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Buyers & Sellers
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Buyers & Sellers Levey Miller Maretz, LLC Realtors brokered the sale of Amity Place Shopping Center, a 27,000 sq.ft. center located at the intersection of Amity Road and Whalley Avenue in New Haven, CT for $1.95 million. For more information, contact Levey Miller Maretz, LLC Realtors, 8 Lunar Drive, Woodbridge, CT 06525; 203-389-5377, Fax 203-389-6302; Web site: www.leveymillermaretz.com. Westrust sold Loma Linda Shopping Center, a 210,000 sq.ft. project located in Nogales, AZ. The center was sold in two separate transactions. The company sold the 107,000 sq.ft. Safeway-anchored portion of the center in November of 2002, then most recently sold the 103,000 sq.ft. vacant building that was leased to Wal*Mart. For more information, contact Westrust, 26901 Agoura Road, Suite 250, Calabasas Hills, CA 91301-5103; 818-878-9300 Ext. 221. Site Development, Inc. is selling a 0.50-acre pad site at the Plaza 70 Shopping Center located at the intersection of Route 70 East and Cooper Avenue in Marlton, NJ for $500,000. For more information, contact Eric S. Flocco, Site Development, Inc., 17000 Horizon Way, Suite 100, Mt. Laurel, NJ 08054; 856-439-9200, Fax 856-439-0404; Email: flocco@sitedevelopment.net; Web site: www.sitedevelopment.net. R.J. Brunelli & Co., Inc. is selling a 45-acre site located at the intersection of Route 9 and West Farms Road in Monmouth County, NJ. The property currently houses 55,910 sq.ft. of retail operating under short term leases. Area demographics include a population of 256,466 within 10 miles earning $97,670 as the average household income. For more information, contact Steve Albert, R.J. Brunelli & Co., Inc., 400 Perrine Road, Suite 405, Old Bridge, NJ 08857; 732-721-5800, Fax 732-721-9241; Email: salbert@njretailrealty.com. Bellerive Development Co. sold Bellerive Plaza, a 75,235 sq.ft. Kroger-anchored center located on Harrodsburg Road in Nicholasville, KY for $7.51 million to Southeast U.S. Retail Fund, L.P. The center is currently 96% leased. For more information, contact Jim Hughes, Bellerive Development Co., 400 Bellerive Boulevard, Suite 200, Nicholasville, KY 40356; 859-514-3100, Fax 859-514-3131; Email: bellerive@bellerivepark.com. Acadia Realty Trust is looking to acquire portfolios and properties of at least 150,000 sq.ft. for a minimum of $10 million. For more information, contact Joel Braun or Joseph Ginex, Acadia Realty Trust, 1311 Mamaroneck Avenue, Suite 260, White Plains, NY 10605; 914-288-8100, Fax 914-428-2380. LMS Commercial Real Estate is selling Manchester Commons Shopping Center, a 38,600 sq.ft. center located on Route 181 in Manchester, PA for $2.95 million. Area demographics include a population of 44,858 within five miles earning $55,543 as the average household income. The company also is selling a 3,000 sq.ft. building located at the intersection of High Street and Route 24 in Red Lion, PA for $350,000. The site is situated on a land area of one acre and was formerly occupied by Farmer’s First Bank. Area demographics include a population of 51,794 within five miles earning $60,472 as the average household income. The site has an average daily traffic count of 18,000 vehicles. For more information, contact LMS Commercial Real Estate, 120 North Pointe Boulevard, Suite 301, Lancaster, PA 17601; 717-569-9373, Fax 717-560-9909; Web site: www.lms-pma.com. Marcus & Millichap is selling CSK Auto Parts stores in Eugene, OR and Phoenix, AZ and Max & Erma’s restaurants in Chicago, IL and Cleveland, OH. The company also is selling Wal*Mart Plaza, a 27,227 sq.ft. center located in Crowley, LA for $3.85 million with a Cap rate of 