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Buyers & Sellers
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Buyers & Sellers The Shopping Center Group, LLC is selling Northwest Plaza, a 50,740 sq.ft. center located at the intersection of U.S. Highway 51 and Wilson Drive in Senatobia, MS for $4.6 million. The center is anchored by Hibbett Sports, Kellwood Outlet, Movie Gallery and Radio Shack and is shadow anchored by Wal*Mart Supercenter. The center is currently 98% occupied. The company also is selling The Shops of Cordova Station and The Commons at Dexter Lakes on Germantown Parkway in Memphis, TN for $6.75 million. The two-property portfolio must be purchased together. Dexter Lakes is currently 100% occupied, while Cordova Station is 89% occupied. The centers are anchored by Starbucks, Blockbuster Video, Jersey Mike’s, Avis, Trust One Bank, Citifinancial and Cabinet Factory Outlet. The site has an average daily traffic count of 65,200 vehicles. The company also is selling the following centers: FedEx Kinko’s Center, a 10,000 sq.ft. center located at the intersection of West Broad Street and Alps Road in Athens, GA for $2.4 million with a Cap rate of 7.38%. The center is anchored by FedEx Kinko’s and Verizon Wireless; River Shoals Village, a 72,962 sq.ft. center located at the intersection of Riverdale Road and Flat Shoals Road in Atlanta, GA for $6.425 million with a Cap rate of 8%. The center is anchored by Wayfield Foods, Family Dollar, Papa John’s, Church’s Chicken and Allstate Financing; HiFi Buys Shopping Center, a 28,000 sq.ft. center located at the intersection of Satellite Boulevard and West Liddell Road in Atlanta, GA for $4.6 million with a Cap rate of 7.73%. The center is currently 86% occupied and is anchored by HiFi Buys; Heritage Plaza, a 25,000 sq.ft. center located on North Brindlee Mountain Parkway in Arab, AL for $3.51 million with a Cap rate of 8.47%. The center is anchored by Hibbett Sports, Blockbuster Video and Cato; Stephens Plaza, a 47,850 sq.ft. center located on Big A Road South in Toccoa, GA for $1.8 million with a Cap rate of 12.74%. The center is 100% occupied and is anchored by Bi-Lo, Cato and Hibbett Sports; and Tri-County Plaza, a 67,577 sq.ft. center located on Franklin Springs Road in Royston, GA for $3.9 million with a Cap rate of 10.44%. The center is 100% occupied and is anchored by Bi-Lo, Maxway, Movie Gallery and Shoe Show. The company also is selling a Walgreens located at the intersection of Springfield Avenue and Snyder Avenue in Berkeley Heights, NJ for $4.3 million with a Cap rate of 5.81%. For more information, contact The Shopping Center Group, LLC, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054; Web site: www.theshoppingcentergroup.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.
Hanley Brown Group Real Estate Advisors is selling a portfolio of seven properties location throughout MO, OH and TX. The offering consists of approximately 440,000 sq.ft. of retail properties located in Houston and San Antonio, TX; Columbus and Dayton, OH and Kansas City, MO. The average occupancy of the even properties is 72% and the properties range in size from approximately 22,000 sq.ft. to 112,000 sq.ft. The company has the portfolio listed for $25 million. The company also represented both buyer and seller in the sale of an 11,800 sq.ft. inline space located adjacent to Albertsons at the Fullerton Marketplace in Fullerton, CA for $4.4 million. The center is located at the intersection of Orangethorpe Avenue and Euclid Street. Cotenants include Sally Beauty and Supercuts. The company also represented both buyer and seller in the sale of Five Points Plaza, an 8,340 sq.ft. center located at the intersection of La Sierra Avenue and Pierce Street in Riverside, CA for $1.2 million. The center is 100% occupied. For more information, contact Hanley Brown Group Real Estate Advisors, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7677, Fax 949-585-7611; Email: info@hanleybrown.com; Web site: www.hanleybrown.com.
Veritas Realty is looking to acquire strip and power centers throughout IL, IN, KY, NC and SC for $5 million and up with a Cap rate of 9%. The sites must have an occupancy rate of 80% to 85%. For more information, contact Patrick Tesluk, Veritas Realty, 930 East 66th Street, Indianapolis, IN 46220; Fax 317-472-1802; Web site: www.veritasrealty.com.
Wissman Commercial Real Estate is representing a client looking to acquire sites from $15 million to $40 million. The sites must be B+ or better, infill locations with strong demographics and have long-term NNN leases. The client also prefers sites with a stabilized occupancy, properties without debt, single properties or portfolios and will do joint ventures or development deals. For more information, contact Joe Wissman, Wissman Commercial Real Estate, 23439 Michigan Avenue, Suite 3W, Dearborn, MI 48124; 313-561-1900, Fax 313-561-1903.
