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Buyers & Sellers
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Buyers & Sellers Baumgard Development Corp. specializes in acquiring 35,000 sq.ft. to 40,000 sq.ft. strip centers, 100,000 sq.ft. supermarket-anchored centers and the land suitable for the development of centers. The company requires that all centers or acreage must be on corners with major through streets and avenues. For more information, contact Daniel Baumgard, Baumgard Development Corp., 1575 San Ignacio Avenue, Suite 100, Coral Gables, FL 33146; 305-661-0110. Inland Retail Real Estate Trust, Inc. acquired two freestanding Circuit City stores in Rome, GA and Vero Beach, FL. The company purchased the 33,056 sq.ft. Rome store located at the intersection of U.S. Highway 27 and Three Mile Road for $4.5 million. The company acquired the 33,243 sq.ft. Vero Beach store located at the intersection of 6200 20th Street and Highway 60 for $5.6 million. The leases on both properties are absolute NNN.For more information, contact Rick Fox, Inland Retail Real Estate, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com. Sperry Van Ness is selling a recently renovated shopping center in El Paso, TX. The center is 97% occupied and the property has an existing, fully amortizing debt that must be assumed with a $1.75 million equity requirement with a Cap rate of 9.26%. For more information, contact Brad Cruickshank, Sperry Van Ness, 6115 Camp Bowie Boulevard, Suite 110, Fort Worth, TX; 817-377-4672, Fax 817-377-4673. Perrine & Wheeler Real Estate Investments acquires supermarket-anchored centers throughout the southeast. The company prefers to purchase neighborhood and community center sites anchored by chains such as Kroger, Food Lion, Giant, Bi-Lo, Publix and Safeway. The geographic region of interest is east of the Mississippi River from PA to FL. The company focuses on centers with GLAs of 50,000 sq.ft. to 150,000 sq.ft., with prices ranging from $4 million to $15 million. For more information, contact Perrine & Wheeler, Inc., Crown Center, 580 East Main Street, Suite 300, Norfolk, VA 23510; 757-627-9088, Fax 757-627-9081; Web site: www.perrinewheeler.com. Ludwig & Seeley Real Estate is marketing an 8.42-acre site located at the intersection of Ford Road and Canton Center Road in Canton, MI for $3.5 million. The company also is marketing a 2.83-acre site located at the intersection of Jackson and Zeeb Road and Interstate 94 in Ann Arbor, MI for $1.5 million. The site is located in front of a proposed Lowes Home Improvement store and across the street from a new Meijer. For more information, contact Max Goldman, Ludwig & Seeley Real Estate, 31555 West Fourteen Mile Road, Suite 100, Farmington Hills, MI 48334; 248-539-1700. Norris & Stevens is marketing a 12.47-acre site located at the intersection of 179th Street and the proposed Northeast 15th Road extension in Ridgefield, WA for $3.5 million. The site is near the Clark County fairgrounds and a proposed amphitheater. For more information, contact Todd VanDomelen or Charles Conrow, Norris & Stevens, 520 Southwest Sixth Avenue, Suite 400, Portland, OR 97204; 503-223-3171, Fax 503-228-2136; Emails: toddv@norrstev.com and charlesc@norrstev.com. Henry S. Miller Commercial is marketing a 37.72-acre site located at the intersection of East Howard Lane and Gregg Lane Dessau Road in Austin, TX for $3,593,700. The site is in Austin’s "Smart Growth" corridor, near Dell and Samsung campuses and adjoins Milburn’s 1,000-home subdivision. For more information, contact Grace Young, Henry S. Miller Commercial, 9111 Jolleyville Road, Suite 100, Austin, TX 78759; 512-794-9400 or 512-340-9689, Fax 512-794-9515; Email: gyoung@henrysmiller.com. Grubb & Ellis Co. is marketing a 7,802 sq.ft., freestanding Hollywood Video located at 2508 West Waters Avenue in Tampa, FL for $1.15 million. The NNN lease is for a 