Buyers & Sellers
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Buyers & Sellers

The Phillip L. Moncrief Co. is marketing a divideable 35-acre site in Tupelo, MS that includes a 1.5-acre restaurant pad at the northern entrance to a Wal*Mart Supercenter and Sam’s Club. The property is located across from the 900,000 sq.ft. Mall at Barnes Crossing.

For more information, contact Phil Moncrief, The Phillip L. Moncrief Co., 8006 Legend Drive, Destin, FL 32550; 850-622-6265, Fax 850-622-6266.

Flocke & Avoyer Commercial Real Estate brokered the sale of a 43,481 sq.ft. portion of the EastLake Village Center South Shopping Center located at 2220-2280 Otay Lakes Road in Chula Vista, CA. The center was sold for $9.975 million by The EastLake Co. to Westwood Financial Corp. The 99% leased shopping center is anchored by Vons Supermarket and Rite Aid. Included in the sale are Blockbuster, CalFed Bank, Realty Executives, Postal Annex + and Fantastic Sam’s.

For more information, contact Stewart R.R. Keith, Flocke & Avoyer Commercial Real Estate, 3131 Camino Del Rio North, Suite 190, San Diego, CA 92108; 619-280-2600, Fax 619-280-3311; Web site: www.flockeavoyer.com.

J.H. Winokur, Inc. brokered the sale of a 213,994 sq.ft. power center in Seekonk, MA. The center, which sold for $15.25 million, is anchored by Sports Authority, Staples, Big Lots and Circuit City.

For more information, contact Paul Ellenbogen, J.H. Winokur, Inc. 501 Washington Avenue, Pleasantville, NY 10570; 914-741-0400, Fax 914-741-2249; Email: jh.winokur@verizon.net.

Eyde Co. is marketing two outparcels in Okemos, MI located adjacent to a Wal*Mart development and across from the Meridian Mall. Neighboring retailers include Target, Krogers, Home Depot, Toys "R" Us, Marshalls, Davids Bridal and Pier 1 Imports. Area demographics include a population of 49,772 residing in a three-mile radius earning an average household income of $53,788.

For more information, contact Michelle Abbruzzese, Eyde Co., 4660 South Hagadorn Road, Suite 660, East Lansing, MI 48823; 800-442-3933, Fax 517-351-3946.

Media Real Estate Co. is representing a client seeking a property in Delaware or Chester County, PA for a 1031 Exchange. The preferred price range is between $2.5 million and $2.8 million. Strip centers and office buildings with favorable Cap rates are of interest.

For more information, contact Jeffery Cadorette, Media Real Estate Co., 203 East Baltimore Avenue, Media, PA 19063; 610-565-9000; Email: cadorette@mediarealestate.com.

The Beach Co. is seeking to acquire 50,000 sq.ft. to 300,000 sq.ft. grocery and town center properties in the southeastern U.S. The company’s preferred price range is $5 million or more with a Cap rate of 9% to 10.5%

For more information, contact George Wilson, The Beach Co., 211 King Street, Suite 300, Charleston, SC 29401; 843-722-2615, Fax 843-722-6449.

Colliers International has 17 Taco Bell and KFC investment opportunities, which the company believes would be excellent for 1031 Exchanges. The asking price is $18,362,451 with a Cap rate of 8.25% to 8.5%. The 15-year NNN leases call for increases based on the lesser of CPI or 10% increases in base rent. The building size average is 2,506 sq.ft. on an average land area of 36,073 sq.ft. The restaurants are located in Montgomery, AL; Littleton, CO; Bradenton, Hialeah, Miami, Miami Lakes and Tampa, FL; Cleveland, OH; Kettering, OH; Austin, Stafford and Houston, TX, Manassas, VA and Madison, WI. The company also is marketing a 14,000 sq.ft., 100% leased Wal*Mart shadow anchor center in Lake Charles, LA. The current NOI is $199,354 and average rental rates are $14.83 psf. Tenants are responsible for taxes, insurance and CAM charges. The property has a $1,492,353 assumable, nonrecourse loan in place. The asking price is $2,076,000 with a 9.6% Cap rate and a cash on cash return of 11.5%.

For more information about Taco Bell and KFC opportunities, contact David O’Neill or Michael Simonson, Colliers International, 1100 Superior Avenue, Suite 800, Cleveland, OH 44114; 216-861-7200, Fax 216-861-4672; Email: david.o’neill@colliers.com; Web site: www.colliers.com. For more information about the LA property, contact Christopher D. Winters, Colliers International, 1300 Post Oak Boulevard, Suite 225, Houston, TX 77056; 713-830-2106, Fax 713-830-2118; Email: cwinters@colliersinternational.com; Web site: www.collierstexas.com.

Equity Alliance Corp. is representing a client that wants to acquire a small retail center anchored by a Hollywood Video or Blockbuster. Requirements include an overall property no larger than 7,000 sq.ft. and a total purchase price that does not exceed $4 million. The property should have a Cap rate of about 10% and be located in FL. The major tenant should have a lease term of at least 10 years, preferably 15 years.

For more information, contact Joel Kahn, Equity Alliance Corp., 32 Elk Drive, Bedford, NH 03110; 603-472-3808, Fax 603-471-0782; Email: jkahn@equity-alliance.com.

NAI Pyramid Brokerage Co. brokered the sale of the Ames Plaza in DeWitt, NY. GE Capital Corp. sold the center to Benderson Development Co. The property consists of 239,915 sq.ft. of retail space, a 142,732 sq.ft. office building and an additional 4.5-acre development parcel. Anchors include Ames, Toys "R" Us, Marshalls and America’s Best Contacts & Eyewear. In addition, the brokerage sold a former Discovery Zone and Captain Ahab’s Restaurant to Benderson Development Co. The two parcels total three acres and are contiguous to the Ames Plaza. Both buildings were demolished and construction of a Delta Sonic Car Wash is underway.

For more information, contact Larry J. Socia, NAI Pyramid Brokerage Co., PO Box 3, 5786 Widewaters Parkway, Syracuse, NY 13214; 315-445-8501; Web site: www.pyramidbrokerage.com.

C.A. White, Inc. is representing a client that is offering an equity investment opportunity in four shopping centers. Investors can achieve a 12% preferred return, fully secured by the real estate and without any management or administrative responsibilities. A 48% stake in four centers can be purchased for $5.8 million. The blended average LTV is 73.9%. The centers are valued at $45 million and no center has an LTV higher than 76.8%. The offer totals 775,000 sq.ft. in four centers: a 305,630 sq.ft. enclosed regional shopping mall and shopping centers of 166,180 sq.ft., 139,730 sq.ft. and 153,027 sq.ft.

For more information, contact C.A. White, Inc., 1211 Chapel Street, New Haven, CT 06511; 203-777-6891, Fax 203-777-6655; Web site: www.cawhite.com.

Fischer Real Estate, Inc. is representing an investor that is looking for industrial or retail investment grade properties in AZ, CA, CO, FL or GA with 10 years or more on the lease. The investor is looking for properties from $4 million to $5 million.

For more information, contact Joe Wissmann, Fischer Real Estate, Inc., 31731 Northwestern Highway, Suite 109E, Farmington Hills, MI 48334; 248-626-2000, Fax 248-626-7050; Email: propone@ix.netcom.com.