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Buyers & Sellers
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Buyers & Sellers Marcus & Millchap is selling the 99 579 sq.ft. PetsMart Plaza across from the Sawgrass Mills Mall ten minutes west of Ft. Lauderdale FL. The firm also is marketing The Corner at Seven Corners a 70 890 sq.ft. shopping center in Falls Church VA at an asking price of $13.175 million. Tenants include Gap Bennigans and Hollywood Video. For information on the FL property contact Gary Glusman Marcus & Millchap Real Estate Brokerage Co. of Florida 110 Southeast 6th Street Suite 2450 Ft. Lauderdale FL 33301; 954-463-2400 Ext. 105. For information on the VA property contact Bob Myers Marcus & Millchap 1250 24th Street Northwest Suite 750 Washington DC 20037; 202-955-4545 Ext. 103 Fax 888-325-5839. NAI Capital Commercial is marketing a freestanding Kroger Food 4 Less supermarket site in southern CA at an asking price of $4.7 million with existing self amortizing financing at $2.43 million. Fourteen years remain on the lease with rental increases every five years.For more information contact Mel Moss NAI Capital Commercial 11999 San Vincente Boulevard Suite 215 Los Angeles CA 90049; 310-440-8500; Fax 310-440-8525; E-mail: mmoss@naicapital.com. Remax Realty Group is selling the Hilltop Village Shopping Center in Oxford NC at $32 psf. The 79 200 sq.ft. center is anchored by Food Lion and has spaces of 3 000 sq.ft. 3 300 sq.ft. 5 000 sq.ft. and 8 476 sq.ft. available. Other tenants include Prime Time Dollar General Reel Movies Radio Shack and Top China Restaurant. Net operating income potential with an added 4% management fee. The Neff Rental Center a 10 000 sq.ft. building on 2.5 acres located on Metro Parkway in Ft. Myers FL is listed for $1.35 million. The site has a net operating income potential of $117 300 for 10 years with 3% annual increases. For information contact Douglas Schwartz Remax Realty Group 7910 Summerlin Lakes Drive Ft. Myers FL 33907; 941-489-0444 Fax 941-489-1504. Colliers International is marketing a 4.09 acre parcel at Beltway 8 and the Gulf Freeway on 12600 North Featherwood Drive in Houston TX at an asking price of $375 000.For information contact Christopher D. Winters Investment Services Colliers International 1300 Post Oak Boulevard Suite 225 Houston TX 77056; 713-830-2106 Fax 713-830-2118. Goldstein Commercial Properties Inc. in conjunction with Grubb & Ellis Phoenix Realty Group brokered the $5.65 million sale of Main Street Station at 45th and Main Streets in Jacksonville FL from the Development Group Inc. to Citizens Associates. The 79 486 sq.ft. property on 11 acres is anchored by a 39 000 sq.ft. Food Lion.For information contact Barry J. Goldstein Goldstein Commercial Properties Inc. 3753-1 Cardinal Point Drive Jacksonville FL 32257; 904-367-0009 Fax 904-367-0220. Rainier Commercial Real Estate Services has the listing to sell 11 development and outparcel sites from .42 to 9.48 acres adjacent to the Supermall of the Great Northwest in Auburn WA. Asking prices range from $8 to $20 psf parcels may be combined and the seller will provide SEPA approvals for all but one of the lots with all utilities stubbed to the sites.For information contact Rainier Commercial Real Estate Services 4423 Point Fosdick Drive Suite 100 Gig Harbor WA 98335; 253-853-2840 Fax 253-853-2841. Bennett Williams Inc. is selling two acres near I-83 in Shrewsbury York County PA. Phase I includes an outlet center on 1.53 acres and Phase II consists of 11 000 sq.ft. of retail space. Traffic counts estimate 20 000 cars per day on Route 851 and the average household income within a three-mile radius is $63 282. Area retailers include Pier One Imports Giant Kmart and Super Wal*Mart.For information contact Mike Stanley Bennett Williams Inc. 135 North George Street Fourth Floor York PA 17401; 713-843-5555 Fax 717-843-5550. Syndicated Equities Corp. handled the sale of five Walgreens drug store locations totaling $22.8 million. The site of a 15 120 sq.ft. store in Delray Beach FL was sold for $3.675 million; a 13 905 sq.ft. location in Lincolnshire IL was sold for $5.625 million; a Duluth GA 15 120 sq.ft. store went for $4.175 million; an Allentown PA store occupying 15 120 sq.ft. was sold for $4 857 143 and a 13 332 sq.ft. site in Chicago IL went for $4.55 million.For information contact Syndicated Equities Corp. 1345 North Wells Street Chicago IL 60610; 312-640-9020. Garrick-Aug Associates Store Leasing