|
Buyers & Sellers
|
|
|
Buyers & Sellers O, R & L Commercial is selling a 15,000 sq.ft. center in Berlin, CT at an asking price of $1.53 million. Individual units of 3,750 sq.ft. are also available for sale at $375,000 each. For more information, contact Toby Brimberg, O, R&L Commercial, 2 Summit Place, Branford, CT 06405; 203-643-1116, Fax 203-315-4046; Email: tbrimberg@orlcommercial.com; Web site: www.orlcommercial.com.
Linsalata Realty Services is selling a 43,140 sq.ft. big box space and a pad site in Austin, TX for $4.5 million. For more information, contact Joe Linsalata, Linsalata Realty Services, 824 West 10th Street, Suite 100, Austin, TX 78701; 512-327-5000, Fax 512-327-5078; Email: joe@asklrs.com; Web site: www.asklrs.com.
The Beck Co. is representing a client seeking to acquire leased, NNN, single-tenant bank properties throughout CA. For more information, contact Dan Beck, The Beck Co.; 818-553-3619; Email: danniman@aol.com.
Mike Rivera & Associates, LLC is selling a 30,000 sq.ft. center in North Naples, FL for $14 million with a Cap rate of 6.8%. For more information, contact Mike Rivera, Mike Rivera & Associates, LLC, PO Box 73, Estero, FL 33919; 239-770-6257, Fax 239-495-2066.
KAM Realty is representing a client seeking to acquire properties throughout Los Angeles, Orange, Ventura, Riverside or San Bernardino counties in CA. The company looks for transactions in the $4 million to $10 million range. For more information, contact Yury Ferkelman, KAM Realty, 8730 Wilshire Boulevard, Suite 415, Beverly Hills, CA 90211; 310-659-7999 Ext. 15, Fax 310-622-7393; Email: yuryf@ca.rr.com.
The Good Group is representing a client seeking to acquire NNN, single-tenants throughout FL in the $1 million to $1.5 million price range with a Cap rate of 7.5%. For more information, contact Darrin Cohen, The Good Group, 1000 North Orlando Avenue, Suite A, Winter Park, FL 32789; 407-628-9555, Fax 407-386-6101; Email: dcohen@thegoodgroup.com; Web site: www.thegoodgroup.com.
Pocklington, Pocklington and Forster Retail Investment Group closed the $1.75 million sale of The Shoppes at Bonneville on East Colonial Drive in Orlando, FL. The company, a part of GVA Worldwide, represented the buyer, Fortich Dunn, LLC. Duke Real Estate represented the seller. The 5,208 sq.ft. strip center was 100% occupied at the time of sale. For more information, contact GVA Advantis, 255 South Orange Avenue, Suite 750, Orlando, FL 32801; 407-999-4775; Email: kchamberlain@gvaadvantis.com.
Hanley Brown Group Real Estate Advisors represented the seller in the $6.785 million sale of a single-tenant Walgreens in Murrieta, CA at a Cap rate of 5.75%. The Walgreens is currently under construction at the intersection of California Oaks Road and Jackson Avenue. The 10,000 sq.ft. freestanding building is situated on 1.15 acres within the California Oaks Shopping Center. Tenants include Ralphs, Beneficial Finance, Curves, Dollar Tree, Little Caesar’s Pizza, Tuesday Morning and Wells Fargo. Murrieta Cal-Oaks, LLC sold the site to Pei Chung Chao, who was represented by Marcus & Millichap Real Estate Investment Brokerage Co. The company also represented the buyer in a $7.4 million sale of a 20,494 sq.ft. multi-tenant shopping center shadow-anchored by Food 4 Less in Moreno Valley, CA. Opt Moreno Valley, LLC, represented by Sperry Van Ness, sold the property at a Cap rate of 6.36% to a private investor from Riverside County, CA. The center, Shops to Food 4 Less, is located at the intersection of Alessandro Boulevard and Indian Street and is situated on 1.92 acres. Tenants include Hollywood Video, McDonald’s, Church’s Chicken and Mobil. The property was 100% occupied at the time of sale. For more information regarding Walgreens, contact Edward B. Hanley, Hanley Brown Group Real Estate Advisors; 949-585-7677. For information regarding Shops to Food 4 Less, contact Jeremy S. McChesney or Eric L. Werner; 949-585-7671/7678; Web site: www.hanleybrown.com.
