|
Buyers & Sellers
|
|
|
Buyers & Sellers Rivercrest Realty Investors is pursuing acquisitions of centers located east of the Mississippi River. For more information, contact Vijay Shah, Rivercrest Realty Investors, 8816 Six Forks Road, Suite 201, Raleigh, NC 27615; 919-846-4046; Email: vijayshah@rivercrestrealty.com.
Alan Chokov Realtors is selling a 103,450 sq.ft. center situated on a land area of 16 acres in Atlantic County, NJ. The site consists of an 87,600 sq.ft. retail complex; a 6,000 sq.ft. retail pad, a highway bank pad of 3,850 sq.ft. and a highway restaurant pad of 6,000 sq.ft. For more information, contact Alan Chokov Realtors, Valley Park Professional Center, 2519 Highway 35, Building A, Suite 202, Manasquan, NJ 08736; 732-223-0575; Email: achokov@verizon.net; Web site: www.amchokov.com.
AEI Fund Management, Inc. is looking to acquire NNN single-tenant freestanding properties throughout the U.S. from between $1 million and $15 million. For more information, contact George J. Rerat, AEI Fund Management, Inc., 30 East Seventh Street, Suite 1300, St. Paul, MN 55101; 651-225-7723, Fax 651-227-7705; Email: grerat@aeifunds.com; Web site: www.aeifunds.com.
DJM Asset Management is selling eight Fuel Mart convenience stores throughout MS, NE and OH. The company also is selling a 7,159 sq.ft. Hops Restaurant on Briarwood Drive in Jackson, MS for $1.3 million. For more information, contact Joe DiMitrio or James Avallone, DJM Asset Management, 445 Broad Hollow Road, Melville, NY 11747; 631-752-1100 Ext. 227/224; Web site: www.djmasset.com.
Cohen & Co., Inc. closed on the sale of a NN-leased 6,800 sq.ft. Firestone Tire & Auto Center located on Terryville Road in Port Jefferson Station, NY. For more information, contact Vera Thomas, Cohen & Co., Inc., 11 East 44th Street, 10th Floor, New York, NY 10017; 212-803-5771, Fax 212-679-1533; Email: thomas@cohenco.com.
Marathon Ashland Petroleum, LLC is selling a former station located on West Coliseum Boulevard in Fort Wayne, IN. The site has an average daily traffic count of 35,000 vehicles. For more information, contact Marathon Ashland Petroleum, LLC, 8585 Broadway, Suite 600, Merrillville, IN 46410; 219-680-3464; Web site: www.marathon.com/realest.
Upland Real Estate Group, Inc. sold the following three Taco Bell locations: a 1,775 sq.ft. location in Albany, GA for $570,000; a 1,974 sq.ft. location in St. Cloud, MN for $822,000 and a 2,380 sq.ft. location in Brooklyn Park, MN for $1.1 million. For more information, contact Brier Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401-1872; 612-332-6600, Fax 612-376-4489; Email: brier@upland.com; Web site: www.upland.com.
Equity One Realty Management, Inc. completed the acquisition of six supermarket-anchored centers located in the Boston, MA area for $119.8 million. The centers have a combined GLA of 390,979 sq.ft. and are located in Cambridge, Medford, Plymouth, Quincy, Swampscott and West Roxbury. Five of the properties are anchored by Shaw’s Supermarkets and one Whole Foods. All six properties are fully leased. For more information, contact Equity One Realty Management, 1696 NE Miami Garden Drive, North Miami Beach, FL 33179; 305-672-1234, Fax 305-672-6606, Email bmiller@equityone.net.
