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Buyers & Sellers
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Buyers & Sellers Capital Realty Advisors is looking to acquire centers 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.
Stan Johnson Co. is selling a Rite Aid location at the intersection of Staring Lane and Perkins Road in Baton Rouge, LA for $3.595 million with a Cap rate of 7.25%. The store has a lease of 20 years with eight, five-year options. The site has an average daily traffic count of 55,000 vehicles. Area demographics include a population within three miles earning $74,663 as the average household income. For more information, contact Jeff Matulis or Ryan Carter, Stan Johnson Co., Two Warren Place, 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690, Fax 918-494-2692; Emails: jmatulis@stanjohnsonco.com and rcarter@stanjohnsonco.com.
Arroyo & Coates is selling the following stores in CA: a 26,424 sq.ft. Copeland Sports located on East Hammer Lane in Stockton for $5.4 million with a Cap rate of 6.67%. The building is situated on a land area of 1.70 acres; and a 1,800 sq.ft. Footlocker store located on Mission Street in San Francisco for $1.167 million with a Cap rate of 6%. 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.
KMO Development Group is selling The Landings at Roswell, a 24,750 sq.ft. center located in Roswell, NM for $2.552 million with a Cap rate of 8.50%. The center is currently 100% leased and is tenanted by Dollar Tree, Cato, Radio Shack, CitiFinancial and ACA Financial. Area retail includes Wal*Mart Supercenter and Rosewell Regional Mall. For more information, contact Grant Stewart, KMO Development Group, 5550 South Lewis, Suite 301, Tulsa, OK 74105; 918-743-3456, Fax 918-743-4084; Email: gstewart@kmodevelopment.com; Web site: www.kmodevelopment.com.
Equity One, Inc. acquired DeSoto Shopping Center, a 69,090 sq.ft. center located at the intersection of East Pleasant Run Drive and Hampton Road in DeSoto, TX for $8.18 million. The center is anchored by a 58,960 sq.ft. Tom Thumb supermarket and has 10,130 sq.ft. of small shop space. The center also is 100% leased and is situated on a land area of 7.26 acres. Area demographics include a population of 49,726 within three miles earning $59,367 as the median household income. For more information, contact Equity One, Inc., 1696 NE Miami Gardens Drive, North Miami Beach, FL 33179; 305-947-1664, Fax 305-947-1734; Web site: www.equityone.net.
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.
Developers Diversified and Coventry Real Estate Advisors formed a joint venture to acquire Buena Park Downtown, a 1.1 million sq.ft. retail site located in Buena Park, CA for approximately $91 million. The property comprises Buena Park Mall, a 782,000 sq.ft. enclosed mall anchored by Wal*Mart, Sears, Burlington Coat Factory, Ross Dress For Less, Bed Bath & Beyond and DSW Shoe Warehouse; Buena Park Place, a 208,000 sq.ft. open-air community center anchored by Kohl’s, Circuit City, Office Depot, Michael’s and PetsMart; and Park Central Entertainment Center, a 137,000 sq.ft. open-air entertainment center anchored by an 18-screen Krikorian Theater and a variety of restaurants and inline retail shops. For more information, contact Developers Diversified, 3300 Enterprise Parkway, Beachwood, OH 44122; 877-CALL-DDR; Web site: www.ddr.com. Or contact, Coventry Real Estate Advisors, 1 East 52nd Street, 4th Floor, New York, NY 10022; 212-699-4100, Fax 212-699-4124; Email: info@coventryadvisors.com; Web site: www.covusa.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.
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.
One Liberty Properties, Inc. acquired five Circuit City stores located throughout IL, KY, MO and TN for $15 million. The stores total approximately 159,000 sq.ft. of GLA. For more information, contact Mark Lundy, One Liberty Properties, 60 Cutter Mill Road, Great Neck, NY 11021; 516-466-3100, Fax 516-466-3132; Web site: www.onelibertyproperties.com.
Bradley Commercial is looking to acquire centers throughout ID, OR and WA for between $750,000 to $4 million with Cap rates of 7%. The centers must be 95% to 100% occupied. For more information, contact Mike Bradley, Bradley Commercial, 16855 Woodinville-Redwood Road, Woodinville, WA 98072; 425-482-1716, Fax 425-482-1887; Email: mike.bradleycomrealestate@verizon.net.
William S. Lebo & Co. is selling a center located in Broward County, FL for $5.25 million. The center is 100% leased to national and regional tenants. For more information, contact Bill Lebo, William S. Lebo & Co., 160 South University Drive, Suite B, Plantation, FL 33324; 954-476-2600, Fax 954-476-9823.