9.7%. The center has an existing debt of $2.7 million, an amortization of 30 years and a 10-year term. The center is 100% occupied. For more information, contact John Glass, Marcus & Millichap, 750 Battery Street, Suite 500, San Francisco, CA 94111; 415-391-9220; Email: jglass@marcusmillichap.com. For more information regarding Wal*Mart Plaza, contact John Riser, Marcus & Millichap, 101 West Ohio Street, Suite 1550, Indianapolis, IN 46204; 317-955-2600, Fax 317-955-0091 Grubb & Ellis/Harrison & Bates is selling a 14,000 sq.ft. building, formerly occupied by Mulligan’s Sports Bar, located at 8006 West Broad Street in Richmond, VA. The company also is selling a 5,487 sq.ft. building, formerly occupied by a restaurant, located at 5310 West Broad Street in Richmond, VA. Grubb & Ellis Retail Investment Group is selling Buffalo Wild Wings locations in Olive Branch, MS and Lithonia, GA. The site in Olive Branch is selling for $1,802,138, while the site in Lithonia is selling for $2,251,138. Both have Cap rates of 8% and 15-year absolute NNN leases. For more information, contact Jim Ashby or Mike Weisberg, Grubb & Ellis/Harrison & Bates, 830 East Main Street, 5th Floor, Richmond, VA 23219; 804-788-1000; Web site: www.harrison-bates.com. For more information regarding Buffalo Wild Wings, contact Dan Grooters, Grubb & Ellis Retail Investment Group, 1200 17th Street, Suite 2000, Denver, CO 80202; 303-572-5520. NewMarket Advisors is selling a Krispy Kreme Doughnut store located at 1525 North Eagle Road in Meridian, ID. The 4,635 sq.ft. site has a Cap rate of 7% with a 15-year NNN lease and four, five-year options. For more information, contact Craig Butler, NewMarket Advisors, 2970 West Sahara Avenue, Suite 100, Las Vegas, NV 89102-1710; 702-221-2500 Ext. 301. GMH Capital Partners is selling the following sites: Cobb Commons, a 56,015 sq.ft. center located in Marietta, GA; Town and Country, a 216,807 sq.ft. center located in Pensacola, FL for $7 million; Greenwood Kmart Center, a 154,027 sq.ft. center located in Greenwood, SC for $5.5 million; Brookhill Azalea, a 158,000 sq.ft. center located in Richmond, VA for $10.9 million and Dundalk Plaza, a 183,672 sq.ft. center located in Dundalk, MD for $13.5 million. For more information, contact GMH Capital Partners, 10 Campus Boulevard, Newtown Square Corporate Campus, Newtown Square, PA 19073; 610-355-8500, Fax 610-355-8501; Web site: www.gmhcp.com. Jeffrey Realty, Inc. is selling a 54,972 sq.ft. center located at the intersection of Route 35 and Route 36 in Hazlet, NJ for $9 million with a Cap rate of 7.8%. The loan term is for 10 years with an interest rate of 6.41%. The center is tenanted by Dollar Tree and Sports Authority. The company also is selling a 115,260 sq.ft. center located on Route 206 South in Raritan, NJ for $23 million with a Cap rate of 9.16%. The site has an average daily traffic count of 40,000 vehicles. The center is anchored by Stop & Shop, Walgreens and Washington Mutual. Area retail includes the 950,000 sq.ft. Bridgewater Commons Mall. For more information, contact John Lutz, Jeffery Realty, Inc., 116 Route 22, North Plainfield, NJ 07060; 908-668-9600, Fax 908-668-5225. RMC Property Group acquired Kingsley Square Shopping Center, a 139,500 sq.ft. center located at the intersection of Kingsley Avenue and Blanding Boulevard in Orange Park, FL. The center will be redeveloped in conjunction with the development of a 108,000 sq.ft. Lowe’s Home Improvement Warehouse. Completion is slated for Spring 2004. The center is cotenanted by OfficeMax, Firehouse Subs, Tan USA and Pizza Hut. For more information, contact Michael Leeds, RMC Property Group, 1733 West Fletcher Avenue, Tampa, FL 33612; 813-960-8154 Ext. 222, Fax 813-963-2596. |