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Buyers & Sellers
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Buyers & SellersDevelopers Diversified Realty sold a 35,500 sq.ft. shopping center in Rapid City, SD. The transaction price was $2.35 million. The buyer was a private investor. For more information contact Developers Diversified Realty, 3300 Enterprise Parkway, P.O. Box 228042, Beechwood, OH 44122; 216-755-5500; Fax 216-755-1500.
NAI Commonwealth Commercial Partners, Inc. represents a client who is looking to acquire grocery-anchored or formerly grocery-anchored centers in the southeastern U.S. The centers must have value added opportunities, either through releasing or renovation. Sites must be well located. For more information contact Carl F. Blackwell, NAI Commonwealth Commercial Partners, Inc., 2800 North Parham Road, Suite 200, Richmond, VA 23294; 804-346-4966 ext. 320; Fax 804-346-5901; E-mail: cbackwell@commonwealthcommercail.com.
IRT Property Company acquired the 102,985 sq.ft. Unigold Shopping Center in the Winter Park area of Orlando, FL. The center is anchored by a 52,500 sq.ft. Winn-Dixie and has an occupancy factor of 97%. The transaction price was $8 million and the company expects a yield of 11% on its investment. The company may expand the center by 10,000 sq.ft. For more information contact James G. Levy, IRT Property Company, 200 Galleria Parkway, Suite 1400, Atlanta, GA 30339; 770-955-4406, Fax 770-988-8773.
NewMark Merrill Companies acquired three-acre parcel on Las Vegas Boulevard in Las Vegas, NV. The site is located north of Circus Circus Hotel and adjacent to the Hilton’s proposed time-share towers. The company plans to build a $30 million multi-level development on the property with spots for restaurants. The land was the site of the former El Rancho Hotel which was destroyed by fire over 35 years ago and is across the street from the proposed London Hotel and Casino on the northern part of the Vegas strip. For more information contact Kristine Everly, NewMark Merrill Companies, 18801 Ventura Boulevard, Suite 300, Tarzana, CA 91356; 818-996-0700, Fax 818-996-0760.
Colliers International hasthe listing to sell up to 25.52 acres of zoned-commercial land in Ripon, CA. The parcel is located near the intersection of NEC Highway 99 and Jack Tone Road and has an average daily traffic count of 82,000 cars. The site includes signalization, curb cuts, pylon signage and all utilities. Area demographics include a population of 10,000 residing in a five-mile radius earning an average annual household income of $48,973. The company also brokered the sale of a six-acre parcel to Safeway in Pleasanton, CA. The company will build a 55,000 sq.ft. store on the property, as well as a Safeway Fuel Center and an additional 10,000 sq.ft. of retail space. The site is located at the intersection of Dublin Boulevard and Amador Plaza Road. The company represented the buyer, while Staubach Companies represented the seller, AutoNation. For more information on the Ripon, CA property contact Nancy Reeves or Lisa Hodgson, Colliers International, 4609 Quail Lakes Drive, Suite 3, Stockton, CA 95207; 209-956-3260, Fax 209-956-3266; Email: nreeves@colliersparrish.com. For more information on the Pleasenton, CA sale contact Sandra Week, Colliers International, 450 West Santa Clara Street, San Jose, CA 95113; 408-282-3800, Fax 408-292-8100.
Cohen and Company, Inc. Real Estate brokered the sale of the 203,570 sq.ft. Riverside Plaza in Keene, NH. The company represented both parties in the $14.25 million transaction. The center is located on 22 acres and is anchored by a 104,492 sq.ft. Bradlee’s Department Store and a 47,704 sq.ft. Shaw’s Supermarket. The center had an occupancy rate of 97% at closing. The company also brokered the sale of the 187,000 sq.ft. Ahoskie Commons in Ahoskie, NC. The company represented both parties in the acquisition. The site is located on Memorial Drive and is anchored by a 75,167 sq.ft. Wal*Mart, a 43,200 sq.ft. Belks Department Store and a 25,000 sq.ft. Food Lion. Developers Diversified Realty Corporation was the seller. For more information contact Louis Ginsberg or Vera Thomas, Cohen and Company, Inc., 21 East 40th Street, Suite 2121, New York, NY 10016; 212-679-1222, Fax 212-679-1533.
