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Buyers & Sellers
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Buyers & Sellers Cedar Shopping Centers, Inc. is planning to acquire Kenley Village and St. James Square Shopping Center for a combined price of $8.3 million. Both centers are in Hagerstown, MD and are anchored by Food Lion supermarkets. Cotenants at the centers include Weight Watchers, Curves and Dollar General. The two properties in the aggregate have approximately 92,000 sq.ft. of GLA on approximately 13 acres of land. For more information, contact Cedar Shopping Centers, Inc., 44 South Bayles Avenue, Suite 304, Port Washington, NY 11050; 800-564-3128, Fax 516-767-6497; Web site: www.cedarshoppingcenters.com.
CB Richard Ellis, Inc./The Dalton Team sold an 86,479 sq.ft. former Kmart located in Orange City, FL. For more information, contact Gregory M. Dalton, CB Richard Ellis, Inc./The Dalton Team, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816; Email: greg.dalton@cbre.com.
Cramer Real Estate is selling a center located in Baton Rouge, LA for $1.6 million with a Cap rate of 11%. For more information, contact Mark Cramer, Cramer Real Estate, PO Box 84102, Baton Rouge, LA 70884; 225-288-4004.
NAI Houston acquired a 6,500 sq.ft. site on Northdale in Houston, TX. For more information, contact Heather Norbeck, NAI Houston, 3D/International Tower, 1900 West Loop South, Suite 500, Houston, TX 77027; 713-629-0500, Fax 713-629-0504; Web site: www.naihouston.com.
Net Leased Investment Co. is representing a 1031 client looking to acquire a fast food restaurant in the Midwest or on the East Coast. The site must have a corporate guarantee. The client will make an all-cash deal at a price of $1 million. For more information, contact Mike Sheerin, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775; Email: msheerin@netleased.com.
Featherstone Realty, Inc. is representing a client looking to acquire NNN leased retail, industrial, office and some special-use properties throughout FL for under $5 million. The client will consider larger sites on a case-to-case basis. For more information, contact George E. Featherstone, Featherstone Realty, Inc., 4655 West Flagler Street, Miami, FL 33134; 305-442-2017, Fax 305-386-9229; Email: siteselector@juno.com.
Arroyo & Coates is selling a 1,800 sq.ft. Footlocker located on Mission Street in San Francisco, CA for $1.167 million with a Cap rate of 6%. The site includes a new 10-year NNN lease with annual bumps. The company also is looking to acquire single-tenant properties nationwide. This includes all property types, including retail, industrial, office and leased land. Flat leases are not of interest. The company also will selectively consider multi-tenant retail or industrial. The company also will consider value-add opportunities. For more information, contact Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800 Ext. 184, Fax 415-723-7700; Email: psouza@a-c.com.
Marcus & Millichap is selling Greenway Plaza, a center located in Sandford, FL for $7.5 million with a Cap rate of 10.9%. The center is currently 50% leased. For more information, contact Al Taf, Marcus & Millichap, 1200 Abernathy Road, Building 600, Suite 650, Atlanta, GA 30328; 678-942-4637, Fax 770-200-1517; Email: ataf@marcusmillichap.com.
Matheron Commercial is looking to acquire centers nationwide from $5 million to $50 million. The centers must be at least 80% occupied with a Cap rate of 7.5%. For more information, contact Lynn Matheron, Matheron Commercial, PO Box 37292, Raleigh, NC 27627; 919-562-3709, Fax 919-552-0147.
CB Richard Ellis, Inc. represented Bradford Real Estate Cos. in the sale of Westhill Plaza, a 108,407 sq.ft. center located on Westhill in Appleton, WI to Learsi & Co. The center was 96% leased at the time of the sale and is tenanted by Burlington Coat Factory and Bassett Furniture Direct. For more information, contact Angela Burrows, CB Richard Ellis, Inc., 311 South Wacker Drive, Suite 400, Chicago, IL 60606; 312-935-1400, Fax 312-935-1880; Email: angela.burrows@cbre.com; Web site: www.cbre.com.
