Buyers & Sellers
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Buyers & Sellers

Arroyo & Coates is selling a 15,120 sq.ft. Walgreens located at the intersection of 2105 East Wellesley Avenue and Crestline Street in Spokane, WA for $4.65 million with a Cap rate of 8%. The seller requires cash of $1.61 million. The lease term is for 60 years with eight five-year options to terminate starting after the 20th year. The lease is NNN with the exception of the roof and structural portions of the building, which remain the landlord’s obligation. Rent is $372,000 per year with DSCR of $308,088 per year. The property includes a drive-thru pharmacy.

For more information, contact Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800 Ext. 184, Fax 415-677-0967; Email: psouza@a-c.com.

Steven D. Bell & Co. acquired Falls Village Shopping Center, a 168,000 sq.ft. center located at the intersection of Sandy Forks and Falls of Neuse Roads in North Raleigh, NC from BVT Capital Partners for $25 million. The center is anchored by T.J. Maxx and Fresh Market, and is tenanted by Panera Bread, Radio Shack, Stonewood Grill, two bank branches and a movie theater. The company will soon begin construction of an additional 7,500 sq.ft., which is slated for an early 2003 completion. The new tenants will include Moe’s Southwestern Grill, Healthy Back, Port City Java and Top Line Cellular.

For more information, contact Ed Harrington, Steven D. Bell & Co., 823 North Elm Street, Suite 200, Greensboro, NC 27401; 336-272-7196, Fax 336-378-9705; Web site: www.sdbell.com.

Kamin Co. is selling a former 90,000 sq.ft. freestanding Kmart located at the intersection of Luety Parkway and Prairie Avenue in Beloit, WI for $18.50 psf.

For more information, contact Howard Kadish, Kamin Co., 440 West Street, Fort Lee, NJ 07024; 201-242-4200, Fax 201-242-4205.

Wal*Mart Realty is selling outlots of 0.96 acres, 0.60 acres and 2.8 acres located on Carson Street in Long Beach, CA. Area retailers include Wal*Mart. The company also is selling outlots of 0.72 acres, one acre, 1.57 acres and excess property of 8.41 acres located at the intersection of Hitt Street and 17th Street in Ammon, ID. Area retailers include Wal*Mart Supercenter. The company also is selling outlots of 1.44 acres, 1.82 acres, 3.3 acres and 7.6 acres located at the intersection of Pleasant Grove Boulevard and Highway 65 in Roseville, CA.

For more information, contact Randy Crossno, Wal*Mart Realty, 2001 Southeast 10th Street, Bentonville, AK 72716-0550; 479-204-1039, Fax 479-273-6542; Email: randy.crossno@wal-mart.com; Web site: www.wal-martrealty.com.

Ramsey Real Estate Group sold Prospect Square, a 32,950 sq.ft. center located at 1025 Prospect Street in La Jolla, CA for $10.3 million to 1025 Prospect Limited Partnership. Tenants include Wyland Galleries, Wentworth Gallery, Ultra Optique, Sally Huss, Aphrodita Exclusive Image, La Jolla Watch & Diamond, Bellini, Brasserie Excelsior, Zao Sushi, FG Management LLC, Sowers Baccala Insurance Brokers, Continental Commercial Insurance Brokers, Zucotto Systems, Dillingham Software Engineering, Jack Bechta & Associates and Lady Burd Exclusive Private Lable Cosmetics. The project is 95% leased.

For more information, contact Jeffrey T. Ramsey, Ramsey Real Estate Group, PO Box 2248, La Jolla, CA 92038-2248; 858-459-4410, Fax 858-459-4495; Email: jramsey@rreg.com; Web site: www.rreg.com.

