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Buyers & Sellers
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Buyers & Sellers Arnold Group Real Estate is selling a 7,700 sq.ft. NNN-leased Family Dollar in Jonesboro, AR at an 8% Cap rate. The company will sell at a 9% Cap rate if the property is sold before Dec. 25. The property has an NOI of $46,500. For more information, contact Joshua Brown, Arnold Group Real Estate, 312 South Main Street, Jonesboro, AR 72401; 870-932-2600, Fax 800-401-1437; Email: josh@kentshouse.com; Web site: www.kentshouse.com.
Hanley Brown Group Real Estate Advisors is selling Whittier Village in Whittier, CA for $10.38 million at a Cap rate of 6.75%. The center is 77% leased for 12 years with 3% annual rent increases. Whittier Cinemas anchors the site. Area retail includes Starbucks, Quiznos, Wells Fargo, Coffee Bean & Tea Leaf, Supercuts and Edward Jones. The company is also selling Cypress Station Shopping Center in Houston, TX for $12.575 million at a Cap rate of 8.06%. The site is 95% occupied and is anchored by Louis Shanks Furniture. The company is also selling Corona Ranch Shopping Center in Corona, CA for $9.88 million at a 6% Cap rate. The grocery-anchored shopping center is 100% occupied. Area retail includes Vons, Sav-On, 24 Hour Fitness, Walgreens, 99 Cent Only, Wells Fargo, Del Taco, Radio Shack, Taco Bell, Fitness 19, Blockbuster Video and Burger King. For more information regarding Whittier Village, contact Eric P. Wohl, Hanley Brown Group Real Estate Advisors, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7673, Fax 949-585-7611; Email: eric.wohl@hanleybrown.com. For more information regarding Cypress Station, contact Kevin T. Fryman or Edward B. Hanley; 949-585-7674/7677; Emails: kevin.fryman@hanleybrown.com and edward.hanley@hanleybrown.com. For more information regarding Corona Ranch, contact Eric L. Werner or Jeremy McChesney; 949-585-7678/7671; Emails: eric.werner@hanleybrown.com and jeremy.mcchesney@hanleybrown.com; Web site: www.hanleybrown.com.
Keen Consultants, LLC is seeking 1031 Exchange office and retail properties in New York, NY priced at $5 million or more in cash. For more information, contact Moe Bordwin, Keen Consultants, LLC, 60 Cutter Mill Road, Suite 214, Great Neck, NY 11021-3104; 516-482-2700 Ext. 222, Fax 516-482-5764; Email: moe@keenconsultants.com; Web site: www.keenconsultants.com.
The Goldstein Group completed the sale of a 20,000 sq.ft. freestanding building on East Route 4 in Paramus, NJ. The owner, Lynn Realty Associates, sold the site to Yaraghi, LLC, represented by The Goldstein Group. The property had previously been occupied by Living Rooms Plus and is adjacent to Bergen Town Center. For more information, contact Chuck Lanyard, The Goldstein Group; 201-703-9700; Web site: www.thegoldsteingroup.com.
Coldwell Banker Commercial is selling a mixed-use neighborhood shopping center on North Lee Highway in Cleveland, TN for $1.5 million. The 22,158 sq.ft. site has spaces available. The company is also selling a 1.63-acre site on South Front Street in Wilmington, NC for $1.29 million. The company is also selling Sterling Pointe, a 1.45-acre site in Cleveland, TN for $650,000. The site can be built to suit and adjoining acres are also available. Area retail includes Wal*Mart Supercenter and Walgreens. The average daily traffic count is 23,420 vehicles. In addition, the company is selling a single-tenant site in Knoxville, TN for $550,000. The 6,400 sq.ft. freestanding building is located at the intersection of West Young High Pike and Chapman Highway and sits on a land area of 0.63 acres. Area retail includes Kroger. Area demographics include a population of 103,247 within five miles earning $23,896 as the median household income. The company is also selling a Family Dollar location in Hampton, TN for $849,635 at a 7.5% Cap rate. The 9,180 sq.ft. store is located on Highway 19E and has a 10-year lease commencement expected in January 2007. The company is also selling Pioneer Center for $1.2 million. The site is 10,000 sq.ft. and located on Highway 66. Coldwell Banker Commercial also closed on 6.5 acres in Taylorsville, UT at the intersection of 5400 South and 2700 West. One acre of the property will be devoted to retail and the rest to residential. For information regarding the Cleveland, TN site and Sterling Pointe, contact Loye Hamilton, Coldwell Banker, Hamilton & Associates, 3810 Keith Street NW, Cleveland, TN 37312; 423-476-5535 or 423-991-7940, Fax 423-728-5750; Email: loye@coldwellbanker.com. For more information regarding the Wilmington, NC site, contact John Aultman, Coldwell Banker Commercial, Sun Coast Partners, LLC, 430 Eastwood Road, Suite 200, Wilmington, NC 28403; 910-350-1200, Fax 910-350-0925; Email: john.aultman@coldwellbanker.com. For more information regarding the Knoxville, TN site and Pioneer Center, contact Jim Stanley, Coldwell Banker Commercial, Wallace & Wallace, Realtors, 124 North Winston Road, Knoxville, TN 37919; 865-690-1111, Fax 865-694-1423. For more information regarding Family Dollar, contact Jim Stanley or Steve Goldman; 865-690-1111, Fax 866-208-5612. For more information regarding the Taylorsville, UT site, contact Tim Simonsen or Lori Coburn at 801-947-8300, Fax 801-947-8301. Web sites: www.coldwellbankercommercial.com and www.hamiltoncommercial.com.
