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Buyers & Sellers
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Buyers & Sellers NorthBridge Property Services is looking to acquire sites from 800 sq.ft. to 1,400 sq.ft. throughout the Tampa, Sarasota, St. Petersburg and Orlando, FL area. The company prefers strip centers, but will consider shadow boxes in front of big boxes or anchored neighborhood strip centers. For more information, contact Jannie C. DelRio, NorthBridge Property Services, PO Box 340218, Tampa, FL 33694; 813-961-2734, Fax 813-248-3005; Email: jdelrio@northbridgepropsvcs.com.
NAI Olympia Partners represented Meridian Marketplace, LLC in the sale of Meridian Marketplace, a 41,430 sq.ft. center located on South Meridian Street in Indianapolis, IN. The center is situated on a land area of 3.75 acres. The company also represented Franklin Shopping Centers, LLC in the sale of Franklin Marsh Plaza, a center located on North Main Street in Franklin, IN. MGMT P/R acquired the 49,106 sq.ft. building, which sits on a land area of a little over five acres. The center is 100% occupied. For more information, contact Maria Stein, NAI Olympia Partners, 320 North Meridian Street, Suite 700, Indianapolis, IN 46204; 317-264-9400; Web site: www.naiolympia.com.
Turner & Associates Realty, Inc. is selling a 72,000 sq.ft. center located in Hazelhurst, GA for $1.7 million cash over mortgage balance. The center is tenanted by Food Lion, CVS, Dollar General, BC Moore, Pizza Hut and Sun N Fun. For more information, contact Monte Turner, Turner & Associates Realty, Inc., 4301 Hillsboro Pike, Nashville, TN 37215; 615-383-7878, Fax 615-383-9878; Email: turnerandassociates@comcast.net.
CB Richard Ellis, Inc. negotiated the sale of a 101,000 sq.ft. Sam’s Club warehouse store located on East Fourteen Mile in Madison Heights, WI for $7.25 million. The company represented the seller, American Real Estate Holdings LP. The buyer was Ashkenazi Acquisitions. For more information, contact Katherine Haug, CB Richard Ellis, Inc., 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-5555, Fax 602-735-5655; Email: katherine.haug@cbre.com; Web site: www.cbre.com/phxmediaro.com.
Rotella Toroyan Clinton Group, LLP is selling a 43,120 sq.ft. Food Lion-anchored center located in Fairview, NC for $4.35 million. The center is cotenanted by a U.S. Post Office and is situated on a land area of approximately 10 acres. For more information, contact Steven M. Miller, Rotella Toroyan Clinton Group, LLP, 3300 North Federal Highway, Suite 200, Fort Lauderdale, FL 33306; 954-568-9015, Fax 954-568-9597; Email: steve@rtcgrealestate.com.
Jones Real Estate is looking to acquire strip centers, freestanding locations, single-tenant locations or development pads throughout the western U.S. for between $600,000 and $10 million. The company prefers the centers be on a land area of 0.5 acres to 10 acres. For more information, contact Greg Jones, Jones Real Estate, 440 West Whittier Boulevard, Atlanta, GA 90631; 562-697-3333 Ext. 21, Fax 562-697-9999.
Donahue Schriber completed the acquisition of four properties within the 1,310-acre, master-planned community of Green Valley Ranch in Henderson, NV from American Nevada Co. Two Smith’s-anchored centers were part of the acquisition, including Pebble Marketplace, a 160,000 sq.ft. center, is located at the intersection of Interstate 215 and Green Valley Parkway, and Paseo Verde Plaza, a 108,000 sq.ft. center located at the intersection of Interstate 215 and Valle Verde Drive. Both centers have space available ranging from 1,400 sq.ft. to 5,400 sq.ft. For more information, contact Donahue Schriber, 200 East Baker Street, Suite 100, Costa Mesa, CA 92626; 714-545-1400, Fax 714-545-4222; Web site: www.donahueschriber.com.
