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Buyers & SellersTGS Properties Ltd. acquired the 257,878 sq.ft. Silverthorne Mall in Silverthorne, CO. The total acquisition price was $29 million. The center is built on 27 acres along Interstate 70, 65 miles west of Denver, CO. The center has an occupancy factor of 88% and is anchored by Eddie Bauer, The Gap, Liz Claiborne, Tommy Hilfiger, Anne Klein, Nike, Jones New York and Mikasa. For more information contact Lloyd Wiggins, TGS Properties, 1520 Fourth Street Southwest, Suite 1000, Calgary, AB, Canada T2R 1H5; 403-264-9944; Fax 403-264-9945.
NAI Hiffman has the listing to sell a vacant 10,698 sq.ft. Sears National Tire & Battery store in Mount Prospect, IL. The site is located on East Rand Road, near the Randhurst Mall and area demographics include a population of 306,420 residing in a five-mile radius earning an average annual household income of $88,909. For more information contact Robert J.Swierbut, NAI Hiffman, One Oakbrook Terrace, Suite 600, Oakbrook Terrace, IL 60181; 630-693-0649; Fax 630-932-7258; E-mail: rswierbut@hiffman.com.
Net-Properties has the listing to sell a freestanding 5,344 sq.ft. Mattress Giant in Fort Lauderdale, FL. The tenant has a lease with a 15-year term and two five-year options. Annual rent is $92,148 with an increase in year 10. The asking price is $996,194. The company also has the listing to sell a 1.56-acre Walgreens site in Inverness, FL. The tenant has a lease with a 20-year term and eight five-year options. Annual rent is $303,700 and landlord is responsible for roof and structure. The asking price is $3.8 million. The company also has the listing to sell a 1.51 acre 7-Eleven location in Clearwater, FL. Tenant has a NNN lease with a 16-year term. Land has a 15-year depreciation schedule with a rent increase after year 10. The asking price is $3.45 million. For more information contact Blair Rinnier, Net-Properties, 218 East Main Street, Salisbury, MD 21801; 410-749-8980; Fax 603-754-1600; E-mail: blair@net-properties.com.
Bennett Williams Realty, Inc. brokered the sale of 2.3 acres in Selingsgrove, PA to Ruby Tuesday, Inc. The company acquired the site from Pep Boys, Inc. For more information contact Bennett Williams Realty, Inc., 135 North George Street, York, PA 17401-1132; 717-843-5555; Fax 717-843-5550.
Divco West sold the 245,000 sq.ft. Fig Garden Village in Fresno, CA. The center is located at the intersection of Shaw and Palm Avenues, has a 94% occupancy factor and is anchored by Whole Foods and Gottschalks Department Store. Other tenants include Longs Drug Stores, a U.S. Post Office, Ann Taylor, Eddie Bauer and Talbots. The buyer was an investment group headed by Jim H. Huelskamp. For more information contact David A. Taran, Divco West, 150 Almaden Boulevard, Suite 700, San Jose, CA 95113; 408-293-9600; Fax 408-293-9690.
Tucker Development Corporation acquired the 600,000 sq.ft. Northridge Mall in Milwaukee, WI. The transaction price of $3.5 million does not include four department store buildings. The center is located between a plot of land purchased by Wal*Mart and the 150,000 sq.ft. Northridge Plaza owned by Equity Investment Group. For more information contact Tucker Development Corporation, 513 Central Avenue, Suite 400, Highland Park, IL 60035-2660; 847-926-9999; Fax 847-926-9996.
Re/Max First Realty has the listing to sell an 8,160 sq.ft. strip center in a downtown area northeast of Hartford, CT. The center is fully occupied . NOI is $60,000 and the asking price is $575,000. For more information contact Louis Wolfson, Re/Max First Realty, 781-449-8393; Fax 781-449-0117.