Marcus & Millichap Real Estate Investment Brokerage Co. is selling Rivermont II, a 33,905 sq.ft. center located on Holcomb Bridge Road in Alpharetta, GA for $5.2 million with a Cap rate of 9.25%. The center is shadow-anchored by Kroger and is tenanted by Radio Shack, Bodi Maxx, a chiropractor’s office and a Mexican and Japanese restaurant. Area demographics include a population of 190,000 within five miles earning $101,831 as the average household income. The company also is selling Palma Sola, a 117,518 sq.ft. center located on Manatee Avenue West in Bradenton, FL for $12.95 million with a Cap rate of 8.23%. Tenants include Kash N Karry, Radio Shack, YMCA, Honey Baked Ham and banks. Area demographics include a population of 167,319 within five miles. For more information, contact Al Taf, Marcus & Millichap Real Estate Investment Brokerage Co., 1200 Abernathy Road, Northeast, Building 600, Northpark Town Center, Suite 650, Atlanta, GA 30328; 678-942-4637, Fax 770-393-1738; Email: ataf@marcusmillichap.com; Web site: www.marcusmillichap.com.
Coldwell Banker Commercial Primus Realty is selling a land area of 4.7 acres at the intersection of Bank Drive, Park Place and Route 31 in McHenry, IL. Area retail includes McHenry Savings Bank. Asking rents range from $13 psf to $15 psf. For more information, contact Tina Kropke or Dave Gelwicks, Coldwell Banker Commercial Primus Realty, 335-337 North Front Street, McHenry, IL 60050; 815-444-1100, Fax 815-385-7016; Emails: tina.kropke@coldwellbanker.com and david.gelwicks@coldwellbanker.com.
Goldschmidt & Associates is selling the following properties throughout NY: a 9,600 sq.ft. building on East Main Street in Mt. Kisco; a 4,400 sq.ft. building on Huguenot Street in New Rochelle; a 21,000 sq.ft. retail/industrial building located on East Main Street in New Rochelle; a 4,369 sq.ft. building on Belway Place in White Plains; 2.3 acres of vacant land on Route 129 in Croton-on-Hudson and a 3,604 sq.ft. building on Route 202 in Yorktown Heights. For more information, contact Eric S. Goldschmidt, Goldschmidt & Associates, One Chase Road, Scarsdale, NY 10583; 914-723-1616, Fax 914-723-7720; Email: eric@goldschmidtandassociates.com; Web site: www.goldschmidtandassociates.com.
Grubb & Ellis Co. represented Buffalo Crossing Ltd. in the sale of Buffalo Crossing Shopping Center, a 21,319 sq.ft. center located at the intersection of Buffalo Speedway and Loop 610 South in Houston, TX. The center is tenanted by CVS, The Mattress Firm, Cingular Wireless and Philly Connection. For more information, contact George Cushing, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056-3017; 713-599-5165, Fax 713-626-2288; Email: george.cushing@grubb-ellis.com; Web site: www.grubb-ellis.com.
NewBridge Retail Advisors, Inc. served as advisor in the sale of The Shoppes at Letson Farms, a 95,092 sq.ft. Food World-anchored center located at the intersection of Eastern Valley Road and Bell Hill Road in McCall, AL. NewBridge represented VWS McAdory Market, LLC and VWS McAdory Center, LLC in the sale to Letson Farms Associates, LLC. The center is situated on a land area of 15.5 acres and was 90% occupied at the time of the sale. Tenants include Movie Gallery and San Antonio Grill. For more information, contact Gary Saykaly or Lynn Leonard, NewBridge Retail Advisors, Inc., Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588.
Midland Atlantic Properties is selling an outlot to Mounds Mall located on Mounds Road in Anderson, IN for $600,000. The outlot is situated on a land area of 0.783 acres. The site has an average daily traffic count of 36,486 vehicles. Area demographics include a population of 70,409 within five miles earning $44,308 as the average household income. For more information, contact Nick Wright, Midland Atlantic Properties, 9000 Keystone Crossing, Suite 850, Indianapolis, IN 46240; 317-580-9900, Fax 317-580-1169; Email: nwright@midlandatlantic.com.
Kin Properties acquires centers or freestanding locations, including retail, commercial, industrial and single tenant net-leased properties. For more information, contact Lee Cherney, Kin Properties, 561-620-9200 Ext. 111; Email: lcherney@kinproperties.com; Web site: www.kinproperties.com.
