Buyers & Sellers
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Buyers & Sellers

Kin Properties, Inc. is looking to acquire 40 to 50 properties per year under the following criteria: The company prefers single-tenant leased properties; anchored malls and strip and/or power centers; the "fee" position under centers or freestanding properties; long-term leases (minimum five years) with options; low or no cash flow properties, where the rental payments are used to pay the interest and amortization of a mortgage; property with below market 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.

Orion Miami is selling single tenant, long-term NNN leases located in major markets nationwide from $1 million to $15 million.

For more information, contact Joseph A. Sanz, Orion Miami, 9000 Southwest 152nd Street, Unit 106, Miami, FL 33157; 305-278-8400, Fax 305-278-1540; Web site: www.orionmiami.com.

Baumgard Development Corp. acquires shopping centers and land for centers throughout FL. The company prefers centers ranging in size from 35,000 sq.ft. to 40,000 sq.ft., as well as supermarket-anchored centers of 100,000 sq.ft. All centers must be on corners at major intersections.

For more information, contact Daniel Baumgard, Baumgard Development Corp., 1575 San Ignacio Avenue, Suite 100, Coral Gables, FL 33146; 305-661-0110.

Kimco Preferred Equity is looking to acquire neighborhood, community, power and single-tenant centers from $1 million to $50 million with holding periods of one to 10 years. The company recently funded River Oaks Plaza, a 195,000 sq.ft. center in Houston, TX, for $3.84 million; Metro Plaza, a 242,000 sq.ft. center in Jersey City, NJ, for $5 million; Loyal Plaza, a 293,270 sq.ft. center in Williamsport, PA, for $4.3 million and Publix at Laguna Isle and Wellington Marketplace in FL for $1.3 million and $2.5 million, respectively.

For more information, contact John R. Greenwood, Kimco Preferred Equity, 4979 Old Street Road, Trevose, PA 19053; 215-396-0972; Email: jgreenwood@kimcorealty.com; Web site: www.kimcorealty.com.

ARC Properties, Inc. acquires single tenant properties with 15-year NNN terms in major U.S. markets priced from $1.5 million to $50 million. The company prefers to acquire sites or enter into joint ventures in the New York, NY area. The company prefers drug stores, food stores and power center sites.

For more information, contact Claudia Lomicky, ARC Properties, Inc., 1401 Broad Street, Clifton, NJ 07013; 973-249-1000, Fax 973-249-1001; Web site: www.arcproperties.com.

Grubb & Ellis Co. is marketing a site situated on a land area of 2.03 acres located at the intersection of East Lake Avenue and Tuttle Avenue in Watsonville, CA for $1.05 million. The site is a Rite Aid surplus property and is zoned for a neighborhood shopping district. Area demographics include a population of 69,403 within five miles earning $49,064 as the average household income.

For more information, contact Marilyn Hansen, Grubb & Ellis Co., 1732 North First Street, Suite 100, San Jose, CA 95112; 408-452-5900, Fax 408-437-0499; Email: marilyn.hansen@grubb-ellis.com.

Coldwell Banker Commercial is selling a strip center in Freeport, IL for $3 million with a Cap rate of 9%. The 48,000 sq.ft. center is situated on a land area of four acres. Tenants include Save-A-Lot, Dollar Tree, Oriental Buffet and Pack & Post. Area retail includes Wal*Mart, Kmart, JCPenney, Shopko, Staples and Farm & Fleet.

For more information, contact Gary Seidel, Coldwell Banker Commercial, 2115 West Collingswood Drive, Beloit, WI 53511; 608-361-1080, Fax 608-201-5463; Web site: www.agencynet.us.

Ludwig & Seeley, Inc. sold a land area of 19.9 acres in Commerce Township, Oakland County, MI to Costco Wholesale Corp. The transaction was co-brokered with Landmark Commercial Real Estate and Northwest Atlantic Partners. The new Costco store will be located at the intersection of Commerce Crossings Road and Loop Road.

For more information, contact Richard Ludwig, Ludwig & Seeley, Inc., 31555 West Fourteen Mile Road, Suite 100, Farmington Hills, MI 48334; 248-539-1700, Fax 248-539-3776; Web site: www.ludwigseeley.com.

Keegan & Coppin Co., Inc. is selling Pacific Plaza in Rohnert Park, CA for $1.5 million. The 18,000 sq.ft. center has an NNN lease and is comprised of three approximately 6,000 sq.ft. buildings. Tenants include Baja Fresh, Juice Shack, Coldstone Creamery, Panda Express and Quizno’s. The center has pending lease transactions with Starbucks, Kinko’s, Vineyard Dental and Cellular World. Area demographics include a population of 82,500 within five miles earning $64,753 as the average household income.

