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Buyers & Sellers
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Buyers & Sellers 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.
Marcus & Millichap National Retail Group acquired the following Movie Gallery locations throughout TX: a location in Raymondville for $598,800 with a Cap rate of 8.35%; a location in Slaton for $582,000 with a Cap rate of 8.35% and a location in Austin for $536,500 with a Cap rate of 8.35%. For more information, contact Brian T. Southworth, Marcus & Millichap National Retail Group, 101 West Ohio Street, Suite 1550, Indianapolis, IN 46204; 317-955-2600, Fax 317-955-0091; Email: bsouthworth@marcusmillichap.com.
Inland Real Estate Sales, Inc. brokered the sale of Sequoia Shopping Center located on West Brown Deer Road in Milwaukee, WI for $2.95 million. The 35,407 sq.ft. center is anchored by a number of national tenants, including a U.S. Post Office, Pizza Hut, Wells Fargo, FedEx/Kinko’s and Weight Watchers. The company also brokered the sale of a 20,000 sq.ft. tire store located on Western Avenue in Blue Island, IL for $585,000. For more information, contact Inland Real Estate Sales, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.
CB Richard Ellis, Inc. is selling The Shops at Spectrum, a 13,240 sq.ft. center located at the intersection of Clairemont Mesa Boulevard and Overland Avenue in San Diego, CA for $9.5 million with a Cap rate of 5.25%. The center is currently 91% leased and is located at the entrance to the San Diego Spectrum, a 232-acre master-planned mixed-use development. Area demographics include a population of 85,424 within three miles earning $66,683 as the average household income. For more information, contact Reg Kobzi or Joel Wilson, CB Richard Ellis, Inc., 4365 Executive Drive, Suite 900, San Diego, CA 92121; 858-546-4604/4651; Emails: reg.kobzi@cbre.com and joel.wilson@cbre.com.
Mid-America Real Estate Corp. brokered the sale of the following centers: Mercury Plaza, a 64,574 sq.ft. center located at the intersection of Ford Road and Mercury Drive in Dearborn, MI. The center was acquired by Kahl & Goveia Real Estate. The center is 100% occupied and is tenanted by Circuit City, PetsMart, Einstein Bros. Bagels and Blinds To Go. The center is comprised of three freestanding buildings on a land area of 8.06 acres; and Hillside Terrace, a 17,017 sq.ft. center located at the intersection of State Highway 83 and Interstate 94 in Delafield, WI. The buyer was General Capital Group, while the seller was Hayden Properties. The center is tenanted by EB Games, Chris & Co. Salon, Stone Creek Coffee, Quizno’s, ColdStone Creamery, Pizza Hut and Verizon Wireless. For more information, contact Mid-America Real Estate Corp., Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181-4713; 630-954-7300, Fax 630-954-7304/7306.
Mid-States Development, Inc. is selling SouthRidge Center, a 65,000 sq.ft. supermarket-anchored strip center located in Rice Lake, WI for $6.575 million. The center is situated on a land area of five acres and is 100% occupied. Area retail includes Wal*Mart, Shopko, Menards, 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.
Weichert Commercial Brokerage, Inc. is selling a 3,000 sq.ft. building located on Orange Street in Newark, NJ for $1.1 million. For more information, contact Stephen Sander or Peter Scrivo, Weichert Commercial Brokerage, Inc., 225 Littleton Road, Morris Plains, NJ 07950; 973-267-7778, Fax 973-267-5432; Emails: ssander@weichertcommercial.com and pscrivo@weichertcommercial.com; Web site: www.weichertcommercial.com.
Phillips Edison & Co. acquired Southbrook Village, an 80,077 sq.ft. supermarket-anchored center located near Interstate 65 in Alabaster, AL. The center is located adjacent to a 55,000 sq.ft. Bruno’s Supermarket. Southbrook Village is tenanted by Dollar General, Hallmark and CATO Fashions. For more information, contact Gloria Siegler, Phillips Edison & Co., 11690 Grooms Road, Cincinnati, OH 45242; 513-619-5034 or 513-554-1110; Email: gsiegler@phillipsedison.com; Web site: www.phillipsedison.com.
Pan Pacific Retail Properties, Inc. acquired Silverdale Plaza, a 170,406 sq.ft. supermarket-anchored center located in San Diego, CA for $33 million. The center is currently 100% leased and is anchored by Safeway Supermarket, Rite Aid, Jo-Ann Fabrics & Crafts and Staples. For more information, contact Pan Pacific Retail Properties, Inc., 1631-B South Melrose Drive, Vista, CA 92081-5498; 760-727-1002, Fax 760-727-1430; Web site: www.pprp.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. Net Property Management, LLC is looking to acquire locations throughout NJ and eastern PA for between $4 million and $40 million with Cap rates of 8% and an occupancy factor of 50%. For more information, contact Bruce Bing, Net Property Management, LLC, 116 Route 22 East, North Plainfield, NJ 07083; 908-668-4595, Fax 908-668-5225; Email: bbing@netproperties.us.