Glimcher Realty Trust sold the 46,587 sq.ft. Perdido Point Plaza in Pensacola, FL. The community center was sold for $2.6 and the proceeds were used to pay down company debt. For more information contact Glimcher Realty Trust, 20 South Third Street, Columbus, OH 43215; 614-621-9000; Fax 614-621-9361.
Kensington Real Estate Group acquired the 60,000 sq.ft. Jamboree Promenade in Irvine, CA. The mixed-use center is located at the intersection of Jamboree and Dupont Roads. The restaurants at the center include the Daily Grill, Kelly’s Coffee and Subway. The center was purchased in a joint venture with Upside Investments, Inc. and is scheduled to undergo a $1 million renovation. For more information contact Patrick Galentine, Kensington Real Estate Group, 17542 East 17th Street, Suite 420, Tustin, CA 92780-1978; 714-573-7780; Fax 714-573-7790.
Butler Commercial Property has the listing to sell the 105,357 sq.ft. Northside Marketplace center in Fort Worth, TX. The project is anchored by Winn-Dixie, Blockbuster, Payless Shoes, It’s Fashion and Smart Looks. The asking price is $10,354,000 at a 9.25% CAP rate. For more information contact Denwood Butler or James Blake, Butler Commercial Realty, P.O. Box 121456, Fort Worth, TX 76121; 817-924-1188; Fax 817-924-1218; E-mail: dbutler@butlercr.com.
Michael A. Pollack Real Estate Investments acquired the 23,500 sq.ft. Peter Piper Plaza, phase II in Tempe, AZ. The company now owns the entire 76,500 sq.ft. center, tenanted by Peter Piper Pizza, Valley Ace Hardware, Radio Shack, China Buffet and Waterdog Willies. The company also acquired the 14,200 sq.ft. phase II of the Safeway Marketplace in Mesa, AZ. The center is located at the intersection of Guadalupe and Alma School Roads and the tenant roster includes Checkers Auto and The Dollar Store. The company also owns and manages all the space surrounding the Safeway store. For more information contact Michael A. Pollack, Michael A. Pollack Real Estate Investments, 610 North Alma School Road, Suite 28, Chandler, AZ 85224-3600; 480-888-0888; Fax 480-814-7741.
James Kaplan Companies, Inc. brokered the sale of the 35,000 sq.ft. On The Park mixed-use building in Chicago, IL. The building located on North Clark Street was transferred between private interests. For more information contact James Kaplan Companies, 1770 First Street, Suite 201, Highland Park, IL 60035; 847-681-1400; Fax 847-681-1412.
MRO Management, Inc. is seeking to acquire centers in TX, OK and AZ in the price range of $5 to $10 million at a 10% CAP rate with an occupancy factor of at least 70%. For more information contact Jerry Marroquin, MRO Management, Inc., 4522 Fredericksburg Road, Suite 124, San Antonio, TX 78201; 210-735-9137; Fax 210-732-5205.
NAI Pyramid Brokerage, Inc. brokered the sale of 3.56 acres to Babies ‘R’ Us adjacent to The Carousel Mall in Syracuse, NY. The deal combined the land of two sellers, the Albino and Weinreb Families Estates. For more information contact John Sposato, NAI Pyramid Brokerage Company, P.O. Box 3, 5786 Widewaters Parkway, Syracuse, NY 13214; 315-445-8516; Fax 315-445-2074.
DLC Management is selling the 82,224 sq.ft. Northeast Plaza Shopping Center in Baton Rouge, LA. The center is located at the intersection of Greenwell Springs and Sullivan Roads and is anchored by a 42,000 sq.ft. Superfresh Supermarket. Other tenants include Eckerd’s Drug, Domino’s Pizza and Radio Shack. Area demographics include a population of 86,000 residing in a five-mile radius earning an average annual household income of $60,000. The center is being offered on an all cash basis to serious buyers only. For more information contact Guy W. Morris, DLC Management, 580 White Plains Road, Tarrytown, NY 10708; 914-631-3131; Fax 914-631-6533; E-mail: gmorris@dlcmgmt.com; Web site: www.dlcmgmt.com.
