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Buyers & Sellers
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Buyers & Sellers Inland Retail Real Estate Trust, Inc. acquired the following 19 Eckerd drug stores throughout four southern states from Commercial Net Lease Realty Services, Inc. for $40 million: two 9,504 sq.ft. locations in Dallas, TX for $1.91 million and $2.07 million; two Fort Worth, TX locations of 9,504 sq.ft. and 10,908 sq.ft. for $1.66 million and $2.68 million, respectively; two Wichita Falls, TX locations of 9,504 sq.ft. for $1.83 million and $2.1 million; a 9,504 sq.ft. Lake Worth, TX location for $1.8 million; a 9,504 sq.ft. Tyler, TX store for $1.49 million; two 10,560 sq.ft. Richardson, TX locations for $2.31 million and $2.35 million; a 10,908 sq.ft. River Oaks, TX store for $2.7 million; a 10,908 sq.ft. Plano, TX store for $2.53 million; a 10,908 sq.ft. Richland Hills, TX store for $2.66 million; a 10,880 sq.ft. Marietta, GA location for $2.04 million; a 9,504 sq.ft. Lawrenceville, GA location for $2.06 million; a 10,594 sq.ft. Gainesville, GA store for $1.98 million; a 10,594 sq.ft. Snellville, GA store for $2.23 million; a 9,504 sq.ft. Oklahoma City, OK location for $1.77 million and a 10,880 sq.ft. Kissimmee, FL store for $2.47 million. The properties comprise 193,236 sq.ft. and have NNN leases. 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. Wheeler/Kolb Management Co. is selling the following properties throughout GA: a 71-acre site located on Quail Road in Homer, GA for $5,000 per acre; a 15-acre and six-acre site located at the intersection of Interstate 575 and Canton Highway in Holly Springs, GA for $250,000 per acre; four outparcels at Town Center Mall located at the intersection of George Busbee Parkway and Ring Road in Cobb County, GA for $13 psf to $15 psf; a 1.1-acre site at Market Square located at the intersection of Sweetbriar Road and Birch Road in DeKalb County, GA for $350,000; a 7.104-acre site located at 3189 Woodrow Drive in DeKalb County, GA for $183,600; two outparcels and a 1.8-acre site at the intersection of Arnold Road and Highway 29 in Gwinnett County, GA for $9 psf to $12 psf for the outparcels; a 9.7-acre site located at the intersection of Bethesda Church and Ronald Reagan Parkway in Gwinnett County, GA; two outparcels located on Woodington Circle, in between Steve Reynolds Boulevard and Pleasant Hill Road in Gwinnett County, GA for $450,000 and $525,000. For more information, contact Kathy Thirolf, Wheeler/Kolb Management Co., 3525 Mall Boulevard, Suite 5A, Duluth, GA 30096; 770-476-4801, Fax 770-497-8811; Email: wheelerkolb@mindspring.com; Web site: www.wheelerkolb.com.
CB Richard Ellis, Inc. is marketing a 46,474 sq.ft. freestanding Brookshire’s Grocery Market in Crowley, TX for $2.65 million with a Cap rate of 10.07%. The NNN lease runs through January 2010 with six successive five-year renewal options. Demographics include a trade-area population earning $65,886 as the average household income. The center is 100% occupied and is situated on a land area of 4.37 acres. The company also is selling the following centers: European Crossroads, a 142,864 sq.ft. center in Dallas, TX for $4.9 million; Skillman Crossing, a 57,798 sq.ft. center located in Dallas, TX for $6.25 million; Greenspoint, a 56,335 sq.ft. center located in Houston, TX for $5 million; Hillcrest Village, a 151,146 sq.ft. center in Dallas, TX for $16 million and The Parks Retail Center, a 19,111 sq.ft. center in Arlington, TX for $3.95 million. The Dalton Team of CB Richard Ellis is selling Airport Square, a 170,796 sq.ft. center in Reno, NV. The center is tenanted by Costco, PetsMart, Office Depot and Mor Furniture. CB Richard Ellis also represented L&B Phoenix Centers, Inc. in the sale of Cortaro Plaza to Pacific Capital Investments for $10.8 million. The 102,740 sq.ft. center is anchored by Bashas’.For more information, contact Jerry Luterman, CB Richard Ellis, Inc., Three Lincoln Center, 5430 LBJ Freeway, Suite 1100, Dallas, TX 75240; 972-458-4800, Fax 972-702-8315; Email: jluterman@cbre.com; Web site: www.cbre.com/pcg/northtexas. For more information regarding Airport Square, contact Gregory M. Dalton, CB Richard Ellis, Inc. The Dalton Team, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816; Email: gdalton@cbre.com. For more information regarding Cortaro Plaza, contact Bob Young, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016-4290; 602-735-5576, Fax 602-735-5777; Email: byoung2@cbre.com; Web site: www.cbre.com/byoung2. Rockwood