Terra Realty Services is selling a 64,726 sq.ft. outlot of a strip center in Hainesville, IL for $1.165 million. The site is approved for a drive-thru and a liquor license can be obtained. The average daily traffic count is 32,700 vehicles. For more information, contact Lynn Ridley, Terra Realty Services, 14044 Petronella Drive, Suite 1, Libertyville, IL 60048; 847-366-7116, Fax 847-996-1073; Email: lynn@terrarealty.net.
A private buyer is looking nationally to acquire commercial, single-tenant NNN-leased properties in metropolitan areas nationwide with good demographics. The buyer prefers properties that are significantly below market lease. For more information, contact Richard Schlageter at 516-670-7047; Email: srrsone@aol.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is selling Northgate Shopping Center in St. Joseph, MO for $10.15 million, or $65 psf. The 155,850 sq.ft. power center is located on North Belt Highway and is anchored by Hobby Lobby, OfficeMax and Big Lots. Area retail includes JCPenney, Dillard’s and Sears at the East Hills Mall. The average daily traffic count is 23,000 vehicles. The company also arranged the sale of Dell Range Marketplace in Cheyenne, WY for $15.05 million, or $173 psf. The 86,883 sq.ft. center is anchored by King Soopers. The company also arranged the $11.186 million sale of a 132,972 sq.ft. Home Depot being developed in North Conway, NH on Barnes Road. Marcus & Millichap represented the buyer, PDW Barnes Road Investments, LLC, as well as the NH-based private investor who sold the property. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 2999 Oak Road, Suite 210, Walnut Creek, CA 94597; 925-953-1716, Fax 925-953-1710; Web site: www.marcusmillichap.com.
Equity One Realty & Management NE, Inc. acquired Webster Plaza, a 200,681 sq.ft. shopping center in Webster, MA located on Worcester Road, for $17.825 million. The site is anchored by Big Kmart and Shaw’s Supermarket and is 87% leased. The REIT has a $250 million pipeline to acquire supermarket-anchored centers throughout the Northeast and Mid-Atlantic markets. For more information, contact Alan Merker, Equity One Realty & Management NE, Inc., 77 R Spring Street, West Roxbury, MA 02132-0003; 617-469-1900, Fax 617-469-1905; Email: leasing@equityone.net; Web site: www.equityone.net.
Goldschmidt & Associates is selling a retail site at 189 East Post Road in White Plains, NY. The 12,000 sq.ft. building has two levels and is occupied by Laguna Restaurant. Expansion is possible. The company is also selling a site at 5 South West Street in Mount Vernon, NY. The 5,500 sq.ft. freestanding building sits on a land area of 8,100 sq.ft. It is located across from the Mount Vernon train station. Auto use is permitted. The company is also selling a 0.25-acre site 730 Main Street in New Rochelle, NY. For more information regarding the sites in White Plains and Mount Vernon, contact Eric S. Goldschmidt, Goldschmidt & Associates; 914-723-1919 Ext. 2. For more information regarding the New Rochelle site, contact Fern Wagner; 914-723-1616 Ext. 15.
Quine & Associates, Inc. is representing the seller of a three-tenant NNN leased property in Albuquerque, NM for $9.5 million. Tenants include Golfsmith, Performance Bicycle and Tres Amigos Furniture, which all have 10-year leases with built-in rent increases. Seller will consider carving out the freestanding Performance Bicycle building for $2.3 million or $7.2 million for Performance Bicycle and Tres Amigos. 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.
The Mitchell Co., Inc. is selling Magnolia Place Shopping Center, an 81,680 sq.ft. center in Baldwin County, AL located at the intersection of Main Street and U.S. Highway 98. The property is available at a Cap rate of 8.14% and is tenanted by Omni Health and Fitness, Blockbuster Video, Cato, Radio Shack, Dollar General and local retailers. The average daily traffic count is 39,790 vehicles. For more information, contact Alex Pate, The Mitchell Co., Inc.; 251-345-1259, Fax 251-345-1286; Email: apate@mitchellcompany.com; Web site: www.mitchellcompany.com.
Howard & Mills, Inc. acquired Westshore Mall in Holland, MI. The 415,804 sq.ft. mall is anchored by JCPenney, which renewed its lease for five additional years. Tenants include Bath & Body Works, Dunham’s Sports, Express, Victoria’s Secret, Waldenbooks and Younkers. Area demographics include a trade-area population of 233,000 earning $81,229 as the average household income. For more information, contact Howard & Mills, Inc., 11145 Tampa Avenue, Suite 19B, Northridge, CA 91326; 800-273-9332; Web site: www.howardmills.com.
KMO Development Group, Inc. is selling a Popeye’s location in Phoenix, AZ for $1.682 million at a Cap rate of 7.40%. The site has a 20-year primary term lease with options and rent increases of 8% every five years. The restaurant is an in-fill location on a pad site of grocery-anchored center. Area demographics include a population of 191,000 within three miles. The company is also selling a Popeye’s in Tulsa, OK for $1.461 million at a Cap rate of 8.25%. The site has a 15-year primary term lease with options and rent increases of 1% annually. Area demographics include a population of 90,000 within three miles. In addition, the company is selling a Popeye’s location in Emporia, KS for $1.193 million at a Cap rate of 7.85%. The site has a 20-year primary term lease with options and rent increases 1% annually. For more information, contact Grant Stewart, KMO Development Group, Inc.; 918-743-3456, Fax 918-743-4084; Email: gstewart@kmodevelopment.com; Web site: www.kmodevelopment.com.