Banc One Trust Company, N.A. is selling a 79,000 sq.ft. mixed-use building in Charleston, WV. The building is located at Capitol Street and has frontage on two downtown streets. For more information contact Charles Rowland, Banc One Trust Company, N.A., 774 Park Meadow Road, Westerville, OH 43081; 614-244-8716. Or contact Carol Fletcher, 304-348-5633.
Grubb & Ellis brokered the sale of the 27,391 sq.ft. California Pavilion in Studio City, CA. Iceberg Holdings, Inc. was the buyer and the center was fully occupied at the time of the transaction. The center located on Ventura Boulevard is tenanted by California Pizza Kitchen, Jamba Juice, Togo’s and State Farm. The company has the listing to sell the 166,000 sq.ft. Tri-City Plaza in Gary, IN. The center is located at the intersection of West Fifth Avenue and Clark Road and is anchored by Walgreens, Rent-A-Center and Family Dollar. The center has been newly renovated and considerable upside exists in leasing vacant spaces. Community investment incentives are available. For more information about the CA sale, contact David Ghermezian, Grubb & Ellis Company, 1100 Glendon Avenue, Suite 900, Los Angeles, CA 90024; 310-477-3800; Fax 310-478-9478. For more information on the IN property, contact A. Rick Scardino, Grubb & Ellis, 10275 West Higgins Street, Suite 300, Rosemont, IL 60018; 847-390-8040; Fax 847-390-8717; Web site: www.grubb-ellis.com.
Divaris Real Estate brokered the sale of the 175,000 sq.ft. Colonial Square Shopping Center in Richmond, VA. The center is anchored by a 64,000 sq.ft. Ukrop’s Supermarket and is also tenanted by Blockbuster, Eckerd, First Union Bank and Peebles Department Store. The buyer was Berman Kappler and Divaris Real Estate will be the exclusive leasing agent for 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.
Mesirow Realty Sale-Leaseback, Inc. has the listing to sell several NNN-leased single tenant properties. All tenants are credit tenants with 15-year or 20-year terms on the leases. All properties have assumable debt with favorable assumption terms and consist of both zero cash flow deals and equity deals. Both broker and principal participation is welcomed. For more information contact Steven Di Vito, Mesirow Realty Sale-Leaseback, Inc., 350 North Clark Street, Chicago, IL 60610; 312-595-6129; Fax 312-595-6141; E-mail: sdivito@mesirowfinancial.com.
Marcus & Millichap brokered the sale of the 108,000 sq.ft. Paulsboro Plaza in Paulsboro, NJ. The seller was Paulsboro Associates. The company has the listing to sell a NNN-leased Garden Ridge store in a 250-acre power center in Greensboro, NC. The lease has a 20-year term that commenced in March 1999. The asking price is $9.8 million. A loan for $7.1 million is available at a rate of 8.43% with a 30-year amortization period and a 10-year term. Other tenants in the development include Target, Home Depot, Lowes, Wal*Mart, Sam’s Club and Best Buy. For more information on the NJ sale contact Douglas Kirk, Marcus & Millichap, 1628 JFK Boulevard, 12th Floor, Philadelphia, PA 19103; 215-557-0900; Fax 215-557-0966. For more information on the NC property contact Susan D. Thomas, Marcus & Millichap, 1300 Post Oak Boulevard, Suite 825, Houston, TX 77056; 713-626-3040; Fax 713-626-1304; E-mail: sthomas@marcusmillichap.com.
