|
Buyers & Sellers
|
|
|
Buyers & Sellers 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.
Metro Commercial Real Estate is representing LFI, Inc. in negotiating an acquisition with Bank One in Olympia Fields, IL. For more information, contact Brent Wayburn, Metro Commercial Real Estate, 3340 Dundee Road, Northbrook, IL 60062; 847-412-9898.
Equity Properties is selling a former Krispy Kreme store located on Bethlehem Pike in Montgomeryville, PA. Area demographics include a population of 238,823 within seven miles earning $83,557 as the average household income. For more information, contact Equity Properties, 101 West Elm Street, Suite 370, Conshohocken, PA 19428; 610-645-7700, Fax 610-645-5454.
The Goldstein Group is selling a land area of 2.80 acres on Route 23 North in Kinnelon, NJ. Area demographics include a population of 272,406 within five miles earning $115,739 as the average household income. 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: cnassau@thegoldsteingroup.com and fsuserman@thegoldsteingroup.com; Web site: www.thegoldsteingroup.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.
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.
Cambridge Investors is looking to acquire strip and power centers with a GLA of at least 50,000 sq.ft. throughout the Midwest and Southeastern U.S. for $10 million to $50 million. For more information, contact David Rubin, Cambridge Investors, 31000 Northwestern Highway, Suite 220, Farmington Hills, MI 48334; 248-538-9898, Fax 248-538-1583; Email: drubin@cambridgeinvestors.com; Web site: www.cambridgeinvestors.com.
Paul Ash Management Co., LLC is selling Vista Place, a 51,599 sq.ft. center located in Sierra Vista, CA for $1.815 million. The center is situated on a land area of 1.184 acres. Vista Place is a two-building center with shops and offices within the main structure and a freestanding pad with a drive-thru. For more information, contact Gordon Wagner, Paul Ash Management Co., LLC, 1985 East River Road, Suite 101, Tucson, AZ 85718; 520-795-2100, Fax 520-795-9849; Email: gordonwrealty@theriver.com.
Michael Antkies Retail Real Estate is looking to acquire retail sites throughout CT, NJ and NY. The sites must be between 50,000 sq.ft. to 500,000 sq.ft. For more information, contact Michael Antkies, Michael Antkies Retail Real Estate, 226 Great Hill Road, Ridgefield, CT 06877; 203-438-9525, Fax 203-894-8434; Email: mantkies@antkies.com.
Trustreet Properties is selling a 2,900 sq.ft. Taco Bell located on West Main Street in Battleground, WA for $1.78 million with a Cap rate of 6%. The building is situated on a land area of 34,848 sq.ft. The company also is selling a 1,804 sq.ft. Taco Bell located on North Interstate Avenue in Portland, OR for $1.308 million. The building is situated on a land area of 19,477 sq.ft. For more information, contact Trustreet Properties, Trustreet Center at City Commons, 450 South Orange Avenue, Orlando, FL 32801; 407-540-2222, Fax 407-540-2044; Web site: www.trustreet1031.com.
Grubb & Ellis/BRE Commercial, LLC is selling a land area of 1.55 acres at the intersection of Greenway and Reems Road in Surprise, AZ. For more information, contact Grubb & Ellis/BRE Commercial, LLC, 2375 East Camelback Road, Suite 300, Phoenix, AZ 85016; 602-224-4400, Fax 602-468-8588; Web site: www.brephoenix.com.
Shane Investment Property Group, LLC is selling South Hill Square, a 25,559 sq.ft. center located in Jackson, MI for $1.395 million with a Cap rate of 8.87%. Area retail includes Walgreens and Kroger. The center is 89% leased to a mix of national and local tenants. 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.
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% equity positions, joint ventures and recapitalization transactions. Preferred sites include specialty and lifestyle centers, street retail buildings, anchors 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; Web site: www.transinvestco.com.
The Ross Realty Group, Inc. sold a 1,802 sq.ft. former Long John Silvers restaurant located on South Missouri Avenue in Clearwater, FL for $570,000. The buyer was Surfside, Inc., while the seller was Homer Properties. For more information, contact Elliott M. Ross, Ross Realty Group, Inc., 3001 Executive Drive, Suite 250, Clearwater, FL 33762; 727-725-2800, Fax 727-726-6780; Email: elliottross@rossrealty.com.