Crossover Commercial Group is selling the 12,664 sq.ft. Versailles Plaza in Orlando, FL. The site is built on 1.34 acres and is serviced by city water and sewer. The building was reroofed in 1998. The owner will consider holding paper and a 4% cooperating brokerage fee is available to duly registered selling broker. For more information contact Carmine Ferraro, Crossover Commercial Group, Inc., 4265 Quechua Road, Port St. John, FL 32927; 321-633-3724, Fax 321-633-5636; Email: cpstferraro@juno.com.
CB Richard Ellis represents a client seeking a 1031 exchange property in the western U.S. The price range is $10 million to $30 million at a CAP rate of above 9%. The client has already closed on the sale of the downleg. The company brokered the sale of the 77,252 sq.ft. Eastgate Shopping Center in Tulsa, OK. The center is located on East Admiral Road and was acquired by Fen Ridge, LLC for a transaction price of $2.51 million. The center is anchored by Pep Boys, Dollar General and Furniture Factory Outlet. The company represented the seller, Admiral Square, LLC. The company also brokered the sale of a 28.14-acre parcel in Tulsa, OK. The land is located at the intersection of East 61st and South 129th Avenues and was acquired by Kansas City Life Insurance Company. The seller was the Visteon Corporation and the transaction price was $1,525,338. The company represented both sides in the deal. For more information on the 1031 exchange property contact Timothy L. Bower, CB Richard Ellis, 1840 Century Park East, Suite 700; 310-550-2521, Fax 310-203-9624; Email: tbower@cbre.com, Web site: www. timothybower.com. For more information on the OK transactions contact Thomas J. O’Brien or Matthew Q. Klimisch, CB Richard Ellis, 7912 East 31st Court, Suite 200, Tulsa, OK 74145-1346; 918-665-6007, Fax 918-665-2686.
Flocke & Avoyer brokered the sale of the 15,165 sq.ft. center at 1465 Encinitas Boulevard in Encinitas, CA. The center is fully occupied by Copy Club, Dairy Queen, K-5 Surf & Sport, Salon Ritz and Cook Chiropractic. The company represented the seller, Encinitas Retail, Ltd. The buyer was John and Shirley Wehrs and the transaction price was $3.1 million. For more information contact Stewart Keith, Flocke & Avoyer Commercial Real Estate, 3131 Camino Del Rion North, Suite 190, San Diego, CA 92108; 619-280-2600, Fax 619-280-3311; Web site: www.flockeavoyer.com.
CRS Investments, Inc. represents a client in need of a 1031 replacement property. The client prefers western states and TX only and has a price range of $500,000 to $1.3 million. Only long term leases to national tenants in areas with good demographics will be considered. Client is prepared to write an offer because the down leg sale has closed. For more information contact Bob Amonn, CRS Investments, Inc., 111 A Hekili Street, Suite 183, Kailua, HI 96734; 808-521-8800, Fax 808-262-4426, Email: amonn@pixi.com.
Marcus & Millichap has the listing to sell a NNN-leased Wendy’s building in North Charleston, SC. The site is located just off Interstate 26 on the corner pad of a shopping center anchored by Cub Foods. The center is located at one of the entrances to Northwoods Mall and neighboring tenants include 24-Hour Fitness, Tony Roma’s and Mac Frugal’s. The asking price is $1.275 million at an 8.75% CAP rate. For more information contact Bill W. Schofield or Richard H. Merryman, Marcus & Millichap, 750 Battery Street, Fifth Floor, San Francisco, CA 94111; 415-391-9220, Fax 415-296-7088.
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