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Buyers & Sellers
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Buyers & Sellers Colliers International is selling two Tiremax NNN leased investments. These properties are being offered as a package with a combined NOI of $192,000. The offering price for both locations is $2.25 million with a Cap rate of 8.53%. The properties are located in Nacogdoches and Livingston, TX. Both leases commenced on November 1 and have primary terms of 120 months. The tenant has four, five-year options to extend the lease. For more information, contact Patrick Graham, Colliers International, 1300 Post Oak Boulevard, Suite 200, Houston, TX 77034; 713-830-2169; Email: pgraham@collierstexas.com.
Faris Lee Investments acquired 89,079 sq.ft. of Winchester Springs, a 110,000 sq.ft. center located at the intersection of Winchester Road/Route 79 and Murrieta Hot Springs Road in Murrieta, CA for $16 million. A portion of the center was sold by Krausz Cos. to Wolff Properties as a 1031 exchange. The center is currently 100% occupied and is anchored by Albertsons. Cotenants include Blockbuster Video, McDonald’s and Bank of America. For more information, contact Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Email: info@farislee.com; Web site: www.farislee.com.
Sperry Van Ness completed the sale of Kmart Plaza, a three-building, 138,914 sq.ft. center to an undisclosed developer for $8.45 million. The center is located on Russ Avenue in Waynesville, NC. The center is situated on a land area of 16.71 acres and is 100% leased to Kmart, Big Lots, Advance Auto Parts, Radio Shack and Little Caesar’s. The company’s Cincinnati, OH office is selling a Cost Plus World Market store in Charlotte, NC for $4 million. The site is cotenanted by Target, OfficeMax and PetsMart. For more information, contact David Ebeling or Megan Monfort, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-251-4126; Emails: david.ebeling@svn.com and megan.monfort@svn.com. For more information regarding the Cost Plus World Market site, contact Chuck Ciolino, Sperry Van Ness, 7800 Laurel Avenue, Suite 150, Cincinnati, OH 45243; 513-561-4080, Fax 513-561-8812; Email: chuck.ciolino@svn.com.
Robert Stuart Real Estate is representing clients seeking to acquire shopping centers, office buildings, apartments and hotels from $40 million and up. For more information, contact Bob Stuart, Robert Stuart Real Estate, 13064 Bender Drive, Moreno Valley, CA 92553; 951-247-2426; Email: rubobstu@verizon.net.
Goodman Real Estate Services Group, LLC represented RARE Hospitality International in the acquisition of a land area of 1.91 acres in the Chagrin Highlands development at the intersection of Harvard Road and Richmond Road in Warrensville Heights, OH. RARE Hospitality is expected to build a Longhorn Steakhouse at the location. For more information, contact Anne Santora, Goodman Real Estate Services Group, LLC, 25333 Cedar Road, Suite 305, Lyndhurst, OH 44124; 216-381-8200, Fax 216-381-8211; Email: anne@goodmanrealestate.com.
Retail Brokers, Inc. sold Greenway Village Shopping Center, a 211,848 sq.ft. center located at the intersection of 32nd Street and Greenway Road in Phoenix, AZ for $33 million. The center is currently 95% occupied and is tenanted by Food City, Pure Fitness, Chompie’s Restaurant, K-Momo and Goodwill. The buyer, Arizona Greenway Hirani Investment, was represented by Colliers International and TRI Commercial Real Estate. For more information, contact Retail Brokers, Inc., 8111 East Indian Bend Road, Scottsdale, AZ 85250; 480-894-6363, Fax 480-894-6863; Email: jessicamaloof@bpiaz.com.
Eastern Net Lease Advisors is looking to acquire strip centers and freestanding buildings in secondary markets throughout New England for between $500,000 and $5 million. The buildings must be between 5,000 sq.ft. and 30,000 sq.ft. and be situated on land areas from 0.5 acres to 20 acres. The company will consider short-term leases, joint ventures and partnership opportunities. For more information, contact Michael R. O’Mara, Eastern Net Lease Advisors, 21 Oak Street, Medway, MA 02053; 508-321-1422, Fax 508-321-1344; Email: mike@eastern1031.net; Web site: www.eastern1031.net.
Cushman & Wakefield of Georgia, Inc. is selling Patriots Plaza Shopping Center located at the intersection of U.S. Highway 17 and Houston Northcutt Boulevard in Charleston, SC. The center is anchored by Whole Foods and Staples and is currently 97.8% occupied. The site has an average daily traffic count of 46,000 vehicles and is situated on a land area of 13.6 acres. Area demographics include a population of 91,227 within five miles earning $91,481 as the average household income. For more information, contact Cushman & Wakefield of Georgia, Inc., 1201 West Peachtree Street, 3300 One Atlantic Center, Atlanta, GA 30309-3425; 404-875-1000, Fax 404-875-4637.
