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Buyers & Sellers
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Buyers & Sellers Westwood Financial Corp. is looking to buy shopping centers in the western U.S. The company is interested in shopping centers in major cities priced from $5 million to $50 million. The company will consider centers that are being developed or redeveloped. For more information, contact Westwood Financial Corp., 11440 San Vincente Boulevard, Suite 200, Los Angeles, CA 90049; 800-899-5443, Fax 310-820-6443; Web site: www.westfin.com. Perrine & Wheeler, Inc. is seeking grocery-anchored shopping centers throughout the southeast for acquisition. The company prefers to acquire locations in markets east of the Mississippi River. Typically, the company acquires neighborhood and community centers that are anchored by grocery-store chains, such as Kroger, Food Lion, Giant, Bi-Lo, Publix and Safeway. The company plans to focus on deals from $4 million to $15 million for sites with GLA’s from 50,000 sq.ft. to 150,000 sq.ft. 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. Kutlick Platz Realty, LLC is marketing 1.72 acres on State Route 422, east of Eastwood Mall, in Niles, OH. The seller believes the site is ideal for a retail or restaurant location. For more information, contact Kutlick Platz Realty, LLC, 100 DeBartolo Place, Suite 303, Youngstown, OH 44513; 330-965-6700; Email: kutlickplatz@att.net. Pliskin Realty and Development, Inc. is seeking investment opportunities, including shopping centers, land and apartments. For more information, contact Jeffery Pliskin, Pliskin Realty and Development, Inc., 179 Westbury Avenue, Carle Place, NY 11514; 516-997-0100; Email: jpliskin@pliskinrealty.com. PHD Properties Inc. is marketing the Nellis Retail Center located on Las Vegas Boulevard in Las Vegas, NV. The site, which is located across from a Wal*Mart Supercenter, is available for sale, lease or build to suit. Pad sites also are available. For more information, contact Phillip H. Davis, PHD Properties Inc., 3225 B South Rainbow Boulevard, Suite 206, Las Vegas, NV 89146; 702-873-1167, Fax 702-248-1324; Email: phdprprts@aol.com. Regency Centers closed on the sale of the Plaza de Hacienda shopping center in La Puente, CA. The center was sold to Plaza de Hacienda, LLC for $18.1 million. CB Richard Ellis, Inc. represented the buyer and seller. The 127,132 sq.ft., Food 4 Less-anchored center is located on Hacienda Boulevard between the Pomona Freeway and Interstate Highway 10. Other tenants include Taco Bell, Jack in the Box, Kragen Auto Parts and Sally Beauty Supply. For more information, contact Shawna Skinner, Regency Centers, 555 South Flower Street, Suite 3500, Los Angeles, CA 90071; 213-553-2200; Email: sskinner@regencycenters.com; Web site: www.regencycenters.com. Surplus Real Estate, LLC is marketing more than 40 former Payless Cashways retail stores and building materials centers. Properties are available in AZ, CA, CO, IA, IL, IN, KS, KY, MN, MS, NE, NM, NV, OH, OK TN and TX. Building sizes range from 10,000 sq.ft. to 75,000 sq.ft. on land areas ranging from two acres to 18 acres. For more information, contact Lisa Clements, Surplus Real Estate, LLC, 6299 Nall Avenue, Suite 350, Mission, KS 66202; 913-362-3377 Ext. 2238, Fax 913-362-3113; Email: lclements@surplusrealestate.com; Web site: www.surplusrealestate.com. DLC Management Corp. acquired Ocean East Mall, a 113,000 sq.ft. grocery-anchored shopping center in Stuart, FL. The center is anchored by a 38,100 sq.ft. Stuart Fine Food and Martin Memorial Health Systems, Inc. The center was acquired from Regency Centers for $11 million. The Ackman-Ziff Real Estate Group LLC sourced a nonrecourse fixed-rate mortgage for the transaction.For more information, contact Daniel Taub, DLC Management Corp., 580 White Plains Road, Third Floor, Tarrytown, NY 10591; 914-631-3131, Fax 914-631-6533; Web site: www.dlcmgmt.com. Marcor Investment Properties, Inc. is marketing a Wal*Mart parcel in Rice Lake, WI. The 124,996 sq.ft. building is located on 11.76 acres at 2800 Pioneer Avenue. The primary absolute NNN lease commenced in July 1990 and continues through July 2010 with six five-year options. Annual rent