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; Web site: www.linearretail.com.
Murphy Commercial Realty, Inc. is selling a 6,586 sq.ft. building located on Gulf Boulevard in Pinellas County, FL for $1.3 million. For more information, contact Patti Laubaugh, Murphy Commercial Realty, Inc., 513 North Belcher Road, Suite A, Clearwater, FL 33765; 727-736-0202, Fax 727-736-0302.
Sperry Van Ness is selling a 13,813 sq.ft. Eckerd drugstore located at the intersection of Atlantic Avenue and Campostella Road in Chesapeake, VA for $6.018 million with a Cap rate of 6.25%. The building is situated on a land area of 1.80 acres. The site has a drive-thru. The company also is selling a 10,908 sq.ft. Eckerd drugstore located at the intersection of Guess Road and Horton Road in Durham, NC for $4.867 million with a Cap rate of 6.25%. The building is situated on a land area of 1.26 acres. The site has an average daily traffic count of 31,000 vehicles. The company also is selling Trail’s End Marketplace, a 102,395 sq.ft. center located at the intersection of Highway 213 and Meyers Road in Oregon City, OR for $32 million with a Cap rate of 6.48%. The center is currently 97.70% occupied and is situated on a land area of 11.40 acres. The site has an average daily traffic count of 27,000 vehicles. The company also is selling a 16,246 sq.ft. Starbucks-anchored center located on West Higgins Road in Rosemont, IL for $10.2 million with a Cap rate of 7%. The center is situated on a land area of 1.50%. The site has an average daily traffic count of 45,000 vehicles. The company also is selling Jonesboro Corners, a 72,251 sq.ft. center located at the intersection of Tara Boulevard and Highway 138 in Jonesboro, GA for $9.625 million with a Cap rate of 7.01%. The center is situated on a land area of 9.56 acres and has an average daily traffic count of 59,000 vehicles. The company also is selling Publix Plaza, a 60,425 sq.ft. center located at the intersection of South Norcross Tucker Road and Graves Road in Atlanta, GA for $8.35 million with a Cap rate of 6.99%. The building is 100% occupied and is situated on a land area of 10.57 acres. The site has an average daily traffic count of 31,000 vehicles. For more information, contact Joseph C. French Jr., Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 914-682-6868.
Jim O’Hara Realty Associates, LLC is selling a land area 2.1 acres on A Street in Wilmington, DE. The site is located near the Buccini/Pollin office building and new residential along the Christina waterfront. The company also is selling a 30,313 sq.ft. former Shone Lumber store located on Wood Street in Middletown, DE. The building is situated on a land area of 1.4 acres. The site has also has 1.6 acres with 10,000 sq.ft. of lumber storage space. The storage buildings can be demolished for new construction. For more information, contact Pat Gioffre, Jim O’Hara Realty Associates, LLC, 630 Churchmans Road, Newark, DE 19702; 302-266-8490, Fax 302-266-8492.
First Properties, Inc. is selling a land area of 70 acres on Airport Road in Colorado Springs, CO. The land is located near an Air Force base. For more information, contact Tammy J. Gilbert or Richard L. Walker, First Properties, Inc., 444 East Pikes Peak, Suite 200, Colorado Springs, CO 80903; 719-576-2288; Web site: www.firstsites1.com.
Champion Properties, Inc. is looking to acquire value-added and semi-stabilized retail, industrial and office properties located nationwide. The company is looking for 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.
NAI Horizon is selling a land area of 2.42 acres at the intersection of NEC East Flamingo Road and Swenson Street in Las Vegas, NV. Area demographics include a population of 432,255 within five miles earning $48,226 as the average household income. The site has an average daily traffic count of 86,500 vehicles. The site is located directly in front of a new 12-story luxury condominium project and is across from the University of Nevada-Las Vegas campus.