Miller-Valentine Realty, Inc. is selling a land area of 26 acres on Benchwood Road at the new Benchwood Road/Interstate 75 interchange in the Dayton/Vandalia/Butler, OH market. The site is located adjacent to a retail shopping area, including a new Wal*Mart Supercenter, Sam’s Club, Office Depot, restaurants and hotels on Miller Lane. For more information, contact Pete Nichols, Miller-Valentine Realty, Inc., PO Box 744, Dayton, OH 45401; 937-297-3259, Fax 937-913-5447; Email: pete.nichols@mvg.com.
Baum Realty Group, Inc. arranged the sale of a 39,600 sq.ft. building located on West Cermak in Chicago, IL. Area retail includes North Riverside Park Mall. The property is 100% occupied by a Wickes Furniture store. It was acquired for $2.55 million by a private investor. For more information, contact Baum Realty Group, Inc., 1030 West Chicago Avenue, Suite 300, Chicago, IL 60622; 312-666-3000, Fax 312-666-7970; Web site: www.baumrealty.com.
Colliers Lanard & Axilbund is selling a 20,460 sq.ft. site located on New Falls Road in Levittown, PA. The building is situated on a land area of 2.353 acres. Area retail includes Rite-Aid, Blockbuster Video, Citizen’s Bank and Giant. Area demographics include a population of 226,991 within five miles earning $62,556 as the average household income. For more information, contact Michael Barmash, Colliers Lanard & Axilbund, 399 Market Street, Philadelphia, PA 19106-2183; 215-928-7519, Fax 215-925-1040; Email: michael.barmash@colliers.com; Web site: www.colliers.com/philadelphia.
Paramount Partners, LLC is representing a client looking to acquire retail centers or single-tenant net-leased properties for up to $14 million. The client is looking for sites primarily in the Northeast, but will consider locations nationwide. For more information, contact Mike d’Hemecourt, Paramount Partners, LLC, 25 Garden Park, Braintree, MA 02184; 781-848-1550 Ext. 24, Fax 781-848-4980; Email: mdhemecourt@paramountpartners.com; Web site: www.paramountpartners.com.
Harborview Properties is selling a freestanding retail site located next to an A&P Supermarket on Boston Post Road in Rye, NY. The building is completely remodeled throughout and is the only freestanding building available in the city of Rye. For more information, contact Dale Kaufteil, Harborview Properties, 2406 Boston Post Road, Larchmont, NY 10538; 914-834-8200, Fax 914-834-8065; Email: dk@hvp.com; Web site: www.hvp.com.
Coldwell Banker is selling Amityville Village, a center located on Route 110 in Amityville, NY for $960,000. For more information, contact Lori Beldiny, Coldwell Banker, 136 West Main Street, Babylon, NY 11702; 631-422-5511, Fax 631-422-5307.
Triple Net Properties, LLC sold Springtown Mall, a 96,423 sq.ft. center located on the west side of IH-35, just south of Highway 123, in San Marcos, TX. The center is anchored by JCPenney, Best Buy and Beall’s. For more information, contact Louis Rogers, Triple Net Properties, LLC, 1551 North Tustin Avenue, Suite 200, Santa Ana, CA 92705; 714-667-8252, Fax 714-667-6860; Email: lrogers@1031nnn.com; Web site: www.1031nnn.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is selling a Gander Mountain department store in Cicero, NY for $10.074 million with a Cap rate of 7.75%. The store is located on Carmenica Drive. The company also sold a center located on Mono Way in Sonora, CA for $11.8 million. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 270 Madison Avenue, 19th Floor, New York, NY 10016; 212-832-4500, Fax 212-685-2230; Web site: www.marcusmillichap.com. For more information regarding the center in Sonora, CA, contact Marcus & Millichap Real Estate Investment Brokerage Co., 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800, Fax 909-605-1832.
CB Richard Ellis, Inc. is selling a 5,000 sq.ft. site at Creekside Plaza, a center located on Highway 79 South in Temecula, CA for $3.051 million with a Cap rate of 5.25%. The company also is selling La Colonnade Building, a 27,200 sq.ft. site located at the intersection of Santa Monica Boulevard and North Camden Drive in Beverly Hills, CA. The property is currently 100% leased to Sharper Image, Radio Shack and Global Business Centers. Area demographics include a population of 670,150 within five miles earning $84,928 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; 949-725-8500, Fax 949-725-8545.
