Buyers & Sellers
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Buyers & Sellers

GFI Realty Services, Inc. is marketing a 150,000 sq.ft. retail and office building with 25,000 sq.ft. available. The average rent is $37 psf. The asking price is $40 million.

For more information, contact Arnold Mager, GFI Realty Services, Inc., 50 Broadway, New York, NY 10004; 212-837-4529, Fax 212-668-1655; Email: amager@gficap.com.

Yale Realty Services Corp. acquired Gateway Plaza in Newberry, SC. The center is anchored by a 150,000 sq.ft. Wal*Mart Supercenter. Other tenants include Fashion Bug, Friedman’s Jewelers and Dollar Tree.

For more information, contact David Gould, Yale Realty Services Corp., 501 Washington Avenue, Pleasantville, NY 10570; 914-769-7600, Fax 914-769-5463.

NAI Capital Commercial is representing a client that has $900,000 cash to invest in single-tenant investments. The investor prefers locations in CA, but will look anywhere. Fast-food opportunities are preferable, but others will be considered.

For more information, contact Mel Moss, NAI Capital Commercial, 11999 San Vincente Boulevard, Suite 215, Los Angeles, CA 90049; 310-440-8500, Fax 310-440-8525; Email: mmoss@naicapital.com.

The Woodmont Co. completed the sale of a 120,391 sq.ft. grocery-anchored shopping center in State College, PA. The 100% leased center is anchored by Giant, OfficeMax, Hallmark and Pep Boys. Majestic Construction acquired the center from Nittany Commons, LP.

For more information, contact The Woodmont Co., 2100 West Seventh Street, Fort Worth, TX 76107; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com.

First Commercial Realty Corp. is looking to acquire commercial, retail and shopping center investment properties throughout GA, preferable in the expanded metro Atlanta, GA area. The company prefers properties priced from $1 million.

For more information, contact Jeff Little, 1550 Beaver Ruin Road, Suite 100, Norcross, GA 30093; 770-279-8600, Fax 770-923-8046; Email: jlittle770@aol.com.

Renz & Renz is representing a cash buyer that is looking for one to four NNN retail, office or industrial sites in CA or NV. The buyer will consider prices from $1 million to $2.6 million and properties with an 8.5% return or better.

For more information, contact George L. Renz, Renz & Renz, 7791 Wren Avenue, Gilroy, CA 95020; 408-846-1031, Fax 408-846-1042; Email: grenz@ccim.net; Web site: www.renz-renz.com.

Phase One Realty, Inc. is listing an absolute NNN Walgreens in TX. The listing has an 8.4% Cap rate and asking price of $4,428,000 with a 20-year base term. For buyers in need of a 30-day close, the buyer may assume developers construction loan and the Cap rate can move to 8.5%.

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

Karns Commercial Real Estate, Inc. has a listing to sell a 5,850 sq.ft. Colter’s Bar-B-Q location and lease the 48,000 sq.ft. land parcel in Plano, TX on which it is located. The restaurant is on a long-term ground lease. The company wants to have the new tenant purchase the improvements and assume the ground lease. If the credit is strong, the company will consider a straight lease for the building and the land. The building cost is $650,000. The existing 30-year ground lease rate is $72,657 per year until November 2010. Area demographics include a population of 290,908 within five miles earning an average household income of $104,393.

For more information, contact Robert H. Baker, Karns Commercial Real Estate, Inc., 6676 Lakewood Boulevard, Dallas, TX 75214; 214-826-5300 Ext. 22, 214-826-5880; Email: rhb@karnscommercial.com.

Jones Lang LaSalle completed the sale of Cross Keys Commons, a 371,128 sq.ft. shopping center in Turnersville, NJ. Heritage Property Investment Trust, Inc. acquired the center from American Continental Properties, Inc. for $34 million. Jones Lang LaSalle represented the seller. The 88% leased center is anchored by Wal*Mart and an Acme supermarket. Other tenants include Radio Shack, GNC, Citicorp, KB Toys, Dots, Payless ShoeSource and Fashion Bug. Outparcel tenants include Staples, McDonald’s and Fuddruckers.

For more information, contact Maureen Mullady, Jones Lang LaSalle, 200 East Randolph Drive, Chicago, IL 60601; 312-228-2387; Fax 312-228-0360; Web site: www.joneslanglasalle.com.

Antonoff & Co. Brokerage, Inc. is representing a buyer looking for single-tenant NNN investment property in the range of $1 million. The buyer prefers CO, but will also look in Las Vegas, NV; Phoenix, AZ and CA. The buyer also prefers retail properties and Cap rates above 8%.

For more information, contact Richard Hobbs, Antonoff & Co. Brokerage, Inc., 1528 Wazee Street, Denver, CO 80202; 303-454-5421, Fax 303-454-5400; Email: rhobbs@antonoff.com.

Bosshardt Realty Services, Inc. has the listing to sell 12 acres to 18 acres at the southeast corner of Archer Road and Southwest 34th Street in Gainsville, FL. The site is located between the University of Florida and Interstate 75. The property is zoned for up to 120,000 sq.ft. of retail, office or commercial space. Area demographics include a population of 130,000 within three miles earning an average household income of more than $37,000.

For more information, contact Mike Ryals, Bosshardt Realty, 5542 Northwest 43rd Street, Gainsville, FL 32653; 352-371-6100, Fax 352-378-2737; Email: mryals@gnv.fdt.net.

Cadence Capital Investments LLC is marketing a Childrens World Learning Center in northern CA. The property has a new 15-year NNN lease with automatic rent increases every fifth year. The asking price is $1,797,000 with an initial return of 8.4%.

For more information, contact Piet Visser, Cadence Capital Investments LLC, 5346 College Avenue, Oakland, CA 94618; 510-420-3700, Fax 510-420-3713; Web site: www.cadencecapitalinvestments.com.

Sperry Van Ness is marketing a retail center with a 16,500 sq.ft. buildable upside pad located at 544-564 East Silverado Ranch Boulevard in Las Vegas, NV. The center has an automotive tenant mix with long-term NNN leases plus options. The asking price is $5.035 million with 10.3% cash on cash return. The company also is marketing Beltway Plaza, a 100% leased center in Henderson, NV for $19 million. In addition, the company has two fully leased investments for sale separately or together in Las Vegas. The corner pads are part of a shopping center. The asking price for the automotive parcel is $1,284,500 and the asking price for the medical investment is $1.075 million. Also being marketed by the company is Lido Plaza in Las Vegas. The center has assumable 7.78% financing and the asking price $11.85 million. In addition, the company is marketing C&R Plaza, a strip shopping center in Las Vegas. The center has NOI of $146,394 and an asking price of $1.5 million. Also, 20 acres zoned commercial and residential are available in Las Vegas. The commercial portion of the site has an approved shopping center site plan and is available for $4 million. The residential portion is available for $825,000.

For more information, contact Dario Franchsechi or Michael Boscia, Sperry Van Ness, 3960 Howard Hughes Parkway, Fifth Floor, Las Vegas, NV 89109; 702-914-2200 or 702-614-4758, Fax: 702.765.6006; Web site: www.svn.com.