Poinsett Realty Fund sold two CVS ground leases located in Union and Duncan, SC. The company also sold a Hollywood Video-anchored center located in Greenville, SC. For more information, contact Brad Thomas, Poinsett Commercial, PO Box 26864, Greenville, SC 29616; 864-627-0707, Fax 864-627-0055; Email: rbtinc@prodigy.net.
Richard Jones Real Estate is selling a land area of 14.96 acres at the intersection of Interstate 40/85 and Mebane Oaks Road in Mebane, NC for $3.2 million. For more information, contact R.T. Hudgins or Clark Lindley, Richard Jones Real Estate, PO Box 341, Burlington, NC 27216; 336-214-7676, Fax 336-260-1040.
Point One Commercial Real Estate is selling Lincoln Mall, a 180,000 sq.ft. mall located on Galena Avenue in Freeport, IL for $3.4 million. Anchors include Menard’s, Big Lots and Dollar General. For more information, contact Gary Seidel, Point One Commercial Real Estate, 2115 West Collingswood Drive, Suite 100, Beloit, WI 53511; 608-362-8598; Web site: www.agencynet.us.
Holliday Fenoglio Fowler, L.P. represented Lincoln Property Co. in the sale of Preston Center Pavilion, a 229,880 sq.ft. center located in Dallas, TX to Creekstone Partners. For more information, contact Holliday Fenoglio Fowler, L.P., One LincolnPark, 8401 North Central Expressway, Suite 400, Dallas, TX 75225; 214-265-0880, Fax 214-265-1686.
Marcus & Millichap Real Estate Investment Brokerage Co. sold a 33,000 sq.ft. Borders Books & Music store on 6th Avenue in San Diego, CA for $13 million with a Cap rate of 7%. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 9255 Towne Centre Drive, Suite 700, San Diego, CA 92121; 858-452-8300, Fax 858-546-8254; Web site: www.marcusmillichap.com.
CB Richard Ellis, Inc./The Dalton Group is selling a Carmax location on Foutainhead Drive in San Antonio, TX for $15 million. For more information, contact Gregory M. Dalton, CB Richard Ellis, Inc./The Dalton Team, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; Email: greg.dalton@cbre.com.
Net Leased Investment Co. sold a Sonic Drive-In restaurant located in St. Cloud, FL for $1.225 million. The company also sold a Golden Corral restaurant in Destin, FL for $2.19 million. For more information, contact Bob Fraser, Loree Barnard or Mike Sheerin, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775.
Palmer & Cay Properties, Inc. is selling Advance Auto stores in NC and VA. The stores have 15-year NNN leases with 10% increases at year 11. The stores have Cap rates of 7%. For more information, contact Charles R. Stewart, Palmer & Cay Properties, Inc., 2 East Bryan Street, Suite 400, Savannah, GA 31401; 912-234-8033, Fax 912-238-3548; Email: cstewart@palmercayproperties.com.
Roadside Development, LLC is selling a 60,000 sq.ft. land lease opposite Wal*Mart, Target, BJ’s Wholesale Club, a movie theater and a home improvement store at the intersection of Interstate 95 and MD Route 24 in Bel Air, MD. For more information, contact Roadside Development, LLC, PO Box 10479, Baltimore, MD 21209; 410-435-7000, Fax 410-435-7502.
Inland Western Retail Real Estate Trust, Inc. acquired six centers throughout GA for a total of $121.4 million. The centers total more than 860 sq.ft. of space and all are located in or near the Atlanta metropolitan area, with one in the suburbs of Augusta, GA. The company acquired the following centers: Henry Town Center, a 722,244 sq.ft. center located at the intersection of Interstate 57 and Jonesboro Road in McDonough, GA. Inland purchased 444,296 sq.ft. of the space for $62 million. Tenants include BJ’s Wholesale Club, Belk, Bed Bath & Beyond, Bath & Body Works, Marshalls, Pier 1 Imports, Ross Dress For Less, Staples, Michaels, PetsMart and Famous Footwear; Evans Town Center, a 75,695 sq.ft. center located on Washington Road in Augusta for $8.8 million. The center is tenanted by Publix and Quizno’s; Green’s Corner Shopping Center, an 82,792 sq.ft. center located at the intersection of Georgia Highway 20 and Bethelview Road in Cumming for $12.8 million. Tenants include Kroger, Blockbuster Video and Subway; Newton Crossroads, a 78,896 sq.ft. center located at the intersection of Georgia Highway 20 and Brown Bridge Road in Covington for $10 million. Tenants include Kroger and Subway; Stilesboro Oaks, an 80,772 sq.ft. center located at the intersection of State Highway 176 and Stilesboro Road in Acworth for $12.6 million. Tenants include Kroger, Subway, GNC and Blockbuster Video; and Newnan Crossing Phase II, a 98,290 sq.ft. center located on Bullsboro Drive in Newnan for $15 million. The center will be tenanted by Babies “R” Us and HH Gregg. For more information, contact Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.
