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Buyers & Sellers
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Buyers & Sellers NewBridge Retail Advisors is selling Greenbriar Mall, a 795,390 sq.ft. urban/infill site located in southwest Atlanta, GA. The mall is located directly off Interstate 285 and Langford Parkway with an average daily traffic count of 62,000 vehicles. The center is situated on a land area of 93 acres. For more information, contact Gary Saykaly or Lynn Leonard, NewBridge Retail Advisors, Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588.
Millennium Properties, Inc. sold a 42,500 sq.ft. site located across from the Spring Hill Shopping Mall in Sleepy Hillow, IL. Sears Homelife subleases the building to John M. Smyth Homemakers. The site is located adjacent to Best Buy and Target. Millennium brokered the transaction of behalf of C&G Investments, Inc., the seller. Savanna Ridge acquired the property for $650,000. For more information, contact Millennium Properties, Inc., Two First National Plaza, 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3003.
CB Richard Ellis, Inc. sold Suniland Plaza, a 57,600 sq.ft. center located in Pinecrest, FL for $15 million to Game Properties, Inc. The center is tenanted by Sound Advice, Ethan Allen, Washington Mutual and Peter Glenn of Vermont. For more information, contact David J. Donnellan, CB Richard Ellis, Inc., 5355 Town Center Road, Suite 701, Boca Raton, FL 33486; 561-393-1606; Email: david.donnellan@cbre.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.
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.
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.
Shane Investment Property Group, LLC is selling a 96,326 sq.ft. supermarket-anchored center located in Gwinnett County, GA. The center fronts State Road 141 at a signalized intersection near Target, T.J. Maxx, Publix and Office Depot. The asking price is $11.25 million with a Cap rate of 8.40%. 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.
NAI Pyramid Brokerage Co. is selling a bank-owned former Drive-In Movie Theater in Elmira, NY for $140,000. The 17.4-acre parcel is improved with a 6,000 sq.ft. pole barn construction building and a 4,000 sq.ft. masonry building with a commercial kitchen and ADA restrooms. For more information, contact Matthew Lynough, NAI Pyramid Brokerage Co., 8 Denison Parkway East, Suite 401, Corning, NY 14830; 607-937-9720, Fax 607-937-9252; Email: mlynough@pyramidbrokerage.com; Web site: www.pyramidbrokerage.com.
SLS Investments acquires properties from $5 million to $150 million. The company acquires retail, medical and multi-family properties, but will consider all property types. Preferred locations include the western U.S., as well as Washington, DC; Chicago, IL; Kansas City, KS; New York, NY; Tokyo and London. For more information, contact Bryan Shaffer, SLS Investments, 9903 Santa Monica Boulevard, Suite 358, Beverly Hills, CA 90212; 310-467-9441, Fax 310-388-3028; Email: bryan.shaffer@slsinvestments.com.
Lynch Realty Group, LLC is selling an 8,300 sq.ft. Murray’s Discount Auto Store in suburban Chicago, IL for $2.43 million. For more information, contact Kevin P. Lynch, Lynch Realty Group, LLC, 20 South Clark Street, Suite 850, Chicago, IL 60603; 312-456-9624, Fax 312-456-9626; Email: klynch@lynchrealtygroup.com.
Signature Associates-ONCOR International negotiated the sale of Airport Square Shopping Center, a 187,476 sq.ft. center located at the intersection of Airport Highway and Reynolds Road in Toledo, OH. The center is tenanted by Best Buy, Office Depot, Pier 1 Imports, Michael’s Crafts and Hancock Fabrics. For more information, contact Steve Serchuk, Signature Associates-ONCOR International, Four Seagate, Suite 608, Toledo, OH 43604; 419-249-7070.
Interstate Realty and Development is representing investors looking to acquire centers throughout the southeastern U.S. for $2 million. The centers must have a GLA of at least 60,000 sq.ft. For more information, contact Adam Cross, Interstate Realty and Development, 2151 Volunteer Parkway, Bristol, TN 37620; 423-968-5971, Fax 423-764-9121; Email: adam@ira-realty.com.
An investor is selling a NNN Walgreens located in MO for $6.4 million with a Cap rate of 6.25%. For more information, contact Chauncey White, PO Box 2486, Los Angeles, CA 90078; 323-857-1441, Fax 208-693-9099; Email: chaunceywhite@email.com.
TriStar Realty Group, LLC is representing a client looking for opportunities along the west coast of FL. Preferred sites include supermarket-anchored centers and mom and pop strip centers and NNN properties in Hillsborough, Pinellas, Manatee and Sarasota Counties. For more information, contact Peter R. Logan, TriStar Realty Group, LLC, One Mack-Cali Center, 501 East Kennedy Boulevard, Suite 1220, Tampa, FL 33602; 813-272-9700 or 727-442-9500, Fax 813-272-9725.
Matheron Commercial is offering a 1031 exchange opportunity in the southeastern U.S. for $2.643 million with a Cap rate of 7.4%. The site has a 15-year lease term with 15% increases every five years. For more information, contact Lynn Matheron, Matheron Commercial, PO Box 37292, Raleigh, NC 27627; 919-552-3709, Fax 919-552-0147; Web site: www.matheroncommercial.com.
Marcus & Millichap National Retail Group is selling Blackiston Mill Road Shoppes, a 26,054 sq.ft. center located in Louisville, KY for $2.92 million with a Cap rate of 8.03%. The center is currently 72% occupied. The site has an average daily traffic count of 22,000 vehicles. For more information, contact Brian T. Southworth, Marcus & Millichap National Retail Group, 101 West Ohio Street, Suite 1550, Indianapolis, IN 46204; 317-955-2600; Email: bsouthworth@marcusmillichap.com.
Stan Johnson Co. is selling a 3,500 sq.ft. DQ Grill & Chill restaurant located on East Austin in Giddings, TX for $1.485 million. The building is situated on a land area of 1.182 acres. For more information, contact Ryan Butler or Gill Warner, Stan Johnson Co., Two Warren Place, 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690, Fax 918-494-2692; Emails: rbutler@stanjohnsonco.com and gwarner@stanjohnsonco.com; Web site: www.stanjohnsonco.com.
New England Retail Properties, Inc. sold a former Corny T’s Restaurant and Jazz Club in downtown Hartford, CT. The property was acquired by Eddy-Belle Commercial. The owners are expected to convert the former Jazz club and restaurant into an upscale lounge, nightclub and restaurant. For more information, contact Carol D. Piano, New England Retail Properties, Inc., 1160 Silas Deane Highway, Suite 409, Wethersfield, CT 06109; 860-529-9000, Fax 860-563-9667; Email: cpiano@newenglandretail.com.
TRI Commercial Real Estate Services, Inc. is selling a 7,488 sq.ft. Hollywood Video site in Des Moines, IA for $1.6 million with a Cap rate of 8.4%. For more information, contact Scott Cash, TRI Commercial Real Estate Services, Inc., 2250 Douglas Boulevard, Suite 200, Roseville, CA 95661; 916-677-8127, Fax 916-677-8199.
Calkain Realty Advisors is representing a client looking to acquire NNN drug stores with the following criteria: a 7% Cap rate with a long-term lease located along the East Coast for between $2 million and $4 million. 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; Email: dsobelman@calkain.com; Web site: www.calkain.com. |