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Buyers & Sellers
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Buyers & Sellers Voit Commercial Brokerage listed the following CA shopping centers: A 2 939 sq.ft. strip anchored by Papa John’s Pizza and First Bank is being offered at $998 000; a 17 664 sq.ft. center is on the market for $6.975 million; a Staples-anchored 37 371 sq.ft. center is being offered at $7.4 million; an Albertson’s/Sav-On-anchored 48 004 sq.ft. center is being marketed for $23.65 million; another Albertson’s/Sav-On center at 26 997 sq.ft. is listed for $8.8 million; a 40 813 sq.ft. Marshalls-anchored center is on the market for $8.6 million; a Del Taco-anchored 23 522 sq.ft. center is for sale at an asking price of $3.75 million; a 19 133 sq.ft. center anchored by Blockbuster Video and Winchells is listed for $5.65 million and a 16 683 sq.ft. center is on the market for $2.85 million. Freestanding leased properties also are listed including a 6 500 sq.ft. Chevron station site on the market for $1.626 million; a 28 000 sq.ft. Barnes & Noble location offered for $7.45 million; a 1 575 sq.ft. Jack in the Box site is listed for $1.248 million; a 7-Eleven 5 000 sq.ft. convenience store location is on the market for $1.812 million; a 41 000 sq.ft. LA Fitness Center site is offered for $9.5 million; a combination Taco Bell/Pizza Hut 1 860 sq.ft. location is on the market for $1.245 million; a Del Taco 5 100 sq.ft. site is listed for $2 211 097; and a 25 525 sq.ft. PetSmart location is offered for $3.4 million. For more information contact Joe A. Cyr Vice President Voit Commercial Brokerage 18500 Von Karman Avenue Suite 150 Irvine CA 92612; 949-851-5100 Fax 949-261-9092; E-mail: jcyr@voitco.com.
Walpert Properties purchased the 82 500 sq.ft. Cherry Creek Shopping Center in Wichita KS for $4.975 million. Aaron’s Rents Dollar Tree and Locke Plumbing Supply are anchors. The company also purchased Forest Oaks Plaza a 115 000 sq.ft. shopping center in Pensacola FL for $6.35 million. The center is anchored by Bruno’s Food World Dollar General Subway H&R Block Gold’s Gym Electrolyze CitiFinancial and Postal Express. Area population figures are estimated at 300 000. Walpert plans to acquire five more centers this year.For more information contact Walpert Properties 11457 Old Cabin Road Suite 200 St. Louis MO; 314-567-1221 Fax 314-567-9289; Web site: www.walpertproperties.com.
Breslin Realty Development Corp. is marketing a 1.92-acre parcel at the Long Island Expressway North Service Road and Waverly Avenue in Holtsville NY at an asking price of $495 000. Population figures within five miles of the site total 229 500.For more information contact Robert Delavale Director of Leasing Breslin Realty 500 Old Country Road Garden City NY 11530; 516-741-7400 Fax 516-741-5621.
The Laramie/Ameris Group is seeking "B" Class grocery-anchored shopping centers built between 1975 and 1995. The company looks for shopping centers with a minimum GLA of 50 000 sq.ft. located in primary and secondary MSA’s. A minimum cap rate of 10 percent on real numbers is ideal.For more information contact David Ash Laramie/Ameris 2019 North St. Andrews Court Arlington TX; 817-226-3389 Fax 817-795-2008; E-mail: dash@ameris.com.
Real Estate World Florida Commercial negotiated several sales in FL including a Chevron station site on South Military Trail in Lake Worth for $350 000; a 9 354 sq.ft. shopping center in Sunrise for $652 500 and a North Miami Beach 7 666 sq.ft. shopping center for $450 000.For more information contact Randy North Real Estate World Florida Commercial 221 West Hallandale Beach FL; 954-455-3366 Ext. 222 Fax 954-454-5551; Web site: www.commercialrealestateworld.com.