Hogan Real Estate is selling a former Winn-Dixie supermarket located at the intersection of Bardstown Road and Hurstbourne Parkway in Louisville, KY for $4.25 million. The building is situated on a land area of 5.514 acres. For more information, contact Justin R. Phelps, Hogan Real Estate, 420 West Liberty Street, Louisville, KY 40202; 502-271-5820, Fax 502-426-1223; Email: jphelps@hogandev.com; Web site: www.hogandev.com.
TriStar Realty Group, LLC is selling a land area of 0.25 acres in Manatee County, FL. For more information, contact Peter R. Logan, TriStar Realty Group, LLC, One Mack-Cali Center, 501 East Kennedy Boulevard, 12th Floor, Tampa, FL 33602; 813-272-9700, Fax 813-272-9725; Web site: www.tristarrealtygroup.com.
American Retail Properties is selling 145 acres of land located at the intersection of Interstate 290 and Route 140 in Boylston, MA. The site has an average daily traffic count of 84,300 vehicles. Area demographics include a population of 367,013 within 10 miles earning $69,969 as the average household income. For more information, contact David Nugent or David Birmingham, American Retail Properties, 148 State Street, Suite 600, Boston, MA 02109; 617-778-6500, Fax 617-778-6533; Emails: dnugent@americanrp.com and dbirmingham@americanrp.com; Web site: www.americanrp.com.
Thalhimer/Cushman & Wakefield Alliance sold a land area of 20.646 acres at the intersection of U.S. Highway 301 and Atlee Road in Rutland, VA to Crosland Rutland, LLC for $2,113,737. The buyer plans to develop a supermarket-anchored center. The company also brokered the acquisition of a land area of three acres for WaWa, Inc. on Little Creek Road in Norfolk, VA from Freddy’s Drive Inn Restaurant for $900,000. For more information, contact Thalhimer/Cushman & Wakefield Alliance, 1313 East Main Street, Suite 400, Richmond, VA 23219; 804-648-5881, Fax 804-697-3479; Web site: www.thalhimer.com.
Gregory Greenfield & Associates, Ltd. acquired Central Mall, an 860,830 sq.ft. center regional mall located in Fort Smith, AR. The mall is anchored by Dillard’s, JCPenney and Sears and features over 84 specialty stores and approximately 126,000 sq.ft. of office space. The acquisition was completed in the name of Fort Smith Mall Partners, L.P., a partnership of private investors. The center is tenanted Abercrombie & Fitch, Aeropostale, Children’s Place, Dallas Cowboys Pro Shop, Garfield’s and Motherhood Maternity. For more information, contact Amy Kuehn or Teresa Richards, Gregory Greenfield & Associates, Ltd., 124 Johnson Ferry Road, NE, Atlanta, GA 30328; 404-236-2300, Fax 404-236-2299.
MetWest Commercial Real Estate, LLC is representing a client looking for $200 million in properties throughout southeastern FL. The sites must be one property for $200 million, two separate properties for $100 million each or four properties for $50 million each. Preferred sites include retail centers, major warehouse sites, warehouse flex space complexes or office buildings. For more information, contact Mike McHugh, MetWest Commercial Real Estate, LLC, 126 Aragon Avenue, Coral Gables, FL 33134; 305-442-4740, Fax 305-442-4693; Email: mike@met-west.com; Web site: www.mwcre.com.
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.
Sperry Van Ness/Creviston Realty, Inc. is selling an 11,480 sq.ft. site located at Stratford at Lovejoy Village located on Tara Boulevard in Jonesboro, GA for $2.25 million with a Cap rate of 8%. The center is shadow-anchored by Kroger. For more information, contact Kevin Bradley, Sperry Van Ness/Creviston Realty, Inc., 10929 Crabapple Road, Suite 201, Roswell, GA 30075-7657; 770-992-5112.
CMC is looking to acquire retail sites, mixed-use centers, medical and office properties for $20 million and up. The sites must be new construction. For more information, contact CMC, 2118 Wilshire Boulevard, Suite 817, Santa Monica, CA 90403; 310-581-6860.
Baum Realty Group, Inc. arranged the sale of an 11,800 sq.ft., two-building retail center located in Boise, ID for $3.3 million. The seller was Baum Brothers, LLC. The buildings are 100% leased with the largest tenant being U.S. Bank, a subsidiary of U.S. Bancorp. Cotenants include Baja Fresh and T-Mobile. 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. |