Hilco Real Estate, LLC is selling a NNN leased Walgreens in Bedford, OH. Asking price for the 11,600 sq.ft. pharmacy is $1.53 million with a Cap rate of 7%. For more information, contact Andrew S. Becker, Hilco Real Estate, LLC, 5 Revere Drive, Suite 320, Northbrook, IL 60062; 847-504-2464, Fax 847-897-0788; Email: abecker@hilcorealestate.com; Web site: www.hilcorealestate.com.
Millco Investments is selling a 7,000 sq.ft. building located at the intersection of Mons Street and Highway 36 in Rosenberg, TX. The building has a new 15-year NNN lease with Advance Auto Parts. Area demographics include a population of 34,660 within three miles earning $54,643 as the average household income. For more information, contact Jordan J. Kaufman, Millco Investments, 19 South LaSalle Street, Suite 1000, Chicago, IL 60603; 312-377-7800 Ext. 103, Fax 312-377-7898; Email: jordan@millcoinvestments.com; Web site: www.millcoinvestments.com.
Ray Rap Realty is selling an empty 88,000 sq.ft. shopping center in Pottstown, PA for $3.9 million. For more information, contact Raymond J. Rapcavage, Ray Rap Realty, Corporate Real Estate Services, 10 Mechanic Street, Suite 100, Red Bank, NJ 07701; 732-747-0300, Fax 732-747-1541; Email: rayraprealty@comcast.net; Web site: www.rayraprealty.com.
Orange Avenue Shoppes, LLC, in conjunction with Tulepan Management, LLC, completed the all-cash acquisition of 35 acres of zoned commercial on Orange Avenue in St. Lucie County, FL for $9.5 million. The deal was made on behalf of Roberts Organization. Plans call for developing a 330,000 sq.ft. power/lifestyle center with restaurants new to the market and incorporating an entertainment component. For more information, contact Randy Tulepan, Tulepan Management, LLC; 954-603-0455, Fax 954-603-0542; Web site: www.tulepanmanagement.com.
Arroyo & Coates is selling a 4,500 sq.ft. bank branch in Stockton, CA for $2.52 million with a starting Cap rate of 5.36% going up to 6% in four years. The site, located at the intersection of East Hammer Lane and Tam O’Shanter Drive, is net-leased to Washington Mutual for 10 years. There are nine years remaining on the lease and the rent escalates by 12% in four years. The average daily traffic count is 61,000 vehicles. Area demographics include a population of 139,358 within three miles earning $54,389 as the average household income. For more information, contact Eric C. Wilcox, Arroyo & Coates; 415-445-7800, Fax 415-276-2360; Email: ewilcox@a-c.com.
Marcus & Millichap Real Estate Investment Brokerage Co. arranged the sale of a two-property portfolio in FL for $22.15 million. Spring Lake Square in Winter Haven and Oak Park Plaza in Brandon were sold by the Swain Co. to National Properties, which was represented by Marcus & Millichap. Spring Lake Square is a 28-acre property located on Havendale Boulevard. Oak Park Plaza is an eight-acre property located on West Lumsden and is tenanted by Fidelity National, Majik Touch, Wired Warefare, Nail True and O’Brien’s. The company also completed the sale of Towne Square Shopping Center for $11.75 million, or $93 psf. The 126,168 sq.ft. center is located in Ocoee, FL. TSSC, LLC, represented by Marcus & Millichap, sold the site to Punit Complex, LLC, also represented by Marcus & Millichap. Located on West Colonial Drive, the center is anchored by Old Time Pottery, Papa John’s, Jackson Hewitt and Rent-A-Center. For more information, contact Marcus & Millichap, 2999 Oak Road, Suite 210, Walnut Creek, CA 94597; 925-953-1716, Fax 925-953-1710; Web site: www.marcusmillichap.com.
Grubb & Ellis|Commercial Florida negotiated the sale of a retail site in Fort Lauderdale for $800,000. Motiva Enterprises, LLC sold the 15,741 sq.ft. building to Aziz Texaco, Inc. Aziz Texaco will continue to run the business as a convenience store without gas. For more information, contact Brent Lindsay, Larry Lietzman and Steve Tombrink, Grubb & Ellis|Commercial Florida; 813-830-7890/7877; Web site: www.grubb-ellis.com .