Linear Retail Properties, LLC acquired Stow Shopping Center, a 119,038 sq.ft. center located in Stow, MA for $12.3 million. The center is fully-leased and is anchored by Shaw’s Supermarket and is cotenanted by Ace Hardware, Global Fitness, Radio Shack, Dunkin’ Donuts, Papa Gino’s and Citizen’s Bank. For more information, contact Dina Buccieri, Linear Retail Properties, LLC, Five Burlington Woods Drive, Burlington, MA 01803; 781-273-5665, Fax 781-273-5683; Email: dbuccieri@linearretail.com.
Perry & Associates is looking to acquire Wal*Mart-anchored centers located throughout the eastern U.S. The company also will consider dark stores, single buildings, potential vacancies and undeveloped outparcels. For more information, contact Jim Perry, Perry & Associates, PO Box 1686, Lexington, KY 40588; 859-278-5868, Fax 859-278-5858; Email: jperry1@mis.net.
Millennium Properties, Inc. represented Brickyard Bank in the sale of a 6,827 sq.ft. building located on West Cermak Road in Cicero, IL. The property was purchased by an investor who owns an import/export company that specializes in the sale of Mexican candy. The new owner will convert the building into a retail store. For more information, contact Susan B. Silver, Millennium Properties, Inc., 2 First National Plaza, 20 South Clark, Suite 630, Chicago, IL 60606; 312-338-3001, Fax 312-338-3008; Web site: www.mpirealestate.com.
Lee & Associates – LA North/Ventura, Inc. is representing a client looking to acquire 20-year net-leased properties from between $1 million and $50 million nationwide. The client prefers an 8% Cap rate and up, but will consider all single-tenant deals. For more information, contact Brent C. Avis, Lee & Associates – LA North/Ventura, Inc., 15250 Ventura Boulevard, Suite 100, Sherman Oaks, CA 91403; 818-986-9800 Ext. 3016, Fax 818-783-9260; Email: bavis@lee.re.com; Web site: www.lee-associates.com.
Spectrum Realty Advisors is representing Limik L.P. in the sale of Marietta Square, a 57,950 sq.ft., Food Lion-anchored center located in Jacksonville, FL. The company also is representing The Sembler Co. in the sale of Publix at Shakerag, a 77,913 sq.ft. center located in Suwanee, GA. For more information, contact Joe Montgomery, Tony D’Ambrosio or Jon Barry, Spectrum Realty Advisors, 5871 Glenridge Drive, Suite 400, Atlanta, GA 30328; 404-252-2288, Fax 404-252-8666.
Signature Associates-ONCOR International is selling an 18,785 sq.ft. center located on Irving in Sterling Heights, MI. The company is representing the owner, Prince Land Holdings. The space was formerly occupied by Xtreme Fitness. For more information, contact Viktor Gjonaj, Signature Associates-Oncor International, One Towne Square, Suite 1200, Southfield, MI 48076; 248-948-9000.
Upland Real Estate Group, Inc. sold the following three Back Yard Burger properties: a 3,452 sq.ft. restaurant in Florence, AL for $1.6 million; a 2,460 sq.ft. location in Macon, GA for $1.7 million and a 2,800 sq.ft. location in Milledgeville, GA for $1.6 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.
The Howard Group is selling a 55,000 sq.ft. center located in Cobleskill, NY for $3.6 million. For more information, contact Kevin Parisi, The Howard Group, 401 New Karner Road, Albany, NY 12205; 518-452-1881 Ext. 11, Fax 518-452-1940; Email: kparisi@howardgroup.com.