Marcor Investment Properties, Inc. has the listing to sell a 124,996 sq.ft. Wal*Mart location in Rice Lake, WI. The site is located on Pioneer Avenue and area demographics include a trade area population of 44,600. The tenant has a NNN lease with a primary term extending through July 2010. There are six five-year options and the rent is $321,692 annually. The asking price is $4.02 million at an 8% CAP rate. Financing is available. The company is also listing the sale of a 23,500 sq.ft. NNN-leased OfficeMax store in Dilworth, MN. The site is located in an expansion area of an existing Wal*Mart Shopping Center that is also tenanted by Kmart, Cashway Market, Slumberland, McDonald’s, Target, Taco Bell and Hardee’s. The lease commenced in 1999 with a fifteen-year term and includes three five-year options. The rent for the initial term is $243,930 with increases on each option. The asking price is $2.745 million at a 8.8% CAP rate. With a down payment of $766,000, financing for $1,979,387 is available at a rate of 8.215% with an original amortization period of 30 years, due in 10 years. Cash-on-cash return is $61,816 (8.07% return) with a one-point assumption fee. The company is also listing the sale of Duckwall-ALCO stores in AZ, IN, CO, UT, TX, NM, NE, WI and IL. The tenant has 20-year NNN leases with seller financing available. The asking prices range from $650,000 to $900,000. For more information contact Gary M. Cornelssen, Marcor Investment Properties, Inc., 9747 Business Park Avenue, San Diego, CA 92131; 858-549-2214; Fax 858-549-0344.
CB Richard Ellis brokered the sale of a 10,125 sq.ft. CVS Pharmacy store in Richmond, VA. For more information contact Gary B. Wildeson, CB Richard Ellis, 1512 Eureka Avenue, Suite 100, Roseville, CA 95661-3040; 916-781-2400; Fax 916-781-4870.
Burnham Pacific has closed on the sale of 19 grocery-anchored centers in CA to Weingarten Realty Investors. The transaction price included $145.5 million cash and the assumption of $143 million in debt. Burnham Pacific used $126 million of the proceeds to redeem the company’s preferred equity and the remainder went toward retiring debt. The centers involved in the transaction were: the 101,565 sq.ft. 580 Marketplace in Castro Valley, anchored by PW Foods and 24-Hour Fitness; the 76,497 sq.ft. Arcade Square in Sacramento, anchored by Grocery Outlet; the 90,805 sq.ft. Buena Vista in Duarte, anchored by Ralph’s Supermarket; the 70,992 sq.ft. Centerwood Center in Bellflower, anchored by the 32nd Street Market and Basically-A-Buck; the 116,229 sq.ft. Creekside Center in Vacaville, anchored by Raley’s Supermarket; the 93,398 sq.ft. Discovery Plaza in Sacramento, anchored by Bel Air Market; the 195,092 sq.ft. Gateway Plaza in Fremont, anchored by Raley’s Supermarkets and 24-Hour Fitness; the 85,066 sq.ft. Hallmark Town Center in Madera, anchored by Food-4-Less; the 79,134 sq.ft. Menifee Town Center in Menifee anchored by Ralph’s Supermarket; the 219,112 sq.ft. Prospector’s Plaza in Placerville, anchored by Albertson’s, Kmart and Long’s Drugs; the 66,700 sq.ft. Ralph’s Center in Redondo Beach, anchored by Ralph’s Supermarket; the 35,880 sq.ft. San Marcos Plaza in San Marcos, anchored by Albertson’s (not included with center); the 121,334 sq.ft. Shasta Crossroads in Redding, anchored by Food-4-Less; the 134,018 sq.ft. Silver Creek Plaza in San Jose, anchored by Safeway and Walgreens; the 162,390 sq.ft. Southampton in Benecia, anchored by Raley’s Supermarket; the 198,528 sq.ft. Stony Point Plaza in Santa Rosa, anchored by Food-4-Less, Home Base and Rite Aid; the 133,614 sq.ft. Summerhills Plaza in Citrus Heights, anchored by Raley’s Supermarket; the 85,198 sq.ft. Sunset Center in Suisun City, anchored by Albertson’s and Rite Aid and the 411,417 sq.ft. Westminster Center in Westminster anchored by Albertson’s, Home Depot, Office Max, Rite Aid, Petco and Edwards Theaters. The properties have a combined GLA of 2,476,969 sq.ft. For more information contact Burnham Pacific Properties, Inc., 100 West A Street, Suite 900, San Diego, CA 92101; 619-652-4700; Fax 619-652-4711.