Staubach Retail negotiated the sale of 24 acres of land at the intersection of Southern and 35th Avenue in Laveen, AZ. Staubach Retail represented SmithCypress Partners, the developer of a 240,000 sq.ft. shopping center on the site. An 81,200 sq.ft. anchor lease is signed and additional leases are in negotiations, with the project expected to open Fall 2007. Staubach Investment Sales also closed a sale on behalf of Cypress Equities for a 16.84-acre site at the intersection of South Gulph Road in King of Prussia, PA. The property, which has a long-term ground lease to Home Depot, was sold to New York Life for approximately $45 million. For more information, contact Staubach Retail; 972-361-5422; Email: pamela.fleming@staubach.com.
Heim Realty, LLC is looking to acquire shopping centers throughout NJ. The centers must have a GLA of 10,000 sq.ft. or larger. For more information, contact Richard F. Heim, Heim Realty, LLC, 161 Route 202, Montville, NJ 07045; 973-335-0811, Fax 973-335-0466; Email: heimrealty@optonline.net.
Faris Lee Investments, Inc. completed the $25 million sale of Jeronimo Center, an 82,782 sq.ft. mixed-use development on Via Fabricante in Mission Viejo, CA. Faris Lee Investments represented the seller, PASSCO, and the buyer, Warmington Capital Partners. Tenants include Jack in the Box, Quiznos, FedEx, Kinkos, EZ Lube, Frazee Paints, Hertz and Papa John’s. Area demographics include a population of 166,711 within three miles earning $100,000 as the average household income. The 7.21-acre site was 92% occupied at the time of sale. It sold for $300 psf at a Cap rate of 6%. For more information, contact Faris Lee Investments,
2301 Dupont Drive, Suite 100
The Paradise Development Group is selling a Walgreens in West Kendall, FL located at the intersection of 152nd Street and 157th Drive for $7.5 million. The store is located in the Corsica Square shopping center, which is tenanted by Publix. Walgreens will be delivered April 2007. For more information, contact Peter Monroe, The Paradise Development Group, 2901 Rigsby Lane, Safety Harbor, FL 34695; 727-726-1115, Fax 727-726-2337; Email: pmonroe@paradisedev.com; Web site: www.paradisedev.com.
Ruggiero Development Group is selling a 16,000 sq.ft. strip center and pad site for $1.1 million in southern NJ. The seller must close in 30 days. For more information, contact Louis J. Stackeni, Ruggiero Development Group, 1786 Wilmington Pike, Suite 300, Glen Mills, PA 19342; 484-843-4814, Fax 610-459-4151; Email: lstackeni@rdgllc.com; Web sites: www.rdgllc.com, www.tropeacommunities.com and www.homesofpennsylvania.com.
V.I.P. Real Estate, Inc. is selling 11 acres of land in Staten Island, NY on Victory Boulevard. Nearby draws include a proposed NASCAR site. The property can be enlarged by assembling two acres of additional residential land. The company is also selling a 26,000 sq.ft. shopping center and a 2,100 sq.ft. freestanding pad site in Staten Island, NY at a 6.15% Cap rate. The properties are fully leased. For more information, contact Stephen Picciurro, V.I.P. Real Estate, Inc., 3155 Amboy Road, Staten Island, NY 10306; 718-447-0700 Ext 302, Fax 718-351-2587; Email: stephen@viprealestate.net.
Income Property Specialists is looking to acquire shopping centers with a GLA of at least 20,000 sq.ft. in the Midwest or western U.S. The preferred demographics are a population of 100,000 in the town or lower if closer to Denver, CO. The company is also looking to acquire Class “A” retail for $10 million or more. The company prefers big box, anchored or unanchored centers in the West. For more information, contact Shaun Gindi, Income Properties Specialists, 1523 18th Street, Suite 101, Denver, CO 80202; 303-482-1310, Fax 303-442-8962; Email: shaun@myips.com; Web site: www.myips.com.
Mahoney Realty Group, Inc. is representing a client looking to acquire sites of 10,000 sq.ft. to 40,000 sq.ft. with at least 10,000 sq.ft. to 12,000 sq.ft. of vacant space in King of Prussia, Gulph Mills and Wayne, PA. For more information, contact James C. Wilson, Mahoney Realty Group, Inc., 9 Cricket Terrace, Ardmore, PA 19003; 610-645-4500, Fax 610-645-0190.