Equity Alliance Corp. is representing a client looking to acquire properties throughout New England or the New York state area for as much as $15.5 million. The client will consider retail, office, multi-family, multi-tenanted industrial with redevelopment potential and other mixed-use commercial properties. The client requires a minimum 7% leveraged cash on cash return. For more information, contact Joel Kahn, Equity Alliance Corp., 32 Elk Drive, Bedford, NH 03110; 603-472-3808, Fax 603-471-0782; Email: jkahn@equity-alliance.com.
Commercial Realty Advisors, LLC is looking to acquire centers from 20,000 sq.ft. to 200,000 sq.ft. from $2 million to $10 million throughout AZ. The center must be 50% to 95% occupied. For more information, contact Craig Finfrock, Commercial Realty Advisors, LLC, 4811 East Grant Road, Suite 262, Tucson, AZ 85712; 520-290-3200, Fax 520-751-7465.
CNL Restaurant Capital, LP is selling a 4,516 sq.ft. IHOP restaurant located on Ranch Road in Austin, TX for $2.796 million with a Cap rate of 7%. The restaurant is an outlot of Ann Plaza, which is anchored by Wal*Mart Supercenter, Office Depot and Lowe’s Home Improvement. Area retail includes Hollywood Video, Lakeline Mall, T.J. Maxx, World Market, Linens ‘N Things, Best Buy, PetsMart, Ross, Chick-fil-A, Whataburger, McDonald’s, Chili’s, Fuddruckers, Denny’s and Bennigan’s. For more information, contact CNL Restaurant Capital, LP, PO Box 4920, Orlando, FL 32802; 877-667-4769 or 407-540-2222, Fax 407-540-2044; Web site: www.cnl1031.com.
Najco, Inc. acquired Shannon Mall located at the intersection of Interstate 85 and Jonesboro Road in Union City, GA for $9 million. The company plans an extensive renovation of the 767,740 sq.ft., 80% leased center. The center is anchored by Rich’s-Macy’s and Sears. For more information, contact Najco, Inc., 4475 River Green Parkway, Duluth, GA 30096; 770-300-9998.
CB Richard Ellis/The Dalton Team sold a 4,000 sq.ft. Krispy Kreme located in Mission Viejo, CA. For more information, contact Gregory M. Dalton, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816; Email: greg.dalton@cbre.com.
Retail Realty Group is selling Galleria Center, a 50,000 sq.ft. center located at the intersection of West Hillsborough Avenue and Lois Avenue in Tampa, FL for $3.2 million. The space was formerly occupied by Service Merchandise. The center is currently occupied by Tile Outlet of America and Bally’s Health & Fitness. The site has an average daily traffic count of 71,320 vehicles. Area demographics include a population of 265,262 within five miles earning $49,684 as the average household income. The company also is selling Center of Seven Springs, an 81,160 sq.ft. center located at the intersection of Little Road and Old State Route 54 in New Port Richey, FL for $4 million. The center is anchored by Dollar General. Area demographics include a population of 131,639 within five miles earning $30,048 as the average household income. Area retail includes Wal*Mart Supercenter, Publix and Bealls. The center is situated on a land area of 8.68 acres. For more information, contact Suzanne Chen, Retail Realty Group, 10014 North Dale Mabry Highway, Suite 101, Tampa, FL 33618; 813-960-8244, Fax 813-264-2775; Email: retailrealty@aol.com; Web site: www.retailrealtygroup.com.
Lynch Realty Group, LLC is selling a 15,940 sq.ft. center in suburban Chicago, IL for $975,000. The center is situated on a land area of 1.207 acres and is 80% occupied by five tenants. For more information, contact Lynch Realty Group, LLC, 20 South Clark Street, Suite 850, Chicago, IL 60603; 312-456-9620 Ext. 222, Fax 312-456-9626; Email: info@lynchrealtygroup.com; Web site: www.lynchrealtygroup.com.