is $2.57 psf and is flat through the primary term and option periods. The asking price is $3.9 million at a Cap rate of 8.25%. Financing is available. The company also is marketing a Circuit City parcel in Niles, IL. The 33,342 sq.ft. building is located on 3.67 acres at 5701 West Touhy Avenue. Area demographics include an average household income of $118,553 within a one-mile radius and an average daily traffic count of 33,000 vehicles at the site. The lease commenced in October 1995 with a primary term of about 17 years plus four five-year options and one three-year option. The lease is NNN and rent increases every five years by the lesser of $20,500. The NOI is $430,500 and the asking price is $4.8 million. An OfficeMax parcel in Moorhead, MN also is being marketed by Marcor Investment Properties, Inc. The 23,500 sq.ft. building is located on 2.92 acres at 1411 Center Avenue West. The NNN lease commenced in September 1999 with a primary term of 15 years and three five-year options. The asking price is $2.72 million with a Cap rate of 8.97%, based on a down payment of $755,000, which shows a cash on cash return of $61,816. The company also is marketing a Hollywood Video location in Huntsville, AL. The 5,040 sq.ft. building is located on a land area of 31,482 sq.ft. at 11602 South Memorial Parkway. The 15-year, NN lease commenced in March 1999 and has four five-year options with CPI increases. The annual rent is $107,049 and increases in year six of three times CPI with a Cap rate of 12%. The NOI is $106,041 and the asking price is $1,125,000 with a 9.4% Cap rate.For more information, contact Gary Cornelssen, Marcor Investment Properties, Inc., 9747 Business Park Avenue, San Diego, CA 92131; 858-549-2214, Fax 858-549-0344; Email: gmcornelssen@ccim.net. The Carpenter Realty Group is marketing space at Carpenter Village located at the intersection of Memorial Boulevard and Ridgely Road in Murfreesboro, TN. Three outparcels from one acre to 1.7 acres are available for sale. The company also is leasing 108,000 sq.ft. of retail space.For more information, contact Craig Melton, 311 Marble Mill Road, Marietta, GA 30061; 678-354-8888; Email: cmelton@carpenterrealty.com; Web site: www.carpenterrealty.com. Peter J. Schweitzer & Associates is marketing the 115,000 sq.ft. University Plaza located on a 24-acre parcel in Marion, IN. The center is available for sale or for anchor-tenant leasing. The asking price is $2.5 million. For more information, contact Peter J. Schweitzer, Peter J. Schweitzer & Associates, PO Box 8552, Coral Springs, FL 33075; 954-972-0322, Fax 954-972-0323; Email: pjsa@bellsouth.net. Finard & Co. is looking to provide investment sales brokerage for regional malls, grocery-anchored centers, outlet centers, power centers and net-leased properties. For more information, contact Bill Beckerman, Finard & Co., One Burlington Woods Drive, Burlington, MA 01803; 800-725-0424 Ext. 210, Fax 781-272-8408; Web site: www.finard.com. Upland Real Estate Group, Inc. is marketing more than 200 net-leased properties nationwide. For more information, contact Upland Real Estate Group, Inc., 301 Fourth Avenue South, Suite #161, Minneapolis, MN 55415; 612-332-6600, Fax 612-376-4489; Web site: www.nnnsales.com. WP Realty is looking to acquire grocery-anchored shopping centers in the northeastern U.S. The company recently acquired three shopping centers in NY and MA: the 215,000 sq.ft. Carnams Plaza in Massapequa, NY, which is anchored by Pathmark and Duane Reade; the 188,900 sq.ft. Fieldstone Marketplace in New Bedford, MA, which is anchored by Shaw’s supermarket and CVS, and the 126,800 sq.ft. West Bridgewater Plaza in West Bridgewater, MA, which is anchored by Shaw’s and Big Lots. The company has targeted $50 million in equity to acquire $200 million of shopping centers in the northeast and mid-Atlantic regions during the next few years. The company owns four million sq.ft. of shopping center space. For more information, contact Bryan S. Weingarten or Randall C. Stein, One Wynnewood Road, Wynnewood, PA 19096; 610-552-6000, Fax 610-552-6001. Borrus Associates is seeking anchored, strip, neighborhood and power centers throughout CT, DE, MD, NJ, NY and PA. For more information, contact Julius