McCoon Commercial Real Estate is representing a client that is in need of a replacement property. The client is looking for multiple properties with a total price under $3 million. For more information, contact Don McCoon, McCoon Commercial Real Estate, 2853 Geer Road, Suite B, Turlock, CA 95382; 209-667-1174, Fax 209-667-1197; Email: propertylink@pacbell.net.
Green Realty Co., LLC is representing a client looking to acquire Dollar General stores throughout the Midwest, including IL, IN, KY, MI, MO, OH and WI. For more information, contact Michael Green, Green Realty Co., LLC, 1020 North Broadway, Milwaukee, WI 53202; 414-431-3700, Fax 414-272-9973; Email: mgreen@nnnbroker.com.
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. 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.
Agentis Commercial Real Estate Corp. is looking to acquire five-acre to 100-acre parcels in commercial land opportunities throughout DE, NJ and PA. The company prefers shopping center developments. For more information, contact Bob Agentis, Agentis Commercial Real Estate Corp., 308 East Broad Street, Bethlehem, PA 18018; Email: bob@agentis.org.
Sperry Van Ness completed the sale of Mainplace Merced, a 57,419 sq.ft. center located on West Main Street in Merced, CA for $10.25 million. The company represented the seller, Tolkin Group/Mainplace Merced, LLC, while Whiskey Slide Corp. represented the buyer, Larkey Wrigley, LLC. The two-building property is situated on a land area of 1.862 acres and is 94% leased to Wallace Theater, Starbucks, ColdStone Creamery, Cingular Wireless, Quiznos and Juice It Up. The company also completed the sale of Upland Hills West, a 30,566 sq.ft. center located on East 16th Street in Upland, CA for $9.275 million. The company represented the seller, Upland Hills Plaza, LLC. The four-building center is situated on a land area of 3.14 acres. For more information, contact David Ebeling or Megan Monfort, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-225-1883/1894, Fax 949-251-4126; Emails: david.ebeling@svn.com and megan.monfort@svn.com.
Eastern Net Lease Advisors is selling a CVS with an NNN ground lease located in Waterville, ME for $1.27 million with a Cap rate of 6%. 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.
Strathmore Development Co., through affiliate Southwest Florida Investment Group, LLC, acquired a 30-acre retail site known as Alico Lakes Village located across from the Florida Gulf Coast Regional Mall in Lee County, FL. Alico Lakes Village is situated at the intersection of Interstate 75 and Alico Road interchange. Strathmore has signed agreements with various users, including a national hotel franchise, a large furniture retailer and numerous restaurants and other users comprising approximately 70% of the available square footage. For more information, contact Scott A. Chappelle, Strathmore Development Co., 1427 West Saginaw Highway, Suite 200, East Lansing, MI 48823; 517-664-4111, Fax 517-664-4151; Email: scottc@strathmoredev.com.
RCG Ventures, LLC is looking to acquire strip centers throughout the eastern U.S. from $3 million to $100 million. The company recently acquired Twin Oaks Plaza, a 98,000 sq.ft. center located in Montgomery, AL. The center is anchored by T.J. Maxx, Fresh Market and Panera Bread. For more information, contact Michael C. McMillen, RCG Ventures, LLC, 2970 Peachtree Road, Suite 805, Atlanta, GA 30305; 404-816-5454, Fax 404-816-5445; Web site: www.rcgventures.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: nnninvestments@yahoo.com.
Antonoff & Co. Brokerage, Inc. is selling land areas of 3.05 acres and 4.84 acres at the intersection of Interstate 70 and Towers Road in Aurora, CO. The 4.84-acre site is selling for $945,263, while the 3.05-acre site is selling for $597,083. For more information, contact Steve Sebern or Gene Stone, Antonoff & Co. Brokerage, Inc., 1528 Wazee Street, Denver, CO 80202; 303-623-0200, Fax 303-454-5400; Emails: ssebern@antonoff.com and gstone@antonoff.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.
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.
An investor is looking to acquire centers in the Atlanta, GA area. The investor is looking preferably for a poor performing center at below market rents with good upside potential, as well as sites south of Atlanta in the Riverdale, Stockbridge, Morrow and Jonesboro areas. The center should be at least 25,000 sq.ft. with 8,000 sq.ft. to 12,000 sq.ft. available for owner occupancy. For more information, contact Alex Mithani, 500 Pinnacle Court, Norcross, GA 30071; 770-446-1333, Fax 678-669-2439; Email: amithani@barrington.edu.
Marcus & Millichap Real Estate Investment Brokerage Co. sold a Dunkin’ Donuts and Classic Hoagie located on Lincoln Highway in Langhorne, PA for $1.313 million. The site is shadow-anchored by Sam’s Club and Kmart and is across the street from Reedman Toll Autoworld, the largest auto dealership in the country. For more information, contact Jeffrey Algatt, Marcus & Millichap Real Estate Investment Brokerage Co., 1628 JFK Boulevard, Suite 1200, Philadelphia, PA 19103; 215-557-0900, Fax 215-557-0966; Web site: www.marcusmillichap.com.
