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Buyers & Sellers
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Buyers & Sellers Falcon Development is selling an Eckerd drugstore located at the intersection of State Road 434 and County Road 427 in Longwood, FL for $3.275 million. Demographics include a population of 88,460 within three miles earning $48,734 as the average household income. The store occupies space of 11,200 sq.ft. For more information, contact Matthew Falconer, Falcon Development, 4403 Vineland Road, Suite B-15, Orlando, FL 32811; 407-650-9100, Fax 407-650-1999. PK Partners, LLC is selling a 30-acre parcel of retail/industrial ground located at the intersection of Interstate 65 and State Road 32 in Lebanon, IN. The company also is listing a 60-acre site on the corner of U.S. 40, also known as Washington Street and Raceway Road in Plainfield, IN. More than 1,500 single-family and multi-family units are being built near the site. For more information, Keith B. Fried, PK Partners, LLC, 3815 River Crossing Parkway, Suite 150, Indianapolis, IN 46240; 317-817-8888, Fax 317-817-8884; Email: kfried@pkpartners.com; Web site: www.pkpartners.com. Pine Tree Commercial Realty, LLC sold the following three properties: Deer Trace Plaza, a 275,000 sq.ft. center located at Kohler/Sheboygan, WI, to Inland Real Estate. The center is anchored by Home Depot and Elder-Beerman and is cotenanted by T.J. Maxx, Michaels Arts & Crafts, Famous Footwear, Fashion Bug, Dress Barn, Dollar Tree, Hallmark, AT&T Cellular, Bath & Body Works and Radio Shack; Valparaiso Market Place, a Target and Kohl’s-anchored center located in Valparaiso, IN. Tenants include Fashion Bug, Maurices, Catherine’s, Bath & Body Works, Verizon Wireless, Payless Shoes, Pet Supplies Plus, Claire’s Boutique and Hair Cuttery; Pine Tree Plaza, a 31,745 sq.ft. center located in Altoona, IA. Tenants include Fashion Bug, Hallmark Cards, Dollar Tree, Radio Shack, Sally Beauty Supply, Great Clips, GNC, Top Nails and Crystal Buffet. For more information, contact Peter Borzak, Pine Tree Commercial Realty, LLC, 51 Sherwood Terrace, Suite C, Lake Bluff, IL 60044; 847-735-0600 Ext. 227, Fax 847-735-0664. SouthEast Properties is seeking a developer to purchase 12 acres to build a 90,000 sq.ft. shopping center located at the intersection of University Drive and Stirling Drive in Davie, FL. The site is located next to Home Depot, which is scheduled to open during Spring 2003.For more information, contact Bob Geiserman, SouthEast Properties, 1645 S.E. 3rd Court, Suite 200, Deerfield Beach, FL 33441; 954-420-1001, Fax 954-420-1002; Web site: www.southeastproperties.cc. Commercial Net Lease is selling the following three The Good Guys stores: a location in Bellingham, WA for $4,120,116 with a Cap rate of 8.60%. The lease is NNN with rent increases higher of 10% or CPI every five years; a location in Portland, OR for $4,177,094 with a Cap rate of 9.25%; and a location in Riverside, CA for $5,662,133 with a Cap rate of 9%. The lease is NN with the landlord responsible for roof and structure. For more information, contact Jay Bastian, Commercial Net Lease, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1144, Fax 407-650-1046; Email: jay_bastian@nnn1031.com; Web site: www.nnn1031.com. Goldschmidt & Associates brokered the sale of Lafayette Plaza, a 32,112 sq.ft. center located at the intersection of Route 9 and Meiser Road in Wappinger Falls, NY to Lem Lee 90th Limited Partnership for $5.25 million. The center is anchored by Party City and Moovies Update. Namco Pools is vacating the center during January 2003 and its 9,000 sq.ft. space, including an endcap, will be available for lease.For more information, contact Goldschmidt & Associates, One Chase Road, Scarsdale, NY 10583; 914-723-1616, Fax 