Pointe Development Co. is selling a FedEx Kinko’s-anchored strip center in Clermont, FL. The site is an outparcel to a shopping center located on State Road 50 and adjacent to Dunkin’ Donuts. Tenants include Murphy Beds, Tiles R U, Wireless Zone and Mimi’s Hair Salon. The center’s NOI is $197,370. For more information, contact Alan Sakowitz, Pointe Development Co., 1111 Kane Concourse, Suite 401F, Bay Harbor Islands, FL 33154; 305-861-3737, Fax 305-865-3434; Web site: www.pointecompanies.com.
NAI Capital Commercial is looking to acquire newer Walgreen locations for between $3.2 million and $5.2 million in cash on behalf of a 1031 buyer in Northeastern states. The company can close this year, but not later than April 15, 2007. For more information, contact Laurence Saper, NAI Capital Commercial, 970 West 190th Street, Suite 100, Torrance, CA 90502; 310-532-9080, Fax 310-527-6259; Email: lsaper@naicapital.com.
National Retail Properties, Inc. is selling a Rite Aid in Fredericksburg, VA, located at the intersection of Benchmark Road and Tidewater Trail. The asking price is $5.601 million with a Cap rate of 7%. The site has a 20-year lease NN. The landlord is responsible for roof and structure maintenance for the newly constructed building. For more information, contact Rebecca Gittens, National Retail Properties, Inc., 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1253, Fax 407-650-1046.
Upland Real Estate Group, Inc. is selling a Sherwin-Williams site in Sioux Falls, SD for $1.395 million at a Cap rate of 6%. The 37,000 sq.ft. single-tenant property is located on West 57th Street and has a NOI of $83,748. For more information, contact Amanda Leathers, Upland Real Estate Group, Inc., 90 South 7th Street, 3800 Wells Fargo Center, Minneapolis, MN 55402; 612-432-0045, Fax 612-376-4489; Email: amanda@upland.com; Web site: www.nnnsales.com.
Bedore International is selling Aashi Plaza for $1.665 million. The site is located in Las Vegas, NV near the Las Vegas Convention Center. It is 100% occupied. The company is also selling Twain Plaza in Las Vegas, NV for $8.5 million. The site is 100% occupied and zoned H-1 for gaming. In addition, the company is selling Athena Plaza in Las Vegas, NV for between $5.6 million and $6 million. The site is tenanted by 7-Eleven and a car wash. Located at the intersection of Maryland Parkway and Reno Avenue, nearby draws include McCarran International Airport and the Las Vegas Strip. For more information, contact David Howes, Bedore International, 8691 West Sahara Avenue, Suite 210, Las Vegas, NV 89117; 702-853-0752, Fax 702-873-3131.
NAI James E. Hanson is looking to acquire five to 10 acres of land zoned retail in an area with a large Hispanic population. For more information, contact Marta E. Sala, NAI James E. Hanson, 235 Moore Street, Hackensack, NJ 07601; 201-448-5800 Ext. 103, Fax 201-388-0246; Email: msala@naihanson.com; Web site: www.naihanson.com.
Icon Commercial Realty, Inc. is looking to acquire shopping centers with GLAs of at least 100,000 sq.ft. nationwide. For more information, contact Sammy Mawardi, Icon Commercial Realty, Inc., 1948 Harrison Street, Hollywood, FL 33020; 954-922-0303, Fax 954-922-3305; Email: smawardi@bellsouth.net.
CB Richard Ellis is selling a GameStop/MovieStop center located on Citrus Park Drive in Tampa, FL for $3.575 million at a 6.76% Cap rate. The 7,966 sq.ft. site is an outparcel to a power center that is tenanted by Best Buy, Bed Bath & Beyond, Staples, PetSmart, Ross Dress for Less and Jo-Ann Fabrics. Area retail includes a 1.1 million sq.ft. regional mall tenanted by Dillard’s, Macy’s, JCPenney, Sears and Regal Cinemas. There are 10-year NNN lease terms with 10% rent increases in the sixth year. Area demographics include a population 182,672 within five miles earning $73,921 as the average household income. The company also negotiated the $14.6 million sale of a 70,396 sq.ft. portion of Northern Crossing, a power center located in Phoenix, AZ at the intersection of 59th Avenue and Northern Avenue. CB Richard Ellis represented the seller, The Ellman Cos. The center is tenanted by Ross Dress for Less, PetSmart, The Clothing Store and Payless Shoes, as well as Wal*Mart Supercenter and Lowe’s Home Improvement, which were not part of the sale. For more information, contact Mark Drazek, CB Richard Ellis, 201 South Orange Avenue, Suite 1500, Tampa, FL 32801; 407-839-3123, Fax 321-415-0317; Email: mark.drazek@cbre.com. For information regarding Northern Crossing, contact Katherine Haug, CB Richard Ellis – Phoenix, 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-1782, Fax 602-735-5655; Email: katherine.haug@cbre.com; Web site: www.cbre.com.
The Paradise Development Group is selling the Shoppes of Crabapple in Roswell, GA for $4 million. The 8,362 sq.ft. center, located at the intersection of Crabapple Road and Arnold Mill Road, is anchored by Starbucks and Fed Ex Kinko’s. The property has a NOI of $269,833. Area retail includes Publix and Kroger. The average daily traffic count is 40,000 vehicles. Area demographics include a trade-area population of 100,000 earning $110,00 as the average household income. 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.
