Buyers & Sellers
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Buyers & Sellers

Wilson Commercial Real Estate is looking to acquire sites throughout CT and NY for $3 million to $15 million. The company prefers multi-tenants, but will consider single-credit tenants.

For more information, contact Jim Ford, Wilson Commercial Real Estate, 53 Danbury Road, Wilton, CT 06897; 203-762-2200, Fax 203-762-8884.

AmREIT, Inc. is looking to acquire shopping centers and is engaging in sale-leasebacks.

For more information, contact AmREIT, Inc., 8 Greenway Plaza, Suite 824, Houston, TX 77046; 800-888-4400.

Upland Real Estate Group sold a 13,975 sq.ft. KinderCare located in Fenton, MO for $1.9 million. The company also sold a 9,782 sq.ft. KinderCare in Woodbury, MN for $2.1 million and a 10,313 sq.ft. KinderCare in Fort Plymouth, MN for $2.7 million. The company also sold a 6,272 sq.ft. Tires Plus located in Noblesville, IN for $1.6 million.

For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-335-9366, Fax 612-376-4489; Email: brier@upland.com.

Phase One Realty, Inc. is selling eight Eckerd drug stores, including seven in TX and one in LA. The stores are offered at initial Cap rates of 9%. All the stores have rent increases over the approximate 15 years remaining on the base lease terms, resulting in Cap rates that average 9.34% over the balance of the base terms. Rent increases are fixed every five years during the base lease terms. The asking prices average $2.4 million each. Current average return on equity is about 11%, with half as cash return and half as principal reduction. Interest rates range from 7% to 8.75%. Loans are assumable with a 1% assumption fee to qualified purchasers.

For more information, contact Robert H. Fippinger, Phase One Realty, Inc., 333 Montezuma Avenue, 2nd Floor, Santa Fe, NM 87501; 505-988-3883 Ext. 2, Fax 505-988-5134; Email: rhf@phaseonerealty.com.

Sperry Van Ness is selling a Roadhouse Grill in Las Vegas, NV for $1.99 million with NNN and a long-term lease. The company also is selling Warner Marketplace, a 159,000 sq.ft. center located at the intersection of Victory Boulevard and Canoga Avenue in Canoga Park, CA with a daily traffic count of 74,000 vehicles. The center is anchored by Bed Bath & Beyond, Borders Books & Music, Pier 1 Imports, Sportmart, Zany Brainy and The Good Guys. Area demographics include a population of 208,000 within three miles earning $92,000 as the average household income.

For more information regarding the Roadhouse Grill, contact Dario Franceschi or Michael Boscia, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92616; 949-914-2200, Fax 949-251-9200; Email: dariof@lvcm.com. For more information regarding Warner Marketplace, contact Reza Etedali or Gwen Mackenzie at 949-250-4100, Fax 949-250-4143.

NewBridge Retail Advisors, Inc. advised in the sale of River Bridge Center in West Palm Beach, FL to Brookwood Financial Partners, LP for $25 million. The 218,060 sq.ft. center is 97% leased and is anchored by Publix, Walgreens, BMC Theater and Crafts and Stuff. The company also is selling a 123,015 sq.ft. Kmart in Woodstock, GA for $9.5 million, with an annual rent of $922,58 and 10 five-year options. Area retailers include BJ’s Wholesale Club, Lowe’s Home Improvement, Home Depot, Super Target, Old Navy and Kohl’s.

For more information, contact Lynn Leonard, NewBridge Retail Advisors, Inc., 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6565, Fax 678-802-6588; Email: lleonard@newbridgeretail.com.

Kam Realty is selling a 340,000 sq.ft. center located at the intersection of Bear Valley Road and Interstate 15 Freeway in Victorville, CA. The center is situated on a land area of 25 acres and has a pending lease with Cinemark for an 18-screen movie theater. The site is located near Victory Valley Mall. The asking price is $10 psf. The company also is selling a 150,000 sq.ft. center located at the intersection of Pomona (60) Freeway and Vineyard Avenue. Tenants include Starbucks, Quizno’s, Dairy Queen, Domino’s Pizza, Popeyes, Jack In The Box, Arco gas station, a soon-to-be-built 45,000 sq.ft. LA Fitness and approximately 13 acres for development. The center also has pads available from 4,000 sq.ft. to 45,000 sq.ft.

For more information, contact Yury Ferkelman, KAM Realty, 8730 Wilshire Boulevard, Suite 210, Beverly Hills, CA 90211; 310-659-7999 or 310-927-6030; Email: yuryf@attbi.com.

Weingarten Realty Investors is looking to acquire anchored community neighborhood shopping centers between 100,000 sq.ft. to 400,000 sq.ft. The company requires sites in CA, TX, the southeast, midwest or southwest. The company will purchase for all cash, leveraged, joint venture or joint venture stock.

For more information, contact M. Candace DuFour, Weingarten Realty Advisors, 2600 Citadel Plaza Drive, Houston, TX 77008; 713-866-6007, Fax 713-866-6072.

Marcus & Millichap Real Estate Investment Brokerage Co. sold the University Palms Shopping Center, a 99,172 sq.ft. center located at 4250 Alafaya Trail in Orlando, FL for $10.867 million at a Cap rate of 8.8% to a Florida investment group. The center is situated on a land area of 12.2 acres.

For more information, contact Larry Gray, Marcus & Millichap, 500 Ygnacio Valley Road, Suite 330, Walnut Creek, CA 94596; 925-979-9810 Ext. 116, Fax 925-979-9811.

McKinley Commercial, Inc. sold the 119,006 sq.ft. Gennesse Crossing Shopping Center in Flint, MI to Chase Properties, Ltd. The center’s tenants include Burlington Coat Factory, Old Country Buffet, Fashion Bug, and Payless ShoeSource.

For more information, contact McKinely Commercial, Inc., 320 North Main, Suite 200, Ann Arbor, MI 48104; 734-769-8520.

Grubb & Ellis is selling Walnut Hills Plaza located at the intersection of Amar Road and Nogales Street in Walnut, CA. The center is tenanted by Albertsons, Taco Bell, Papa John’s Pizza, Kragen Auto Parts and True Value Hardware.

For more information, contact Ken McLeod, Grubb & Ellis, 1100 Glendon Avenue, suite 900, Los Angeles, CA 90024; 310-235-2921; Email: ken.mcleod@grubb-ellis.com.

netUSrealestate.com is selling El Chico, a Mexican restaurant, located at 830 South Beltline Highway in Mobile, AL for $1,416,473 with a Cap rate of 9%. The building is 5,790 sq.ft. and is situated on a land area of 36,514 sq.ft. The lease has two five-year options with rental increases of 1.5% per year beginning February 2004. Area demographics include a population of 184,964 within five miles earning $46,924 as the average household income. The company also is selling a Rite Aid located at 12900 Palm Drive in Desert Hot Springs, CA for $3.37 million with a Cap rate of 8.70%. The building size is 12,400 sq.ft. situated on a land area of 63,000 sq.ft. The lease term is 20 years NN with six, five-year options. The company also is selling a Rite Aid located at 8015 Limonite Avenue in Riverside, CA for $3.64 million with a Cap rate of 8.20%. The building is 16,550 sq.ft. situated on a land area of 98,807 sq.ft. The lease term is 20 years NN with six, five-year options.

For more information, contact Jennifer Van Williams, netUSrealestate.com, 4318 Downtowner Loop North, Mobile, AL 36609; 251-344-2000, Fax 251-344-4144; Web site: www.netusrealestate.com.