Nourmand Commercial is representing a client looking to acquire value-added centers throughout AZ, CA and NV for between $6 million and $10 million. The company is looking to acquire centers that have vacancy problems, additional land or pads that can be developed. For more information, contact Dan Beck, Nourmand Commercial, 421 North Beverly Hills Drive, Suite 200, Beverly Hills, CA 90210; 310-888-3354; Email: danniman@aol.com.
NewBridge Retail Advisors is selling Jasper Mall, a 288,577 sq.ft. enclosed regional mall located on Highway 78 East in Jasper, AL for $14 million. The mall is anchored by Belk, JCPenney and Kmart. Cotenants include Hibbett Sporting Goods, Shoe Dept., Dollar Tree, Cato, GNC, Radio Shack and Zales. For more information, contact Van Barron, NewBridge Retail Advisors, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6555, Fax 678-802-6588; Email: vbarron@newbridgeretail.com.
NNN Sales is selling a ground lease located in LeRay, NY for $332,941 with a Cap rate of 8.50%. Area retail includes Wal*Mart Supercenter and McDonald’s. For more information, contact NNN Sales, Marquette Plaza, 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-332-6600, Fax 612-376-4489; Web site: www.nnnsales.com.
Oakridge Investments is selling a 3,000 sq.ft. Taco Bueno restaurant located at the intersection of Southlake Boulevard and Kimball Road in Dallas, TX for $763,636. Area retail includes Leslie’s Pool Supply, Chick-fil-A, Alpha Graphics, Lowe’s Home Improvement, PetsMart, Home Depot, Albertsons and Costco. The company also is selling a 5,530 sq.ft. Chili’s restaurant located at the intersection of Highway 121 and Preston Road in Dallas, TX for $1,781,818. Area retail includes Stonebriar Mall, Billiards and Bar Stools, IKEA Home Furnishings and The Centre at Preston Ridge. For more information, contact Belinda Alaniz, Oakridge Investments, 8235 Douglas Avenue, Suite 815 – LB 49, Dallas, TX 75225; 214-361-2350, Fax 214-361-2375.
Capital Realty Advisors is looking to acquire centers throughout the southeastern U.S., with a focus on TX and NV, from between $8 million and $15 million with Cap rates of 8.5% and occupancy at 80% or higher. The center must have a GLA of at least 100,000 sq.ft. For more information, contact Donna McDonald, Capital Realty Advisors, 600 Sandtree Drive, Suite 109, Palm Beach Gardens, FL 33403; 561-624-5888, Fax 561-624-5827; Email: dmcdonald@capitolrealtyadvisors.com.
1031 Exchange Options acquired the following properties: Silver City Plaza in Las Vegas, NV and Olathe Station in Olathe, KS. Silver City Plaza is located at the north end of the Las Vegas Strip and was acquired for $37.5 million. The center is situated on a land area of 1.92 acres and is shadow-anchored by Walgreens and is tenanted by Ross Dress For Less, Denny’s Restaurant and 7-Eleven. Olathe Station is a 611,644 sq.ft. center anchored by OfficeMax, PetsMart, Bed Bath & Beyond and Goodyear and is shadow-anchored by Super Target and AMC Theater. The center is 99% occupied and was acquired for $44.75 million. For more information, contact 1031 Exchange Options, The Gateway Centre, 1850 Mount Diablo Boulevard, Fifth Floor, Walnut Creek, CA 94596; 800-675-2424, Fax 888-675-2420; Web site: www.1031exchangeoptions.com.
Yale Realty Services Corp. acquired Newington Commons, a 190,000 sq.ft. center located in Newington, CT. The center is anchored by Shaw’s, Michael’s, Petco, Party and Bob’s Store and has 23,000 sq.ft. of space available. For more information, contact Yale Realty Services Corp., 501 Washington Avenue, Pleasantville, NY 10570; 914-769-7600, Fax 914-769-5463; Email: ypaprin@aol.com. Or contact Dan Zelson at Charter Realty, 203-629-3939.