Borrus, Borrus Associates, U.S. 3333 Highway 9, Old Bridge, NJ 08857; 732-679-4100. Sigma National, Inc. is marketing a property located at 13800 Hull Street Road in Midlothian, VA. The eight-acre property includes four undeveloped acres and a 21,000 sq.ft. building zoned I-1. The company also brokered the sale of 9.84 acres in Harrisonburg, VA from AIG Baker Development to Home Depot, which plans to build a 135,112 sq.ft. store at the site. For more information, contact Sigma National, Inc., 7400 Beaufont Springs Drive, Suite 105, Richmond, VA 23225; 804-320-6100, Fax 804-320-6600. Palms Associates is looking to acquire or joint venture on 15-acre to 25-acre multifamily sites behind new and proposed retail centers in GA, NC, SC, TN and VA. The company offers up-front capital investments for land acquisitions, as well as preliminary due diligence and participation in any rezoning process.For more information, contact Ben Simon or Kevin Tucker, Palms Associates, 397 Little Neck Road, #3400, Virginia Beach, VA 23452; 757-340-3535, Fax 757-631-9155; Email: gzitkus@palms.net; Web site: www.palms.net. Taubman Centers, Inc. acquired a 50% interest in Sunvalley, a 1.3 million sq.ft. shopping center in Concord, CA, from General Electric Pension Trust. Sunvalley was acquired for $88 million consisting of $28 million in cash and $60 million of debt. The transaction bears a Cap rate of 10.8%. The center is anchored by JCPenney, Macy’s and Sears. Sales of about $400 psf have been reported at the center. The other 50% partner in the property is an entity owned and controlled by A. Alfred Taubman, the company’s largest shareholder. The company also sold La Cumbre Plaza and Paseo Nuevo in Santa Barbara, CA. The sale of the centers in Santa Barbara resulted in proceeds of $77 million. The combined Cap rate for the two transactions is about 9.5%. Madison Marquette purchased the 474,000 sq.ft. La Cumbre Plaza, which is anchored by Robinsons-May and Sears. JP Morgan Fleming Asset Management purchased Paseo Nuevo, a 438,000 sq.ft. center anchored by Macy’s and Nordstrom, on behalf of J.P. Morgan Investment Management Inc. Madison Marquette has taken over the management of both centers. For more information, contact Taubman Centers, Inc., 200 East Long Lake Road, Suite 300 Bloomfield Hills, MI 48303-0200; 248-258-7367, Fax 248-258-7697; Web site: www.taubman.com. Ram Development Co. is marketing a freestanding 14,382 sq.ft. Walgreens and an adjacent 3,200 sq.ft. First Union in Miramar, FL. The asking price is $5.45 million at a Cap rate of 8.13%. Walgreens has a 20-year lease with eight five-year options. The lease is NNN, excluding roof and structure. First Union has a 10-year lease with four five-year options and 2% rent increases annually beginning in the fourth year, options included. The lease is NNN, excluding roof and structure.For more information, contact Jeff Mooallem, Ram Development Co., 3399 PGA Boulevard, Suite 450, Palm Beach Gardens, FL 33410; 561-630-6110, Fax 561-630-6717; Email: jmooallem@ramrealestate.com; Web site: www.ramrealestate.com. Bbre/Eshenbaugh Commercial is marketing 28 acres on State Route 60 in Tampa Bay, FL for $3.2 million. Other properties the company is marketing in Tampa Bay include seven acres on U.S. 19 and 12 acres on U.S. 19 for $2.84 psf. For more information, contact Bill Eshenbaugh, Bbre/Eshenbaugh Commercial, 1208 South Myrtle Avenue, Clearwater, FL 33756; 727-446-9595. K.L. Presnell Companies is marketing 22.6 acres zoned GB 2 in the Canary Creek North development in Franklin County, IN. The property is for sale, lease, trade or build to suit. The average daily traffic count at the site is 27,160 vehicles. Area demographics include a trade area population of 69,522 earning an average household income of $50,204. Neighboring retailers include Canary Creek Cinemas, Wendy’s, Applebee’s, Donato’s, Arby’s, Golden Corral and National City Bank. Canary Creek Estates. A three-acre multifamily development also is located near the parcel. For more information, contact John N. Barker Sr., K.L. Presnell Companies, 75 North, State Route 135, Suite A, Greenwood, IN 46142; 317-865-8818 Ext. 21; Email: johnbarker@klpresnell.com; Web site: www.klpresnell.com. Northern