For more information, contact Bruce Codding, Keegan & Coppin Co., Inc., 1355 North Dutton Avenue, Santa Rosa, CA 95401; 707-528-1400, Fax 707-524-1419; Email: bcodding@keegancoppin.com. Or contact, Emily McGranaghan, Keegan & Coppin Co., Inc., 1301 Redwood Way, Suite 165, Petaluma, CA 94954; 707-792-7335, Fax 707-792-7336; Email: emcgran@keegancoppin.com.

Matanky Realty Group is selling a 10,600 sq.ft. strip center located at 350 Main Street in Park Forest, IL for $700,000. The center has seven storefronts with parking.

For more information, contact Matanky Realty Group, 1332 North Halsted, Suite 300, Chicago, IL 60622; 312-337-1001, Fax 312-337-5996.

Westwood Financial Corp. is selling a 119,112 sq.ft. supermarket-anchored center in Scottsdale, AZ for $17 million. Tenants include AJ’s, Walgreens, Starbucks, Washington Mutual and Mobil.

For more information, contact Phillip A. Duke, Westwood Financial Corp., 11440 San Vincente Boulevard, Suite 200, Los Angeles, CA 90049; 310-820-5443; Email: pduke@westfin.com; Web site: www.westfin.com.

Retail Enterprise Group announced that Napa Tahoe Specialty Retail Development, LLC has been formed to develop retail and mixed-use properties, as well as invest in land parcels throughout northern CA. The first investment is a multi-acre assemblage in Fairfield, CA located at the intersection of Interstate 680 and Interstate 80 with an average daily traffic count of 150,000 vehicles. Several of the company’s parcels are in negotiations for sale or ground lease.

For more information, contact Linda Sturdivant, Retail Enterprise Group, 914 Westwood Boulevard, Suite 548, Los Angeles, CA 90024; 310-474-6560, Fax 310-474-6590; Email: linda@retailenterprisegroup.com.

Summit Commercial Properties acquired Kaiser Center, a 28-story tower in Oakland, CA for $100 million. The company also acquired the rights to build an additional 1.5 million sq.ft. from majority owner Kaiser Aluminum and other investors. The purchase also includes a 1,500-space garage, 130,000 sq.ft. of retail space and the 7.5-acre parcel that the building sits on.

For more information, contact Summit Commercial Properties, 100 North Sepulveda, Suite 1210, El Segundo, CA 90245; 310-648-7500, Fax 310-648-7251; Web site: www.summitprop.com.

BBRE/Eshenbaugh is selling a site located on Little Road in New Port Richey, FL for $895,000. The site is situated on a land area of four acres and can be divided or build-to-suit. The company also is selling a restaurant/hotel/truck/service site situated on a land area of four acres off the Lazy Days exit of Interstate 4 in Tampa, FL for $1.95 million.

For more information, contact Bill Eshenbaugh, BBRE/Eshenbaugh, 1208 South Myrtle Avenue, Clearwater, FL 33756; 727-446-9595, Fax 727-446-9525; Email: eshland@gte.net.

Metrovation Brokerage is selling a site located at the intersection of Lakeville Highway and Caufield Lane in Petaluma, CA for $3.6 million. The site is situated on a land area of 4.2 acres. Area demographics include a population of 64,484 within five miles earning $77,839 as the average household income. The site has an average daily traffic count of 70,000 vehicles.

For more information, contact Christine Firstenberg, Metrovation Brokerage, 520 Third Street, Suite 203, Oakland, CA 94607; 510-839-4000, Fax 510-465-4472; Email: cfirstenberg@metrovation.com.

Coldwell Banker Commercial Mountain West is selling a site situated on a land area of 0.93 acres located at 110 Opal Court in Albany, OR for $486,000. The property is located near the Linn County Fair and Expo Center and between Comfort Suites and Holiday Inn Express.

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.

US Properties is selling a Kmart in upstate NY for $5,147,546 with a Cap rate of 13%.

For more information, contact Jodi Peister, US Properties, 99 Main Street, Nyack, NY 10960; 845-348-7665, Fax 845-727-3964.