Investment Realty Resources, Inc. is representing two clients looking for sites. One client is seeking multi-tenant retail, flex or office space in Dayton, OH from $1.5 million to $2.5 million, while the other client is looking to acquire one or two properties, including multi-tenant retail or multi-family, for between $5.5 million to $6 million. For more information, contact Juan Muzquiz, Investment Realty Resources, Inc., PO Box 308, Middletown, OH 45042; 513-424-8106, Fax 614-559-6740; Email: jmuzquiz@ccim.net.
Horn Capital Realty, Inc. is looking to acquire older net-leased properties for $800,000 or less nationwide. The company is looking to acquire Pizza Hut, KFC and Taco Bell locations with sales volume of $750,000 or more and rent equal to 5% of sales or less; McDonald’s, Burger King, Wendy’s and Arby’s locations with sales volume of a minimum of $1 million; 7-11, Circle K, Hess, Jiffy Lube, Goodyear and Monro Muffler locations with sales volume of $800,000 or more, gasoline volume of 100,000 gallons per month and rent equal to 5% of sales of less; supermarkets with rents in the range of $5 psf and sales volume of $450,000 plus per week; ground leases for fast food, office, industrial, multi-family, retail and drug stores and post office locations with a GLA of at least 5,000 sq.ft. and rent for $5 psf or less. For more information, contact Jonathan S. Horn, Horn Capital Realty, Inc., 1108 Kane Concourse, Suite 201, Bay Harbor Islands, FL 33154; 305-864-2000, Fax 305-864-4240; Email: jsh@horncapital.com.
Goldschmidt & Associates sold a 27,000 sq.ft. retail and warehouse space located at the intersection of Route 127 and Boston Post Road in Mamaroneck, NY. For more information, contact Eric S. Goldschmidt, Goldschmidt & Associates, One Chase Road, Scarsdale, NY 10583; 914-723-1616.
Grubb & Ellis is selling Copperwood Village, a 350,444 sq.ft. center located at the intersection of State Highway 6 North and FM 529 in Houston, TX. The center is anchored by Target and is tenanted by Marshalls, Bed Bath & Beyond, OfficeMax, Palais Royal, Michaels, Petco, Old Navy, Famous Footwear, Pier 1 Imports, Dress Barn, Party City, Rack Room Shoes, Lane Bryant, Avenue, Souper Salad, Bath & Body Works, Blockbuster Video, Starbucks and Verizon Wireless. Area demographics include a population of 112,574 within three miles earning $94,083 as the average household income. The site has an average daily traffic count of 53,000 vehicles. The company also is selling Town Center West, an 84,433 sq.ft. center located on East Willow Street in Signal Hill, CA. The center is currently 100% occupied and is anchored by Food 4 Less, Starbucks, McDonald’s and Nextel. Demographics include a population of 320,000 within three miles. For more information, contact Grubb & Ellis, 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056; 713-599-5165, Fax 713-626-2288; Email: george.cushing@grubb-ellis.com; Web site: www.georgecushing.com. For more information regarding Town Center West, contact Jeff Hanson or Ryan Gallagher, Grubb & Ellis Co., 4675 MacArthur Boulevard, Suite 1600, Newport Beach, CA 92660; 949-608-2000, Fax 949-608-2003.
Hunt Commercial Real Estate is selling Fisher Plaza, a 12,970 sq.ft. center located on South Fisher Road in Gates, NY for $1.2 million with a Cap rate of 10.4%. The center is currently 84% occupied and is situated on a land area of 1.54 acres. Area retail includes Wal*Mart, Westgate Plaza and Wegmans’ headquarters and distribution center. For more information, contact David Altman, Hunt Commercial Real Estate, 11 State Street, Suite 204, Pittsford, NY 14534; 585-244-8057 Ext. 507, Fax 585-295-1091; Email: daltman@huntcommercial.com; Web site: www.huntcommercial.com.
Anchor Commercial Real Estate Services specializes in retail leasing, commercial brokerage, construction management, property management and retail and commercial development. The company currently has restaurant sites available, retail development opportunities and turnkey development. For more information, contact Michael D. Elmore or Will Sherrod, Anchor Commercial Real Estate Services, 126 Seven Farms Drive, Suite 110, Charleston, SC 29492; 843-352-0070/843-747-2292, Fax 843-747-1070.