Rites Development is looking to acquire interest in single-credit tenant properties with a mortgage in place. The company will buy the cash flow and substantially shelter the owner liability that may exist with the property. For more information, contact Northern Rites Development, Marty Gitre, PO Box 497, Harbor Springs, MI 49740, 231-526-2155, Fax 231-526-9519. McCollom Realty, Ltd. is marketing a building located on a 0.5-acre site at 708 River Oaks Drive in Calumet City, IL. The site has 326 feet of frontage and is located near River Oaks Mall. For more information, contact McCollom Realty, Ltd., 1010 Lake Street, Oak Park, IL 60301; 708-383-6450. PWS, Inc. sold all 21 of Lucy’s LaundryMart stores for an aggregate sales price of about $10 million. The stores primarily are located in Los Angeles County, CA. For more information, contact Ilene Fudim, PWS, Inc. 6500 Flotilla Street, Los Angeles, CA 90040; 323-721-8832, Fax 323-721-6148; Email: ifudim@pwslaundry.com; Web site: www.pwslaundry.com. S.J. Financial Group, Inc. is marketing five freestanding stores in MO on a sale/leaseback. The stores have new, NNN leases and are priced at a 9% Cap rate. For more information, contact Steve Jacquemin, S.J. Financial Group, Inc., 9990 Manchester Road, St. Louis, MO 63122; 314-965-4844, Fax 314-965-4551; Email: sjacquemin@ccim.net. Central Place Real Estate is marketing a 1.8-acre vacant restaurant site in Independence, MO. The property is located at the intersection of Interstate 70 and Little Blue Parkway. The site is part of the Hartman Heritage Center, an upscale retail, office and hospitality mixed-use project that is composed of a planned 100,000 sq.ft. State Farm Insurance headquarters, a 220,000 sq.ft. retail center, a 204-room Hilton Garden Inn Hotel with an attached 15,000 sq.ft. conference center. The asking price is $900,000. The company also is marketing a 1.8-acre vacant retail site at the intersection of Interstate 80 and Houbolt Road in Joliet, IL. The site is zoned B-3 and is fully improved. The site is located between an existing Hampton Inn Hotel and Cracker Barrel, and is adjacent to a Fairfield Inn by Marriott, Wendy’s, Amoco/McDonald’s Restaurant. A Burger King, Ramada Inn and the Rock Run Business Park are located across from the property. The asking price is $475,000. For more information, contact John Byce, Central Place Real Estate, 8383 Greenway Boulevard, Middleton, WI 53562-3506; 608-836-9070, Fax 608-836-5547; Web site: www.centralplacere.com. The Kempner Corp. is seeking retail properties for acquisition. The company will consider anchored shopping centers, neighborhood strip centers and freestanding retail sites. The company also will pursue stabilized or redevelopment opportunities.For more information, contact Peter Kempner or Jim Kempner, The Kempner Corp., 257 Mamaroneck Avenue, White Plains, NY 10605; 914-946-3030, Fax 914-946-9030; Web site: www.kempnercorp.com. Sperry Van Ness brokered the sale of Hoover Marketplace in Fresno, CA for a buyer involved in a 1031 Tax Deferred Exchange. The 38,000 sq.ft. center is located at 5700-5800 North First Street in Fresno, CA. Hoover Marketplace, LLC, the developer and seller, was represented by Marcus & Millichap. The 98% leased center is anchored by a 60,000 sq.ft. Albertson’s, which was not part of the transaction. Other tenants include Blockbuster, Port of Subs, Countrywide Funding and Cingular Wireless.For more information, contact Aaron Bettencourt, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-251-9200; Email: bettenca@svn.com; Web site: www.svn.com. Marcus & Millichap is marketing seven Arby’s restaurants with asking prices from $1.18 million to $1.5 million and Cap rates from 8.4% to 8.75%. The restaurants are located in Cullman, Florence, Pell City and Troy, AL; Evansville, IN; Muskegon, MI and Mt. Pleasant, PA. The restaurant’s NNN leases are guaranteed by RTM Restaurant Group. Additionally, the company represented the buyer and seller in the sale of Northern Village, a 30,706 sq.ft. shopping center located at 1025-85 East Herndon Avenue in Fresno, CA. Northern Village Partners sold the center to a buyer that was involved in a 1031 Tax Deferred Exchange. The 97% leased center is anchored