Konover Property Trust will sell a portfolio of outlet shopping centers to Chelsea Property Group for $180 million. Closing is expected to take place in the third quarter of 2001.For more information contact J. Michael Maloney Konover Property Trust 3434 Kildaire Farm Road Suite 200 Raleigh NC 27606; 919-372-3000 Fax 919-372-3250; Web site: www.konovertrust.com.
Divaris Real Estate negotiated the sale of 13.7 acres in Frederick MD to Costco Wholesale Corp.For more information contact Gerald S. Divaris Divaris Real Estate One Columbus Center Suite 700 Virginia Beach Virginia 23462; 757-497-2113 Fax: 757-497-1338
Millennium Properties Inc. brokered the sale of property leased on a long-term basis to Al’s Dinner on Torrance Avenue in Lansing IL. Al’s Dinner is a franchised 1950’s-themed restaurant with locations in IN and IL. The sale was transacted at an 11 %CAP.For more information contact Daniel J. Hyman Millennium Properties 55 West Monroe Suite 910 Chicago IL 60603; 312-338-3003 Fax 312-338-3008.
Weingarten Realty Investors purchased the 80 000 sq.ft Parkway Points Shopping Center in Cary NC. The center sits on 10.6 acres and is 95% occupied. With Food Lion Eckerd Drugs and Ace Hardware as anchors.For more information contact Steve Richter Weingarten Realty P.O. Box 924133 Houston TX 77292-4133; 713-866-6000 Fax 713-866-6049; Web site: www.weingarten.com.
Faris Lee Investments listed the Huntington Collection shopping center in Huntington Beach CA for $12.1 million. The center is anchored by Marshalls Good Guys and Strouds. The site has a traffic count of 120 000 cars per day. There is an assumable loan at a fixed interest rate of 8.3 percent. The Collection at Laguna shopping center Laguna Beach is being offered at $6.975 million. The center is 100 percent occupied and financing is assumable at an 8.3 percent cap.For more information contact Faris Lee 2301 Dupont Drive Suite 100 Irvine CA 92612; 949-221-1800.
Atlantic Retail Properties is marketing 5.2 acres with 122 feet of footage on Cranberry Highway in Wareham MA at an asking price of $1 million. Estimates for 2002 within a five-mile radius put the population at 28 226 earning a median household income of $39 108. The site is located near Wal*Mart Stop & Shop and TJ Maxx.For more information contact Dave Nugent Atlantic Retail Properties 11 Ray Avenue Burlington MA 01803; 781-472-3614.
SL Nusbaum Realty Co. sold the New Market Square Shopping Center in Richmond VA and the Annie Land Plaza in Lovingston VA for $6.3 million. For more information contact SL Nusbaum Realty 1000 Bank of America Center Norfolk VA 23510; 757-627-8611 Fax 757-640-2256.
Flocke & Avoyer Commercial Real Estate negotiated the sale of two lots on Scripps Poway Parkway in San Diego CA for $2.91 million. Bank of America and Jack in the Box have signed long-term ground leases for the site. For more information contact Brian Quinn Flocke & Avoyer 3131 Camino Del Rio North Suite 190 San Diego CA 92108; 619-280-2600 Fax 619-280-3311; Web site: www.flockeavoyer.com.
Carolina Commercial Realty has the listing to sell a 9 000 sq.ft. 100 percent leased retail shopping center in Greensboro NC at an asking price of $875 000 with a cap rate of 11.2 percent. For more information contact Alan Weidt Carolina Commercial Realty 6001 Thistle Trace Greensboro NC 27410; 336-286-9867.
Mid-America Real Estate brokered the sale of Hickory Palos Shopping Center located in Hickory Hills IL to a life insurance company on behalf of an institutional client. The 211 562 sq.ft. center is anchored by Jewel/Osco Powerhouse Gym Loyola Medical Center and Lewis University. For more information contact Mid-America Real Estate Group Two Mid-America Plaza Third Floor Oakbrook Terrace IL 60181; 630-954-7300. |