Grubb & Ellis/Harrison & Bates represented the following companies in the acquisition of the following properties: Central Garage, LLC in the acquisition of 9.41 acres in Aylett, VA from JTA & Associates, LLC for $664,558; The Wilton Cos. in the acquisition of a 20,562 sq.ft. building located on West Broad Street in Richmond, VA from Dunville, LLC for $2.25 million and Ruby Tuesday, Inc. in the acquisition of a 1.33-acre parcel on West Broad Street in Richmond, VA from Ballrich, LLC for $1.1 million. For more information, contact Lynn M. McDaniel, Grubb & Ellis/Harrison & Bates, 6606 West Broad Street, Suite 400, Richmond, VA 23230; 804-788-1000 Ext. 213, Fax 804-782-1145; Email: lynn.mcdaniel@harrison-bates.com; Web site: www.harrison-bates.com.
Sperry Van Ness is selling a Rite Aid located on Gerber Road in Sacramento, CA for $5.39 million with a Cap rate of 6.5%. The store is cotenanted in a center with Albertsons, Hollywood Video, Beneficial Finance, Radio Shack and The UPS Store. For more information, contact Michelle Trombley, Sperry Van Ness, 18881 Von Karman Avenue, Suite 800, Irvine, CA 92612; 949-225-1890, Fax 949-250-4126.
Coldwell Banker Commercial – Investment Services Group is looking to acquire credit-anchored, multi-tenant centers and single-tenant credit retail properties for between $4 million and $15 million. The company is not looking for shadow-anchored centers and is not willing to assume high-leverage or high interest rate debt. Demographics must have an average household income of at least $40,000. Preference is given to properties located in the southern U.S. For more information, contact Shawn Collins, Coldwell Banker Commercial – Investment Services Group, 1340 Bayshore Highway, Burlingame, CA 94010; 650-344-4300 Ext. 24, Fax 650-344-4311; Email: spcollins@coldwellbanker.com.
Quine & Associates, Inc. is selling two supermarket-anchored centers located in the southwestern U.S. for $15 million. For more information, contact Douglas Wilder, Quine & Associates, Inc., 301 South Sherman, Suite 100, Richardson, TX 75081; 972-669-8440 Ext. 242, Fax 972-783-8901; Email: dwilder@quine.com.
Colliers Lanard & Axilbund is selling three former WaWa locations in southern NJ. For more information, contact David Vender, Colliers Lanard & Axilbund, 399 Market Street, Philadelphia, PA 19106; 215-928-7575, Fax 215-925-1040; Email: david.vender@colliers.com.
Diversified Commercial Investments is representing a client looking to acquire properties throughout southern CA for between $5 million and $10 million. The centers must have at least a 6% Cap rate and be 80% occupied. For more information, contact Allen Yadgari, Diversified Commercial Investments, 1055 Wilshire Boulevard, Suite 1670, Los Angeles, CA 90017; 213-225-7112, Fax 213-225-7110.
Wissman Commercial Real Estate is representing an investor looking to acquire retail and office properties throughout FL from $5 million and up. For more information, contact Joe Wissman, Wissman Commercial Real Estate, 23439 Michigan Avenue, Suite 3W, Dearborn, MI 48124; 313-561-1900, Fax 313-561-1903; Email: propone@ix.netcom.com.
The Woodmont Co. completed negotiations on the sale of 2.59 acres to Fire Mountain Restaurants in Weatherford, TX. The restaurant will be located at Weatherford Town Center and will open during November. For more information, contact The Woodmont Co., 2100 West 7th Street, Fort Worth, TX 76107-2306; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com.
Staubach Retail Services is selling Deptford Crossing, a 202,000 sq.ft. center located off Route 55 in Deptford, NJ for $25.9 million with a Cap rate of 7.9%. The project is anchored by Marshalls, T.J. Maxx, PetsMart, Michaels, OfficeMax, JoAnn and ULTA and is 98% occupied. Area demographics include a population of 220,000 within five miles. For more information, contact David T. Wojciechowski, Staubach Retail Services, Tower 49, 12 East 49th Street, New York, NY 10017; 212-418-2668, Fax 212-418-2675; Email: dtwoj@staubach.com.
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