914-723-7720; Web site: www.goldschmidtandassociates.com. WP Realty acquired Bull Run Plaza located in Manassas, VA for $30.6 million. The 417,000 sq.ft. center is anchored by Shoppers Food Warehouse, PetsMart and Office Depot and was 70% leased at acquisition.For more information, contact WP Realty, One Wynewood Road, Wynnewood, PA 19096; 610-552-6000, Fax 610-552-6001. Marcus & Millichap is selling a Big Kmart located in South Lakeland, FL for $7.29 million with a Cap rate of 10.3%. Financing is for 25 years absolute NNN with an interest rate of 7.875%. The company also is selling a Walgreens located in Clearwater, FL for $2,996,175 with a Cap rate of 8.6%. Financing is for 20 years self amortization with an interest rate of 7.45%.For more information regarding the Big Kmart, contact Marcus & Millichap, 7650 Courtney Campbell Causeway, Suite 1250, Tampa, FL 33607; 813-287-9777, Fax 813-287-1165; Web site: www.marcusmillichap.com. For more information regarding the Walgreens, contact Marcus & Millichap, 16830 Ventura Boulevard, Suite 100, Encino, CA 91436; 818-907-0600, Fax 818-501-8230. Welsh Cos. is selling a 60,208 sq.ft. Cub Foods located on 1370 Highway 15 in Hutchinson, MN for $5.82 million with a Cap rate of 9%. The lease is for 20 years NN (17 years remaining) with rent bumps in 2004, 2009 and 2014. The landlord is responsible for roof and structure.For more information, contact Pete Rand, Welsh Cos., 7807 Creekridge Circle, Minneapolis, MN 55439; 952-897-7700, Fax 952-842-7748; Email: prand@welshco.com; Web site: www.welshco.com. Also contact, Chris Simmons at 952-897-7760, Fax 952-842-7760; Email: csimmons@welshco.com; or contact, Tim Prinsen at 952-897-7748, Fax 952-842-7748; Email: tprinsen@welshco.com. Inland Retail Real Estate Trust, Inc. acquired Cox Creek Shopping Center located in Florence, AL for $19.2 million. The 174,015 sq.ft. center is anchored by Best Buy, Michaels, Pier 1, Linens ‘n Things and Dick’s Sporting Goods. Cotenants include Fashion Bug, Hallmark, Cost Cutters and Sally Beauty Supply. The company also acquired the 247,521 sq.ft. Sycamore Commons Shopping Center located at the intersection of Independence Boulevard and Highway 51 in Matthews, NC for $39.15 million. The center is anchored by Lowe’s Home Improvement Center and Costco. Co-anchors in the transaction include a 45,000 sq.ft. Dick’s Sporting Goods, a 32,900 sq.ft. Circuit City, a 25,000 sq.ft. Old Navy, a 25,000 sq.ft. Bed Bath & Beyond and a 23,915 sq.ft. Michaels. Cotenants include Cost Plus World Market, Payless Shoes, Pier 1 and Lane Bryant.For more information, contact Rick Fox, Inland Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com. CB Richard Ellis/Pittsburgh LP is marketing a 6,136 sq.ft., partially equipped and furnished former Outback Steakhouse located at 3074 Clairton Road (State Route 885) in the Century III Mall area of West Mifflin, PA. The restaurant is situated on a land area of two acres.For more information, contact Steven M. Esposito, CB Richard Ellis/Pittsburgh LP, Pennsylvania RS-2277190L, US Steel Tower, 14th Floor, 600 Grant Street, Pittsburgh, PA 15219; 412-394-9845, Fax 412-918-5638; Email: sesposito@cbre.com. Commercial Net Lease is selling an Eckerd drugstore located in Salisbury, MD for $3,933,755. The lease has four five-year options and a Cap rate of 8.6%.For more information, contact Jennifer Ryan, Commercial Net Lease, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 877-NNN-1031 or 407-650-1077, Fax 407-650-1046; Web site: www.nnn1031.com. Horn Capital Realty, Inc. is looking to acquire all types of properties with new and shorter-term leases anywhere in the U.S. For more information, contact Jonathan S. Horn, Horn Capital Realty, Inc., 1108 Kane Concourse, Suite 201, Bay Harbor Islands, FL 33154; 305-864-2000, Fax 