For more information,
contact Dave Johnson, Phillip Baca or Michael Shouhed, NAI Horizon, 6725 Via
Austi Parkway, Suite 300, Las Vegas, NV 89119; 702-938-6536/6511/6512; Emails:
dave.johnson@naihorizon.com,
phillip.baca@naihorizon.com and
Allied Retail Partners, LLC is looking to acquire value-added retail properties and retail and mixed-use development sites in AZ, CA and NV with the following criteria: $5 million to $50 million for existing centers and $3 million to $25 million for land acquisitions. The sites must be anchored retail centers, vacant retail buildings, mixed-use properties with a significant retail component, build-to-suit opportunities, land for retail development and portfolios. For more information, contact Joel Pickens, Allied Retail Partners, LLC, 11150 Santa Monica Boulevard, Suite 770, Los Angeles, CA 90025; 310-235-0444 Ext. 17, Fax 310-996-2328; Email: jpickens@alliedretailpartners.com.
CORE Properties is selling an 8,300 sq.ft. former AleHouse Restaurant located on North Tryon Street in Charlotte, NC for $3.5 million. The site has an average daily traffic count of 33,000 vehicles. 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.
Reliable Properties is looking to acquire centers or retail stores from 20,000 sq.ft. to 500,000 sq.ft. The company will acquire old or new centers, vacant or occupied locations, excess properties, redevelopment properties or mixed-use locations. For more information, contact Reliable Properties, 6399 Wilshire Boulevard, Suite 604, Los Angeles, CA 90048-5709; 323-653-3777, Fax 323-651-4011.
P.P.I. Capital, Inc. is looking to acquire anchored retail centers with a GLA of at least 100,000 sq.ft. for between $8 million and $45 million nationwide. For more information, contact B.J. Halavi, P.P.I. Capital, Inc., 10850 Wilshire Boulevard, Suite 720, Los Angeles, CA 90024; 310-446-1122, Fax 310-475-5519; Email: bj@ppicapital.net.
Paramount Partners, LLC is representing a client looking to acquire retail centers of 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.
CB Richard Ellis, Inc. is selling a 6,570 sq.ft. former Mattress Giant building situated on a land area of 0.26 acres on Route 63 in Lower Moreland Township, PA. Area demographics include a population of 224,889 within five miles earning $83,058 as the average household income. The site has an average daily traffic count of 27,000 vehicles. Area retail includes Willow Grove Mall. The company also is selling a 67,214 sq.ft. supermarket-anchored center located in Owego, NY for $7.65 million. The site has up to 28,000 sq.ft. of available retail expansion approvals. For more information, contact Patrick McCabe, CB Richard Ellis, Inc., 1200 Liberty Ridge Drive, Suite 320, Wayne, PA 19087; 610-251-5122, Fax 610-889-9186; Email: patrick.mccabe@cbre.com; Web site: www.cbre.com. For more information regarding the center in Owego, contact Joseph Pietrafesa or Maria Breslin, CB Richard Ellis, Park 80 West, Plaza Two, 6th Floor, Saddle Brook, NJ 07663; 201-712-5614 or 315-422-4200; Emails: maria.breslin@cbre.com and joseph.pietrafesa@cbre.com.
Capital Pacific is selling the following sites: a Hollywood Video in Hanford, CA for $2.4 million with a Cap rate of 7%; a Starbucks located in Duncanville, TX for $1.76 million with a Cap rate of 7%; a 7-Eleven in Carrollton, TX for $1.685 million with a Cap rate of 6%; a Dollar Tree in Crescent City, CA for $1.46 million with a Cap rate of 7% and a Family Dollar in Bryan, TX for $787,500 with a Cap rate of 7.44%. For more information, contact Karen Mai, Capital Pacific, 4 Embarcadero Center, Suite 2570, San Francisco, CA 94111; 415-274-2708, Fax 415-274-2710; Web site: www.capitalpacific.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; Web site: www.tristarrealtygroup.com.
Richman Realty Associates is selling the following properties: an Eckerd in Augusta, GA for $4.5 million with a Cap rate of 7%; an Eckerd in Stone Mountain, GA for $2.83 million with a Cap rate of 7%; a Winn-Dixie Shopping Center in Orlando, FL for $6.1 million with a Cap rate of 8.7%; a Publix Shopping Center in the Orlando, FL area for $7.9 million with a Cap rate of 6.25%; and Walgreens located in CA, CO and WI for $7.5 million, $5.6 million and $4.8 million, respectively. For more information, contact Seymour I. Richman, Richman Realty Associates, 21597 Juego Circle, Suite 6C, Boca Raton, FL 33433; 561-852-7090, Fax 561-852-8346; Email: syrich@adelphia.net.