Sperry Van Ness is selling Bristol Farms Plaza, a 152,884 sq.ft. center located on Farmington Avenue in Bristol, CT for $15 million with a Cap rate of 7.7%. The fully-leased center is tenanted by Sears Hardware, Marshalls, Big Lots, Salvation Army Thrift Store, JoAnn Fabrics, Family Dollar, Golden Pagoda, Webster Bank, Wendy’s, Karate Studio, Short Cuts Hair Salon and a dentist office and is situated on a land area of 12.48 acres. The site has an average daily traffic count of 27,000 vehicles. Area retail includes Wal*Mart and Home Depot. Area demographics include a population of 111,778 within five miles earning $67,454 as the average household income. For more information, contact Jodi Tomany or Joseph C. French Jr., Sperry Van Ness, 50 Main Street, Suite 1000, White Plains, NY 10106; 860-297-4532; Emails: tomanyj@svn.com and frenchj@svn.com.
Retail Capital Group, LLC is looking to acquire shopping centers throughout the eastern U.S. from $1 million to $50 million. For more information, contact Michael McMillen or Jim O’Donnell, Retail Capital Group, LLC, 2970 Peachtree Road, Suite 345, Atlanta, GA 30304; 404-816-5454, Fax 404-816-5445; Emails: mikem@retail-capital.com and jimo@retail-capital.com.
Phillips Edison & Co. acquired Fairview Park Plaza, a 271,815 sq.ft. center located in Centralia, IL. The center is anchored Schnuck’s Supermarket, Goody’s, Peebles and Big Lots. The center was approximately 90% leased at the time of sale. For more information, contact Phillips Edison & Co., 1000 Lancaster Street, Suite 420, Baltimore, MD 21202; 410-528-0670, Fax 410-528-0672; Web site: www.phillipsedison.com.
Holliday Fenoglio Fowler, L.P. represented Parklane/Cedar Hill, Ltd. in the sale of Plaza at Cedar Hill, a 299,793 sq.ft. center located in Dallas, TX to Kite Realty Group. For more information, contact Barry Brown or Jim Batjer, Holliday Fenoglio Fowler, L.P., One LincolnPark, 8401 North Central Expressway, Suite 400, Dallas, TX 75225; 214-265-0880, Fax 214-265-1686; Emails: bbrown@hfflp.com and jbatjer@hfflp.com; Web site: www.hfflp.com.
Nassimi Realty Corp. is looking to acquire strip, power or outlet centers and malls with a minimum GLAs of 80,000 sq.ft. throughout the Northeast and the Miami and Fort Lauderdale, FL areas. The company will look at both stabilized anchored centers and upside or redevelopment deals. For more information, contact Warren Shein, Nassimi Realty Corp., 370 Seventh Avenue, Suite 1700, New York, NY 10001; 212-643-8080, Fax 212-643-2626; Email: warren@nassimirealty.com; Web site: www.nassimirealty.com.
Colliers Seeley represented both buyer and seller in the sale of an AMC 30 Screen Theatre at Covina Town Square Shopping Center located on North Azusa Avenue in Covina, CA for $24.6 million. The center is cotenanted by Staples, Outback Steakhouse, Home Depot, Michaels, PetsMart, Toys “R” Us and Wal*Mart. AMC 30 Screen Theatre, a 95,150 sq.ft. building, is the largest multiplex theater in Los Angeles and one of the largest in the country. The theater was sold by CapTec. For more information, contact Michael Ross or Matthew Sullivan, Colliers Seeley, 444 South Flower Street, Suite 2200, Los Angeles, CA 90071; 213-627-1214, Fax 213-627-2700; Web site: www.colliers-seeley.com.
Neal Realty & Investments, Inc. sold a 2,700 sq.ft. building in Hallandale, FL located at the intersection of Interstate 95 and West Hallandale Beach Boulevard to McDonald’s Corp. The building sits on a 41,582 sq.ft. lot; and a 55,865 sq.ft. land area at the intersection of Biscayne and 109th Street in Miami. For more information, contact Neal Realty & Investments, 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.
