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Buyers & Sellers
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Buyers & Sellers Zell Commercial Real Estate Services, Inc. represented Shea-Three Greenway, LLC in the acquisition of Greenway Promenade, a 63,002 sq.ft. center located at the intersection of NWC 59th Avenue and Greenway Road in Glendale, AZ, from White Mountain Pineway Investors and Kaufman Mortgage for $11.2 million. The center is anchored by Childtime Childcare Center, Eatza Pizza, Dairy Queen and Salon Central. The company also brokered the sale of a 27,300 sq.ft. pad at Desert Sky Palms Shopping Center located at the intersection of Thomas Road and 75th Avenue in Phoenix, AZ. Wells Fargo acquired the pad for $725,000 and will construct a full service bank. For more information, contact Alan L. Zell, Zell Commercial Real Estate Services, Inc., 5343 North 16th Street, Suite 290, Phoenix, AZ 85016-3223; 602-248-0600, Fax 602-248-0501.
CB Richard Ellis, Inc. is marketing a 35,000 sq.ft. LA Fitness location on North Tustin Avenue in Santa Ana, CA for $12.091 million with a Cap rate of 5.50%. The site has a 15-year lease with rental rate increases every five years. The site has an average daily traffic count of 50,000 vehicles. Area demographics include a population of 274,286 within three miles earning $68,456 as the average household income. The company also is selling Orillia Station, a 47,062 sq.ft. center located on East Valley Road in Kent, WA for $13.441 million with a Cap rate of 6.50%. Area retail includes IKEA. The center is tenanted by Staples and Baja Fresh. Area demographics include a population of 69,500 within three miles earning $63,180 as the average household income. For more information, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8452, Fax 949-725-8545; Email: phil.voorhees@cbre.com.
Quine & Associates, Inc. is representing buyers looking to acquire centers in Hispanic markets throughout the Southwest, with a focus on TX. The company prefers properties priced between $2 million and $40 million and will do rehabs or vacant properties. 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.
Colliers International is selling a retail property consisting of one two-story building and one one-story building at the intersection of Lyons Avenue and Shotwell in the Denver Harbor neighborhood of Houston, TX for $2.8 million with a Cap rate of 8.3%. Area retail includes Blockbuster Video, Texas State Optical, Fiesta Mart, Payless ShoeSource, Radio Shack and Fallas Paredes. The property is situated on a land area of 1.44 acres and is currently 100% occupied. For more information, contact David M. Butler, Colliers International, 1300 Post Oak Boulevard, Suite 200, Houston, TX 77056; 713-830-2105, Fax 713-986-4405; Email: dbutler@collierstexas.com.
Strategic Realty Services is selling a 13,000 sq.ft. center located in Port St. Lucie, FL for $3.3 million with a Cap rate of 5.8%. For more information, contact Douglas L. DeSantis, Strategic Realty Services, LLC, 901 Northpoint Parkway, Suite 200, West Palm Beach, FL 33407; 561-471-5353, Fax 561-471-5355; Email: ddesantis@strategicrealty.com; Web site: www.strategicrealty.com.
A private investor is marketing the following three NNN sites: a Circle K in Phoenix, AZ for $937,440 with a Cap rate of 6.5%; a Sports Authority in Albuquerque, NM for $7.05 million with a Cap rate of 7%. The 45,000 sq.ft. building is situated on a land area of four acres and has a 15% rent increase in 2010; and a Hollywood Video in Colorado Springs, CO for $1.94 million with a Cap rate of 7%. The site has a 15-year NNN lease. For more information, contact Ron M. Pelleg, 1640 South Sepulveda Boulevard, Suite 308, Los Angeles, CA 90025; 310-477-5300 Ext. 104, Fax 310-479-1870; Email: ron@pelleg.com.
Coldwell Banker Commercial Communities is selling an NNN Movie Gallery site located on Harrison Street in Batesville, AR for $649,500 with a Cap rate of 8.16%. The lease has seven years remaining with three, three-year options. For more information, contact Bill R. Fritz, Coldwell Banker Commercial Communities, 2704 South Culberhouse Street, Suite A, Jonesboro, AR 72401; 870-897-2357, Fax 870-935-4581; Email: bizmstr@cox.net.