Roberts Realty Investors, Inc. acquired two retail centers in two separate transactions totaling 82,272 sq.ft. for a total price of $15.7 million. The company acquired Grand Pavilion, a 62,323 sq.ft. center located at the intersection of State Bridge Road and Kimball Bridge Road in Alpharetta, GA for $10.9 million. Area retail includes Addison Place Shops. Grand Pavilion was 88% leased at the time of purchase. The company also acquired a 19,949 sq.ft. center located in Buford, GA for $4.8 million. The center is located directly across from the Mall of Georgia and anchored by Bassett Furniture Direct and is 100% leased. For more information, contact Roberts Realty Investors, Inc., 450 Northridge Parkway, Atlanta, GA 30350; 770-394-6000.
Faris Lee Investments completed the acquisition of Lincoln Rose Shopping Center, a 75,327 sq.ft. center located on Lincoln Boulevard in Venice, CA for $12.7 million with a Cap rate of 2.61%. The center is 100% occupied and is anchored by Sav-on, Big Lots, 99 Cent Store and Foot Locker. The center was sold by Los Angeles, CA-based Deutsch Family Trust to Combined Properties. For more information, contact Faris Lee Investments, 2301 DuPont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Web site: www.farislee.com.
Combined Properties, Inc. acquired 8.5 acres at the intersection of Antelope and Scott Roads in Murrieta, CA for $3 million. For more information, contact Linda Dreyer, Combined Properties, Inc., 1255 22nd Street, 6th Floor, Washington, DC 20037-1225; 202-293-4500, Fax 202-833-3013; Web site: www.combined.biz.
The Merrill Cos., LLC acquired a 27-acre parcel located at the intersection of Bangerter Highway and South Street in Riverton, UT for the development of Riverton Meadows Center. The proposed 196,700 sq.ft. center is expected to be anchored by Lowe’s Home Improvement Warehouse. For more information, contact Carol Dvorak, The Merrill Cos., 5850 Canoga Avenue, Suite 650, Woodland Hills, CA 91367; 702-889-8800 or 818-887-9797, Fax 818-456-5755; Web site: www.themerrillcompanies.com.
AmCap, Inc. acquired Arborland Center, a 409,000 sq.ft. center located in Ann Arbor, MI for $102 million. The center is anchored by Borders Books, Hiller’s Market, Toys “R” Us, Circuit City and Petco. The acquisition was a joint venture with Hart Realty Advisers, Inc. on behalf of an institutional investor. The sale was brokered by Mid-America Real Estate Corp. For more information, contact Jake Bisenius, AmCap, Inc., 1281 East Main Street, Stamford, CT 06902; 203-327-2001. Or contact, Ira Schwartz, AmCap, Inc., 44 Cook Street, Suite 710, Denver, CO 80206; 303-321-1500; Web site: www.amcap.com.
Paramount Realty Services is selling a 24,000 sq.ft. center located on Brick Boulevard in Brick, NJ for $3.25 million. The site has space available of 8,000 sq.ft. For more information, contact Maurice Zekaria, Paramount Realty Services, Inc.; 732-886-1500 Ext. 102; Email: mzekaria@paramountrealtyservices.com.
Columbus Commercial Realty/Cushman & Wakefield Alliance is selling Independence Village Center, a 25,018 sq.ft. center located on the east side of Columbus, OH for $2.7 million with a Cap rate of 8%. The center is currently 93% occupied. For more information, contact Kevin T. James, Columbus Commercial Realty/Cushman & Wakefield Alliance, 300 East Broad Street, Suite 500, Columbus, OH 43215; 614-280-4817, Fax 614-233-5917; Web site: www.ccrcw.com.