Echo Real Estate Services is selling outparcels to Home Depot on U.S. Route 322 in Venango County, PA. The outparcels range in size from 2.8 acres to 5.6 acres. The site has an average daily traffic count of 26,200 vehicles. Area retail includes Cranberry Mall, which is anchored by Bon Ton, Sears, ALDI, JCPenney and Carmike Cinemas. Area demographics include a population of 40,277 within 10 miles earning $31,576 as the average household income. For more information, contact Michelle Parolini, Echo Real Estate Services, 701 Alpha Drive, Pittsburgh, PA 15238; 412-968-1660, Fax 412-968-1679; Email: info@echodevelopers.com Web site: www.echodevelopers.com.
Stiles Realty Corp. and Guggenheim Real Estate Plus acquired Coralwood Shopping Center located in Cape Coral, FL. Coralwood Shopping Center is 343,000 sq.ft. regional center located at the intersection of Del Prado Boulevard and Veteran’s Parkway. The seller was Dewars Lake Development, LLC/Lamar Asset Management. The center is anchored by Kmart, Winn-Dixie, JCPenney and Beall’s and was 100% occupied at the time of the sale. For more information, contact Stiles Realty Corp., 300 SE 2nd Street, Fort Lauderdale, Florida 33301; 954-627-9300, Fax 954-627-9386; Email: info@stiles.com; Web site: www.stiles.com.
CB Richard Ellis, Inc. is selling Diamond Bar Village Center, a 59,746 sq.ft. center located at the intersection of Golden Springs and Diamond Bar Boulevard in Diamond Bar, CA for $16.6 million with a Cap rate of 6.75%. The center has 36 tenants. The company also is selling a 35,030 sq.ft. center located on Central Avenue in Chino, CA for $4.936 million with a Cap rate of 6.44%. The center is tenanted by Kragen Auto Parts and Radio Shack. The company also is selling Ontario Plaza, a 149,777 sq.ft. center located at the intersection of Mountain Avenue and Fourth Street in Ontario, CA for $28.373 million. The center is 100% leased and is situated on a land area of 13.9 acres. The site has an average daily traffic count of 59,000 vehicles. The company also represented GMAC Commercial Mortgage Corp. in the sale of Harrison Ridge Square, a 28,545 sq.ft. center located on Ridge Road in Munster, IN. The buyer was PIMA Harrison Ridge, IN, LLC. The center was 92% leased at the time of the sale and is tenanted by Alberton Furs, Amici Salon, Big ‘N Little Shoes, Café Elise and Curves For Women. The company also is selling outlots to a center located on Route 30, east of Schoolhouse Road, in New Lenox, IL. The 350,000 sq.ft. center is anchored by Target. Area demographics include a population of 79,297 within five miles earning $84,115 as the average household income. For more information, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8521, Fax 949-725-8545; Email: phil.voorhees@cbre.com; Web site: www.cbre.com For more information regarding Harrison Ridge Square, contact Angela Burrows, CB Richard Ellis, Inc., 311 South Wacker Drive, Suite 400, Chicago, IL 60606; 312-935-1475, Fax 312-935-1880; Email: angela.burrows@cbre.com. For more information regarding the outlots at the New Lenox center, contact Carole Borg or John Schoditsch, CB Richard Ellis, Inc., 700 Commerce Drive, Suite 550, Oak Brook, IL 60523; 630-573-7115, Fax 630-573-7018; Emails: carole.borg@cbre.com and john.schoditsch@cbre.com.
Gregory Greenfield & Associates, Ltd. acquired Mesilla Valley Mall, a 590,069 sq.ft. center located in Las Cruces, NM. The mall is anchored by Dillard’s, JCPenney, Sears and Barnes & Noble and has over 66 specialty stores. The acquisition, which also included Villa Linda Mall in Santa Fe, NM, was completed in the name of New Mexico Mall Partners, L.P. The company also announed that it retained Jones Lang LaSalle to manage and lease at Mesilla Valley Mall. For more information, contact Jane Benefield or Terry Hamilton, Gregory Greenfield & Associates, Ltd., 124 Johnson Ferry Road, N.E., Atlanta, GA 30328; 404-236-2285 or 505-522-1001, Fax 404-236-2299.