Inc. is marketing a 3.45 acre parcel opposite the Freehold Raceway Mall at the intersection of Routes 9 and 33 in Freehold NJ at an asking price of $4 million. Area retailers including Macys JC Penney Sears Lord & Taylor Nordstrom Home Depot Sams Club Linens N Things Marshalls and Barnes & Noble serve a population of 92 050 earning a median household income of $76 052 within five miles of the site.For information contact Perry S. Grabois Garrick-Aug Associates 360 Lexington Ave. 4th Floor New York NY 10017; 212-850-0200 Fax 212-953-3013; E-mail: pgrabois@garrick-aug.com. Regency Centers sold a 0.9-acre pad at the Regency Square shopping center in Brandon FL to Zaremba Brandon LLC for $800 000. The 341 446 sq.ft. center is anchored by AMC Theaters Michael’s Crafts and TJ Maxx.For more information contact Mike Kinsella Vice President-Operations Florida Region Regency Centers 121 West Forsyth Street Suite 200 Jacksonville FL 32202; 904-356-7000 Fax 904-634-9438; Email: mkinsella@regencycenters.com. Upland Real Estate Group Inc. handled the $3.6 million sale of a 13 905 sq.ft. Walgreens drug store location in Oklahoma City OK. For information contact Upland Real Estate Group 301 Fourth Avenue South Minneapolis MN 55415; 612-335-9366 Fax 612-376-4489. Glimcher Realty Trust sold a 210 150 sq.ft. Lexington NC community center for $9.5 million bringing the company’s sales figures to five single-tenant properties three community centers and three outparcels totaling $31.9 million in 2001. For information contact Glimcher Realty Trust 20 South Third Street Columbus OH 43215; 614-621-9000 Fax 614-621-9311. Inland Real Estate Sales Inc. handled the sale of a 6.7 acre land parcel on Boughton Road near I-355 in Bolingbrook IL from West Suburban Bank to ABCN Corp. for $700 000. ABCN will build a commercial development at the site. For information contact Inland Real Estate Sales 2901 Butterfield Road Oak Brook IL; 630-218-8000. Grubb & Ellis represented South Riding LP in the sale of a one acre site at South Riding Commons in South Riding VA to Adams Family LP for $235 000. The buyer in conjunction with Developers Investment Group plans to build a 10 000 sq.ft. convenience center. The project is 60% pre-leased. For information contact Grubb & Ellis 1150 Connecticut Avenue Northwest Suite 300 Washington DC 20036; 202-775-7600 Fax 202-223-5088. RealtiCorp Commercial Investment Fund purchased 13.52 acres at Sand Lake Winegard and Voltaire Roads near the Florida Mall in Orlando FL. Plans call for a 7-Eleven convenience store and a drug store to be constructed on the site with 11 acres still available for development. For information contact RealtiCorp. 220 North Main Street Suite 200A Greenville SC 29601; 864-770-4755 Fax 864-271-0388. Charles P. Matthews has listed for sale a one acre parcel with 200 feet of frontage on North Main Street in Hope Mills NC. The outparcel is adjacent to a Wal*Mart Supercenter. Nearby retailers include Eckerd General Dollar Store Pizza Hut Burger King Taco Bell Subway and Food Lion. Owner financing is possible. For information contact Charles P. Matthews 828 Bella Coola Road Lake Waccamaw NC 28450; 910-646-1700; E-mail: pmatthew@intrstar.net. Triple Net Properties LLC has purchased the Western Plaza Shopping Center off of I-40 in Amarillo TX. After making repairs to the roof and HVAC and plumbing systems the company hopes to lease out all of the 57 tenant spaces half of which currently are vacant.For information contact Triple Net Properties LLC 1551 N. Tustin Avenue Suite 650 Santa Ana CA 92705; 714-667-8252; Fax 714-667-6860. Colliers Dickinson handled the sale of a $400 000 one-acre parcel from Southern Commercial Developers LLC to Clayton Buchanan. For information contact Colliers Dickinson One Independent Drive Suite 2401 Jacksonville FL 32202; 904-358-1206 Fax 904-353-4949. Divaris Real Estate Inc. handled the sale of two VA stores formerly owned by Zoots The Cleaner Cleaner to Fairfax Simplex LLC at Lynnhaven Parkway in Virginia Beach and South Battlefield Boulevard in Chesapeake.For information contact Divaris Real Estate Inc. One Columbus Center Suite 700 Virginia Beach VA 23462; 757-497-2113 Fax 757-497-1338. Phase One Realty Inc. has the listing to sell a 23 005 sq.ft. corner pad at the Sunset Shopping Center on Lee Trevino Drive in El Paso TX at an asking price of $1.3 million with a 9.5% CAP rate. Hollywood Video operating a 7 500 sq.ft. store has a corporate lease on the lot expiring in 2007 with two