Signature Associates-ONCOR International negotiated the sale of a 174,000 sq.ft. former Kmart located on Van Dyke in Sterling Heights, MI. The building is located at the intersection of 14 Mile and Van Dyke. For more information, contact Viktor Gjonaj, Signature Associates-ONCOR International, One Towne Square, Suite 1200, Southfield, MI 48076; 248-948-9000.
Upland Real Estate Group, Inc. sold a Childtime Learning Center located at the intersection of Interstate 494 and Bass Lake Road in Maple Grove, MN for $2.4 million. For more information, contact Melissa Deshler, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401-1872; 612-332-6600, Fax 612-376-4489; Email: melissa@upland.com; Web site: www.upland.com.
Baum Realty Group sold a 1.5-acre property located at the intersection of Route 59 and 95th Street in Naperville, IL for $3.9 million. The building is currently occupied by Bank of America. 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.
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.
J.L. Nelms Real Estate is selling several Advance Auto buildings with leases of 15 years throughout the upper Midwest. All rents are capped at 7% and prices range from $1.2 million to $1.9 million. For more information, contact Jim Nelms, J.L. Nelms Real Estate, 5604 Wedgmont Circle North, Fort Worth, TX 76133; 817-370-6370, Fax 817-615-3504; Email: jnelms@airmail.net.
Mid-States Development, Inc. is selling SouthRidge Center, a 65,000 sq.ft. supermarket-anchored center located in Rice Lake, WI for $6.575 million. The center is 100% occupied and is located near Wal*Mart, ShopKo, Menard’s, Kmart and Cedar Mall. For more information, contact David K. Sanders, Mid States Development, Inc., 2160 EastRidge Center, Eau Claire, WI 54701; 715-833-2225, Fax 715-833-0808; Email: dsanders@midstatesdevelopment.com.
Nourmand Commercial is representing a client looking for a market/drug-anchored center within a two-hour drive from downtown Los Angeles, CA. The buyer will move quickly and will sign a confidentiality agreement if necessary. The size of the requirement needs to be between $25 million and $40 million. For more information, contact Dan Beck, Nourmand Commercial, 310-888-3354, Fax 310-278-9900; Email: danniman@aol.com.
Brookside Realty Corp. is selling a 70,000 sq.ft. center located in Wauchula, FL for $6.1 million with a Cap rate of 8%. For more information, contact Amy J. Saul, Brookside Realty Corp., 561-860-9459, Fax 561-860-9460; Email: amy561@aol.com.
Inland Real Estate Sales, Inc. brokered the sale of five prime development properties in suburban Chicago, IL totaling more than $1.25 million. The first transaction was the sale of 30,000 sq.ft. land parcel at 1700-1704 West Jefferson Street in Joliet, IL for $658,000. The property is surrounded by many retailers at the intersection of Jefferson Street and Larkin Avenue. The second land parcel sold for $255,000 in Crystal Lake, IL. The 1.8-acre parcel is located on Route 176 and is less than a mile from a soon-to-open Metra train station. The buyer, Claus Development Group, Inc., acquired the land from the Phillip Lambrushi Trust and will develop a 12,000 sq.ft. retail center on the site this summer with occupation expected by early fall. The third transaction is an 11,400 sq.ft. redevelopment site located on St. Charles Road in Lombard, IL. RJL Construction acquired the property for $190,000. The fourth transaction is a 40,000 sq.ft. building, currently occupied by a family restaurant. The site will be redeveloped into a multi-tenant retail center by Aetna Development Corp. The fifth transaction is a 17,950 sq.ft. lot in Gurnee, IL, which was acquired from Grand Premier Trust for $147,500. For more information, contact The Inland Real Estate Group of Cos., Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000.
The Retail Connection, L.P. negotiated and structured the acquisition of Quorum Plaza II, an 80,000 sq.ft. center located at the intersection of Beltline Road and Quorum Drive in Addison, TX. The center was acquired by Granite Properties and was purchased from Dunhill Partners. The project is currently 90% leased and is tenanted by The Improv, Mattress Giant, Cingular Wireless, Go Fish and Monica’s aca y alla. For more information, contact Alyssa Skarsten, The Retail Connection, L.P., 2525 McKinnon Avenue, Suite 700, Dallas, TX 75201; 214-572-0777, Fax 214-572-0009; Email: askarsten@theretailconnection.net.