Inland Western Retail Real Estate Trust, Inc. acquired Mitchell Ranch Plaza in New Port Richey, FL and Governor’s Marketplace Shopping Center in Tallahassee, FL. Mitchell Ranch Plaza is located on Little Road and was acquired for $34 million. Inland purchased 200,404 sq.ft. of the 324,108 sq.ft. center, which is anchored by a 44,840 sq.ft. Publix supermarket and is tenanted by Marshall’s, Ross Dress For Less, PetsMart and Pier 1 Imports. The seller was AIG Baker MRP, LLC. Governor’s Marketplace Shopping Center is located on Governor’s Square Boulevard and was acquired for $37.5 million. The 265,364 sq.ft. center is tenanted by Bed Bath & Beyond, Marshall’s, Old Navy and Sports Authority. The seller was Kimco Governor’s Holding, LP. Inland Real Estate Corp. and the New York Teachers’ Retirement Systems have formed a joint venture to acquire up to $400 million of neighborhood and community centers throughout the Midwest during the coming two years. Inland will manage and lease the properties. Inland is contributing eight centers to the deal, while the New York Teachers’ Retirement Systems will put $50 million toward the transaction. Inland will add $100 million to acquire more centers if needed. For more information, contact Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 603-218-8000.
Fidelity Properties, LLC is marketing Hanover Mall Shopping Center, a 111,891 sq.ft. center located on Sans Souci Parkway in Hanover Township, PA for $4.8 million. The center is tenanted by U.S. Factory Outlets, Blockbuster Video, Dollar General, Eckerd, Radio Shack and Asian Café. Area retail includes Barnes & Noble, Lowe’s Home Improvement, Best Buy, Old Navy and Pier 1 Imports. Area demographics include a population of 180,588 within 10 miles earning $29,932 as the average household income. For more information, contact Fidelity Properties, LLC, 641 Shunpike Road, Chatham, NJ 07928; 973-966-2800, Fax 973-966-6161.
Agora Brokerage Co. is selling a development site of 27 acres located on Highway 78 in Lilburn, GA for $7 million. For more information, contact Wanda W. Buckley, Agora Brokerage Co., 5784 Lake Forrest Drive, Suite 285, Atlanta, GA 30328; 404-256-2994, Fax 404-256-2954.
Lee & Associates Commercial Real Estate Services, Inc. represented Urdang/Cadence – Hawaiian Gardens, LLC in the acquisition of Hawaiian Gardens Town Center, a 78,815 sq.ft. center anchored by Value Super Market located in Hawaiian Gardens, CA for $13.5 million. The seller, Norwalk-Carson Associates, was represented by Reza Investments. For more information, contact Jessica Cortez, Lee & Associates Commercial Real Estate Services, Inc., 7700 Irvine Center Drive, Suite 600, Irvine, CA 92618; 949-790-3141.
Richard Jones Real Estate is marketing an 89,400 sq.ft. supermarket-anchored center in central NC for $11 million. There is an additional nine to 21 acres available around the center with Interstate 85/40 frontage for an additional $8.50 psf. The center is 89% leased. Area retail includes Lowe’s Home Improvement and Wal*Mart. The site has an average daily traffic count of 120,000 vehicles. The company also is representing a client looking to acquire centers from 100,000 sq.ft. to 200,000 sq.ft. with a major supermarket anchor throughout Washington, DC; Baltimore, MD; Atlanta, GA and Boca Raton, FL. The centers with debt require a Cap rate of 8%, while centers with no debt require a Cap rate of 6%. For more information, contact R.T. Hudgins, Richard Jones Real Estate, 2716-B Troxler Road, Burlington, NC 27215; 336-222-1264, Fax: 336-343-4035.