Gannaway & Associates, LLC is representing a client looking to acquire retail opportunities throughout IN with asking prices from $2 million to $10 million and Cap rates of 9%. The client prefers strong leases and anchor tenants and deals with principals and direct brokers. For more information, contact Mike Tayyeb, Gannaway & Associates, LLC, 589 Bedford Street, Stamford, CT 06901; 203-252-2200.
Active Development is selling an Advance Auto Parts in Hueytown, AL for $1.178 million at a Cap rate of 7.2%. The 7,000 sq.ft. site is located on Allison-Bennett Memorial Drive and has a NOI of $84,878. Area demographics include a population of 11,000 within five miles earning $61,878 as the average household income. For more information, contact Doug Thaler, Active Development; 973-882-3561; Web site: www.1031realestate.net.
Woolbright Development, Inc., through a joint venture with Principal Real Estate Investors, LLC, acquired Southport Shopping Center in Fort Lauderdale, FL. The 144,597 sq.ft. site is located at the intersection of Southeast 17th Street Causeway and Cordova Road and is anchored by Office Depot and CVS. For more information, contact Brahm Scoler or Kristen Roberts, Woolbright Development, Inc.; 561-573-2659/ 954-235-5432; Emails: bscoler@woolbright.net and kroberts@woolbright.net.
Gulfstream Commercial Services, LLC is selling a Wyndall’s Foodland site in Owensboro, KY for $4 million. The 37,509 sq.ft. site sits on a land area of 6.007 acres and is located on Villa Point. Area retail includes Wal*Mart Supercenter, CVS, Kohl’s, Subway, McDonald’s, Blockbuster Video, Arby’s, Wendy’s, Bob Evans and Montana Mikes. The company is also selling a strip center on West Parrish Avenue in Owensboro, KY. The center has a GLA of 20,000 sq.ft. and 12,000 sq.ft. of space available. Area retail includes Kmart, Taco Bell, McDonald’s, Kroger, Arby’s, Walgreens and Starbucks. In addition, the company is selling Woodlands Plaza, a strip center located on Villa Point in Owensboro, KY, for $3.75 million at a Cap rate of 8%. The 20,000 sq.ft. center is 100% occupied. For more information, contact Brad Anderson, Gulfstream Commercial Services, LLC, 2960 Fairview Drive, Suite 1, Owensboro, KY 42303; Email: brada@gulfstreamdev.com.
Safeway Group, Inc. is looking nationwide to acquire shopping centers of 10,000 sq.ft. to 300,000 sq.ft. with 20% to 80% vacancy and/or in need of renovation. For more information, contact Rafar Shaikh, Safeway Group, Inc. 6961 Peachtree Ind. Boulevard, Suite 101, Norcross, GA 30092; 770-409-9910 Ext. 10, Fax 770-409-9982; Email: safewaygroup@bellsouth.net.
R.M. Moore Real Estate Co. is selling an 11,003 sq.ft. freestanding building on Roane Street in Johnson City, TN for $850,000. The site is a former steakhouse. The company is also selling a 5,220 sq.ft. freestanding restaurant on South Campbell Station Road in Knoxville, TN for $1.4 million. In addition, the company is selling a 6,446 sq.ft. restaurant site on Conner Road in Knoxville, TN for $1.7 million. The freestanding building sits on a land area of 2.14 acres. R.M. Moore is also selling four lube centers in Kingston and Knoxville, TN as a package for $2.18 million or separately. In Kingston, the 1,500 sq.ft. site is located on North Kentucky Street and is priced at $385,000. There is also a 1,800 sq.ft. lube center on Kingston Pike in Knoxville listed for $795,000, as well as a 1,676 sq.ft. site on North Campbell Station Road in Knoxville selling for $605,000. There is also a 3,107 sq.ft. lube center on Western Avenue in Knoxville selling for $495,000. The company is also selling two Aubrey’s Restaurant locations in Knoxville. A 5,220 sq.ft. freestanding site is located on South Campbell Station Road and is priced for $1.4 million. A 6,446 sq.ft. restaurant is located on Conner Road and is selling for $1.7 million. For more information regarding the properties on Roane Street, South Campbell Road, Conner Road and the two Aubrey’s restaurants, contact John Rebori or Roger Moore, R.M. Moore Real Estate Co., 8351 East Walker Spring Lane, Suite 100, Knoxville, TN 37923; 865-531-6400, Fax 865-531-1698; Emails: jrebori@rmmoore.com and rogermoore@rmmoore.com. For more information regarding the lube centers, contact John Rebori or Pepper Bobo; Emails: jrebori@rmmoore.com and pbobo@rmmoore.com.
Sperry Van Ness is selling a Walgreens property in Clarksville, MD for $10.468 million at a Cap rate of 5.35%. The 12,800 sq.ft. site is located at the intersection of Highway 108 and Highway 32 with an average daily traffic count of 65,000 vehicles. There is an absolute net 25-year lease with 10, five-year options. Rent is scheduled to commence February 2007. The company also negotiated the sale of Kettering Towne Center for $13.976 million, representing the buyer and seller in the transaction. The 207,000 sq.ft. site is located on East Dorothy Lane in Kettering, OH and is tenanted by Sears, Chase Bank, Hallmark, Subway, Dairy Queen and Radio Shack. The company also completed the sale of Tutor Time, a 10,160 sq.ft. childcare property, for $2.47 million. The site is located on Balmy Lane in Mooresville, NC. Sperry Van Ness represented the buyer and seller. The freestanding building is situated on 1.97 acres and is leased by Tutor Time Learning Centers, LLC. For more information regarding Walgreens, contact Troy Legge, Sperry Van Ness; 704-759-3800 Ext. 14; Email: troy.legge@svn.com; Web site: www.svnlighthouse.com. For more information regarding Kettering Towne Center and Tutor Time, contact David Ebeling at 949-225-1883; Email: david.ebeling@svn.com; Web site: www.svn.com.