Faris Lee Investments is selling the following properties: a 40,813 sq.ft. center located in Rancho Santa Margarita, CA for $12.5 million with a Cap rate of 7%; a 215,103 sq.ft. Safeway-anchor center located in Nogales, AZ for $18.22 million with a Cap rate of 8%. The center is situated on a land area of 18.4 acres and is anchored by Safeway, Walgreens, Jack-In-The-Box, Radio Shack, Big Lots, Falles Paredes, Stage Stores and Curves for Women; and County Fair Mall, a 397,071 sq.ft. mall located in Woodland, CA for $22 million. The center is 85.6% occupied and is anchored by Mervyn’s. For more information, contact Russ Niedwick, Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800 Ext. 201, Fax 949-221-1830; Email: rniedwick@farislee.com; Web site: www.farislee.com.
Sperry Van Ness is selling a freestanding Rite Aid drugstore located in Sacramento, CA for $5,391,538 with a Cap rate of 6.5%. Rite Aid is committed to a 20-year absolute NNN lease with 10% increases in years 11, 21 and 31. 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.
Marcus & Millichap Real Estate Investment Brokerage Co. is marketing Union Village Shopping Center, a 199,976 sq.ft. center located on West Roosevelt Boulevard in Monroe, NC for $15.85 million with a Cap rate of 8.06%. The center is currently 99% occupied and is tenanted by Aaron’s Rents, Advance Auto Parts, CiCi’s Pizza and Union County Social Services. The site has an average daily traffic count of 50,000 vehicles. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 1200 Abernathy Road, Northeast, Building 600, Northpark Town Center, Suite 650, Atlanta, GA 30328; 770-393-1700, Fax 770-393-1738; Web site: www.marcusmillichap.com.
The Ross Realty Group, Inc. sold East Lake Centre, a 19,000 sq.ft. center located on East Hillsborough Avenue in Tampa, FL for $1.6 million. The center has a mix of retail and office tenants. The company also sold Bay Vista I, a 17,828 sq.ft. center located on Roosevelt Boulevard in Clearwater, FL for $1.955 million. Tenants include a deli, nail salon, laundrymat and a credit union. The building is currently 100% leased. For more information, contact Elliott M. Ross, Ross Realty Group, Inc., 3001 Executive Drive, Suite 250, Clearwater, FL 33762; Email: elliottross@rossrealty.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.
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.
The Woodmont Co. completed negotiations for the sale of one acre of land to Steak N Shake in Indianapolis, IN. The restaurant is slated to open later this year. For more information, contact The Woodmont Co., 2100 West 7th Street, Fort Worth, TX 76107-2306; 817-732-4000, Fax 817-735-4738.
Hanley Brown Group represented the buyer and seller in the sale of El Rancho Plaza, a 25,537 sq.ft. center located at the intersection of Santa Ana Canyon Road and Fairmont Boulevard in Anaheim Hills, CA for $7 million. The center is situated on a land area of 2.43 acres and is 100% occupied. Tenants include Capone’s Italian Restaurant, Hibachi Steak House and South Coast Bank. The buyer was Remarc Management, while the seller was Fairmont Plaza Partners, LLC. For more information, contact Ed Hanley, Hanley Brown Group, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7677, Fax 949-585-7611; Email: info@hanleybrown.com; Web site: www.hanleybrown.com.
The Lightstone Group acquired Dakota Square Mall, a 600,000 sq.ft. center located on Highway 83 in Minot, ND, from BRE Concordia, LLC, a joint venture of Polaris Capital and an affiliate of Blackstone Realty Group. The 79-acre mall is anchored by Target, Sears, JCPenney and a 138-room Sleep Inn hotel and a 24,000 sq.ft. indoor water park. For more information, contact The Lightstone Group, 326 Third Street, Lakewood, NJ 08701; 732-367-0129, Fax 732-363-7183.
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