305-864-4240; Email: jsh@horncapital.com. Janovetz Realty Advisors is selling Broadway Plaza, located at 4001 to 4013 Broadway in West Palm Beach, FL for $550,760 with a Cap rate of 10%. The 9,030 sq.ft. shopping center has a daily traffic count of 26,284 vehicles. Demographics include a population of 65,664 within three miles earning $63,881 as the average household income. For more information, contact Janovetz Realty Advisors, 6 East Yacht Drive, Oak Island, NC 28465; 910-278-9932. CB Richard Ellis, Inc. negotiated the sale of L.A. Fitness located at 29400 Portola Parkway in Lake Forest, CA for $9.05 million to Charles Wang Trust.For more information, contact Linda Oberle, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-5555, Fax 602-735-5655; Web site: www.cbre.com/phoenix. Weingarten Realty Investors acquired Chino Hills Marketplace, a supermarket-anchored center located at the intersection of Chino Hills Parkway and Pipeline Avenue in Chino Hills, CA from Chino Hills I, LLC. The 319,600 sq.ft. center is 94% leased and is anchored by Von’s (Safeway), Rite-Aid and Kmart.For more information, contact Tracy Pursell, Weingarten Realty Investors, PO Box 924133, Houston, TX 77292-4133; 713-866-6050, Fax 713-866-6049. Divaris Real Estate sold Robert Hall Village Shopping Center, a 160,000 sq.ft. center located at 3535 Airline Boulevard in Portsmouth, VA to E&S Co. The acquisition also includes a land area of 14.25 acres. For more information, contact Gerald S. Divaris, One Columbus Center, Suite 700, Virginia Beach, VA 23462; 757-497-2113, Fax 757-497-1338; Web site: www.divaris.com. Colliers International is selling a 68,778 sq.ft. center in Houston, TX market anchored by Office Depot, Blockbuster Video, Radio Shack and other national/regional tenants for $7.725 million. The center is 92.7% leased with an NOI of $772,419. In addition, Colliers International is offering a five-acre parcel adjacent to the retail center for additional development opportunities.For more information, contact Christopher D. Winters, Colliers International, 713-830-2106, Fax 713-986-4406; Web site: www.collierstexas.com. Sperry Van Ness is selling Bay Ridge Court Shopping Center, a 27,686 sq.ft. center located on a land area of 2.5 acres at 422-480 Green Bay Road in Waukegan, IL for $3.45 million. Financing is available to qualified parties at 5.875% for five years with amortization of 25 years. A cash on cash return of 10.5% is available at the current occupancy level. For more information, contact Tom Vincent, Sperry Van Ness/Sentinel Realty, 1803 Hicks Road, Suite D, Rolling Meadows, IL 60008; 847-963-1031, Fax 847-358-7634; Email: vincentt@svn.com. Upland Real Estate Group, Inc. sold the following two Walgreens drugstores: a 15,120 sq.ft. store located in Cottage Grove, MN for $5.3 million and a 13,905 sq.ft. store located in Moundsview, MN for $4.2 million.For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-335-9366, Fax 612-376-4489; Email: brier@upland.com. Kin Properties, Inc. is selling an 84,000 sq.ft. Kmart building located at 2323 North Harrison Street in Shawnee, OK. The rent is $386,000 per year NNN with 10 five-year options. The company also is selling Rite Aid stores at the following locations in VA: an 8,500 sq.ft. building at the intersection of 14th and Main Streets in West Point; a 8,052 sq.ft. store located at 1220 North 25th Street in Richmond; a 10,154 sq.ft. store located located at 8935 Patterson Avenue in Richmond and an 8,052 sq.ft. building at 1801 Hull Street Road in Richmond. For more information, contact Lee Cherney, Kin Properties, Inc., 185 Northwest Spanish River Boulevard, Suite 100, Boca Raton, FL; 800-833-4162, Fax 561-955-9921; Email Lee.Cherney@kinproperties.com.
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