RE/MAX First Commercial is selling Kirk’s Plaza, a 26,300 sq.ft. center located on Airline Highway in Prairieville, LA for $3.25 million with a Cap rate of 8.08%. The center is currently 100% occupied and is anchored by Kirk’s Upscale Automobile Retail and Cingular Wireless. For more information, contact Jason Taylor, RE/MAX First Commercial, 11883 Marketplace Avenue, Baton Rouge, LA 70816; 225-921-8614, Fax 225-291-5109; Email: jasontaylor@remax.net; Web site: www.jasontaylor-re.com.
David Cronheim Co. is selling a land area of 0.37 acres on South Street in New Providence, RI for $850,000. Area demographics include a population within three miles earning $163,358 as the average household income. For more information, contact Peter Wisniewski, David Cronheim Co., 205 Main Street, PO Box 268, Chatham, NJ 07928; 973-635-2180 Ext. 2222, Fax 973-635-1922; Email: cronheimpw@aol.com; Web site: www.cornheim.com.
Triangle Commercial is representing a client looking to do an exchange on a property in the southeast that does not exceed $2.2 million. For more information, contact Chuck Valdez, Triangle Commercial, 200 Cascade Pointe Lane, Suite 101, Cary, NC 27513; 919-677-6100, Fax 919-677-6161; Email: chuck@trianglecommercial.com.
The McClure Co., Inc. is selling a 365,000 sq.ft. center located in New Castle, PA for $8.8 million. The center is anchored by Sears and Lowe’s Home Improvement and is tenanted by Wendy’s and Bob Evans. Area retail includes Wal*Mart Supercenter. The company also is selling Union Plaza, a 220,000 sq.ft. center located in New Castle, PA for $8.8 million. The center is anchored by Sears and Lowe’s Home Improvement. For more information, contact J. Richard McClure, The McClure Co., Inc., PO Box 114, St. Petersburg, FL 33731; 727-821-0170; Email: mccre@verizon.net.
Weichert Commercial Brokerage is selling a 5,200 sq.ft. building located on River Road in Hopewell, NJ for $890,000. The building is situated on a land area of 1.4 acres. For more information, contact Karen Anderson, Weichert Commercial Brokerage, Inc., 485A Route 1 South, Suite 150, Iselin, NJ 08830; 732-726-5757, Fax 732-634-3354; Email: kjanderson@weichertcommercial.com; Web site: www.weichertcommercial.com.
Coldwell Banker Commercial Mountain West Real Estate, LLC is selling a land area of 1.32 acres for $675,000. For more information, contact Scott Ryan, Coldwell Banker Commercial Mountain West Real Estate, LLC, 698 12th Street SE, Suite 100, Salem, OR 97301; 503-587-4747, Fax 503-588-3514.
Marcus & Millichap Real Estate Investment Brokerage Co. is selling a Gander Mountain department store located on Carmenica Drive in Cicero, NY for $10.074 million with a Cap rate of 7.75%. The lease provides rental increases every five years and has four, five-year options. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 270 Madison Avenue, 19th Floor, New York, NY 10016; 212-832-4500, Fax 212-685-2230; Web site: www.marcusmillichap.com.
Poinsett Realty Fund acquired Orchard Park Shopping Center in Greenville, SC. The 30,000 sq.ft. center is anchored by S&K and Outback Steakhouse and is shadowing Haywood Mall. The company acquired the center from Edens and Avant for an undisclosed price. Financing was arranged by Professional Mortgage Co. The company also is looking to acquire and develop retail properties throughout GA, NC and SC. For more information, contact Brad Thomas, Poinsett Realty Fund, PO Box 27195, Greenville, SC 29616; 864-627-0707 Ext. 137, Fax 864-627-0055; Email: rbtinc@prodigy.net.
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