Great Northern Realty Partners, LLC is selling a 4,096 sq.ft. site located on Main Street in Glastonbury, CT for $1.285 million with a Cap rate of 6.50%. The site is 100% occupied and is anchored by Dunkin’ Donuts and cotenanted by Great Cuts. The site has an average daily traffic count of 19,000 vehicles and an average household income of $72,000. For more information, contact William J. LaMontagne, Great Northern Realty Partners, LLC, 69 West Main Street, New Britain, CT 06051; 860-558-6895, Fax 860-223-1668; Email: wlamontagne@cox.net.
The Goldstein Group is selling a 5,300 sq.ft. freestanding building located on North Dean Street in Englewood, NJ. Area retail includes Cosi, Oasis, Starbucks, Ann Taylor, Panera Bread, Marcia’s Attic, Lakeland Bank, Victoria’s Secret, Nine West Outlet and The Children’s Place. For more information contact Ryan D. Glastein, The Goldstein Group, Glen Rock Plaza, Suite 105, 266 Harristown Road, Glen Rock, NJ 07452; 201-703-9700, Fax 201-703-9678; Email: info@thegoldsteingroup.com; Web site: www.thegoldsteingroup.com.
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.
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.
NAI Capital Commercial Real Estate is selling an 8,000 sq.ft. Checker Auto Parts store in El Paso, TX for $1.35 million. The site has a 15-year NNN lease. For more information, contact Mel Moss, NAI Capital Commercial Real Estate, 1640 South Sepulveda Boulevard, Suite 500, Los Angeles, CA 90025; 310-440-8500, Fax 310-440-8525; Email: mmoss@naicapital.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.
Madison Marquette acquired Mariner’s Village Shopping Center, a 133,000 sq.ft. center located at the intersection of Conway Road and Michigan Avenue in Orlando, FL for $13.385 million from Regency Centers. The center is currently 100% occupied and is tenanted by Winn-Dixie, Walgreens, Blockbuster Video, Wingshack and Firehouse Subs. Area demographics include a population of 119,153 within three miles. For more information, contact Jeff Ingram, Madison Marquette, 1850 M Street NW, 12th Floor, Washington, DC 20036; 202-775-0200, Fax 202-741-3801; Web site: www.madisonmarquette.com.
Mid-America Real Estate Investment Sales Group represented VEF Advisors in the sale of South Loop Marketplace, a 102,266 sq.ft. center located at the intersection of Roosevelt Road and Canal Street in Chicago, IL. The buyer was American Realty Advisors and Tucker Development. The center is anchored by Dominick’s Finer Foods and a 30,893 sq.ft. multi-tenant building housing 14 specialty, dining and service retailers, including Washington Mutual, Movie Gallery, FedEx Kinko’s, GameStop, GNC, Sears Optical, Subway, U.S. Cellular and Domino’s Pizza. The company also sold The Centre at Lake in the Hills, a 99,451 sq.ft. center located at the intersection of Randall Road and Algonquin Road in Lake in the Hills, IL. The center is situated on a land area of 14.57 acres and is anchored by Dominick’s Finer Foods. Cotenants include Hollywood Video, GNC, Wolf Camera, Einstein Bros. Bagels, Caribou Coffee and H&R Block. For more information, contact Mid-America Real Estate Investment Sales Group, Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181-4713; 630-954-7300, Fax 630-954-7304/7306.
ATV-1, LLC is selling a land area located on North Highway 317 in Temple, TX for $350,000. The property contains slightly more than three acres and is improved by a former convenience store building. For more information, contact Eddie Tuvin, ATV-1, LLC, Chelsea Tower, Suite 1511, 7401 Westlake Terrace, Bethesda, MD 20817; 301-767-5942, Fax 301-767-5923; Email: etuv@aol.com.
A private investor is looking to acquire shopping centers, malls and office buildings anywhere in the U.S. The sites must have a GLA of at least 150,000 sq.ft. For more information, contact Robert Stuart, 13064 Bender Drive , Moreno Valley, CA 92553; 951-247-2426; Email: rubobstu@verizon.net.
Millennium Properties, Inc. sold a 41,365 sq.ft. former Eagle Foods store located on West Jefferson Street in Joliet, IL for $2.065 million. The property is situated on a land area of 3.2 acres and was sold to Omkar Real Estate, LLC on behalf of ARCap Servicing, Inc. For more information, contact Millennium Properties, Inc., 2 First National Plaza, 20 South Clark, Suite 630, Chicago, IL 60606; 312-338-3000, Fax 312-338-3008; Web site: www.mpirealestate.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.
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