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Buyers & Sellers
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Buyers & Sellers CORE Properties is selling an 8,300 sq.ft. former AleHouse Restaurant located on North Tryon Street in Charlotte, NC for $3.5 million. Area demographics include a population of 155,977 within five miles earning $52,663 as the average household income. Lease rates are $30 per sq.ft. NNN, while lease terms are 19 years with three and five-year options. For more information, contact Mike Thompson or Keely Simerville, 831 East Morehead Street, Suite 445, Charlotte, NC 28202; 888-590-CORE; Web site: www.coreproperties.com.
MBK Real Estate, Inc. sold the neighborhood center component of Lakewood Towne Center in Lakewood, WA to Lakha Investments for $31.5 million. Lahka is acquiring 157,520 sq.ft. of the center’s total one million sq.ft. The center is anchored by a 62,800 sq.ft. Safeway and is tenanted by Saar’s Marketplace, Applebee’s, Panda Express, Cold Stone Creamery, Payless ShoeSource, Hill’s Hallmark, Subway, Supercuts, HairMasters and Desert Sun Tanning Center. For more information, contact MBK Real Estate, Inc., PO Box 57065, Irvine, CA 92619-7065, 175 Technology Drive, Irvine, CA 92618; 949-789-8300.
Capital Realty Advisors, Inc. is selling Spring Park Plaza Shopping Center, a 136,604 sq.ft. center located in Denham Springs, LA for $7 million with a Cap rate of 9.37%. The center is currently 97% occupied and is tenanted by Rite-Aid, Dollar General, Radio Shack and Wells Fargo Financial. For more information, contact Donna McDonald, Capital Realty Advisors, Inc., 600 Sandtree Drive, Suite 109, Palm Beach Gardens, FL 33403; 561-624-5888, Fax 561-624-5827; Email: dmcdonald@capitalrealtyadvisors.com; Web site: www.capitalrealtyadvisors.com.
Fameco Real Estate negotiated the sale of West Side Mall, a 285,000 sq.ft. center located in Wilkes-Barre, PA to WP Realty. Fameco represented the seller, EMA Associates, LP, in the transaction. The center is currently tenanted by Price Chopper, Rite Aid, A.J. Wright and Jo-Ann Fabrics. The center also includes an 80,000 sq.ft. building formerly occupied by Ames Department Store. For more information, contact Diane Weinberg, Fameco Real Estate, 15 East Ridge Pike, Suite 100, Conshohocken, PA 19428; 610-834-8000, Fax 610-834-1793.
Transwestern Investment Co. is looking to acquire value-added investments for between $20 million and $100 million or portfolios in the top 25 metropolitan markets nationwide. The company is interested in acquiring 100% purchases, joint ventures and recapitalization transactions. Preferred sites include specialty and lifestyle centers, street retail buildings, anchored centers, de-malling situations on Class B and Class C regional centers and retail-oriented mixed-use projects. For more information, contact Erwin K. Aulis, Transwestern Investment Co., 150 North Wacker Drive, Suite 800, Chicago, IL 60606; 312-499-1900, Fax 312-499-1901; Email: erwin_aulis@transwestern.net.
Quine & Associates, Inc. is offering a retail investment-sale/leaseback of an existing 2,500 sq.ft. single-tenant retail building located next to a supermarket-anchored center in the Dallas, TX area for $1 million. The offering includes additional land for retail development or a pad site user. 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.
Adams Nelson & Associates, Inc. is selling a property next to an existing shopping center in Stephens City, VA for $871,000. For more information, contact J. Michael Foster, Adams Nelson & Associates, Inc., The Fern Adams Building, 303 South Loudoun Street, Winchester, VA 22601; 540-667-1832, Fax 540-667-2441; Email: jmichaelfoster@adamsnelson.com.
Shane Investment Property Group is selling Covington Square, a 138,247 sq.ft. center located at the intersection of Covington Highway and Panola Road in Lithonia, GA for $14.25 million with a Cap rate of 8.4%. The center is situated on a land area of 21.18 acres. Area demographics include a population of 75,566 within three miles earning $57,538 as the average household income. For more information, contact Jeff Enck, Shane Investment Property Group, 2325 Lake View Parkway, Suite 200, Alpharetta, GA 30004; 770-481-1960, Fax 770-481-1961; Email: jenck@shanegroup.net.
Kamin Realty, LLC acquired six properties totaling $20 million. The properties are net leased to Circuit City, Eckerd and Rite-Aid. In addition, the company acquired a portfolio of 16 net leased Taco Bueno Restaurants located in OK and TX. For more information, contact Howard Kadish, Kamin Realty, LLC, 575 Madison Avenue, 10th Floor, New York, NY 10022; 212-605-0191; Email: kaminre@yahoo.com. |