Buyers & Sellers
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Buyers & Sellers

Marcus & Millichap of Chicago is selling an Eckerd drug store located in Brighton Heights near Pittsburgh, PA for $3.425 million with a Cap rate of 9.2%. The NN lease is for a 20-year term. The company is offering an 11.2% cash on cash return with soon to be secured non-recourse financing, a 7.5% interest rate and an amortization of 30 years.

For more information, contact Bruce J. Harris, Marcus & Millichap of Chicago, 8750 West Bryn Mawr Avenue, Suite 750, Chicago, IL 60631; 773-693-0700, Fax 773-693-2114; Email: bharris@marcusmillichap.com.

HSS Partners, LLC brokered the sale of Southwest Square, a 71,000 sq.ft. center located at 148th and Dixie Highway in Harvey, IL. The center is 97% occupied and is anchored by a 28,000 sq.ft. Harvey Fresh Market, a 10,000 sq.ft. Murray’s Discount Auto Parts and a 15,000 sq.ft. state building. Cotenants include a 5,000 sq.ft. Footlocker and a 5,000 sq.ft. Chatham Beauty Supply.

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.

Colliers Commerce CRG is representing a client looking to acquire an NNN Walgreens in the western or Rocky Mountain regions with asking prices from $1.5 million to $2 million.

For more information, contact Darrell Tate, Colliers Commerce CRG, 175 East 400 South, Suite 700, Salt Lake City, UT 84111; 801-322-2000; Fax 801-322-2040.

Jennifer Gray Commercial Realty, LLC is selling a 1,960 sq.ft. retail building with 2,700 sq.ft. of warehouse space located at 5311 Colleyville Boulevard between Glade Road and Hall-Johnson Road in Colleyville, TX for $575,000. The site sits on a land area of 1.1 acres and has a daily traffic count of 34,000 vehicles. Area demographics include a population of 196,966 within five miles. The site is contiguous to Town Center Colleyville, a 400,000 sq.ft., mixed-use lifestyle center.

For more information, contact Rena Arnold, Jennifer Gray Commercial Realty, LLC, 5200 Colleyville Boulevard, Suite C, Colleyville, TX 76034; 817-498-6002; Web site: www.jennifergrayrealty.com.

Upland Real Estate Group, Inc. sold a 28,384 sq.ft. Gander Mountain located adjacent to the Maplewood Mall in Maplewood, MN for $3.4 million.

For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 301 Fourth Avenue South, Minneapolis, MN 55415; 612-335-9366, Fax 612-376-4489.

The Lennox/Massell Cos. is marketing a BJ’s Wholesale Club located in Merritt Island, FL. The asking price is $950,000 cash over a mortgage balance of approximately $9.74 million. The 20-year, absolute NNN lease has rent increases every five years and four five-year renewal options. The property is offered as a "no flow" with minimal cash investment required over existing mortgage.

For more information, contact Wade Lennox, The Lennox/Massell Cos., 1 Oak Plaza, Suite 205, Asheville, NC; 828-281-3378, Fax 828-281-3380; Email: wjlennox@mindspring.com.

Sandor Development Co. acquired a seven-acre parcel leased to Kohl’s in Indianapolis, IN. Kohl’s has a 15-year lease for the 86,902 sq.ft. store. The company is looking to acquire single-tenant net lease and sale-leaseback properties with remaining lease terms as short as seven years.

For more information, contact Jay D. Stein, Sandor Development Co., 2220 North Meridian Street, Indianapolis, IN 46208-5728; 317-925-9011, Fax 317-927-0725; Email: hdahrendt@sandordev.com.

Grubb & Ellis Co. is marketing College Greens West Shopping Center located at 8341-8383 Folsom Boulevard in Sacramento, CA. The asking price is $7.1 million with a Cap rate of 10.45%. The center is 96% leased and is tenanted by Bank of America, Social Security, Dairy Queen, Arby’s, Provident Credit Union and Umeko’s Japanese Buffet.

For more information, contact Bill Liggett, Heath Charamuga, Erik Neese or Robert Cole, Grubb & Ellis Co., 1610 Arden Way, Suite 195, Sacramento, CA 95815-4035; 916-418-6000, Fax 916-418-0231; Email: investments.cast@grubb-ellis.com; Web site: www.grubb-ellis.com.

Lamar Cos. acquired the 183,000 sq.ft. Allendale Shopping Center located at the intersection of Routes 8 and 9 in Pittsfield, MA. The center is anchored by Big Lots, Toy Works, Brooks Pharmacy, McDonald’s and Berkshire Bank. The company plans to renovate the center and redevelop certain parcels of the property. Available spaces range from 840 sq.ft. to 35,000 sq.ft.

For more information, contact Jeff James, Lamar Cos., 365 South Street, Morristown, NJ 07960; 973-285-0660, Fax 973-285-0976; Email: jjames@lamarco.com.

The Staubach Co. is selling a 12,000 sq.ft. CVS Pharmacy located at the intersection of Commerce Avenue and Route 82 in Union, NJ for $5.3 million. The NNN lease has six five-year options with approximately 17 years remaining on the initial term. Demographics include a population of 175,892 within three miles earning $68,908 as the average household income.

For more information, contact David T. Wojciechowski, The Staubach Co., Tower 49, 12 East 49th Street, 31st Floor, New York, NY 10017; 212-418-2600, Fax 212-418-2675; Web site: www.staubach.com.

Atlantic Retail Properties is selling a 26.5-acre parcel that can accommodate a 150,400 sq.ft. center located at the intersection of Route 44 and Esmond Street in Smithfield, RI with a daily traffic count of 102,500 vehicles. Area demographics include a population of 37,298 within three miles earning $49,845 as the average household income. The site is near The Crossing at Smithfield, which is anchored by Kohl’s, Target, Home Depot, Michaels and Staples.

For more information, contact Michael Hotarek or Bryan Anderson, Atlantic Retail Properties, 11 Ray Avenue, Burlington, MA 01803; 781-472-3616 for Michael Hotarek and 781-472-3619 for Bryan Anderson.

The Proto Group, LLC is selling a 2.41-acre site, with previous approvals for 11,180 sq.ft. of retail space with a drive-thru available, located at the intersection of Dixwell Avenue and Mather Street in Hamden, CT with a daily traffic count of 23,900 vehicles. Area demographics include a population of 199,457 within five miles earning $58,058 as the average household income.

For more information, contact Lou Proto, The Proto Group, LLC, 116 Washington Avenue, 4th Floor, North Haven, CT 06473; 203-234-6371, Fax 203-234-6372; Email: info@theprotogroup.com; Web site: www.theprotogroup.com.

Chase Commercial Real Estate, LLC is selling Wallingford Plaza, a 150,480 sq.ft. center located on Route 5 in Wallingford, CT. The center sits on a land area of 15.47 acres and is 38% occupied. Tenants include Big Lots, Rainbow Apparel and Friendly’s. Area retailers include Wal*Mart, Kmart, Staples, Home Depot, Super Stop & Shop, Kohl’s, Sears Hardware, Pep Boys, Pier 1, Old Navy, Marshalls and Burlington Coat Factory.

For more information, contact Cory Gubner, Scott Lifschultz, Jon Sabrowski or Dominick Musilli, Chase Commercial Real Estate, LLC, 1111 Summer Street, Stamford, CT 06905; 203-324-0800, Fax 203-324-3125; Web site: www.chasecommercial.com.