Ronus Properties is looking to acquire retail and mixed-use properties in large power, lifestyle and neighborhood centers as well as select in-fill locations in the South, Southwest and eastern U.S. Properties should be valued between $15 million and $150 million and up. For more information, contact Richard Markham regarding properties in NC and SC; Jackie Wammock regarding FL, GA and TN and Rick Langhorne regarding TX and other locations, Ronus Properties, 3290 Northside Parkway, Suite 250, Atlanta, GA 30327; 678-553-4040/4030/4000, Fax 678-553-4001; Web site: www.ronusproperties.com.
BridgePointe Advisors is selling Kanawha Mall, a 196,118 sq.ft. center anchored by Elder-Beerman and Gabriel Brothers, which is not part of the sale. The mall is located in Kanawha, WV on MacCorkle Avenue. Area retail includes Lowe’s Home Improvement and Kroger. For more information, contact Van Barron, BridgePointe Advisors; 404-446-4922, Fax 404-446-4902; Email: vbarron@bp-advisors.com.
Weingarten Realty Investors and AEW Capital Management, through a joint venture, acquired four shopping centers in WA, including Meridian Town Center in Puyallup, a 77,666 sq.ft. site anchored by Safeway and Jo-Ann Fabrics. The companies also acquired Mukilteo Speedway Center in Lynnwood, a 90,225 sq.ft. shopping center anchored by Food Emporium and Bartell Drugs. The site is 95.9% occupied. In addition, the companies acquired Rainier Square Plaza, a 107,423 sq.ft. site in South Seattle that is anchored by Safeway and Longs Drugs. The center is 100% occupied. In addition, the companies acquired the South Hill Center, a 134,020 sq.ft. site anchored by Best Buy and Bed Bath & Beyond and located in Puyallup. The center is 98.9% occupied. In Portland, OR, the companies acquired Clackamas Square, a fully occupied 74,545 sq.ft. center, and Raleigh Hills Plaza, a 39,520 sq.ft. grocery-anchored shopping center. For more information, contact Gary Scott, Weingarten Realty Investors, 15760 Ventura Boulevard, Suite 700, Encino, CA 91436; 818-995-9414, Fax 818-995-9416; Web site: www.weingarten.com.
RJS Realty Group, Inc. is selling Publix Plaza at Royal Palm, located in Coral Springs, FL at the intersection of Coral Springs Drive and Royal Palm Boulevard. The 123,099 sq.ft. center is 78% occupied and is tenanted by Publix, Bank Atlantic, JJ Muggs, Cold Stone Creamery and The Little Gym. For more information, contact Steve Miskew, RJS Realty Group, Inc., 222 Lakeview Avenue, Suite 500, West Palm Beach, FL 33401; 561-659-9771 Ext. 102, Fax 561-659-9773; Email: stevemiskew@rjsrealty.com; Web site: www.rjsrealty.com.
Millennium Properties, Inc. is selling a Wal*Mart Supercenter-anchored outparcel in Mexia, TX. A 14,000 sq.ft. center can be built on the site. For more information, contact Susan B. Silver, Millennium Properties, Inc., 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3001, Fax 312-338-3008; Email: ssilver@mpirealestate.com.
B & G Real Estate Group, Inc. is selling a Starbucks site for $1.75 million at a Cap rate of 6%. The 2,085 sq.ft. store is located on NE 26th Street in Fort Lauderdale, FL. The property has an NOI of $105,000. For more information, contact Tony Gallo, B & G Real Estate Group, Inc., 101 NE 3rd Avenue, Suite 1500, Fort Lauderdale, FL 33301; 954-566-4131, Fax 954-563-6999; Email: agallo@b-grealestate.com; Web site: www.b-grealestate.com.
Acadia Realty, LP sold the Bradford Towne Center in Wysox, PA to AC I Bradford, LP for $16.5 million. The 265,773 sq.ft. center, located on U.S. Route 6, has 20,000 sq.ft. of space available. Anchor tenants include Kmart, Fashion Bug, JCPenney, Eckerd and P&C Foods. For more information, contact Julia Namutka, Acadia Realty, LP, Route 6 West, Towanda, PA 18848; 570-288-4581 Ext. 425.
A+ Realty and Mortgage is looking to acquire 1031 Exchange properties in CA; Las Vegas, NV and Phoenix, AZ priced from $6 million to $20 million. The company seeks multi-tenant retail or industrial and will consider single-tenant properties. The company is also willing to close multiple transactions. For more information, contact Kelvin Chen, A+ Realty and Mortgage, 17462 Colima Road, Rowland Heights, CA 91748; 626-855-2530, Fax 626-961-6900; Email: kelvinchen88@yahoo.com .
TriStar Realty Group, LLC is selling a corner property in Bradenton, FL for $1.35 million. The mixed-use property sits on a land area of 1.08 acres and is located on U.S. Business 41. Area retail includes Lowe’s Home Improvement, Best Buy and Dick’s. For more information, contact Peter R. Logan, TriStar Realty Group, LLC, Plaza del Rio, 101 Riverfront Boulevard, Suite 180, Bradenton, FL 34205; 941-749-0300, Fax 941-749-0306; Web site: www.tristarrealtygroup.com.
