937-291-6312; Fax 937-434-0824.
David Cronheim Company has the listing to sell a 1.5 acre tract located on Route 46 in Ledgewood, Roxbury Township, NJ. Broker participation is welcome and the asking price is $525,000. For more information contact Peter Wisniewski, David Cronheim Company, 205 Main Street, P.O. Box 268, Chatam, NJ 07928; 973-635-2180; Fax 973-635-6391.
Developers Diversified Realty Corporation brokered the sale of the 193,457 sq.ft. Ahoskie Commons Shopping Center in Ahoskie, NC. The sale prce was $8.3 million. For more information contact Michelle A. Mahue, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122; 216-755-5500; Fax 216-755-1455.
Cohen Commercial Properties acquired the 280,000 sq.ft. Village Mall in Horsham, PA. The center is located at the intersection of Blair Mill Road and Moreland Avenue and encompasses 25 acres. The center is anchored by a 105,000 sq.ft. Bradlees Store, a 60,000 sq.ft. Acme Supermarket and a 10,125 sq.ft. Eckerd Drug. The company will demall the center and renovate the Bradlees interior space. For more information contact Andrew J. Cohen, Cohen Commercial Properties, 21 East 40th Street, Suite 2121, New York, NY 10016; 212-679-1222; Fax 212-679-1533.
CB Richard Ellis/Oklahoma brokered the sale of the 36,274 sq.ft. Lighthouse Shopping Center in Tulsa, OK. Kallay & Associates acquired the center for $2.42 million. CB Richard Ellis represented the seller, Lighthouse One Partners, in the transaction. For more information contact Phil H. Ryan, CB Richard Ellis/Oklahoma, 7912 31st Court, Suite 200, Tulsa, OK 74145; 918-665-3830; Fax 918-663-6402.
Advantis GVA has the listing to sell a 6.32-acre plot located at the intersection of Highway 119 and Interstate 85 near Raleigh/Durham, NC. The asking price is $900,000 and a joint venture is possible. Broker participation is welcomed. The site is in a growth area with good visibility and proximity to two schools. For more information contact Vijay Shah, Advantis GVA , 6320 Quadrangle Drive, Suite 360, Chapel Hill, NC 27514; 919-493-6905; Fax 919-419-1596.
Divaris Real Estate brokered the sale of the 152,025 sq.ft. Hilltop Plaza Shopping Center in Virginia Beach, VA. The center is located at the intersection of Laskin Road and First Colonial Drive and is anchored by Office Depot, JoAnn’s Fabrics & Crafts and The North Carolina Company. Bei-Jing Express and Outback Steakhouse occupy outparcels at the center. 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.
Colliers International brokered the sale of four acres to Ryder Rental Truck, Inc. at the intersection of Lone Mountain and Statz Roads in Las Vegas, NV. The purchase price was $714,096. For more information contact Michael G. DeLew, Colliers International, 3960 Howard Hughes Parkway, Suite 150, Las Vegas, NV 89109; 702-735-5700; Fax 702-731-5709.
First Commercial Realty is seeking to acquire centers between 85,000 sq.ft. and 750,000 sq.ft. in MI, OH, IN, IL, WI, northern KY and western PA. The company will consider all demographic profiles and sale prices up to $20 million. The company prefers a 10% CAP rate and a 75% occupancy factor. For more information contact Allen G. Rock, First Commercial Realty, 29500 Telegraph Road, Suite 110, Southfield, MI 48034; 248-352-5000; Fax 248-352-2144.
The Woodlands Operating Company, LP brokered the sale of a 2.3 acre site to CEC Entertainment, Inc. in College Park Shopping Center in The Woodlands, TX. The company will open a Chuck E. Cheese restaurant and operates 381 units in 45 states. For more information contact Susan Vreeland, The Woodlands Operating Company, 2201 Timberloch Place, The Woodlands, TX 77380; 281-719-6174.
Syndicated Equities Corporation brokered the sale of seven properties totaling $21.5 million. A 13,000 sq.ft. Walgreen’s Drugstore was sold for $2.4 million in St. Petersburg, FL. A 15,120 sq.ft. Walgreen’s Drugstore was sold for $4,126,870 in Palm Beach, FL. Another 15,120 sq.ft. Walgreen’s Drugstore was sold for $4,091,000 in Grayslake, IL. A 4,000 sq.ft. Sovreign Bank location was sold for $2,039,000 in New Bedford, MA. A 10,920 sq.ft. Eckerd’s Drugstore was sold for $3,515,337 in St. Petersburg, FL. A 10,920 sq.ft. Eckerd’s Drugstore was sold for $2,050,000 in Lake Placid, FL. And an 11,000 sq.ft. CVS Drugstore was sold for $3,338,569 in Florence, KY. For more information contact Richard Kaplan, Syndicated Equities Corporation, 1345 North Wells Street, Chicago, IL 60610; 312-640-9020; Fax 312-640-9021.
