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Buyers & Sellers
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Buyers & Sellers First Commercial Properties listed a 7.1-acre parcel zoned commercial on Sheridan Boulevard in Arvada CO for $495 000. For more information contact Bruce Linke First Commercial Properties 9032 West Ken Caryl No. 111 A7B Littleton CO 80128-9330; 303-973-5125 Fax 303-948-8698. Baywood Trust is marketing a 10-acre parcel in Galveston County TX next to a new Home Depot- and Target-anchored shopping center. Wal*Mart is expected to open behind the site. For more information contact Daniel Dickens The Baywood Trust Group 5500 Genoa Red Bluff Road Pasadena TX 77505; 281-998-9233 Ext. 114. Harborview Properties is looking to purchase commercial properties in NY MA CT NJ PA MD and Washington DC. For more information contact Dale Kaufteil Harborview Properties 2406 Boston Post Road Larchmont NY 10538; 914-834-4488 Fax 914-834-8065; Email: dk@hvp.com. Prime Commercial Inc. is marketing the Parkway Village Shopping Center in Provo UT with $6.4 million in assumable financing at a 6.72% annual rate. The scheduled gross income is $2 193 470 and the asking price is based on a 9% CAP. The center which has a traffic count of 39 380 cars per day on University Parkway is anchored by Albertson’s and 24-Hour Fitness. Phase I of the center was remodeled in 2000 and construction of Phase II was completed in spring. For more information contact Tim Simonsen Prime Commercial 6900 South 900 East Suite 100 Midvale UT 84047; 801-561-5800 Fax 801-561-8900; Email: tim@primeslc.com. The Brookhill Group is in the market to acquire distressed shopping centers with turnaround potential in the Continental US with a preference for the eastern states. Minimum size requirements are 100 000 sq.ft. and a trade area population of at least 250 000. For more information contact Herbert Salis Director of Acquisitions The Brookhill Group 501 Madison Avenue 18th Floor New York NY 10022; 212-753-3123 Fax 212-371-9515; Email: herbsalis@brookhillre.com. Saig Co. is marketing the sale of a 62 600 sq.ft. former Payless Cashways center in Collierville TN. The site next to the Super Wal*Mart in the City Shopping Center has a traffic count of 35 000 cars per day. For more information contact Hank Martin Saig Company One Commerce Square Memphis TN 38103; 901-526-3100; Email: hmartin@saigcompany.com. Farbman Commercial Real Estate Services has the listing to sell the 181 332 sq.ft. Cadillac Mall in Cadillac MI for $7.9 million. The center is 95% occupied and anchored by a 114 972 sq.ft. Kmart and 22 480 sq.ft. JC Penney. For more information contact Chip Manery Farbman 28400 Northwestern Highway Fourth Floor P.O. Box 5188 Southfield MI 48086-5188; 248-353-0500 Fax 248-351-4418; Email: manery@farbman.com. Equity Alliance Corp. is seeking a small supermarket-anchored shopping center to complete a 1031 Exchange. Client prefers unleveraged property at a 9% CAP and has $2 million to place. For more information contact Joel Kahn Equity Alliance Corp. 32 Elk Drive Bedford NH 03110; 603-472-3808 Fax 603-471-0782; Email: jkahn@mediaone.net. Edens & Avant acquired the 98 226 sq.ft. First Colony Center in Lexington Park MD anchored by a 47 000 sq.ft. Giant Foods supermarket. Other tenants include Payless Shoe Source Hair Cuttery Dress Barn Bath & Body Works and Hallmark. A 21 000 sq.ft. Michaels is under construction and is scheduled to open in the third quarter of this year. For more information contact Edens & Avant 900 Bank of America Plaza 1901 Main Street Columbia SC 2920; 803-779-4420 Fax 803-765-0684; Web site: www.edensandavant.com. Karns Commercial Real Estate Inc. is marketing a 20 000 sq.ft. parcel improved with a 6 080 sq.ft. building on Berry Street in Fort Worth TX for $1.018 million with a 10.75% CAP. Blockbuster Video has a long-term lease on the site ending in 2005 with two five-year options. Traffic count figures are estimated at 21 045 cars per day and 108 111 people live within three miles of the site. For more information contact Michael Karns Karns Commercial Real Estate 6676 Lakewood Boulevard Dallas TX 75214; 214-826-5300 Fax 214-826-5880; Email: mdk@karnscommercial.com. Rotella Toroyan Clinton Group listed the following properties in FL: A 102 161 sq.ft. Kmart-anchored shopping center in Lake Wales is being offered for $5.5 million with an NOI of $554 585; a former Econo-Lube 2 861 sq.ft. building on 26 331 sq.ft. of land at an asking price of $750 000 and a 2.01-acre pad site on Lyons Road and Sawgrass Boulevard in Coconut Creek.For more information contact Steve Miller RTCG 6550 North Federal Parkway Suite 330 Fort Lauderdale FL 33308; 954-229-7022 Fax 954-229-0553. Kimco Realty Corp. is marketing several properties: A National Amusements site in Dayton OH offered for $8.125 million with an 8% CAP . The 16-screen mega-plex is located next to Home Depot Best Buy Toys R Us and the Dayton Mall. Rent escalates by 8 percent every five years in the primary term and by 12 percent on options. Five properties at the Forum Shopping Center in San Antonio TX are listed with 7.5% CAP rates: an Outback Steakhouse site is on the market for $733 333 a Romano’s Macaroni Grill location is listed for $1 266 267 a TGI Friday’s location on the market for $1.16 million a Chili’s site is being offered at $1 066 667 and a Chick-Fil-A location at the center is listed for $826 667. The sites are next to Border’s Books Old Navy Home Depot IHOP Target and Best Buy and traffic counts in the area exceed 150 000 cars per day. Triple net properties being marketed by the firm include: a Duane Reade Drug Store site in Massapequa NY which is on the market for $4.285 million with an 8.75% CAP rate; and four Big Kmart locations with 23 years remaining on absolute net leases one on Peterson Avenue in Chicago IL listed for $11.647 million with a 9.2 percent cap; one next to a Jewel-Osco grocery store on Kostner Avenue in Chicago IL being offered at $12 925 500 with a 9.31% CAP; one in Aurora IL listed for $10 793 500 with a 9.2% CAP; and another in Geneva IL next to Eagle and Dominick’s grocery store is on the market for $12.697 million with a 9 % CAP; and a shopping center in Dayton OH anchored by Hops Grill and Bar Sprint Store and Mattress One USA is on the market for $2 288 888 with a 9% CAP. The property is next to Home Depot Toys R Us and the Dayton Mall. For more information contact Robert James Kimco Realty Corporation 280 Park Avenue 38th Floor West New York NY 10017; 212-972-7457 Fax 212-972-7496; Web site: www.kimcoexchangeplace.com C.A. White Inc. is marketing a Staples-anchored 22 000 sq.ft. shopping center located on Sawmill Road in New Haven CT at an asking price of $4.7 million at an initial CAP rate of 8.7%. For more information contact Frank Micali Vice President C.A. White Inc. 1211 Chapel Street New Haven CT 06511; 203-777-6891 Fax 203-777-6655; Email: frank@cawhite.com. Glimcher Realty Trust sold a 50 071 sq.ft. property in Sidney NY for $4.35 million a 71 463 sq.ft. property in Wooster OH for $4.05 million and an outparcel in Heath OH for $610 000. For more information contact Glimcher Realty Trust 20 South Third Street Columbus OH 43215; 614-621-9000 Fax 614-621-9311; Web site: www.glimcher.com.
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