|
Buyers & Sellers
|
|
|
Buyers & Sellers Fischer Real Estate, Inc. is representing investors that are looking for retail locations up to 125,000 sq.ft. in southeast MI. An upside is preferred and the buyer prefers transactions of less than $100 psf. The company also has a 1031 buyer that is looking to spend $5 million on higher Cap, single tenant properties from PA to IL and MI to KY. The buyer will consider a small shopping center. For more information, contact Joe Wissmann, Fischer Real Estate, Inc., 31731 Northwestern Highway, Suite 190E, Farmington Hills, MI 48334; 248-626-2000, Fax 248-626-7050; Email: propone@ix.netcom.com. Konover Property Trust Inc. sold the 285,000 sq.ft. Factory Stores of America outlet center in Nashville, TN to Two Rivers Corporate Centre for about $5.6 million. The center opened in 1993 and had 78 tenants, but currently has five retailers that are leasing on a monthly basis. Cumberland Financial Services is spending $9.5 million to $11.5 million to renovate the site, which will be transformed into an office park.For more information, contact Floyd Shechter, Cumberland Financial Services, 631 2nd Avenue South, Nashville TN 37210; 615-251-8900. Sax Realty/UniWest Realty, Inc. is marketing a restaurant on the Route 15 bypass and Edwards Ferry Road in Leesburg, VA. The 4,985 sq.ft. freestanding restaurant is fully equipped. Area demographics include a population 47,122 residing in a five-mile radius earning an average household income of $60,038. Route 15 has an average daily traffic count of 38,257 vehicles and Edwards Ferry Road has an average daily traffic count of 14,086 vehicles. The company also has the listing to sell a restaurant on Landover Road and Arena Drive in Largo, MD. The 4,985 sq.ft. freestanding building is fully equipped. Area demographics include a population of 68,757 residing in a three-mile radius earning an average household income of $71,184. The average daily traffic count for the site is 62,325 vehicles.For more information, contact Dennis Boldey or Les Sax, Sax Realty/UniWest Realty, Inc., 4912 Del Ray Avenue, Suite A, Bethesda, MD 20814; 240-497-1192. SVP, Commercial Net Lease is representing an owner that is selling four Stuart Anderson Black Angus restaurants from $2.5 million to $3.5 million with yields in the 9.35% range. The restaurants are located in the Minneapolis, MN area. The leases provide no landlord obligation and expire in October 2021. For more information, contact Jay Bastian, SVP, Commercial Net Lease, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1144, Fax 407-650-1046; Email: jay_bastian@cnlreit.com; Web site: www.1031replacementproperties.com. Prudential DicksonHughes Commercial Services represented Burger King Corp. in the aquisition of a 0.874-acre lot on an outparcel at the Hampstead Village Shopping Center in Columbus, OH. Regency Realty Corp. represented the owner, T&R New Albany Development LLC. For more information, contact Cathy Richards, Prudential DicksonHughes Commercial Services, 8777 Purdue Road, Suite 300, Indianapolis, IN 46268; 317-471-2000, Fax 317-471-1234; Email: crichard@dicksonhughesgroup.com; Web site: www.dicksonhughesgroup.com. The Macerich Co. sold Villa Marina Marketplace, a 448,000 sq.ft. community center located in Marina Del Ray, CA to a private real estate investment partner. The center was sold for $99 million, which includes the assumption of the existing mortgage of $58 million. For more information, contact Arthur Coppola, The Macerich Co., 401 Wilshire Boulevard, Suite 700, Santa Monica, CA 90401; 310-394-6000, Fax 310-395-2791; Web site: www.macerich.com. Collins Real Estate Advisors, Inc. is marketing a Walgreens and a 50,000 sq.ft. shopping center. The properties will be made available for suitable exchange properties, preferably near Madison, WI. For more information, contact Matt Collins, Collins Real Estate Advisors, Inc. 911 Eddington Drive, Sun Prarie, WI 53590; 608-834-9545, Fax 608-825-2195; Email: mattcollins@msn.com. Baywood Realty is marketing a 10-acre development site in Houston, TX. The property’s use is unrestricted and all utilities in place are subject to end use. The land is adjacent to a Super Wal*Mart, Home Depot and Target and has 800 feet of frontage