Buyers & Sellers
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Buyers & Sellers

Stirling Properties is selling a former 12,000 sq.ft. Rite-Aid store located at the intersection of Highway 80 West and Kitchings Drive in Clinton, MS with an average daily traffic count of 35,000 vehicles. O’Reilly Autoparts has recently taken over 6,800 sq.ft. of space at the site. Area retail includes Winn-Dixie, Fred’s, Hibbett Sports, Dollar Tree, Radio Shack, Fashion Bug and Wal*Mart Supercenter. Area demographics include a population of 59,758 within five miles earning $55,284 as the average household income.

For more information, contact Chris Abadie, Stirling Properties, 615 Baronne Street, Suite 100, New Orleans, LA 70113-1082; 504-523-4481, Fax 504-523-4475; Email: cabadie@stirlingprop.com; Web site: www.stirlingprop.com.

CB Richard Ellis, Inc. negotiated the sale of three parcels of land totaling 54.5 acres near Surprise, AZ for $6.15 million to Cherry Properties, LLC. The vacant parcels are located at the intersection of Sarival and Peoria Avenues and the intersection of Reems Road and Peoria. The company also is selling two Denny’s restaurants located in Houston, TX for $1.832 million with a Cap rate of 6.25%.

For more information, contact Katherine Haug, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-5555, Fax 602-735-5655; Web site: www.cbre.com/phoenix.

Inland Real Estate Sales, Inc. represented Styling Concepts in the sale of a 6,750 sq.ft., three-unit center located at the intersection of Golf and Higgins Road in Schaumberg, IL for $885,000. The center is 100% leased to long-term tenants, including Car Quest. The buyer was Simmy Investments. The company also acquired Caton Crossing Town Square, an 83,792 sq.ft. center in Joliet, IL, for $13.5 million. The center is 100% leased and is anchored by a 56,192 sq.ft. Cub Foods and is tenanted by Hallmark Cards and GNC. The company also acquired the following seven properties throughout GA: Barrett Pavilion, a 461,597 sq.ft. center located in Kennesaw for $80 million; Heritage Pavilion, a 262,933 sq.ft. center located in Smyrna for $39.94 million; Hiram Pavilion, a 363,616 sq.ft. center in Hiram for $45.51 million; Sandy Plains Village, a 175,035 sq.ft. center located in Roswell for $18 million; Shoppes at Lake Dow, a 73,270 sq.ft. center located in McDonough for $11.1 million; a 22,560 sq.ft. Goody’s in Augusta for $2.15 million and Bi-Lo Plaza, a 36,000 sq.ft. center in Sylvania for $4.4 million.

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.

Neal Realty & Investments, Inc. represented Bee L., Inc. in the sale of a 46,000 sq.ft. land parcel for $255,000 to Newmarket Realty Trust. The land is located at the intersection of 135th Street and 27th Avenue in Opa Locka, FL.

For more information, contact Neal Realty & Investments, Inc., 3300 North Federal Highway, Suite 250, Fort Lauderdale, FL 33306; 954-568-0530, Fax 954-568-2134; Email: info@nealrealty.net; Web site: www.nealrealty.net.

Marcus & Millichap Real Estate Investment Brokerage Co. is selling Pigeon Forge Outlet Center, a 94,750 sq.ft. center located at the intersection of Highway 441 and Davis Road in Pigeon Forge, TN for $9.3 million with a Cap rate of 10.3%. Tenants include Liz Claiborne, Rockport, Henry & David, Stone Mountain, Reebok, Eddie Bauer, Coach and Easy Spirit. The company also is selling a 87,479 sq.ft. Kmart in Waterboro, SC for $2.75 million with a Cap rate of 9%. Lease rates range from $4.75 psf to $6 psf NNN. The company also is selling a 15,120 sq.ft. Walgreens located at the intersection Lebanon Road and Mt. Juliet Road in Mt. Juliet, TN for $3.985 million with a Cap rate of 7.8%. The site is situated on a land area of 1.72 acres.

For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 5900 North Andrews Avenue, Suite 100, Fort Lauderdale, FL 33309; 954-463-2400, Fax 954-463-9222; Web site: www.marcusmillichap.com.

Faris Lee Investments is selling a Longs Drugs location in Woodland Hills, CA for $11.5 million with a Cap rate of 6.63%. The buyer will assume the existing loan at a fixed rate of 5.19% with an amortization of 30 years due in 10 years. Demographics include a trade-area population earning $111,787 as the average household income. The company also is selling a 25,098 sq.ft. Sam Ash music store located along 91 Freeway in Cerritos, CA with an average daily traffic count of 478,000 vehicles. The site is selling for $6.69 million with a Cap rate of 8%. The buyer may obtain a new loan at approximately 6% fixed interest rate with an amortization of 25 years. The company also is selling Beach and Chapman Center, a 22,266 sq.ft. center located at the intersection of Beach Boulevard and Chapman Avenue with an average daily traffic count of 148,000 vehicles. The center is selling for $5.45 million. The buyer may obtain a new variable interest rate loan at approximately 5.50% with an amortization of 30 years. Tenants include Starbucks, Kragen and Dominos Pizza.