Coldwell Banker Commercial – Investment Services Group is representing three clients in a 1031 exchange looking for NNN leased single or multi-tenant properties nationwide. The properties must be located in an area with a population of 100,000 or more, have credit tenants, a minimum of 10 years left on the lease for single tenant, and a cost of $4 million and up with a Cap rate of 7% or better. For more information, contact Shawn Collins, Coldwell Banker Commercial – Investment Services Group, 1340 Bayshore Highway, Burlingame, CA 94010; 650-344-4300 Ext. 24, Fax 650-344-4311; Email: spcollins@coldwellbanker.com.
Quine & Associates, Inc. is representing an investor looking to acquire value-added retail properties, including centers with a GLA of more than 100,000 sq.ft. with vacancies or redevelopment potential. The investor would prefer sites in TX, but will look nationwide, and has $6 million to $10 million cash to leverage so it can acquire up to $30 million to $40 million. 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.
Thalhimer/Cushman & Wakefield Alliance sold Hanover Square South Shopping Center, a 79,000 sq.ft. located on Bell Creek Road in Mechanicsville, VA. Commonwealth Opportunity Fund acquired the center, along with 10 acres of land, adjacent to BJ’s Wholesale Club, from Cousins Properties for $19 million. The center is anchored by Target, PetsMart, Panera Bread, Dress Barn, A&N, Lane Bryant, Alltel, Supercuts, Hallmark, IsoldIt! The center also is adjacent to Home Depot. For more information, contact Thalhimer/Cushman & Wakefield Alliance, Exchange Place, 1313 East Main Street, Suite 400, Richmond, VA 23219; 804-648-5881, Fax 804-697-3479.
Ludwig & Seeley Real Estate represented Family Video in the acquisition of a site located at the intersection of Ganson and Wisner in Jackson, MI. The store will be situated on a land area of 1.7 acres. For more information, contact Heather Stout, Ludwig & Seeley Real Estate, 29850 Northwestern Highway, Suite 110, Southfield, MI 48034; 248-750-1700.
Berry USA is selling a land area of 19 acres at the intersection of U.S. 192 and Denn John Road in Kissimmee, FL for $6.5 million. The site is located across the street from Valencia Community College and is three miles west of the Turnpike. The site is approved for a 160,000 sq.ft. mixed-use project with restaurants, retail and office space. For more information, contact Ben Grauer, Berry USA, 2520 Sand Mine Road, Davenport, FL 33897; 863-420-6699; Email: ben@berryusa.com.
KAM Realty is selling a 12,000 sq.ft. NNN leased retail building located at the intersection of Bear Valley Road and Interstate 15 Freeway in Victorville, CA for $6.42 million. For more information, contact Yury Ferkelman, KAM Realty, 8730 Wilshire, Suite 415, Beverly Hills, CA 90211; 310-659-7999, Fax 310-659-4396; Email: yuryf@comcast.net.
Coldwell Banker Commercial/The Duncan Co. is representing a client in a 1031 exchange. The client is seeking a retail investment in CA from between $1 million and $2 million with a Cap rate of 5% or more with a very high or 100% occupancy. For more information, contact Olympia Hostler, Coldwell Banker Commercial/The Duncan Co., 18826 North Lower Sacramento Road, Woodbridge, CA 95258; 209-327-4108, Fax 209-369-3811; Email: olympiahostler@comcast.net.
Turner & Associates Realty, Inc. is selling a 72,000 sq.ft. center located in Hazelhurst, GA. The center is anchored by Food Lion and is tenanted by CVS, Dollar General, BC Moore, Pizza Hut and Sun N Fun. For more information, contact Monte Turner, Turner & Associates Realty, Inc., 4301 Hillsboro Pike, Suite 210, Nashville, TN 37215; 615-383-7878, Fax 615-383-9878; Email: turnerandassociates@comcast.net.
Net Leased Investment Co. sold a CVS drugstore in Deland, FL for $5.5 million. For more information, contact Bob Fraser or Bill Ellison, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775.