Grubb & Ellis Property Solutions Worldwide is selling four EZ Pawn NNN locations in the Rio Grande Valley of TX at a Cap rate of 7%. The properties have eight years remaining on each lease with 2% annual increases. For more information, contact Jason A. Mittman, Private Capital Investments Group, Grubb & Ellis Property Solutions Worldwide, 8303 Mopac, Suite B125, Austin, TX 78759; 512-527-1032, Fax 512-340-0781; Web site: www.gepcig.com.
Crossman & Co. negotiated the sale of Orange County Marketplace for $13 million. The 170,000 sq.ft. center is located at the intersection of Saxon Boulevard and Enterprise Road in Orange City, FL. Save-A-Lot anchors the site. The company represented the buyer, Carter-Crossman Investment, in the transaction with Sunshine Portfolio, Ltd. Interlachen Financial Group financed the transaction. For more information, contact John M. Crossman, Crossman & Co.; 407-581-6218.
Heim Realty, LLC is representing clients looking to acquire malls and strip centers throughout NJ with GLAs of 20,000 sq.ft. or larger and national tenants. The company prefers off-market properties that require a private sale. The clients are seeking immediate 1031 Exchange retail properties. For more information, contact Rich Heim, Heim Realty, LLC, 161 Route 202, Montvillle, NJ 07045; 973-335-0811, Fax 973-335-0466; Email: heimrealty@optonline.net; Web site: www.richheim.com.
Lee & Associates closed a $3 million transaction for a 13,000 sq.ft. property on West Gilman Street in Madison, WI. The three-story building is comprised of 5,000 sq.ft. of first floor retail space and 8,000 sq.ft. of second and third floor office space. The buyer is planning to open a Samba Grill at the site. For more information, contact Brandon Wiltgen, Lee & Associates of Madison; 608-327-4012, Fax 608-327-4011; Email: bwiltgen@lee-associates.com.
Eagles Way Investor Group is looking to acquire Class B 1031 Exchange retail properties in Las Vegas, NV as well as the Southwest and CA. The company prefers off-market deals with principals. For more information, contact DL Campbell; Eagles Way Investor Group; 714-213-2278 or 714-990-0590; Email: dlcampbell@eaglesway.net.
NAI BT Commercial Leased Investment Group is selling Pocatello Square, located in Pocatello, ID at the intersection of Quinn Road and Hurley Drive, for $24.062 million. Tenants include Staples, Ross Dress for Less and Bed Bath & Beyond. The center has a GLA of 140,000 sq.ft. For more information, contact Michael Maffia, NAI BT Commercial Leased Investment Group; 415-677-0438; Email: mmaffia@naibtcommercial.com.
Century 21 Shawmut Commercial is selling a 3,600 sq.ft. freestanding mixed-use building in Boston, MA for $1.25 million. The site, situated on a land area of 9,800 sq.ft., is currently occupied by a dry cleaner. Nearby draws include a YMCA and Boston College and area retail includes a proposed Dunkin’ Donuts. For more information, contact J.D. Altobello, Century 21 Shawmut Commercial, 134 Tremont Street, Brighton, MA 02135; 617-746-7852, Fax 617-663-6317.
Dolphin Partners Group, Inc. is looking to acquire single-tenant properties in the U.S. or Europe with a Cap rate of 8.5% for at least $4 million. The company will also consider multi-tenant properties. The buyer prefers leases with 10 years remaining or a 10-year lease that can be negotiated with the tenant during the contract. For more information, contact Olympia Hostler, Dolphin Partners Group, Inc., 4 Mountain View Way, Sea Bright, NJ; 209-327-4108, Fax 732-909-2019; Email: olympiahostler@comcast.net.
California Realty Partners, Inc. is selling an Office Depot location in Dallas, TX for $5.8 million at a Cap rate of 6.75%. The 30,054 sq.ft. store is located on Interstate 35 East and has a NNN lease at a 15-year term with four, five-year options. The NOI is $390,702. Area demographics include a population of 259,028 within five miles earning $84,767 as the average household income. For more information, contact Diane Pecehnick, California Realty Partners, Inc., 20656 Ventura Boulevard, Woodland Hills, CA 91364; 818-348-8700 Ext. 20, Fax 818-348-8707; Email: dianep@carealtypartners.com.
DLC Management Corp. acquired Akers Center, a 415,737 sq.ft. community shopping center in Gastonia, NC, located at the intersection of U.S. Route 29 and State Route 279. Target, Steve & Barry’s, Hobby Lobby, Rugged Warehouse, Tuesday Morning and Toys “R” Us anchor the site. The average daily traffic count is 40,000 vehicles. For more information, contact Daniel Taub, Guy Morris or Michael Cohen, DLC Management Corp.; Emails: dtaub@dlcmgmt.com, gmorris@dlcmgmt.com and mcohen@dlcmgmt.com.
Prudential First Choice Realty is selling a 6.9-acre commercial tract in State College, PA at the intersection of Shilo Road and Premier Drive. The site is an outparcel to Premier Theatre. Nearby draws include Penn State University and area retail includes the Nittany Mall, Sam’s Club and Wal*Mart. For more information, contact Len DeCarmine or Ella Williams, Prudential First Choice Realty, 2214 North Atherton Street, State College, PA 16803; 814-231-2214, Fax 814-272-1510; Email: len@decarmine.com.
Faris Lee Investments negotiated the $5.22 million pre-sale of a 7,683 sq.ft. building in Las Vegas, NV on East Silverado Ranch Boulevard. The company represented the seller, Silverado Wellington, LLC, and the buyer, a private investor from CA. Tenants in the fully-leased center include El Pollo Loco, Wells Fargo Bank and Red Persimmon. For more information, contact Darcie Giacchetto, Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Web site: www.farislee.com.