For more information, contact Faris Lee Investments, 2301 DuPont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Email: info@farislee.com; Web site: www.farislee.com.

DRA Advisors, LLC is looking to acquire $500 million of community, lifestyle and power centers, portfolios or single assets, joint ventures or direct purchases.

For more information, contact Andrew Peltz, DRA Advisors, LLC, 220 East 42nd Street, 27th Floor, New York, NY 10017; 212-697-4740, Fax 212-697-7403; Web site: www.draadvisors.com.

K-Construction is selling Omni Plaza, a 121,000 sq.ft. center located on 10 Mile Road in Southfield, MI for $1.8 million with a Cap rate of 9%.

For more information, contact Norman Karmo, K-Construction, 24655 Southfield Road, Southfield, MI 48075; 248-752-0331, Fax 248-559-5557.

Baker Storey McDonald Properties is selling the following sites: a 1,200 sq.ft. building located at 1201 Murfreesboro Road in Nashville, TN for $285,000; a site situated on a land area of 1.85 acres on Highway 41A in Hopkinsville, KY for $635,000; A former BP gas station situated on a land area of 0.55 acres located at 1440 Brick Church Pike in Nashville, TN for $350,000 and a site situated on a land area of five acres located at 1066 West Main Street in Hendersonville, TN for $850,000.

For more information, contact David F. Baker, Baker Storey McDonald Properties, 3011 Armory Drive, Suite 140, Nashville, TN 37204; 615-373-9511, Fax 615-373-9542; Email: dbaker@bsmproperties.com; Web site: www.bsmproperties.com.

Horn Capital Realty is looking to acquire older net leased properties nationwide with lease terms of nine years or less. The company will acquire centers with as little as two years remaining as long as the following criteria is met: Pizza Hut, KFC and Taco Bell locations with sales volumes of $750,000 or more, rent equal to 5% of sales; McDonald’s, Burger King, Wendy’s and Arby’s locations with sales volumes of a minimum of $1 million; Red Lobster, Chili’s, Denny’s, Olive Garden and T.G.I. Friday’s locations with sales volume of $2 million plus; convenience stores, gas stations and auto retailers with sales volumes of $800,000 or more, gas stations with volume of 100,000 gallons per month and rent equal to 5% of sales or less; supermarkets with rents in the $5 psf range and sales volumes of $450,000 plus per week. The company prefers below market rents and declining rent situations.

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.

Saul Centers, Inc. acquired a 161,000 sq.ft. center located at the intersection of Indian Head Highway and East Swan Creek Road in Fort Washington, MD. The center is anchored by a 58,000 sq.ft. Safeway, while the rest of the center consists of approximately 48,000 sq.ft. of inline shop space, 16,000 sq.ft. of pad site buildings and the currently vacant 39,000 sq.ft. former Safeway store. The company plans to redevelop a portion of the property where the former Safeway had been operating.

For more information, contact Scott V. Schneider, Saul Centers, Inc., 7501 Wisconsin Avenue, Suite 1500, Bethesda, MD 20814-6522; 301-986-6220, Fax 301-986-6079; Web site: www.saulcenters.com.

The Staubach Co. is selling the VF Retail Center, a 60,229 sq.ft. center located in Union City, TN for $1.285 million with a Cap rate of 11%. The property is anchored by a VF Store with two additional retail tenants and one vacancy of 1,600 sq.ft. The site is situated on a land area of 23.3 acres.

For more information, contact The Staubach Co., 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 800-944-0012. Or contact, David Wojciechowski, The Staubach Co., 212-418-2668; Email: dtwoj@staubach.com.

Glimcher Realty Trust sold Hills Plaza East, a 96,025 sq.ft. center in Erie, PA for $2.3 million. The center includes a 77,000 sq.ft. vacant anchor location that was formerly occupied by Ames.

For more information, contact William G. Cornely, Glimcher Realty Trust, 20 South Third Street, Columbus, OH 43215; 614-621-9000 Ext. 111, Fax 614-621-9311; Web site: www.glimcher.com.