Drucker & Falk, LLC has the listing to sell an eight-acre site in York County, VA. The property is located on Victory Boulevard directly across from a planned Wal*Mart. The site will have a signalized egress and is the last major development opportunity in the corridor. For more information contact Alan Meetze, Drucker & Falk, 11828 Fishing Point Drive, Suite 102, Newport News, VA 23606; 757-873-1401; Fax 757-873-0727.
Camden Property Trust sold 15 acres of the former Andrau Airpark in Houston, TX to Trademark Properties for the development of a 143,000 sq.ft. center anchored by HEB grocery store. The 700-acre plot also hosts the Royal Oaks Country Club, a Lowe’s Home Improvement and a Wal*Mart Supercenter. For more information contact Camden Property Trust, Three Greenway Plaza, Suite 1300, Houston, TX 77046; 713-354-2500; Fax 713-354-2599.
Arroyo & Coates has the listing to sell a 40,700 sq.ft. Sports Authority net-leased property with rental escalations located across from the Arrowhead Towne Center Mall in Glendale, AZ. The site features assumable financing with only $1,505,000 down and a cash-on-cash return of 10.02%. The asking price is $4.72 million at a 9.36% CAP rate. The current NOI is $441,595. For more information contact Eric Wilcox, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800; Fax 415-392-9043.
Bressi & Martin Real Estate has the listing to sell a 20-acre plot located directly across from a newly constructed Wal*Mart Supercenter in Coal Township, PA. The site has 1,300 feet of frontage on State Route 61 with an average depth of 800 feet. All utilities are present and sub-division is approved. For more information contact Joe Bressi, Bressi & Martin Real Estate, 570-672-9999; E-mail: bressiel@uplink.net.
Prudential Real Estate Services-Roseburg is looking to acquire a project in the $3 million to $4 million price range in the western states. The client prefers OR and WA but will consider CA, NV and ID sites as well. The company prefers big box retail but will look at other opportunities. The company would like to close in May. For more information contact L. Peter Krieg PC, Prudential Real Estate Services, 1459 Northwest Mulholland Road, Roseburg, OR 97470; 800-755-1890.
Devcon Enterprises, Inc. is seeking to acquire grocery-anchored centers in the Eastern time zone states in the price range of $5 million to $50 million with above an 8.5% CAP rate. The buyer prefers sites between the sizes of 60,000 sq.ft. to 300,000 sq.ft. and will consider rehab and redevelopment opportunities. For more information contact Chad Labonte, Devcon Enterprises, Corporate Center West, 433 South Main Street, Suite 300, West Hartford, CT 06110; 860-521-6999; Fax 860-521-6789.
Corridor Commercial Real Estate Group has the listing to sell the Dogwood Station Shopping Center in Woodlawn, MD. The center is fully occupied and is anchored by Mars Grocery Market, CVS and Family Dollar. The 2002 NOI is $951,747 and broker participation is welcomed. The asking price is $9.5 million at a 10.02% CAP rate. For more information contact Edward T. Goldmeier, Corridor Commercial Real Estate Group, 10220 South Dolfield Road, Owings Mill, MD 21117; 410-363-4500; Fax 410-902-8410.
Alexander & Baldwin Properties, Inc. sold the 97,000 sq.ft. Island Village Shopping Center on Bainbridge Island, WA. The sale included an 8,400 sq.ft. retail building and a 9,000 office building located near the center on Hildebrand Lane. The Joshua Green Corporation acquired the properties for $15.6 million. For more information contact W. Allen Doane, Alexander & Baldwin Properties, Inc., 822 Bishop Street, Honolulu, HI 96813; 808-525-6611; Fax 808-525-6652.
Voit Commercial Brokerage has the listing to sell numerous multi-tenant buildings and shopping centers in CA. Prices range from $1 million to $12 million and square footage ranges from 2,939 sq.ft. to 161,014 sq.ft. All centers have upside and many have assumable financing. The company will deal with principals only. A 46,176 sq.ft. shopping center with a former Albertson’s anchor space available in Brea, CA has an asking price of $3.7 million. 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.
Wyndham Property Management has the listing to sell the 82,897 sq.ft. Trouble Creek Square in New Port Richey, FL. The center has a current NOI of $306,945 and has a 30,237 sq.ft. former Kash & Karry space available. The center is tenanted by a jobs & education program, Dollar General, the U.S. Post Office, Pizza Hut, Fantastic Sam’s and local tenants. The asking price is $3.5 million at a 9% CAP rate. For more information contact Richard R. Minieri, Wyndham Property Management, Inc., 29656 U.S. Highway 19 North, Suite 100, Clearwater, FL 33761; 727-787-3111; Fax 727-781-8447. |