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Buyers & Sellers
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Buyers & Sellers Marcus & Millichap has the listing to sell The Corner at Seven Corners shopping center a 71 000 sq.ft. shopping center in Falls Church VA. The site is situated on the corner of US 50 and Route 7. The asking price is $13 175 000. The site features below market rents 85% national credit tenants and an 8.7% cap rate on existing NOI. The projected leveraged IRR is approximately 18%. The company also has the listing to sell the Adams Four Shopping Plaza a 70 000 sq.ft. center in Wilmington DE. The center is in the city’s new Riverfront Arts Shopping and Entertainment District adjacent to Wilmington’s CBD. The property is 94% leased with 60% national credit tenants. The company also has the listing to sell the 379 000 sq.ft. Stephanie Street power center in Henderson NV. The site is located across the street from the Galleria Mall and near new residential developments. The asking price is $57 million. The tenants include Copeland Sports Petsmart Circuit City Homeplace Office Max Old Navy Barnes & Noble Long’s Drug Wild Oats Tony Romas Block Buster Video and 12 other credit tenants. The net income is projected at $5 046 000. For more information on The Corner at Seven Corners contact Bob Myers Jack Hopkins. For more information on Adams Four Shopping Plaza contact Ridge MacLaren or JD Siemsen Marcus & Millichap 1628 JFK Boulevard 810 Center 12th Floor Philadelphia PA 19103; 215-557-0900; Web site www.marcusmillichap.com Four Partners Developers LLC acquired the Village Square Shopping Center in Kutztown PA. The site is located on Constitution Avenue. Spaces of 1 600 sq.ft. to 4 000 sq.ft. are available in the CVS anchored center. For more information contact Ken Simon Lerner Heidenberg Simon 201-768-1300 Ext. 21; Email: ksimon@lernerheidenberg.com. Kimco Realty Corp. acquired more than 800 000 sq.ft. of space split up among five different properties. The deal consisted of two separate acquisitions for a total price of $98.2 million. Four properties owned by Urban Shopping Centers were purchased by Kimco for $65.1 million. The centers two in FL one each in IL and TN are leased to a variety of tenants including Bed Bath & Beyond Ross Stores and Staples. These four sites comprising a total of 548 470 sq.ft. are 98.3% leased. The fifth property located in NC was bought by Kimco for $33.1 million. The 229 214 sq.ft. center is fully leased and anchored by Kohl’s and BJ’s Wholesale Club. For more information contact Kimco Realty Corp. 3333 New High Park Road Suite 100 New High Park NY 11042. Real Estate World Florida Commercial has the listing to sell a 45 252 sq.ft. triple net shopping center on 272 686 sq.ft. of land in Delray Beach FL. The asking price is $7 110 000 or $157.12 psf. The major tenants include Carrabbas Pizza Hut Memphis Bar-B-Que and Chevron Oil. Located near US 1 the site has 348 parking spots. The cap rate is 10.5% and a mortgage is available with an 8% interest. NOI is $700 454. The company also has the listing to sell a 70 525 sq.ft. shopping center on 227 383 sq.ft. of land in Pompano Beach FL. The asking price is $5.1 million or $72.31 psf. The site has 305 parking spaces and 21 tenants including IHOP and Video Sensation. Situated near a major highway the center has exposure and access to Sample Road and Military Trail. There is a 10 % cap rate. NOI is $565 908.For more information on Delray Beach contact David Bouganim Real Estate World Florida Commercial 221 West Hallandale Beach Boulevard Hallandale Beach FL 33009; 954-455-3366 Ext. 219 Fax 954-455-3330. For more information on Pompano Beach contact Sol Levy Real Estate World Florida Commercial 954-455-3366 Ext. 246. Coldwell Banker Commercial First United Realty has the listing to sell a two-tenant retail property in Monroe WI. The downtown site is newly remodeled and currently has one occupied unit a furniture store. The asking price is $450 000. The company also has the listing to sell an 8 700 sq.ft. retail/warehouse building on a land area of 34 850 sq.ft. in Janesville WI. The asking price is $615 000. The site was previously used as a mattress outlet store. The traffic count is 59 000 cars per day and the site has access to two interchanges with I-90.For more information contact Ed L. Pulliam Coldwell Banker Commercial First United Realty 1326 Creston Park Drive Janesville WI 53545; 608-752-6325; Email: pulliam@coldwellbanker.com Recency Centers acquired the 127 267 sq.ft. Woodmen Plaza in Colorado Springs CO from M&KS Woodmen Development