Commercial Advantage is selling land on Route 1, near Pasadena Avenue, in Beecher, IL for $320,000. For more information, contact Lori Tubbs, Commercial Advantage, 407 South Dearborn, Suite 1040, Chicago, IL 60605; 312-341-1154, Fax 312-341-1178.
Colliers L&A is selling a 6,800 sq.ft. former Don Pablo’s restaurant at the Franklin Mills Mall located at the intersection of Woodhaven Road and Franklin Mills Road in Bensalem, PA. The building is situated on a land area of 1.75 acres. The site has an average daily traffic count of 94,000 vehicles. Area retail includes Wal*Mart, Super Fresh, Dick’s Sporting Goods, Raymour & Flanigan Furniture, Mattress Giant, The Franklin Mills Mall and The Franklin Marketplace. Area demographics include a population of 310,629 within five miles earning $60,627 as the average household income. For more information, contact Richard L. Soloff, Colliers L&A, 399 Market Street, Philadelphia, PA 19106; 215-928-7527, Fax 215-925-1040; Email: richard.soloff@colliers.com; Web site: www.colliers.com.
The Midtown Niki Group is selling a 20,000 sq.ft. building located on Business Center Drive in Horsham, PA for $4.2 million with a Cap rate of 8.5%. The building has an NNN lease with 9% bumps every three years. For more information, contact The Midtown Niki Group, 3655 Nobel Drive, Suite 650, San Diego, CA 92122; 858-546-0033, Fax 858-546-0034; Email: info@midtownniki.com.
La. Real Estate Investments, Inc. is selling a land area of 17 acres on Greenhouse Springs Road in Greenwell Springs, LA for $255,000. For more information, contact Fred Graham, La. Real Estate Investments, Inc., 5525 Superior Drive, Suite C-2, Baton Rouge, LA 70816; 225-806-6264, Fax 225-296-4914.
Spectrum Realty Advisors represented Management Resource Systems, Inc. in the sale of Northeast Plaza, a 54,511 sq.ft. Food Lion and Dollar General-anchored center located in Lumberton, NC. The company also represented Northridge Capital, Inc. in the sale of St. Andrews Crossing, a 67,910 sq.ft. Kroger-anchored center located in Columbia, SC. For more information, contact Joe Montgomery, Katherine Isakson and Jon Barry, Spectrum Realty Advisors, 5871 Glenridge Drive, Suite 400, Atlanta, GA 30328; 404-252-2288, Fax 404-252-8666.
Advantis/GVA Real Estate Services Co. represented Elizabeth City Associates, LLC in the sale of a 93,000 sq.ft. former Kmart on Hughes Boulevard in Elizabeth City, NC for $3.8 million. The plan is to develop the site for Farm Fresh and other retail space. Farm Fresh will occupy a space of 63,000 sq.ft. The store is slated to open early next year. For more information, contact Cindy Mackey, Advantis/GVA Real Estate Services Co., 101 West Main Street, Suite 900, Norfolk, VA 23510; 757-754-4553; Email: cmackey@advantisgva.com.
The Sofran Group is selling outparcels of 1.58 acres and 1.64 acres at the intersection of Summerlin Road and Winkler Road in Fort Myers, FL. Area retail includes Walgreens, Publix Pix, Publix and Florida Gulf Bank. Area demographics include a population of 121,452 within five miles earning $65,736 as the average household income. The site has an average daily traffic count of 39,600 vehicles. For more information, contact Jerry Smalley or James Gendreau, The Sofran Group, 237 South Westmonte Drive, Suite 220, Altamonte Springs, FL 32714; 407-774-0101, Fax 407-774-8833.
Arroyo & Coates is marketing a Denny’s Restaurant in Shawnee, OK for $1.1 million with a Cap rate of 8%. There are 18.5 years left on an absolute NNN lease with 10% rental increases every five years. The lease is fully guaranteed. The company also is marketing another Denny’s Restaurant in Tyler, TX for $900,000. For more information, contact Andrew Barnes, Eric C. Wilcox or Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-273-2177, Fax 415-723-7194; Email: abarnes@a-c.com.
|