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Buyers & Sellers
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Buyers & Sellers Bob Bernhardt Associates is selling a 2,600 sq.ft. Radio Shack located on East Milam Street in Mexia, TX for $605,000 with a Cap rate of 7.25%. The lease is for 10 years NNN with two, five-year options. The site is situated on a land area of 0.43 acres. Area demographics include a population of 8,205 within five miles earning $37,694 as the average household income. For more information, contact Michael Jenkins, Bob Bernhardt Associates, 108 East Mill Palin Boulevard, Vancouver, WA 98660; 360-699-4494. Ramsey Real Estate Group acquired three properties in the Old Town area of Seal Beach, CA for $1.825 million. The properties include 148 Main Street, which will become Main Street Square, 147 Main Street and 143 Main Street. Main Street Square will be an 8,550 sq.ft. storefront retail project that will include seven tenants. The property at 147 Main Street is a 19-space parking lot, while the site at 143 Main Street is a single-level restaurant fully leased to Hennessey’s Tavern.For more information, contact Jeffrey T. Ramsey, Ramsey Real Estate Group, 750 B Street, San Diego, CA 92040; 858-459-4410. 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. MJB Real Estate Services Corp. sold a site located at 869 Mill Street in Berlin, CT for $780,000. The 12,400 sq.ft. property is currently 100% occupied. Area retail includes Wal*Mart.For more information, contact Kimberly Breyan, MJB Real Estate Services Corp., 735 Post Road East, Westport, CT 06880; 203-222-6200 Ext. 4, Fax 203-222-6202. Sperry Van Ness is selling Placentia Plaza, a center located in Placentia, CA for $6.25 million with a Cap rate of 9.5%. The center is 100% occupied.For more information, contact Mehran Foroughi or Jereme Snyder, Sperry Van Ness, 18881 Von Karman Avenue, Suite 800, Irvine, CA 92612; 949-250-4100. 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. 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. RE/MAX Commercial Brokers is selling the following sites throughout KY: a convenience store with gas pumps in Louisville for $1 million; a 2,500 sq.ft. service gas station located north of the Interstate 264 beltway in Louisville for $359,000. The site has an operating three-bay station situated on a land area of 0.66 acres; a convenience store with gas pumps in LaGrange for $700,000; a convenience store with gas pumps located on Highway 127 in Liberty for $535,000. The site has all new equipment and a 1,900 sq.ft. building situated on a land area of one acre. The sale also includes a convenience store with gas pumps located on Blue Lick Road in Louisville for $210,000. For more information, contact Larry Adams, RE/MAX Commercial brokers, 1601 Business Center Court, Suite 102, Louisville, KY 40299; 800-447-2246 or 502-297-8797, Fax 502-297-8966; Email: mb770g@aol.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.
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