five-year options. The current rent is $122 000 per year rising to $126 000 annually in November and the landlord is responsible for structural roof and foundation upkeep. Assumable financing is available to qualified buyers for a fee of 1%. For information contact Jim Metheny Phase One Realty Inc. 333 Montezuma Avenue PO Box 2832 Santa Fe NM 87504; 505-988-3883 Fax 505-988-5134. IRT Property Co. sold three shopping centers in the Southeast: Chadwick Square in Henderson NC for $2.4 million; Eden Center in Eden NC for $3.9 million and Ft. Walton Plaza in Ft. Walton Beach FL for $1.6 million. For information contact IRT Property Company 200 Galleria Parkway Suite 1400 Atlanta GA 30339; 770-955-4406 Fax 770-988-8773. NAI James E. Hanson Co. Inc. has $150 million to invest in retail projects over $4 million in value. Properties can be existing or proposed. Tenants can be sub-investment grade and turnaround projects are of interest.For information contact Peter A. Kellner NAI James E. Hanson Co. Inc. 235 Moore Street Hackensack NJ 07601; 201-488-5800 Fax 201-488-0246. IPG Investments has the listing to sell a 15 200 sq.ft. Osco Drug building for $3.76 million with a firm 8.25% CAP. The site is located on a corner pad at a center in Phoenix AZ and a 20-year NNN lease with Albertson’s guarantee. Construction will be complete in December. For information contact Parviz Donboli IPG Investments 480-675-0054; Email: parviz@ipginvestments.com. Al Stephen’s Salons is seeking to purchase freestanding property in the Southern states for investment purposes. For information contact Alfred Ditraglia Al Stephen’s Salons 11401 Pines Boulevard Pembrook Pines FL 33026; 954-438-1550 Fax 954-438-6370. Levotsky Real Estate Corp. is seeking single tenant net-leased properties in North America and Western Europe for a client particularly interested in properties worth $20 million or more with $1 billion to invest. The yield and quality motivated client prefers sale leasebacks with reliable companies long term leases and prime ground leases. Bidding situations are not desired. The firm also has net-leased properties for sale including properties leased to Kmart PetsMart Walgreens IHOP A&P CVS Circuit City McDonald’s Just for Feet Linens ‘N’ Things Blockbuster Video 7-Eleven Best Buy and others.For information contact Clifford Levotsky Levotsky Real Estate Corp. 1310 Greene Avenue Suite 210 Montreal Quebes Canada H3Z 2B2; 514-933-4300 Fax 514-933-5430. @DUTTERealty.COM brokered the $427 000 sale of a 3 180 sq.ft. former Bojangles Restaurant on 56th Street in Tampa FL. The buyer was Minling and Gui Zheng and the seller was Bo*Dirt 1 Inc.For information contact Jamin Patel or Steve Stone @DUTTERealty.COM 2629 McCormick Drive Clearwater FL 33759; 727-723-1612 Fax 727-723-7873. Crown American has listed one available parcel and three future outparcels for sale at the Washington Crown Center in Washington PA. The 670 000 sq.ft. center is located off I-70 in North Franklin Township. Demographics estimate 234 225 people earning an average household income of $38 538 live in the trade area. The one-acre parcels are adjacent to Kaufmann’s Bon Ton Ames Hollywood Theater Old Navy and Sears.For information contact Crown American Pasquerilla Plaza Johnstown PA 15901; 814-536-4441; Web site: www.crownamerican.com. New Plan Excel Realty Trust Inc. sold the 123 380 sq.ft. Marcy Shopping Center in Marcy NY; a 55 552 sq.ft. Somerville NJ Kmart building; a 28 865 sq.ft. Eagle Food Center site in Coralville IA; the 42 500 sq.ft. Annie Land Plaza in Lovingston VA; the New Market Shopping Center a 40 100 sq.ft. center in Varina VA and a 44 617 sq.ft. Safeway location in Sherwood AR.For information contact New Plan Excel Realty Trust Inc. 1120 Avenue of the Americas New York NY 10036; 212-869-3000 Fax 212-869-3989. Midland Red Oak Realty Inc . is seeking 100 000 sq.ft. upside office/retail or mixed-use properties with vacancy pad sites or repositioning needs from $10 million to $25 million in AZ AR CA CO LA NM NV OK and TX.For information contact Neill McClung Midland Red Oak Realty Inc. P.O. Box 9340 Midland TX 79708; 915-685-0169 Fax 915-687-4011. Developers Diversified Realty brokered the sale of a 45 000 sq.ft. Syms Clothing site in Lawrenceville NJ for an aggregate sale proceed of $3.8 milllion.For information contact Developers Diversified Realty 3300 Enterprise Parkway Beachwood OH 44122; 216-755-5500 Fax 216-755-1500.
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