for $9 072 509. The shopping center is anchored by King Soopers and also includes Hallmark GNC Mail Boxes Etc. Avis Rent A Car and Firestone.For more information contact Deborah Froeb Vice President Regency Centers 303-300-5300; Email: dfroeb@regencycenter.com. Divaris Real Estate sold a 3 538 sq.ft. building in Richmond VA. The site was acquired by CLC Smith LLC doing business as Dollar Daze. The site is located on Jefferson Davis Highway. The location marks the entry of Dollar Daze a discount variety store offering merchandise at the $1.00 price points in metropolitan Richmond. For more information contact Gerald S. Divaris Divaris Real Estate 1 Columbus Center Virginia Beach VA 23462; 757-497-2113; Fax: 757-497-1338. Equity Investment Group acquired the 85 377 sq.ft. Brandon Boulevard Shoppes located in Tampa FL. The community shopping center is situated on 22.83 acres of land which includes two outparcels and six plus acres of land for development. The center is anchored by Publix occupying 56 077 sq.ft. Blockbuster occupying 6 500 sq.ft. and a McDonalds located on a pad.For more information contact Wanda Albert Equity Investment Group One Buckhead Plaza 3060 Peachtree Road NW Suite 1560 Atlanta GA 30305-2242; 404-364-2984 Fax 404-364-2985. DLC Management Corporation acquired the 322 000 sq.ft. Lawrenceville Town Center in Lawrenceville GA a suburb of Atlanta. The property was acquired from JDN Realty Corp. for $13 420 000. In addition to Kroger and Wal*Mart other credit tenants include Blockbuster Video Fashion Bug Dollar Tree Payless Shoes and Sally Beauty. The center was 97% leased at closing. For more information contact Michael Cohen DLC Management Corp.; Email: mcohen@dlcmgmt.com; Web site: www.dlcmgmt.com. Goldschmidt & Associates brokered the sale of the 32 600 sq.ft. The Chilmark Shopping Center in Briarcliff Manor NY. Urstadt Biddle Properties of Greenwich CT acquired the site from a subsidiary of Rose Associates Inc. and Westcroft Realty Corp. The center located on Pleasantville Road shares the site with Food Emporium and is anchored by Radio Shack Lechters Dress Barn and Hallmark.For more information contact Eric S. Goldschmidt Goldschmidt & Associates One Chase Road Scarsdale NY 10583; 914-723-1616 Fax 914-723-7720. Colliers International has the listing to sell a one-story retail building at the College Park center in The Woodlands TX. The asking price is $1.85 million with a cap rate of 9.5%. The site located at the intersection of IH-45 and Highway 242 is currently tenanted by Willie’s Ice House & Grill who has a lease running 15 years with increases in the sixth and 11th years. The property is a pad on a center anchored by a Super Wal*Mart Garden Ridge Pottery Center and a Lowes Home Improvement Center. For more information contact David M. Butler RECS Collier International 1300 Post Oak Boulevard Suite 225 Houston TX 77056; 713-830-2105 Fax 713-86-4405. Rein & Grossoehme brokered the sale of a 6 035 sq.ft. single tenant building in Mesa AZ. The sale price was $1 012 500 which equates to $167 psf. The property was acquire by J. Patel from the seller Brent Flynn. The site was occupied by Blockbuster Video at the closing.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. Hunington Properties Inc. has the listing to sell a 15 500 sq.ft. Albertsons "shadow anchored" center in Sulpher LA. The center is fully leased with 85% national tenants. The center shows a 14% cash on cash return. The company also has the listing to sell a 48 209 sq.ft. grocery anchored shopping center in Houston TX. The center is fully leased with 65% credit tenants. The offer is at a 9.6% CAP. For more information contact Jamie Bouterie Hunington Properties Inc. 109 North Post Oak Lane Suite 550 Houson TX 77024; 800-357-1031 Fax 713-963-9329; Email: Jamie@aroncompanies.com. Inland Retail Real Estate Trust Inc. acquired the 75 492 sq.ft. Chickasaw Trail Shopping Center in Orlando FL. The price was set at $8.57 million. The project located at the northwest corner of Curry Ford Road and Chickasaw Trail is fully occupied. The shopping center houses 15 in-line shops and tenants include Blockbuster Video Great Clips Subway State Farm Insurance Radio Shack and Giovanni’s Restaurant. The company with Arc Real Estate co-brokered the sale of the 7 685 sq.ft. Forest Green Plaza in Forest Park IL. The property sold for $1 285 000 with a 9.8 cap rate. The center including six fully leased stores is located near the Eisenhower Expressway on South Harlem Avenue. For more information contact Rick Fox Inland Inc.; 630-218-8000 Ext 4896; Email: rfox@inlandgroup.com. |