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Buyers & Sellers
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Buyers & Sellers Commercial Net Lease is marketing a single-tenant net lease retail property in Memphis, TN. The 719,611 sq.ft. site has a GLA of 135,197 sq.ft. The 20-year, NN lease commenced in November 2001 and has six five-year options. Rent is flat for the duration of the lease. The tenant has a "A" S&P rating and an option to purchase the property at five-year intervals for a 9% Cap rate plus 50% of the increase in property value. The asking price is $13,728,744 with a Cap rate of 9%. For more information, contact Jay Bastian or Jennifer Ryan, Commercial Net Lease, 450 South Orange Avenue, Suite #900, Orlando, FL 32801; 407-650-1046; Email: jay_bastian@cnlreit.com or jennifer_ryan@cnlreit.com; Web site: www.nnn1031.com. Banyan Strategic Realty Trust acquired M&J Wilkow, Ltd.’s interests in the Northlake Tower Festival Mall in Atlanta, GA for $1.3 million. The shopping center previously was owned by Banyan Strategic Realty Trust and affiliates of M&J Wilkow, Ltd. through a joint venture. The 97% leased, 304,000 sq.ft. power center is occupied by 41 tenants, including Toys "R" Us, AMC Theaters, PetsMart and OfficeMax. For more information, contact Banyan Strategic Realty Trust, 2625 Butterfield Road, Suite 101, North Oak Brook, IL 60523; 630-218-7250 Fax 630-218-7251; Web site: www.banyanreit.com. Upland Real Estate Group, Inc. brokered the sale of an 8,000 sq.ft. Family Christian Store in Independence, MO for $1.34 million. The buyer was involved in a 1031 Tax Deferred Exchange. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 301 Fourth Avenue South, Minneapolis, MN 55415; 612-335-9366, Fax 612-376-4489; Email: brier@upland.com; Web site: www.upland.com. NAI Capital Commercial Real Estate Services is marketing a 91,357 sq.ft. grocery-anchored neighborhood shopping center in the Dallas/Fort Worth, TX area. The 97% leased center is anchored by Blockbuster and other national and regional credit tenants. Additional pads are included for future expansion and potential upside. The asking price is $8.93 million all cash or financing is available that will produce about an 11.25% cash-on-cash return. For more information, contact Melvyn B. Moss or Laurence Saper, NAI Capital Commercial Real Estate Services, 11999 San Vicente Boulevard, Suite 215, Los Angeles, CA 90049; 310-440-8500/310-327-9080, Fax 310-440-8525/310-327-6259; Email: mmoss@naicapital.com or lsaper@naicapital.com; Web site: www.naicapital.com. All Brokers, Inc. is representing clients with $700,000 in cash that are looking to leverage into a NNN leased property up to $2 million. The company also is representing clients with $750,000 in cash that are looking for a multi-tenant property investment. Properties that require improvements to increase income and create value are preferred. Additionally, the company is representing clients with $300,000 in cash that are looking for an investment in commercial property of up to $1 million. For more information, contact Michael S. Cortez, All Brokers, Inc., 3926 East Pima, Tucson, AZ 85712; 520-770-9221, Fax 520-881-8441. B&A Investment is marketing Westgate Plaza, a 66,000 sq.ft. center located at the intersection of La Sierra and Magnolia in Riverside, CA. The 70% leased center has a NOI of $816,600 and is anchored by L.A. Fitness, Carrows and El Polo Loco. The asking price is $8.16 million with a 10% Cap rate. For more information, contact Bing Wang, B&A Investment, 32 Sidney Bay Drive, Newport Court, CA 92657; 949-715-3561, Fax 949-715-3563; Email: mailbing@cox.net. Northwest Atlantic Real Estate Services is marketing a 32,000 sq.ft. former Vons Food and Drug location at 283 Main Street in Brawley, CA. The 108,000 sq.ft. site has a truck well and loading dock. Area demographics include a population of 21,525 residing in a three-mile radius earning an average household income of $24,759. For more information, contact Herb Andrews, Northwest Atlantic Real Estate Services, 17300 Red Hill Avenue, Suite 230, Irvine, CA 92614; 949-724-0025 Ext. 17, Fax 949-724-0322; Email: herb@northwestatlantic.com; Web site: www.northwestatlantic.com. Grubb & Ellis Co. brokered the sale of a 137,000 sq.ft. retail center located at the intersection of 62nd Street and El Cajon Boulevard in San Diego, CA. The two-building shopping center was sold for $10.25 million to a private