on Marina Bay Boulevard.For more information, contact Daniel Dickens, Baywood Realty, 5500 Genoa Red Bluff Road, Pasadena, TX 77505; 281-998-9233 Ext. 114. IRT Property Co. is looking to acquire 75,000 sq.ft. to 350,000 sq.ft. grocery-anchored shopping centers in the southeast U.S. for $5 million or more with a Cap rate of 9.5%.For more information, contact Margie Nagle, IRT Property Co., 200 Galleria Parkway, Suite 1400, Atlanta, GA 30339; 770-955-4406, Fax 770-988-8773. Marcus & Millichap is listing a 2,500 sq.ft. Jiffy Lube on .33 acres in Las Vegas, NV. The asking price is $1.25 million with a Cap rate of 8%. The property has a new 20-year absolute NNN lease with 2% annual increases. The current tenant is Heartland Automotive, a Jiffy Lube franchisee.For more information, contact Christopher E. LoBello, Marcus & Millichap, 3993 Howard Hughes Parkway, Suite 120, Las Vegas, NV 89109; 702-693-5800, Fax 702-734-0756; Email: clobello@marcusmillichap.com. CB Richard Ellis is marketing a 55,812 sq.ft. HyVee grocery store at the intersection of 119th Street and Highway 69 in Overland Park, KS. The store is absolute net leased to a single tenant, HyVee. The store is adjacent to the 36,921 sq.ft. Highland Plaza shopping center, which is tenanted by Starbucks and Tanner’s Bar & Grill. The average daily traffic count for 119th Street is 33,840 vehicles and for Highway 69 is 62,225 vehicles.For more information, contact David Hickman or Daniel Carr, CB Richard Ellis, 3100 Broadway, Suite 1102, Kansas City, MO 64111-2457; 816-968-5824, Fax 816-968-5823; Email: dhickman@cbre.com or dcarr@cbre.com; Web site: www.cbre.com. Staubach Retail Services Southeast, LLC is marketing a 100% leased shopping center at 1251-1267 Whitfield Avenue in Leeds, AL. The center is located adjacent to a Wal*Mart Supercenter. The property has a mortgage of $1.825 million that must be assumed by the buyer. Total cash investment is $470,730. Year one cash on cash return is 9.93%. Underwriting includes a 5% vacancy, 4% management fee and $0.15 psf replacement/building reserve. The asking price is $2,277,480. The company also is marketing a 15,145 sq.ft. pad building that is tenanted by Gap at 529 North 46th Street in Rogers, AR. The Gap is investment grade rated A by S&P and is on a 10-year lease. The property is a pad site at a 325,000 sq.ft. center that includes Lowe’s, Kohl’s, Belk and Old Navy. The asking price is $3,098,054 and the Cap rate is 9.25%. The company also is listing two class A retail properties in Westport, CT. The 10,000 sq.ft. 27 Main Street location is tenanted by Pottery Barn. The 40-44 Post Road property is tenanted by a 14,858 sq.ft. Eddie Bauer. Area demographics for Westport, CT include a population of 118,814 residing in a five-mile radius. The median household income in a one-mile radius is $128,888. For more information about the Leeds, AL property, contact Dickson Cannon, Staubach Retail Services Southeast, LLC, 3400 Peachtree Street, Suite 1245, Atlanta, GA 30326; 404-231-2232, Fax 404-231-2280; Email: dcannon@staubach.com. For more information about the Rogers, AR property, contact Todd Minnis or Ken Shulman, The Staubach Co., 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 972-361-5088/5078, Fax 972-361-5909; Email: tminnis@staubach.com or kshulman@staubach.com. For more information about Westport, CT properties, contact Patrick A. Smith or David Wojciechowski, Tower Forty-Nine, 12 East 49th Street, 31st Floor, New York, NY 10017; 212-221-2600, Fax 212-418-2675; Web site: www.staubach.com. Sigma National, Inc. brokered the sale of 15.8 acres to BJ’s Wholesale Club for $3.348 million at the Hanover Square Shopping Center in Mechanicsville, VA. The big-box retailer plans to build a 108,532 sq.ft. store with a gas island.For more information, contact Ed Jennings, Sigma National, Inc. 7400 Beaufont Springs Drive, Suite 105, Richmond, VA 23225; 804-320-6100, Fax 804-320-6600; Email: edjennings@sigmanational.com. Iowa Realty Commercial is marketing a vacant Target building in Cedar Rapids, IA. For more information, contact Don Pfeiler, Iowa Realty Commercial, 100 1st Avenue NE, Suite 115, Cedar Rapids, IA 52401; 319-363-2337; Email: dpfeiler@iowarealty.com; Web site: www.bigbox-cr.com.
|