10-year term with two five-year options. The lease rate is $14 psf with annual increases capped at 5%. The site sits on a land area of 0.69 acres. Area demographics include a population of 292,287 within five miles earning $47,324 as the average household income. The company also is marketing a 13,500 sq.ft., two-story center located at 625 New Park Avenue in West Hartford, CT for $1.4 million. The average daily traffic count is 14,400 vehicles. The company also is marketing a site located at 2550 Apple Avenue in Muskegon, MI with an average daily traffic count of 39,746 vehicles. The site sits on a land area of 17 acres next to a Save-A-Lot Grocery. The company will divide and will build-to-suit. Area demographics include a population of 92,026 within five miles earning $36,294 as the average household income. For more information regarding the Hollywood Video, contact Grubb & Ellis Co., 3030 North Rocky Drive West, Suite 560, Tampa, FL 33607; 813-639-1111, Fax 813-639-1919; Web site: www.grubb-ellis.com. For more information regarding the site in West Hartford, CT, contact Kim E. Mowers, Grubb & Ellis Co., 1055 Summer Street, Stamford, CT 06905; 203-327-5050, Fax 203-406-9992; Email: kim.mowers@grubb-ellis.com. For more information regarding the site in Muskegon, MI, contact Bill Bussey, 300 Ottawa Avenue Northwest, Suite 400, Grand Rapids, MI 49503; 616-774-3500, Fax 616-774-3600; Web site: www.paramountprop.com. The Weitzman Group is marketing three pad sites located at the Marsh Lane Corridor in Carrollton, TX. The land areas range from 4.108 acres to 4.707 acres, as well as 26,045 sq.ft. The sale price ranges from $16 psf to $20 psf. Area demographics include a population of 285,679 within five miles earning $98,036 as the average household income.For more information, contact The Weitzman Group, 3102 Maple Avenue, Suite 350, Dallas, TX 75201; 214-954-0600. Kimco Exchange Place Corp. has an inventory of 1031 exchange replacement properties. The company is selling a 4,835 sq.ft. Mattress Giant located on U.S. Highway 40 and Highway 72 in Bear, DE for $1.02 million. The lease is NNN with an NOI of $94,263 and a Cap rate of 9.25%. The property is located across from the Fox Run Shopping Center, which is anchored by Acme. Area retailers include Photo Express, Rent-a-Center, TCBY, Taco Bell and GNC. Area demographics include a population within one mile earning an average household income of $73,000. The site sits on a land area of one acre. The company also is selling a 4,623 sq.ft. Chevron Gas Station with a convenience store and a food mart located at 1110 West Gladstone Street in San Dimas, CA for $1.454 million. The lease is NNN with an NOI of $120,000 and a Cap rate of 8.25%. The site sits on a land area of 0.51 acres. The company also is selling a 3,528 sq.ft. Exxon Gas Station with a convenience store and a 983 sq.ft. car wash located on 300 East Corporate Drive in Lewisville, TX for $2,150,952. The lease is NNN with an NOI of $193,586 and a Cap rate of 9.00%. Area retailers include TCBY, Pizza Inn, Best Western and 7-Eleven. The site sits on a land area of 1.18 acres. For more information, contact Robert James or Rita Kramer, Kimco Exchange Place Corp., 280 Park Avenue, 38th Floor West, New York, NY 10017; 212-972-7456. Contact Ext. 11 for Robert James or Ext. 10 for Rita Kramer.; Web site: www.kimcoexchangeplace.com. Net Leased Investment Co. is marketing a new Eckerd drug store located within 10 miles of Washington, DC for $4.6 million. Completion is slated for August. The NNN lease is for a 20-year term with a Cap rate of 9.5%. Area demographics include a population of 440,000 within five miles earning $85,000 as the average household income.For more information, contact Bob Fraser, Net Leased Investment Co., 103 Blue Creek Drive, Winter Springs, FL 32708; 407-977-2448, Fax 407-977-0775; Email: bobfraser@netleased.com; Web site: www.netleased.com. Fineberg Cos./Fine Hotels is selling 35 acres of vacant land located on Route 30 in Lancaster County, PA for $10 million. The site is situated between Tanger Outlet and Rockvale Square Outlet Shopping Center. The company would subdivide, lease or build-to-suit. For more information, contact James S. Paul, Fineberg Cos./Fine Hotels, One Washington Street, Suite 400, Wellesley, MA 02481; 781-239-1480, Fax 781-431-7130; Web sites: www.finebergcompanies.com and www.fine-hotels.com. Upland Real Estate Group, Inc. sold a 26,931 sq.ft. PetsMart located in Parma, OH for $3.16 million.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. USA Real Estate is selling the 20,125 sq.ft. West Pointe Center located in Joplin, MO for $1.5 million. The center is tenanted by Movie Gallery, Sprint and Pet Warehouse and has space available of 6,000 sq.ft. The center is 95% occupied with a Cap rate of 11.6%. For more information, contact Larry McIlrath, USA Real Estate, 2914 East 32nd Street, Joplin, MO 64804; 417-781-1298; Email: larry64804@hotmail.com. Abrams Industries, Inc. sold the Merchants Crossing Shopping Center located in Englewood, FL. The center is co-anchored by Beall’s, Kmart, Publix and Walgreens. For more information, contact Alan R. Abrams, Abrams Industries, Inc., 1945 The Exchange, Suite 300, Atlanta, GA 30339-2029; 770-953-0304, Fax 770-953-0302; Web site: www.abramsindustries.com. Eshenbaugh Commercial Services, Inc. is marketing more than 28 acres located in the Brandon area on State Route 60 in Tampa, FL for $3.2 million. The site is located at the entrance to Kings Mill. The company also is marketing a seven-acre site on U.S. 19 and a site of 12 acres on U.S. 19 and Tarpoon Springs in Tampa, FL for $2.84 psf. The company also is marketing 200 acres on State Route 54 near the Suncoast Parkway in Tampa, FL, as well as 10 acres on State Route 56 off of Interstate 75 in Tampa, FL. For more information, contact Bill Eshenbaugh, Eshenbaugh Commercial Services, Inc., 1208 South Myrtle Avenue, Clearwater, FL 33756; 727-446-9595, Fax 727-446-9525; Email: eshland@gte.net. NetUSrealestate is looking to acquire strip centers located in the Tampa Bay, FL area in the $2 million range. For more information, contact Sharmyn K. Wall, NetUsrealestate, 4318 Downtowner Loop North, Mobile, AL 36609l 251-344-2000, Fax 251-344-4144; Email: swall@netusrealestate.com. Gregory Greenfield & Associates, Ltd. acquired South Park Mall, a 790,000 sq.ft. regional mall loacated in San Antonio, TX. The mall is anchored by Foley’s, JCPenney, Sears and Mervyn’s and also features 70 specialty stores. For more information, contact Amy Kuehn, Gregory Greenfield & Associates, Ltd., 124 Johnson Ferry Road Northeast, Atlanta, GA 30328; 404-236-2300, Fax 404-236-2299. Mid-America Real Estate Corp. is selling a 9,000 sq.ft. Chuck E. Cheese’s located at 955 West Dundee Road in Arlington Heights, IL for $1.9 million. The lease is for a 10-year term with a Cap rate of 7.79% and one five-year renewal option with a fixed rent increase. The tenant will be responsible for all operating expenses, including CAM charges, real estate taxes, insurance and maintenance of the roof and structure. The company also is selling a 15,120 sq.ft. Walgreens located at the intersection of Shawnee Mission Parkway and Neiman Road in Shawnee, KS for $4,641,975. The NNN lease is for a 20-year term, followed by eight five-year renewal options, with a Cap rate of 8.10%. The company also is selling a 15,120 sq.ft. Walgreens located at 555 19th Avenue in Moline, IL for $4.59 million. The lease is for a 20-year term with a Cap rate of 8.50%. There are eight five-year renewal options. For more information, contact Mark Goldberg, Mid-America Real Estate Corp., Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181; 630-954-7395; Web site: www.midamerica1031.com.
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