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Buyers & Sellers
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Buyers & Sellers Trustreet Properties is selling a 7,025 sq.ft. Denny’s restaurant located on Arsenal Street in Watertown, NY for $3.007 million with a Cap rate of 7.50%. The company also is selling a 2,932 sq.ft. Wendy’s restaurant located on McCulloh Street in Baltimore, MD for $1.642 million with a Cap rate of 6.75%. The company also is selling a 5,935 sq.ft. Perkins restaurant located on West War Memorial Drive in Peoria, IL for $2.965 million with a Cap rate of 7%. The company also is selling a 5,970 sq.ft. Perkins restaurant located on Consulate Drive in Orlando, FL for $2.242 million with a Cap rate of 6.75%. The company also is selling a 1,558 sq.ft. Starbucks located on Eaglecrest Drive in Emporia, KS for $972,800 with a Cap rate of 6.25%. The company also is selling a 1,569 sq.ft. Taco Bell restaurant located on Romig Road in Akron, OH for $1.148 million with a Cap rate of 7%. The company also is selling a 2,749 sq.ft. Captain D’s restaurant located on South Street in Clanton, AL for $1.285 million with a Cap rate of 7%. The company also is selling a 4,812 sq.ft. Kum & Go store located on Highway 175 in Ellsworth, IA for $1.581 million with a Cap rate of 6.85%. The company also is selling a 4,127 sq.ft. Burger King restaurant located on 7th Street in Faribault, MN for $1.368 million with a Cap rate of 7%. The company also is selling a 3,663 sq.ft. Burger King restaurant located on North Main Street in River Falls, WI for $1.297 million with a Cap rate of 7%. For more information, contact Trustreet Properties, Trustreet Center at City Commons, 450 South Orange Avenue, Orlando, FL 32801; 407-540-2108, Fax 407-540-2044; Email: pbehr@trustreet.com.
Combined Properties, Inc. acquired Brentwood Place in Brentwood, CA and Studio City Place in Studio City, CA in a joint venture with BlackRock Realty. Brentwood Place is a 65,500 sq.ft. vertical neighborhood center that is located on Wilshire Boulevard. The center is anchored by Ross Dress For Less and Sav-on and is cotenanted by Rubio’s Baja Grill, Fatburger and Jamba Juice. Studio City Place is a 108,200 sq.ft., two-story center located along Ventura Boulevard. The center is anchored by Marshalls and Office Depot. For more information, contact Linda Dreyer, Combined Properties, Inc., 1255 22nd Street NW, 6th Floor, Washington, DC 20037-1225; 202-293-4500, Fax 202-833-3013; Web site: www.combined.biz.
LMG Investments, LLC is selling a pad site at The Village of Pleasant Run, a 43,000 sq.ft. center located at the intersection of Polk and Pleasant Run in Desoto, TX. Area retail includes Albertsons, Walgreens, Braums, Bank One, Beall’s, Boston Market and Hallmark. The company also is selling a pad site at the Lewisville Old Town Center located at the intersection of Business Highway 121 and Main Street in Lewisville, TX. For more information, contact Randall Gonzalez or Marci Lindsey, LMG Investments, LLC, 4570 Westgrove Drive, Suite 250, Addison, TX 75001; 972-233-8888, Fax 972-233-1615; Email: info@lmginvestments.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is marketing Avenues North Center, a 98,679 sq.ft. center located at the intersection of Phillips Highway and Shad Road in Jacksonville, FL. The property is situated on a land area of 17 acres and is selling for $20 million. Area retail includes Wal*Mart Supercenter, Lowe’s Home Improvement, Bed Bath & Beyond and Home Depot. The company’s Atlanta, GA office is marketing Belvedere Plaza Shopping Center, a 381,253 sq.ft. center located at the intersection of Memorial Drive and Columbia Drive in Decatur, GA for $26.5 million. The center is anchored by Kroger and is cotenanted by Athlete’s Foot, Blockbuster Video, Children’s Wear Outlet, Dollar Tree, Maxway, Value Village Thrift and Washington Mutual. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 4600 Touchton Road East, Building 100, Suite 150, Jacksonville, FL 32246; 904-296-6765, Fax 904-296-6766; Web site: www.marcusmillichap.com. For more information regarding Belvedere Plaza Shopping Center, contact Marcus & Millichap Real Estate Investment Brokerage Co., 1100 Abernathy Road, NE, Building 500, Suite 600, Atlanta, GA 30328; 770-393-1700, Fax 770-393-1738.
Anchor Commercial is looking to close on a portfolio for $6.5 million for a 1031. The company prefers credit deals, but will consider shopping centers, office buildings, NNN or other income-producing properties with limited maintenance issues. The company prefers deals with Cap rates of 7% or higher, but will look at most credit deals. For more information, contact Michael Elmore, Anchor Commercial, 126 Seven Farms Drive, Suite 110, Charleston, SC 29492; 843-352-0070, Fax 843-747-1070; Email: michael@anchorcommercial.net; Web site: www.anchorcommercial.net.
Heritage Estates Commercial, LLC is representing a client with $12 million looking for retail space with an NNN lease. Preferred sites include Wal*Mart, Walgreens and banks. For more information, contact Michael Sweitzer, Heritage Estates Commercial, LLC, 8829 Fort Hamilton Parkway, Suite B22, Brooklyn, NY 11209; 718-921-5859, Fax 718-504-6071; Email: crmichaels@heritageestatesllc.com; Web site: www.heritageestatesllc.com.
Realty Executives is representing clients looking for NNN properties with a 20-year lease and a Cap rate of 8% or above nationwide. The investment range for each property is $2 million to $6 million and the company will also look at packages. Tenants must have an investment grade rating or government entity. For more information, contact Frank Redavide, Realty Executives, 11805 North Pennsylvania Street, 11805, Carmel, IN 46032; 317-706-6773, Fax 317-706-6771; Email: fredavide@excite.com.
CB Richard Ellis, Inc. is selling a Shaw’s Supermarket located on Meadow Street in Littleton, NH for $10.9 million with a Cap rate of 6.2%. The supermarket has 21 years remaining on its lease. For more information, contact Gregory M. Dalton, CB Richard Ellis, Inc., 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816; Email: greg.dalton@cbre.com; Web site: www.cbre.com.
Blue Ridge Capital, LLC acquired Jackson Square, a 328,761 sq.ft. center located at the intersection of Interstate 55 and Interstate 20 in Jackson, MS. The property is well located for redevelopment and the company intends to explore retail and non-retail options. The company also acquired Rhea County Shopping Center, a 112,000 sq.ft. center located along the Highway 27 corridor between Chattanooga and Interstate 40 in Dayton, TN. For more information, contact Blue Ridge Capital, LLC, 340 East Paces Ferry Road, Atlanta, GA 30305; 404-364-9094, Fax 404-364-9095; Email: contact@blueridgecapital.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; Web site: www.collierstexas.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. 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.
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