Passco Real Estate Enterprises, Inc. is looking to acquire multi-tenant retail, multi-family and industrial properties from $5 million to $40 million throughout the western U.S. Preferred retail sites include supermarket-anchored, Class A neighborhood and community centers with a minimum of 80,000 sq.ft. of GLA. For more information, contact Paul Mittman, Passco Real Estate Enterprises, Inc., 96 Corporate Park, Suite 200, Irvine, CA 92606; 949-442-1000, Fax 949-442-2460; Email: pmittman@passco.net.
Holliday Fenoglio Fowler, L.P. is selling Trolley Square, an upscale marketplace situated in four historic buildings at 700 East and 600 South in downtown Salt Lake City, UT. The site has over 60 unique shops, restaurants and entertainment venues in approximately 250,000 sq.ft. of space. The center is tenanted by Pottery Barn, Restoration Hardware, Williams-Sonoma, Hard Rock Café and Harolds, along with a four-screen Regency Cinema, and is currently 91% occupied. For more information, contact Holliday Fenoglio Fowler, L.P., 8401 North Central Expressway, Suite 400, Dallas, TX 75225; 214-265-0880, Fax 214-265-9564; Web site: www.hfflp.com.
Allegro Realty Advisors, Ltd. is selling a Hooters restaurant located in southern GA for $2.85 million. The single-tenant, absolute NNN investment has a brand new 20-year lease with increases every five years. The site is located directly off Interstate 75 and is near Wal*Mart, Target and other big box retail sites. For more information, contact Adam P. Bradford, Allegro Realty Advisors, Ltd., Thornburg Station, 8111 Rockside Road, Suite 250, Cleveland, OH 44125; 216-524-0710 Ext. 109, Fax 216-524-0711; Email: abradford@allegrorealty.com; Web site: www.allegrorealty.com.
Net Leased Investment Co. is selling a 34,103 sq.ft. freestanding Linens ‘N Things store situated on a land area of 2.58 acres in Newport News, VA for $6.9 million. The store is in a center anchored by Lowe’s Home Improvement, Home Depot, Wal*Mart Supercenter, Sam’s Club and Michaels. The company also is selling a 6,446 sq.ft. Autozone store located on North County Road West in Odessa, TX for $923,077 with a Cap rate of 6.5%. The lease term is for 20 years with four, five-year options and 10% increased in each option period. For more information, contact Bill Ellison, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-0775; Email: bill@netleased.com; Web site: www.netleased.com.
A private investor is looking to acquire centers from 20,000 sq.ft. to 100,000 sq.ft. for $5 million. The sites must have no less than 15,000 sq.ft. of contiguous space for immediate occupancy for a prospective tenant. The property should be no older than 20 years and must be located in south Atlanta, GA. For more information, contact Alex Mithani, 500 Pinnacle Court, Suite 510, Norcross, GA 30071; 770-446-1333, Fax 678-669-2439.
Calkain Realty Advisors is representing a client looking to acquire a Walgreens or CVS throughout the eastern U.S. from $4 million to $6 million with a Cap rate above 6%. The client prefers NNN leases with greater than 15 years remaining. For more information, contact David Sobelman, Calkain Realty Advisors, 11150 Sunset Hills Road, Suite 310, Reston, VA 20190; 703-787-4732, Fax 703-787-4783.
Linear Retail Properties, LLC is looking to acquire a portfolio of convenience-oriented retail properties throughout eastern MA, southern NH and RI. The sites must have a GLA of between 10,000 sq.ft. to 125,000 sq.ft. for a cost of $1 million to $15 million. For more information, contact William J. Beckeman, Linear Retail Properties, LLC, Five Burlington Woods Drive, Burlington, MA 01803; 781-273-5665, Fax 781-273-5683.
Adams-Nelson & Associates, Inc. is selling Stephens City Martin’s Center located on Route 277 in Stephens City, VA. The center is situated on a land area of one to two acres. For more information, contact Jim McLauren, Adams-Nelson & Associates, Inc., 303 South Loudoun Street, Winchester, VA 22601; 540-667-2424, Fax 540-667-2441; Email: jimmclauren@adamsnelson.com.
MetWest Commercial Investment Brokerage is selling a 10,400 sq.ft. multi-use building located on West Busch Boulevard in Tampa, FL for $1.1 million. The site was formerly occupied by a church and a dance school and can be renovated for street retail or storage. For more information, contact Mike McHugh, MetWest Commercial Investment Brokerage, 126 Aragon Avenue, Coral Gables, FL 33134; 305-442-4740, Fax 305-442-4693; Email: mike@met-west.com.
Century 21 Westbank is looking to acquire a strip center located in TX for between $5 million and $20 million. The center must have credit tenants, recent construction and a good rate of return. For more information, contact William Lake, Century 21 Westbank, 3355 Bee Caves Road, Suite 304, Austin, TX 78746; 512-589-5842, 512-306-0424; Email: will@willspoperties.com.