by T.G.I. Friday’s.For more information about Arby’s properties, contact J. Chris Rea, Marcus & Millichap, 600 Northpark Town Center, Suite 650, Atlanta, GA 30328; 678-942-4642; Email: crea@marcusmillichap.com; Web site: www.marcusmillichap.com. For more information about Northern Village, contact Matthew C. Sullivan, Marcus & Millichap, Inc., 1055 West Seventh Street, Suite 1700, Los Angeles, CA 90017; 213-623-7800 Ext. 500, Fax 213-489-1246; Web site: www.marcusmillichap.com. Flocke & Avoyer Commercial Real Estate represented 7-Eleven, Inc. in the acquisition of 44,531 sq.ft. of land located at the intersection of Murrieta Hot Springs and Madison in Murrieta, CA. 7-Eleven, Inc. purchased the property for $806,688 and plans to build a convenience store with a gas station. The seller was represented by Westmar Commercial Real Estate. For more information, contact Flocke & Avoyer, 3131 Camino Del Rio North, Suite 190, San Diego, CA 92108; 619-280-2600, Fax 619-280-3311; Web site: www.flockeavoyer.com. Rotella Toroyan Clinton Group is marketing its southeast portfolio. About 630,000 sq.ft. is available and includes anchor tenants, such as Food Lion, Steinmart, Staples and Publix. Financing is assumable and the company will sell properties individually. The company is interested in propeties with a 97% occupancy rate and with a Cap rate of 9.5%. For more information, contact Steven Miller, Rotella Toroyan Clinton Group, 3300 North Federal Highway, Suite 200, Fort Lauderdale, FL 33306; 954-568-9015, Fax 954-568-9597; Email: steve@rtcgrealestate.com; Web site: www.rtcgrealestate.com. Kin Properties, Inc. is seeking single-tenant leased retail, commercial or industrial properties, including the anchor tenants of malls and strip or power centers and the fee position under centers or freestanding properties. The company also is interested in low or no cash properties, where the rental payments are used to pay the interest and amortization of a mortgage. Also considered are properties with below mortgage rent in primary term and all options, unless there is little to no cash flow, due to interest and amortization payments during the primary term. For more information, contact Lee Cherney, Kin Properties, Inc., 1515 South Federal Highway, Suite 302, Boca Raton, FL 33432; 561-620-9200 Ext. 111, Fax 561-955-9921; Email: lee.cherney@kinproperties.com; Web site: www.kinproperties.com. Faris Lee Investments brokered the sale of the Old Navy portion of Birch Street Promenade in Brea, CA. The company represented the seller, CIM/Brea, and First Cornerstone Realty, USA represented the buyers. The 25,000 sq.ft. parcel was sold for $3.7 million. The company also brokered the sale of South Bay Plaza, a 37,057 sq.ft. retail center in National City, CA. The company represented the buyer, National City, LLC, and the seller, South Bay Plaza Partnership. The 100% leased center was acquired for $5,292,500. Anchors include Washington Mutual and Supercuts. An assumable existing loan with above market interest rate was assumed by the buyer. For more information, contact Faris Lee Investments, 2301 Dupont Drive, #100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Email: info@farislee.com; Web site: www.farislee.com. ARC Properties, Inc. is seeking credit lease properties with long-term stable yield potential. Preferred property types include single-tenant retail, industrial and office properties, power centers and retail portfolios. The company’s preferred deal structures include all cash, joint venture with sellers, build to suits, existing debt assumption, sale leasebacks and acquisitions of partial interests. National tenants are sought in major metropolitan markets nationwide with strong income and growth demographics. Preferred markets include Atlanta, GA; Charlotte, NC; Chicago, IL; Dallas, TX; FL; NJ and NY. Triple net, 15-year leases are preferred but not required. The company has an immediate need to satisfy several 1031 Tax-free Exchanges with price ranges of $1 million to $15 million. For more information, contact Claudia Lomicky, ARC Properties, Inc., 1401 Broad Street, Clifton, NJ 07013; 973-249-1000, Fax 973-249-1001; Email: clomicky@arcproperties.com; Web site: www.arcproperties.com. |