family trust by Campus Pointe, LLC, which was represented by Retail Properties Group. The 100% leased center is anchored by Sav-On, Office Depot and a mini-storage facility. The company also brokered the sale of a 14,000 sq.ft. retail property located at the intersection of Trailwood and Spring Gate Lane in Las Vegas, NV. The property is leased to Fabulous Freddy’s, a full-service gas station and car wash. The asset was sold for $3.75 million to a private family trust by Trailwood, LLC, which was represented by Lee & Associates. For more information, contact Sharon Abar, Grubb & Ellis Co., 15260 Ventura Boulevard, Suite 1800, Sherman Oaks, CA 91403-5350; 714-939-6034; Email: sharon.abar@grubb-ellis.com; Web site: www.grubb-ellis.com. Friedman Real Estate Group is seeking power centers and malls in the midwest U.S. ranging from $1 million to $10 million. For more information, contact Brian Mychajluk, Friedman Real Estate Group, 32300 Northwestern, Farmington Hills, MI 48334; 248-737-3600, Fax 248-737-9652; Email: brianm@freg.com; Web site: www.freidemanrealestate.com. Inland Retail Real Estate Trust, Inc. acquired two freestanding, NNN Just For Feet stores. A 22,115 sq.ft. location in Augusta, GA was acquired for $3 million from Wilton Partners Augusta, LLC. The store is located on an outlot of a 600,000 sq.ft. shopping center on the Robert C. Daniels Parkway. A 20,166 sq.ft. location at 782 North Highway 190 in Covington, LA was acquired for $3.4 million from Wilton Partners Covington, LLC. The company also acquired Hairston Crossing in Decatur, GA from Fog G&H Covington, LLC for $6.65 million. The 100% leased, 57,884 sq.ft. center, is anchored by Publix and tenanted by Starbucks, Washington Mutual and Fantastic Sams. The center also is anchored by a Walgreens, which was not part of the acquisition. For more information, contact Rick Fox, Inland Retail Real Estate Trust, Inc.., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com. Weingarten Realty Investors sold a portion of the Fondren Southwest Village Shopping Center in Houston, TX. The sale included 96,630 sq.ft. of land and improvements. The buyer was V&D Holdings, Inc., which was represented by Alpha Realtors. For more information, contact Barabara Guerra-Grainey, Weingarten Realty Investors, PO Box 924133, Houston, TX 77292-4133; 713-866-6910, Fax 713-866-6049; Web site: www.weingarten.com. Meacham/Oppenheimer Inc. is representing clients looking for retail properties throughout northern CA from $1 million to $6 million. For more information, contact Scott Cash, Meacham/Oppenheimer Inc., 419 East Hamilton Avenue, Campbell, CA 95008; 408-378-5900, Fax 408-378-5903; Email: scash@moinc.net; Web site: www.moinc.net. Bauer Capital Management Ltd. , a subsidiary of The Bauer Partnership, Inc., entered into a letter of intent to acquire The Outlet Mall in Sulphur Springs, TX for $2.65 million. The mall, located on Interstate 30, is anchored by Banister, Bugle Boy and VF Factory Outlet.For more information, contact The Bauer Partnership, Inc., 300 Park Avenue, Suite 1700, New York, NY 10022; 212-572-6276, Fax 212-572-6499; Email: info@bauer-partnership.com; Web site: www.bauer-partnership.com. Urstadt Biddle Properties Inc. acquired Airport Plaza Shopping Center in Danbury, CT for $7 million. The 100% leased, 33,258 sq.ft. center is located on 2.7 acres at the intersection of Route 7 and Interstate 84. For more information, contact James R. Moore or John Merritt, Urstadt Biddle Properties Inc., 321 Railroad Avenue, Greenwich, CT 06830; 203-863-8200; Email: jmoore@ubproperties.com or jmerritt@ubproperties.com; Web site: www.ubproperties.com. Bullock Mannelly Partners, Inc. brokered the sale of the 67,834 sq.ft. Park Place shopping center in Atlanta, GA. The sale also included two outparcels with Bank of America tenants on about two acres. The seller was Equity Office Properties Trust and the buyer was The Sembler Co.For more information, contact Sandy Perkowski, Bullock Mannelly Partners, Inc., 3445 Peachtree Road Northeast, #650, Atlanta, GA 30326-3250; 404-240-2117; Email: sperkowski@bmpatl.com; Web site: www.bmpatl.com. L.J. Melody & Co. arranged the sale of six Eckerd drug stores to a 1031 Tax Exchange investor. The transaction totaled $20,805,900. For more information, contact L.J. Melody & Co., 5847 San Felipe, Suite 4400, Houston, TX 77057; 813-209-0008; Web site: www.ljmelody.com.
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