LaVista Associates, Inc. is selling Holcomb Village Shopping Center, a 13,819 sq.ft. site in Peachtree Corners/Norcross, GA, for $4.05 million. The center is comprised of six tenants and sits on a land area of 3.319 acres. The average daily traffic count is 35,900 vehicles. Area demographics include a population of 228,874 within five miles earning $89,725 as the average household income. The company is also selling Rosebud Commons, a 42,999 sq.ft. center in Loganville/Snellville, GA, for $4.5 million. The site, located at the intersection of Highway 78 and Rosebud Road, currently has 10,370 sq.ft. of vacant space available. The average daily traffic count is 33,930 vehicles. Area demographics include a population of 122,709 within five miles earning $82,994 as the average household income. The company is also selling Georgia Belle, a 13,100 sq.ft. center on Athens Highway in Loganville, GA, for $2.854 million. The average daily traffic count is 16,095 vehicles. Area demographics include a population of 97,388 within five miles earning $80,663 as the average household income. For more information, contact Phil Ryan, LaVista Associates; 770-729-2843; Email: pryan@lavista.com.
Friedman Real Estate Group, Inc. negotiated the sale of a 23,250 sq.ft. former OfficeMax located in Flint, MI on South Linden Road. The company represented the seller, Western United Life Assurance Co. For more information, contact Amy Klimko, Friedman Real Estate Group, Inc.; 248-848-3639; Email: amy.klimko@freg.com; Web site: www.friedmanrealestate.com.
Net Leased Investment Co. is representing a buyer looking to acquire a 1031 Exchange single-tenant property with a big box retailer for between $6 million and $11 million at a Cap rate of 6.5%. For more information, contact Scott Austin, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-9605, Fax 407-977-0775; Email: edgedev@cfl.rr.com.
Grubb & Ellis|Commercial Florida negotiated the $800,000 sale of 15,741 sq.ft. parcel in Fort Lauderdale, FL on West Sunrise Boulevard. The company represented the seller, Motiva Enterprises, LLC. Aziz Texaco, Inc. was the buyer. For more information, contact Brent Lindsey, Larry Lietzman or Steve Tombrink, Grubb & Ellis|Commercial Florida; 813-830-7890/7890/7877; Web site: www.grubb-ellis.com.
Legend Properties, Inc. recently brokered the sale of Edgmont Square Shopping Center, a 30,000 sq.ft. development located on West Chester Pike, PA and anchored by Genuardi’s and Staples. Tenants include Cold Stone Creamery, PA Wine and Spirits Store, Regal Cinemas and Starbucks. The owner is National Realty Corp. For more information, contact Dennis Campbell, Legend Properties, Inc.; 610-941-4034; Email: dcampbellr@lpre.com.
Commercial Real Estate Partners, Inc. is selling or considering joint ventures for Freeport Festival, an 800,000 sq.ft. proposed retail and entertainment center with permits for up to 880 residential units located in Freeport, FL at the intersection of County Road 83 and U.S. Highway 331. The site will be constructed in two phases and is slated to open in 2007. Area demographics include a population of 9,548 within 10 miles earning $40,740 as the average household income and an annual tourist count of 2.4 million. For more information, contact Shea Stephens, Commercial Real Estate Partners, Inc., 1750 Peachtree Road NW, Atlanta, GA 30309; 404-644-0260, Fax 800-699-6412; Email: stephens@commercialrep.com; Web site: www.commercialrep.com.
Silver Creek Kentucky is selling 20 acres of property zoned commercial/retail on Interstate 64 in Mount Sterling, KY. The asking price ranges from $190,000 per acre to $350,000 per acre. The parcels are part of a 450-acre mixed-use development. For more information, contact Claude E. Bentley, Silver Creek Kentucky; 859-498-0403 or 859-585-5556; Web site: www.silvercreekky.com.
TRI, Inc. Realtors is representing a buyer looking to acquire anchored shopping centers in the northern MS area. High Cap rates preferred. For more information, contact Clay Short, TRI, Inc. Realtors, 553 Main Street, Tupelo, MS 38894; 662-842-8283, Fax 662-842-4117; Email: jcsbroker@tri-gmac.com.
NAI Harding Dahm sold Guilford Plaza to Kroger, LP I for $3.6 million. The 100% leased grocery-anchored center has a GLA of 70,675 sq.ft. and is located in Huntington, IN. NAI Harding Dahm represented Kroger, LP I as well as the seller, Guilford Partners, LP. For more information, contact Stanley Phillips, NAI Harding Dahm, 118 East Ludwig Road, Suite 100, Fort Wayne, IN 46825; 260-423-4311, Fax 260-424-1077; Web site: www.naihardingdahm.com.
RuzzMan, LLC is representing private investors looking to acquire single-tenant, NNN, freestanding locations and power centers for $15 million and up at a Cap rate of 6.5%. The investors seek unlisted commercial properties in major metro areas. For more information, contact Sam Mancuso, RuzzMan, LLC, 9564 Donnan Castle Court, Laurel, MD 20723; 443-802-1171; Email: sam@basefunding.com; Web site: www.basefunding.com.
Price Commercial Florida Real Estate Group is selling an Eckerd Drugs NNN location in Thomasville, GA for $3.65 million at an 8.12% Cap rate. There are 17 years left on the lease. For more information, contact Philip Leabo, Price Commercial Florida Real Estate Group, 241 John Knox Road, Suite 200, Tallahassee, FL 32303; 850-386-8888, Fax 850-422-1329; Email: philip@pricecommercial.com.