Millburne Equities is looking to acquire 50,000 sq.ft. sites throughout the southeastern and Midwestern U.S. from $5 million and up with a Cap rate of 7.5%. The centers must have an occupancy of at least 90%. For more information, contact Howard Miller, Millburne Equities, PO Box 449, Brooklyn, NY 11230; 732-415-7558, Fax 718-252-9186; Email: millermanagement@aol.com.
Courtelis Co. is looking to acquire land for master development, retail development and redevelopment opportunities, as well as joint ventures. For more information, contact Bruce M. Pasternack, Courtelis Co., 703 Waterford Way, Suite 800, Miami, FL 33126; 305-261-4330, Fax 305-261-4338; Email: bpasternack@courtelis.com; Web site: www.courtelis.com.
Stan Johnson Co. is selling a 95,662 sq.ft. FedEx Express building located on West Waters Avenue in Tampa, FL for $8.2 million. The building is situated on a land area of 8.5 acres. For more information, contact Jeff Matulis, Stan Johnson Co., Two Warren Place, 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690, Fax 918-494-2692; Email: jmatulis@stanjohnsonco.com.
Champion Properties, Inc. is looking to acquire value-added and semi-stabilized retail, industrial and office properties located nationwide. The company is looking to sites with a GLA of at least 25,000 sq.ft. for up to $30 million. For more information, contact Michael Schneck, Champion Properties, Inc., 2006 Condor Lane, Suite 101, Gibsonia, PA 15044; 724-746-3116, Fax 724-746-3153.
JP Investments, LLC is looking to acquire NNN properties which meet the following criteria: single-tenant NNN retail, office or industrial properties nationwide for $3.5 million to $35 million with a Cap rate of 7.25%; minimum BBB-/Baa3 Credit; at least eight years remaining on the lease and rent escalations. Preferred tenants include federal and state government agencies, Target, Home Depot, Wal*Mart, Sam’s Club, Publix, Lowe’s Home Improvement, Kohl’s, Walgreens, CVS, Staples, Wells-Fargo, Citibank, AmSouth, Bank of America, LaSalle Bank, BB&T, JP Morgan and Wachovia. For more information, contact Gerald G. Justice, JP Investments, LLC, 4411 Mar Escarpa, San Clemente, CA 92673, Fax 415-946-3398.
The Goldstein Group is selling a land area of 2.80 acres on Route 23 North in Kinnelon, NJ. Area retail includes Mobil, Meineke, Goodyear, Marty’s Shoes, Avanti Restaurant, Stop & Shop, Rag Shop and Mandee. For more information, contact Curtis Nassau or Florian Suserman, The Goldstein Group, Glen Rock Plaza, 266 Harristown Road, Suite 105, Glen Rock, NJ 07452; 201-703-9700, Fax 201-703-9678; Emails: info@thegoldsteingroup.com, cnassau@thegoldsteingroup.com and fsuserman@thegoldsteingroup.com.
Commercial Brokerage Corp. is selling Wichita Falls Shopping Center, a 22,003 sq.ft. center located on Central Freeway North in Wichita Falls, TX for $3.5 million. The center is currently 100% leased . The center is situated on a land area of 2.56 acres. For more information, contact Cheri White, Commercial Brokerage Corp., 1452 Hughes Road, Suite 200, Grapevine, TX 76051; 817-912-3737, Fax 817-912-3770; Email: cheri.ccim@usa.com.
Realty Investments, LLC is representing clients looking to acquire new or soon-to-be-built Walgreens locations nationwide from developers and direct brokers. The first client is looking to acquire a Walgreens portfolio, but will consider single/multiple deals and is seeking to acquire up to $40 million to $50 million in stores as soon as possible. The second client is looking to acquire single/multiple Walgreens each week for several months. The targeted Cap rate is 6.5% and higher, but the clients may consider a slightly lower Cap rate. For more information, contact Edward J. Ostensoe, Realty Investments, LLC, 6800 Fleetwood Road, Suite 1112, McLean, VA 22101. Or contact the company at 1885 Desert Forest Way, Henderson, NV 89012; 703-587-0318, Fax 703-783-0217; Email: edwardostensoe@yahoo.com.
The Lundy Group is looking to acquire either an existing retail center or land zoned for a center in either northern GA, NC, SC or southern VA from $7 million to $65 million. For more information, contact The Lundy Group, PO Box 98329, Raleigh, NC 27624; 919-821-7890, Fax 919-821-2070; Email: kmcgann@lundygroup.com. |