Advantis Real Estate Services Co. sold Jacaranda Plaza Shopping Center, a 173,000 sq.ft. Publix-anchored center located in Plantation, FL to Mansfield USA, Inc. The company also sold Kempsville Marketplace and Salem Lakes Marketplace in Virginia Beach, VA to Blackwood Capital, LLC for $8.159 million. Kempsville Marketplace is located at 4876 Princess Anne Road and has a GLA of 71,460 sq.ft. The center is anchored by Farm Fresh. Salem Lakes Marketplace is located at 1988 Salem Road and has a GLA of 44,000 sq.ft. The center is anchored by Food Lion.

For more information, contact Brad Luger, Advantis GVA, 4300 West Cypress Street, Suite 1000, Tampa, FL 33607; 813-342-4707, Fax 813-342-4015; Web site: www.advantisgva.com.

IRT Property Co. sold Forest Hills Shopping Center, a 74,000 sq.ft. center located in Wilson, NC for $6.6 million.

For more information, contact IRT Property Co., 200 Galleria Parkway, Suite 1400, Atlanta, GA 30339; 770-955-4406, Fax 770-988-8773; Web site: www.irtdealmakers.net.

HSS Partners, LLC acquired three, freestanding properties from Amlings Flowerland. The three properties total 85,000 sq.ft. and are at the following locations: 540 East Ogden Avenue in Hinsdale, IL; 2211 Algonquin Road in Rolling Meadows, IL and the original Amlings Flowerland location at 8900 West North Avenue in Melrose Park, IL. Amlings Flowerland will lease back and continue operating its garden centers in both the Hinsdale and Melrose Park locations. The Rolling Meadows center will be closed and the 18,500 sq.ft. building will be leased to other tenants.

For more information, contact Michael J. Horne, HSS Partners, LLC, 4801 West Golf Road, Suite 200, Skokie, IL 60077; 847-677-9100, Fax 847-677-9106.

The Hayman Co. is selling Alpena Mall, a 127,200 sq.ft. mall located at 2380 U.S. 23 South in Alpena, MI for $7 million. The mall is situated on a land area of 14.36 acres and has an annual Cap rate of 10.6%. NOI is $743,587. Current tenants include Waldenbooks, GNC, Gordon Food Services, JCPenney and Radio Shack.

For more information, contact Frederick J. Sosa, The Hayman Co., 5700 Crooks Road, Suite 400, Troy, MI 48098; 248-879-4737, Fax 248-879-2430; Email: fsosa@haymanco.com; Web site: www.haymancompany.com.

Sax Realty, Inc. sold a 5,000 sq.ft. former Applebee’s restaurant located at the intersection of Route 15 and Edwards Ferry Road in Leesburg, VA to a private investor.

For more information, contact Les Sax, Sax Realty, Inc., 4912-A Del Ray Avenue, Bethesda, MD 20814; 240-497-1192, Fax 240-497-1070; Email: lsax@saxrealty.com.

Sperry Van Ness is selling Mountain Meadows Plaza, a center located in Moorpark, CA for $5.25 million. Tenants include Vons, Subway, Fantastic Sam’s and Century 21.

For more information, contact Reza Etedali, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100 Ext. 125, Fax 949-250-4143; Email: etedalir@svn.com.

Paramount Realty Services is looking to acquire one or more retail properties on the West Coast for $80 million.

For more information, contact Maurice Zekaria, Paramount Realty Services, Inc., 1195 Route 70, Suite 2000, Lakewood, NJ 08701; 732-886-1500 Ext. 102, Fax 732-886-1690.

New Plan Excel Realty Trust, Inc. acquires properties in strong neighborhoods, community and power retail centers located in dominant retail corridors, properties in need of redevelopment and repositioning and retail portfolios. The company prefers shopping centers with 70 to 75% national credit tenants with a minimum GLA of 75,000 sq.ft., with anchor tenants occupying spaces of at least 10,000 sq.ft.

For more information, contact New Plan Excel Realty Trust, Inc., 1120 Avenue of the Americas, New York, NY 10036; 212-869-3000, Fax 212-869-3989; Web site: www.newplanexcel.com.