Aries Dietch & Endelson is selling a 19,000 sq.ft. shopping center in Westchester County, NY for $7.1 million. The three-year-old development is fully leased. For more information, contact Julian Aronin or Manny Berger, Aries Dietch & Endelson; 914-949-2800, Ext. 115/106.
Greenberg & Associates, Inc. is selling for $2.6 million, a 12,000 sq.ft. commercial site in Sarasota, FL situated on 1.23 acres. There are contiguous parcels available for a possible total of 2.35 acres. The center is 100% leased with three tenants. Area retail includes a proposed Wal*Mart Supercenter to be built in 2007. For more information, contact Steve Palmer, Greenberg & Associates, Inc.; 941-371-7758, Fax 941-377-9177; Email: steve@greenberg-commercial.com.
Lamar Cos. is selling Eastgate Plaza, located on North 9th Avenue in Pensacola, FL. The 185,000 sq.ft. center is anchored by Winn-Dixie, Party City, Beall’s Outlet, Powerhouse Gym, Dollar General and Guitar Center. The site’s NOI is $1.23 million. The company is also selling Matthews Festival, a 127,817 sq.ft. center located on East Independence Boulevard in Matthews, NC. Big Lots, Peak Fitness and Anna’s Linens anchor the site. The center’s NOI is $1.23 million. For more information regarding Eastgate Plaza, contact Larry Lang at 303-904-1122. For more information regarding Matthews Festival, contact Kris Cooper, Cushman & Wakefield of Georgia, Inc.; 404-853-5376.
The East Coast Retail Investment Team closed on the sale of Mission Hills Shopping Center for $21.4 million. The 85,078 sq.ft. center is located in Naples, FL at the intersection of Vanderbilt Beach Road and Colliers Boulevard. The center is 95% leased, anchored by Sweetbay Supermarkets with tenants including Hollywood Video, Allstate and Contours Express. The buyer was The Hampshire Generational Fund. For more information, contact Brad Peterson or Whitney Knoll, The East Coast Retail Investment Team; 407-618-1255/770-290-0750; Web site: www.theretailteam.com.
Marin Real Estate Services, LLC is selling for $3.5 million a 23,850 sq.ft. center in Salem, CT on New London Road. The average daily traffic count is 14,300 vehicles. The NOI is $245,000. For more information, contact Paul A. Marin, Marin Real Estate Services, LLC; 860-614-6306; Email: pmarin@snet.net.
Prudential Nutshell Realty is selling for $3 million an 81,000 sq.ft. shopping center situated on four acres in Ulster County, NY. The property is being sold at a 7% Cap rate. For more information, contact Julienne Pape, Prudential Nutshell Realty; 845-943-0610.
Pliskin Realty & Development, Inc. is selling several properties in NY, including: a 3,000 sq.ft. freestanding site in New Hyde Park; a 5,000 sq.ft. retail property with apartments in Long Beach; a 5,000 sq.ft. strip center in North Babylon; a 7,000 sq.ft. strip center in Mineola; a 10,000 sq.ft. shopping center in Lake Ronkonkoma and a 12,000 sq.ft. retail and office property in Massapequa. For more information, contact Pliskin Realty & Development, Inc. at 516-997-0100; Web site: www.pliskinrealty.com.
Beitler Commercial Real Estate Services is representing a client looking to acquire a single-tenant, NNN property. The buyer can pay $2 million down payment and prefers acquisitions of $2.5 million to $6 million with 6% cash on cash return. The lease must have at least 10 years remaining on the term. For more information, contact Shelley Nelbert, Beitler Commercial Real Estate Services; 818-501-5001.
Horne Properties, Inc. is selling six outparcels from one acre to five acres in Ottumwa, IA on U.S. Highway 34. The properties are outparcels to shopping center anchored by Wal*Mart Supercenter and Menards. Area demographics include a population of 48,000 within 10 miles. For more information, contact Matt Sepaniak, Horne Properties, Inc., 412 North Cedar Bluff Road, Suite 205, Knoxville, TN 37923; 865-560-1148; Email: msepaniak@hpiknox.com.
Infiniti Real Estate is looking to acquire retail, office or industrial properties for at least $3 million in FL that are under-performing or vacant/dark with substantial near-term roll, below-market rents and below-market occupancy levels. The company prefers properties without existing debt, but will consider such properties. For more information, contact George Thellman, Infiniti Real Estate; 386-445-5600, Fax 386-986-4696.
Vornado Realty Trust plans to acquire Manhattan Mall in New York, NY for $689 million and expects to close next year. The 97% leased mixed-use project consist of 164,000 sq.ft. of retail space and 812,000 sq.ft. of office users. For more information, contact Vornado Realty Trust, 888 Seventh Avenue, New York, NY 10019; 212-894-700; Web site: www.vno.com.
Colliers Spectrum Cauble brokered the sale of seven shopping centers in GA, SC and TN with an aggregate GLA of 424,751 sq.ft. Five of the centers were sold by New Plan Excel Realty Trust for $13.5 million. The projects include North Leg Plaza in Augusta, GA; Southgate Plaza in Cordele, GA; Southgate Plaza in Albany, GA; Westgate Plaza in Tifton, GA; South Park Plaza in Aiken, SC; Lake City Commons in Atlanta, GA and Cumberland Station in Cookeville, TN. For more information, contact Tony D’Ambrosio, Colliers Spectrum Cauble; 404-888-9000. |