Upland Real Estate Group, Inc. sold the following Walgreens stores: a 14,490 sq.ft. store in Claremore, GA for $5.8 million and a 14,820 sq.ft. store in Sioux Falls, SD for $4.7 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.
Lamar Cos. acquired Matthews Festival Shopping Center, a 127,817 sq.ft. center located at the intersection of East Independence Boulevard and Matthews Township Parkway in Matthews, NC. The center is anchored by Big Lots, Peak Fitness and Plej’s Fashions and has spaces available of 1,181 sq.ft. to 1,601 sq.ft. For more information, contact Dana Hawkins, Lamar Cos., 365 South Street, Morristown, NJ 07960; 800-526-0762 Ext. 340 or 973-285-0660, Fax 973-285-0976; Email: danah@lamarco.com.
Hanley Brown Group Real Estate Advisors acquired Hesperia Square, a 106,778 sq.ft. center located at the intersection of Main Street and I Avenue in Hesperia, CA for approximately $8 million. The center is tenanted by Vons, Round Table Pizza and Firestone. The seller was McMorgan & Co. For more information, contact Ed Hanley, Hanley Brown Group Real Estate Advisors, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7677 or 949-585-7610, Fax 949-585-7611; Email: info@hanleybrown.com.
Prestige Realty, Inc. is selling three commercial outlots located on Lombardi Avenue in Green Bay, WI. The lots are 36,836 sq.ft.; 48,223 sq.ft. and 75,536 sq.ft. and prices range from $13.50 psf to $15.50 psf. The lots can be sold together or separately and are located two blocks from Lambeau Field. The site has an average daily traffic count of 43,000 vehicles. For more information, contact Aleta Meyer, Prestige Realty, Inc., 935 Lombardi Avenue, Suite 100, Green Bay, WI 54304; 920-497-5005, Fax 920-497-4722.
DLC Management Corp. acquired Holcomb 400, a 103,616 sq.ft. center located at the intersection of Holcomb Bridge and Old Alabama Roads in Roswell, GA for $12.8 million. The center is 95% occupied and is tenanted by LA Fitness, Ballard’s Design and LA Fitness. For more information, contact DLC Management Corp., 580 White Plains Road, Tarrytown, NY 10591; 866-DLC-MGMT or 914-631-3131, Fax 914-631-6533; Web site: www.dlcmgmt.com.
H.I. Libby Corp. acquired Manchester Plaza, an 86,396 sq.ft. center located on Harrison Avenue in Cincinnati, OH. The center is located adjacent to Kmart and is tenanted by Dollar General, Hancock Fabrics and Harbor Freight. The center is currently 97% occupied. For more information, contact H.L. Libby Corp., 803 Commonwealth Drive, Warrendale, PA 15086; 724-935-3433, Fax 724-935-3462; Email: libbycpa@aol.com.
DePaul Real Estate Investment Group, Inc. is selling Shops at Jefferson Village II, a 12,600 sq.ft. center located on West Remington Place in Littleton, CO for $4.65 million. The center is tenanted by 24 Hour Fitness Express, Smoothie King and Quizno’s Subs. For more information, contact Paul DeCrescentis, DePaul Real Estate Investment Group, Inc., 2401 East Second Avenue, Suite 210, Denver, CO 80206; 303-333-9799, Fax 303-333-1703.
Faris Lee Investments represented AIG Baker in the sale of a 320,469 sq.ft. portion of Olathe Station, a 611,643 sq.ft. center located in Olathe, KS to PASSCO. The two-phased retail center is located at the intersection of West 119th Street and South Strang Line Road. Phase I is anchored by Super Target, Bed Bath & Beyond, OfficeMax, Bassett Furniture and PetsMart and includes an additional 75,000 sq.ft. of small shop space. Phase II is 98% occupied and is tenanted by AMC Theater, Michaels, Brook Mays Music, Joe’s Crabshack, Zio’s Italian Restaurant, Texas Roadhouse and Rock Bottom Pizza, as well as 54,000 sq.ft. of additional small shop space. PASSCO acquired all the buildings except the AMC Theatre parcel. The company also 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, Target, JCPenney, Gottschalks, Footlocker, Payless Shoes, GNC and Cinemark Movies. 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. |