Oxford Real Estate is looking to acquire 10,000 sq.ft. to 150,000 sq.ft. valued-added opportunities at values up to $10 million in CT, MA, RI, NY and NJ. The company will not shy away from tough properties or historical issues. The company currently has holdings in CT, NY, NJ and MA. For more information contact Michael Berke, Oxford Real Estate, 388 East Main Street, Branford, CT 06405.
First Realty Inc. has the listing to sell a 64,590 sq.ft. neighborhood center in Merritt Island, FL. The site is located on State Road 3, the main entrance road to the Kennedy Space Center and includes a 27,300 sq.ft. outparcel building. The center has a signalized entrance and an occupancy factor of 50%. The current NOI is $123,486 and the asking price is $2.995 million. For more information contact Gene Artusa, First Realty, Inc., 321-720-5053; Fax 321-784-0101.
Borrus Associates is looking to acquire anchored, strip, neighborhood and power centers in NJ, NY, CT, PA, MD and DE. For more information contact Julius Borrus, Borrus Associates, U.S. 3333 Highway 9, Old Bridge, NJ 08857; 732-679-4100; Fax 732-679-2263.
Trammell Crow Company brokered the sale of 8.5 acres of land to Oakmont Capital Group at the intersection of Stacy and Malone Roads in Allen, TX. The company purchased the retail-ready land from Ryland of Texas. For more information contact Mike Bristol, Trammell Crow Company, 2200 Ross Street, Suite 3700, Dallas, TX 75201; 214-979-6100; Fax 214-979-6571.
NAI Rohde Realty has the listing to sell land sites available for development in San Antonio, TX. The sites are individually owned and can be divided. The properties included are: a 25-acre parcel located at Culebra, Tezel and Grissom Roads, across from a HEB-anchored center; a 35-acre parcel located at Loop 1604 and Potranco Road, adjacent to a future HEB center; a 20-acre parcel located at Pearsall Road and Loop 410; a 19-acre parcel located at Culebra Road and Loop 1604 and a nine-acre parcel located at Cluebra Road and Westwood Vistas Loop near Super Wal*Mart and a 10-acre parcel located at New Gilbeau Road and Loop 1604. For more information contact A.W. Rohde, NAI Rohde Realty, 100 Northeast Loop 410, San Antonio, TX 78216; 210-366-1400; Fax 210-366-0246; E-mail: trohde@rohderealty.com.
Palms Associates is looking to acquire 15-acre to 25-acre land areas adjacent to retail developments. Preferred demographics include a growing trade area population of at least 100,000. The company offers upfront capital investment for acquisitions and preliminary due diligence and participation in the rezoning process. For more information contact Ben Simon or Kevin Tucker, Palms Associates, P.O. Box 2008, Virginia Beach, VA 23450; 757-340-3535, Fax 757-631-9155.
David Cronheim Company has the listing to sell a center in Flemington, NJ. The site has an occupancy factor of 92.5% and the asking price is $795,000. Broker participation is welcomed. 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.
Pliskin Realty and Development, Inc. is seeking to acquire shopping centers and developable land for its company’s portfolio. The company also handles investment property and land for sale. For more information contact Jeffrey Pliskin, Pliskin Realty and Development, Inc., 179 Westbury Avenue, Carle Place, NY 11514; 516-997-0100; Fax 516-997-7225.
Southeastern Realty Group has the listing to sell the 17,600 sq.ft. Lighthouse Plaza in Orlando, FL. The center is fully occupied and has a NOI of $565,969. The center is located on International Drive and the asking price is $5.2 million with a 10.8% CAP rate. Broker participation is welcomed. For more information contact Teri Young, Southeastern Realty Group, 933 Lee Road, Orlando, FL 32810; 407-629-5595 ext. 238; Fax 407-645-2035. |