Arroyo & Coates is selling a Walgreens drug store located at at the intersection of East Wellesley Avenue and Crestline in Spokane, WA for $5.1 million with a Cap rate of 7.25%. The 15,120 sq.ft. building is situated on a land area of 1.76 acres and has a primary lease term of 20 years with eight five-year options. The lease is NNN. The company also is selling a freestanding 63,024 sq.ft. Raley’s Supermarket located at 1125 West Winnemucca Boulevard in Winnemuca, NV for $5.17 million with a Cap rate of 8.75%. The supermarket has an absolute NNN lease with 13.5 years remaining and is situated on a land area of five acres. The center is cotenanted by a 2,400 sq.ft. Philly Cheese Steak Shop. The lease for Raley’s has four, five-year options.

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.

NNN1031.com is selling a La-Z-Boy in Langhorne, PA for $4,591,413 with a Cap rate of 8%. The 15,450 sq.ft. building is situated on a land area of 77,536 sq.ft. The NNN lease ends during May 2018. The current rent is $367,313 annually with three, five-year options.

For more information, contact Jay Bastian or Jennifer Ryan, NNN1031.com, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1144, Fax 407-650-1046. For Jennifer, call 407-650-1077; Emails: jay_bastian@nnn1031.com and jennifer_ryan@nnn1031.com; Web site: www.nnn1031.com

 

Coldwell Banker Commercial NRT is selling shopping centers in FL from $1 million to $30 million.

For more information, contact Allan Cohen, Coldwell Banker Commercial NRT, 20803 Biscayne Boulevard, Suite 102, Aventura, FL 33180; 305-215-3668, Fax 954-454-7216.

Borrus Associates acquires anchored, strip, neighborhood and power centers throughout CT, DE, MD, NJ, NY and PA.

For more information, contact Julius Borrus, Borrus Associates, 3333 Highway 9, Old Bridge, NJ 08857; 732-679-4100.

Petrovich Development Co. is selling a center located at the intersection of Auburn and Van Maren Lane in Citrus Heights, CA for $10.75 million. The center has spaces available of 34,880 sq.ft., plus 500 sq.ft. for a coffee kiosk. The center is anchored by Rite Aid.

For more information, contact Paul Petrovich, Petrovich Development Co., 5046 Sunrise Boulevard, Suite One, Fair Oaks, CA 95628; 916-966-4600, Fax 916-966-4005; Email: paul@petrovichdevelopment.com.

Breslin Realty Development Corp. negotiated the sale of a property located at the intersection of Main Street and Elm Avenue in downtown Smithtown, NY. The company created a sale to an investor and will be representing the owners in the development of a retail project.

For more information, contact Robert Delavale, Breslin Realty Development Corp., 500 Old Country Road, Garden City, NY 11530; 516-741-7400, Fax 516-741-7128.

Insite Commercial Group represented Aaron Rents in the sale of a building located at 1065 North Perry in Pontiac, MI to Teamsters Union Local 614.

For more information, contact Nicole Coschino, Insite Commercial Group, 25800 Northwestern Highway, Suite 720, Southfield, MI 48075; 248-355-6141, Fax 248-359-0009.

CB Richard Ellis is representing a client looking to sell a Family Dollar Store in South Beloit, IL for $674,317 with a Cap rate of 8.5% and a term of 10 years. An all cash deal is preferable. The company also is selling three Walgreens stores throughout central FL. Asking prices range from $4 million to $7 million with Cap rates of 6.75% to 7%.

For more information, contact Michael R. O’Mara, CB Richard Ellis, Inc., 600 Atlantic Avenue, 22nd Floor, Boston, MA 02210; 617-912-7086, Fax 617-912-7001. For more information regarding the Walgreens, contact Mark M. Drazek, CB Richard Ellis, Inc., 201 South Orange Avenue, Suite 1500, Orlando, FL 32801; 407-839-3123, Fax 407-839-3171.

Real Estate World Florida Commercial, Inc. is selling a 16,500 sq.ft. NNN center with national and long-term tenants located in Plantation, FL for $2.65 million with a Cap rate of 11%. The company also is selling a mall in Hollywood, FL for $40 million. The 850,000 sq.ft. mall sits on a land area of 45 acres.

For more information, contact Dael Sydney, Real Estate World Florida Commercial, Inc., 221 West Hallandale Beach Boulevard, Hallandale Beach, FL 33009; 954-455-3366 Ext. 234, Fax 954-455-3330; Email: daels@rewcommercial.com; Web site: www.rewcommercial.com. For information regarding the mall in Hollywood, contact Ann Berkman at 954-455-3366 Ext. 238.