Coldwell Banker Commercial Mountain West is selling a site situated on a land area of 0.67 acres located at the intersection of Pacific Boulevard and Cleveland Street in Albany, OR for $475,000. The company also is selling a former Budget Rent-A-Car facility located at 18449 Stark Street in Gresham, OR for $1.45 million. The building is situated on a land area of 1.39 acres and contains 5,987 sq.ft. with a 5,113 sq.ft. garage area.

For more information, contact Alex Rhoten, Coldwell Banker Commercial Mountain West, 698 12th Street, Suite 100, Salem, OR 97301; 503-587-4777, Fax 503-588-3514.

netUSrealestate is selling a 4,000 sq.ft. Movie Gallery Video store in Beaver Dam, KY for $463,157 with a Cap rate of 9.5%. The lease term is for seven years with three options. Area retail includes Wal*Mart Supercenter, Pizza Hut, KFC and Long John Silvers.

For more information, contact Jennifer VanWilliams, netUSrealestate, 4318 Downtowner Loop North, Mobile, AL 36609; 251-344-2000, Fax 251-344-4144; Web site: www.netusrealestate.com.

Coldwell Banker Commercial Devonshire Realty negotiated the sale of a 20,160 sq.ft. center located at 1102-04 North Prospect Avenue in Champaign, IL.

For more information, contact Aaron Parmelee, Coldwell Banker Commercial Devonshire Realty, 201 West Springfield, Suite 400, Champaign, IL 61820; 217-352-7712, Fax 217-352-5513; Email: aparmelee@devonshire-realty.com; Web site: www.devonshire-realty.com.

Finard & Co. brokered the sale of Wallace Plaza Shopping Center located in Fitchburg, MD for $6.75 million to Kent Realty Associates, LP. The 127,460 sq.ft. center is located on John Fitch Highway and includes 65,000 sq.ft. of retail space, a 24,260 sq.ft. self-storage facility and 35,400 sq.ft. of outdoor storage units. The center also includes a 40,000 sq.ft. Market Basket Supermarket that was not included in the sale. Other tenants include Big Lots, Rentway, Payless Shoe Source, Papa Ginos and Fleet Bank.

For more information, contact William Beckerman, Finard & Co., One Burlington Woods Drive, Burlington, MA 01803; 781-273-5555 Ext. 210, Fax 781-272-8408; Email: wbeckerman@finard.com; Web site: www.finard.com.

Developers Diversified Realty and DRA Advisors, LLC sold Clocktower Place, a 211,000 sq.ft. center located in St. Louis, MO to Heritage Property Investment Trust, Inc. for approximately $22 million. The center is 98% leased and is anchored by T.J. Maxx, Office Depot and Dierberg’s Marketplace.

For more information, contact Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 877-CALL-DDR; Web site: www.ddrc.com.

Craig Realty Group will acquire Citadel Outlets and Office Park located on Interstate 5 in Los Angeles, CA from the City of Commerce for $53 million. The company is planning an extensive renovation and expansion of the property, which is currently 97% occupied. Approximately $30 million will be spent to upgrade the existing 147,000 sq.ft. outlet center and build another 126,000 sq.ft. retail space. Opening is slated for next year. The site is situated on a land area of 35 acres and also contains 256,000 sq.ft. of office space with four buildings, one which will house the headquarters of Smart & Final and a ground lease for a 201-room Wyndham Hotel.

For more information, contact Craig Realty Group, 1500 Quail Street, Suite 100, Newport Beach, CA 92660; 949-224-4100, Fax 949-224-4101; Web site: www.craigrealtygroup.com.

United Commercial Development sold Sycamore Village Shopping Center, a 92,603 sq.ft. center located at the intersection of Sycamore School Road and McCart Street in Fort Worth, TX. The center is anchored by Albertsons. Phase II of the development, consisting of 6.9 acres, has been retained by UCD for future development.

For more information, contact United Commercial Development, 7001 Preston Road, Suite 500, Dallas, TX 75205; 214-224-4606, Fax 214-219-2080; Email: ljwilmore@ucdcorp.com; Web site: www.ucdcorp.com.

Weingarten Realty Investors brokered the sale of Tamiami Trail Shops, a 110,900 sq.ft. center located at the intersection of Tamiami Trail and 137th Avenue in Miami, FL. The Publix and Eckerd-anchored center was acquired by Woolbright Tamiami, LTD and is currently 100% occupied. The company also brokered the sale of Lincoln Place II, a 168,400 sq.ft. center located at the intersection of Route 159 and Long Acre Drive in Fairview Heights, IL. Anchors include Marshall’s, Linens ‘n Things, Office Depot, Old Navy and Ultimate Electronics. The center is currently 98.6% occupied.

For more information, contact Weingarten Realty Investors, PO Box 924133, Austin, TX 77292-4133; 713-866-6006, Fax 713-866-6049; Web site: www.weingarten.com.