Realty Associates, LLC has been retained on an exclusive basis to arrange the sale of The Maine Mall located at the intersection of Maine Turnpike and Interstate 295 in South Portland, ME. The 1.05 million sq.ft. center is 100% occupied and has 130 tenants with sales of approximately $450 psf. The mall is situated on a land area of 100 acres. The mall is anchored by Filene’s, JCPenney, Macy’s and Sears and is tenanted by Filene’s Men’s and Furniture, Linens ‘n Things, Best Buy and The Sports Authority. The offering includes approximately 300,000 sq.ft. of inline space, the four junior anchors, outparcels and the ground under two of the anchors. For more information, contact Lisa Malone, Rockwood Realty Associates, 555 Fifth Avenue, 5th Floor, New York, NY 10017; 212-286-5800 Ext. 281, Fax 212-286-5555. Grubb & Ellis represented a client in selling College Green West Shopping Center in Sacramento, CA for $7.15 million to Kriplani Family Trust.For more information, contact Bill Liggett, Grubb & Ellis Co., 1610 Arden Way, Suite 195, Sacramento, CA 95815; 916-418-6046, Fax 916-418-0231. MacAllister Real Estate Group is selling an 8,600 sq.ft. center situated on a land area of 0.70 acres in Toledo, OH. The center is located on Ryan Road, across the street from Southwyck Shopping Center. The asking price is $500,000 or best offer. For more information, contact Bonnie A. MacAllister, MacAllister Real Estate Group, 2401 Sanford Drive, Columbus, OH 43235; 866-881-9080, Fax 614-791-9895; Email: macbonnie@aol.com. Marcus & Millichap Real Estate Investment Brokerage Co. is selling the following properties: a 104,440 sq.ft. Harley Davidson/24 Hour Fitness-anchored center located at the intersection of Sahara and Eastern Avenue in Las Vegas, NV for $11.76 million with a Cap rate of 9%; Buffalo Center, a 27,555 sq.ft. center located at 450 and 500 South Buffalo Drive in Las Vegas, NV for $5.295 million with a Cap rate of 10%. The buyer must assume existing financing of $3,681,661 at a 7.76% rate with a term of 10 years and an amortization of 30 years; a 33,500 sq.ft. Just For Feet store located on West Sahara Avenue in Las Vegas, NV for $6.4 million with a Cap rate of 9%. The site has an average daily traffic count of 60,000 vehicles. Just For Feet signed a 20-year absolute NNN lease that expires during 2016; a 58,420 sq.ft. Best Buy located off Hanes Mall Boulevard in Winston-Salem, NC for $7,888,116 with a Cap rate of 7.9%. The NNN lease has 20 years remaining. The current rent is $10.69 psf and increases to $11.22 psf and $11.78 psf in 2005 and 2010, respectively. It has three, five-year options with further rent increases and a 45,790 sq.ft. Best Buy located off Stanley Road in Greensboro, NC for $6,334,136 with a Cap rate of 7.8%. The store has an absolute NNN lease with 12 years remaining. The current rent is $10.81 psf.For more information regarding the Las Vegas, NV properties, contact Marcus & Millichap Real Estate Investment Brokerage Co., 3993 Howard Hughes Parkway, Suite 120, Las Vegas, NV 89109; 702-693-5800, Fax 702-693-5811; Web site: www.marcusmillichap.com. For more information regarding the Best Buy locations, contact Marcus & Millichap, 1200 Abernathy Road, Northeast, Building 600, Northpark Town Center, Suite 650, Atlanta, GA 30328; 770-393-1700, Fax 770-393-1738. Kramont Realty Trust formed a joint venture with Tower Fund to acquire the following four centers located on Vestal Parkway in Vestal, NY: Town Square Mall, a 278,017 sq.ft. center tenanted by T.J. Maxx, OfficeMax, Loews Theaters, A.C. Moore and Dick’s Sporting Goods. A 210,363 sq.ft. Wal*Mart Supercenter and a 134,768 sq.ft. Sam’s Club anchor either end of the center in buildings they own; Parkway Plaza, a 167,332 sq.ft. center tenanted by Kohl’s, Sears Hardware and Bed Bath & Beyond. Circuit City and Target are also located at the center on their own pad sites; Shoppes at Vestal, a 92,328 sq.ft. center tenanted by Michaels, Old Navy, HomeGoods, Famous Footwear, Dress Barn and Catherine’s; and Pier 1 Shopping Center, a 13,487 sq.ft. center tenanted by Pier 1 Imports, Starbucks and Montana Mills Bread. Additionally, Kramont is acquiring Campus Plaza, a 160,646 sq.ft. center located on Vestal Parkway in Vestal, NY. The center is anchored by an 82,542 sq.ft. Olum’s Furniture & Appliance Store and is tenanted by Eckerd, Staples and Applebee’s. For more information, contact Louis P. Meshon, Kramont Realty Trust, 580 West Germantown Pike, Suite 200, Plymouth Meeting, PA 19462; 610-825-7100, Fax 610-834-8110; Web site: www.kramont.com. Income Property Specialists, LLC is selling a 48,000 sq.ft. center located at 1100 West Dillon Road in Louisville, CO for $11.5 million with a Cap rate of 8.5%. The center is currently 92% occupied.For more information, contact Shaun Gindi, Income Property Specialists, 1871 Folsom Street, Boulder, CO 80302; 303-441-2033 Ext. 202, Fax 303-442-8962; Email: shaun@myips.com. Simon Property Group, Inc. acquired the Stanford Shopping Center, a 1.3 million sq.ft. mall located in Stanford, CA for $333 million. The mall had total sales in 2002 in excess of $500 million. The mall is anchored by five major department stores, including Neiman Marcus, Nordstrom, Bloomingdale’s, Macy’s and Macy’s Men’s Store. For more information, contact Simon Property Group, Inc., 115 West Washington Street, Suite 15, National City Center, East Indianapolis, IN 46204; 317-636-1600; Web site: www.simon.com. Mallas Properties, Inc. is representing a client looking for a multi-tenant center in NC or SC for between $1 million and $4 million. For more information, contact Linda Dean, Mallas Properties, Inc., 6219 Carmel Road, Charlotte, NC 28226; 704-752-5029, Fax 704-904-7655. The Staubach Co. is selling a 151,256 sq.ft. center located in Crossville, TN for $8.65 million with a Cap rate of 9.25%. The center is currently 100% occupied. The site also has an additional outparcel development.For more information, contact David T. Wojciechowski, The Staubach Co., 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 800-944-0012; Web site: www.staubach.com. Mesirow Realty Sale-Leaseback, Inc. is seeking shorter-term, single-tenant NNN deals nationwide. The site must be debt free and have five to 15-year terms. For more information, contact Steven Di Vito, Mesirow Realty Sale-Leaseback, Inc., 321 North Clark Street, 13th Floor, Chicago, IL 60610; 312-595-6129, Fax 312-595-6141; Web site: www.mesirowfinancial.com. Colliers Arnold Commercial Real Estate Services is marketing Mitchell Crossing Shopping Center located in New Port Richey, FL. The 75,775 sq.ft. center is anchored by Kash N Karry. For more information, contact Michael Milano, Colliers Arnold Commercial Real Estate Services, 4350 West Cypress Street, Suite 300, Tampa, FL 33607; 813-221-2290, Fax 813-224-9403; Web site: www.colliersarnold.com. NewBridge Retail Advisors sold Brookwood Square, a 68,941 sq.ft. center located on Peachtree Road in Atlanta, GA to Coro Realty Advisors. The center was approximately 90% occupied at the time of the sale. The deal traded below an 8% Cap rate.For more information, contact Gary Saykaly, NewBridge Retail Advisors, Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588; Web site: www.newbridgeretail.com. United Equities Corp. is selling a Winn-Dixie supermarket in Louisville, KY for $3.375 million with a Cap rate of 9.75%. The 20-year lease is absolute net with four, five-year renewals. Area demographics include a population of 20,874 within one mile. Winn-Dixie operates 1,073 stores throughout 12 states and the Bahamas. For more information, contact Arnold Kramer, United Equities Corp., 2 North LaSalle Street, Suite 1776, Chicago, IL 60602; 312-332-5652, Fax 312-803-9652; Email: akramer@unitedeq.net. Ramco-Gershenson Properties Trust is in negotiations to acquire four shopping centers throughout MI. The aggregate purchase price for the four properties is approximately $61 million. Three of the centers have existing debt totaling $33.5 million with a weighted average interest rate of approximately 7.88%. For more information, contact Ramco-Gershenson Properties Trust, 27600 Northwestern Highway, Suite 200, Southfield, MI 48034; 248-350-9900, Fax 248-350-9925; Web site: www.ramco-gershenson.com. Goodpasture Real Estate Group, LLC is representing a client looking to acquire multi-tenant strip centers throughout the Midwest for between $1 million and $10 million. For more information, contact Tim Goodpasture, Goodpasture Real Estate Group, LLC, PO Box 780078, 7701 East Kellogg, Suite 470, Wichita, KS 67278-0089; 316-618-5100, Fax 316-618-5101; Email: tim@goodpasturerealestate.com; Web site: www.goodpasturerealestate.com. NAI Mathews Partners is marketing Scottsville Square, a 38,450 sq.ft. center in Bowling Green, KY. The multi-tenant center is 94% leased and is directly across the street from Bowling’s Green’s largest mall. For more information, contact Cheri Thomas, NAI Mathews Partners, 300 Broadway, Nashville, TN 37201; 615-850-2736, Fax 615-850-3236; Email: cthomas@mathewspartners.net Web site: www.mathewspartners.net. |