Coldwell Banker is selling a 119,551 sq.ft. two-center portfolio NNN in Marco Island/Naples, FL for $28.4 million. The net operating income of the sites is $1.701 million. For more information, contact Kathy Janow, Coldwell Banker; 954-689-0227; Email: kjanow@aol.com.
Allcom Commercial Brokerage, LLC is selling a 26,300 sq.ft. shopping center and a pad site on the border of NY and PA situated on a 2.5-acre corner parcel. The Cap rate is 8.75%. The center is fully leased and tenanted by Family Dollar, a pharmacy, medical offices, dentist office, Blimpie and Lighthouse Liquor. Area retail includes Value Hardware, Dollar General, Pizza Hut and KFC/Taco Bell. For more information, contact Ronald N. Panosian, Allcom Commercial Brokerage, LLC, 111 North Main Street, Elmira, NY 14901; 607-737-5280 Ext. 204.
Coldwell Banker Mountain West Real Estate, LLC is selling a Bank of America-anchored building for $980,000 at a Cap rate of 7.5% on Commercial Street in Astoria, OR. For more information, contact Curt Arthur, Coldwell Banker Mountain West Real Estate, LLC, 250 Division Street Northeast, Salem, OR 97301; 503-587-4774, Fax 503-588-3508.
Real Estate Brokerage Solutions is selling a 10,500 sq.ft. building in Granger, IN at the intersection of Route 23 and Grape Road for $1.5 million. Currently operating as a Chinese buffet, the site is situated on a land area of 1.97 acres. Area retail includes Wells Fargo and nearby draws include Notre Dame University. For more information, contact David Agronsky, Agronsky & Co., LLC, Real Estate Brokerage Solutions, 501 Slaters Lane, Suite 909, Alexandria, VA 22314; 703-549-6684.
Premier Commercial is representing a client looking to acquire office, NNN, strip centers or medical office locations with Cap rates of 7% to 8%. For more information, contact Thomas L. Mather, Premier Commercial, 3960 Via Del Rey, Bonita Springs, FL 34134; 239-287-4847, Fax 239-947-3891/514-7011.
The Everest Group is selling a 10-acre site in Maineville/Hamilton, OH on State Route 48 for $2.1 million. Area demographics include an average household income of $95,299 within five miles. For more information, contact Chris Nachtrab, The Everest Group, 9912 Carver Road, Suite 100, Cincinnati, OH 45242; 513-769-2500, Fax 513-769-2512; Email: chris.nachtrab@everestrealestate.com; Web site: www.everestrealestate.com.
NAI Realvest negotiated a $4 million sale of a Shell service station in Winter Park, FL on South Orlando Avenue. The company represented the seller, Motiva Enterprises, LLC. RAI-Rock-Fairbanks, LLC acquired the 1.36-acre property. For more information, contact Courtney Bennett or George Livingston, NAI Realvest; 407-875-9989.
Pacific Int’l Properties, Inc. is selling a site with a 32,000 sq.ft. land area in Arcadia, CA. There is space to build a 9,100 sq.ft. shopping center with approximately 60 parking spaces. The site is adjacent to CVS. For more information, contact Hugo Chau, Pacific Int’l Properties, Inc., 9417 Las Tunas Drive, Suite 201, Temple City, CA 91780; 626-821-5588 Ext 125, Fax 626-821-5599; Email: hugochau@gmail.com.
NAI Ohio Equities is selling an 18,000 sq.ft. strip center in Zanesville, OH for $2.035 million at a Cap rate of 8.62%. June Parkway Plaza is tenanted by Advance America, H&R Block, Always Party Store, Z Nails, USA Pizza, Country Dollar, Phone Depot and Curves. There is also space available of 2,400 sq.ft. The center is adjacent to Pick N Save grocery store. The current NOI is $175,619. For more information, contact Patrick Dwyer or Michael Zelnik, NAI Ohio Equities; 614-629-5282; Emails: pat@44ohio.com and mike@44ohio.com; Web site: www.44ohio.com/idb/zanesville/property_name/page01.htm.
NAI Isaac is selling Keithshire Place, a 105,316 sq.ft. center in Lexington, KY comprised of 62,977 sq.ft. of retail and 42,339 sq.ft. of office space. The center is 90% leased. For more information, contact Dawn Bryant, NAI Isaac, 771 Corporate Drive, Suite 300, Lexington, KY 40503; 859-224-2000, Fax 859-224-0848; Email: dawnbryant@naiisaac.com; Web site: www.naiisaac.com. |