Greenleaf Properties Developers sold a land area of 0.885 acres in Overland Park, KS to Robert P. Ramm Trust. The land is located at the Shoppes at Deer Creek Woods at the intersection of 135th Street and Metcalf Avenue. For more information, contact Bethany R. Hawkins, Greenleaf Properties, 7301 West 133rd , Suite 100, Overland Park, KS 66213; 913-402-9222, Fax 913-402-9220.
USA Realty, Inc. is representing a principal who is looking to invest in existing multi-tenant retail and commercial office spaces. The client also does retail development and bank build-to-suits. The properties must be for sale by the owner with no listing brokers involved. The client’s price limit is up to $13.5 million. Depending on the size of the deal, the client can close anywhere from five days to three weeks, and is looking for properties in the Chicago, IL area. For more information, contact Charles E. Price, USA Realty, Inc., 708-335-9960, Fax 708-335-9962; Email: charles@usarealtyinc.net.
Lee & Associates – LA North/Ventura, Inc. is offering a single-tenant retail/showroom for Harbor Freight Tool in Amarillo, TX. The building was originally a build-to-suit prefabricated metal building at 10,000 sq.ft. The tenant is executing a new 10-year NNN lease. The tenant is responsible for roof and structure and taxes. For more information, contact Brent C. Avis, Lee & Associates – LA North/Ventura, Inc., 15250 Ventura Boulevard, Suite 100, Sherman Oaks, CA 91403; 818-986-9800 Ext. 3016, Fax 818-783-9260; Email: bavis@lee-re.com.
Staubach Retail is selling Allendale Shopping Center, a 199,740 sq.ft. center located at the intersection of Route 9 and Merrill Road in Pittsfield, MA for $14.5 million with a Cap rate of 7.74%. The center is anchored by Big Lots, Brooks Pharmacy, KB Toys and Tractor Supply. For more information, contact David T. Wojciechowski, Staubach Retail, 12 East 49th Street, 31st Floor, New York, NY 10017; 212-418-2600, Fax 212-418-2675; Email: dtwoj@staubach.com.
Pennsylvania Real Estate Investment Trust and Simon Property Group entered into agreements under which PREIT and Kravco Simon Investments, L.P., a Simon affiliate, will acquire Springfield Mall in Springfield, PA for approximately $103.5 million. PREIT and Kravco Simon will each have a 50% ownership interest in the property. Springfield Mall is a 590,000 sq.ft. regional mall located approximately 10 miles southwest of Philadelphia, PA. The mall is currently anchored by Macy’s and Strawbridge’s and has more than 70 inline tenants, including Ann Taylor Loft, Build-A-Bear, Carrabba’s, Charlotte Russe, Gap/Gap Kids and Ruby Tuesday. For more information, contact Pennsylvania Real Estate Investment Trust, 200 South Broad Street, Philadelphia, PA 19102-3803; 215-875-0700, Fax 215-546-7311; Web site: www.preit.com.
Net Lease Solutions, Inc. is looking to acquire commercial net leased properties with long-term leasehold interests. The company is looking to purchase only the remaining leasehold interest, not the fee interest. For more information, contact Harry Davis, Net Lease Solutions, Inc., 12240 Inwood Road, Suite 220, Dallas, TX 75244; 972-934-0972 Ext. 102, Fax 972-386-0789; Email: hdavis@nlsre.com.
CMC Brokerage is selling a land area of two acres on State Route 42, just north of Interstate 275, in Cincinnati, OH for $1 million. For more information, contact Chris Nachtrab, CMC Brokerage, 10925 Reed Hartman Highway, Cincinnati, OH 45242; 513-984-3030, Fax 513-792-1248.
WFDS-Investments, LLC is selling three Family Dollar stores at a Cap rate of 8.25%. The stores are located in Tulsa and Bartlesville, OK and Fort Worth, TX. The leases have six years remaining on modified gross leases. A 7.75% loan can be assumed. The company also is selling a Family Dollar store in Douglas, AZ at a 7.25% Cap rate. The lease has nine years remaining on a NN lease. A 5.95% non-recourse loan can be assumed. For more information, contact Dennis L. Wood, WFDS-Investments, LLC, 918-482-3602. |