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Buyers & Sellers
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Buyers & Sellers The Royston Group is selling the following sites in Austin, TX: two Wachovia bank sites for $1.2 million and $1.6 million, respectively with Cap rates of 5.5%; a Chili’s restaurant for $1.45 million with a Cap rate of 5.5%; two KFC restaurants for $1.1 million and $1.3 million, respectively, with Cap rates of 6%; a Whataburger for $1.2 million with a Cap rate of 5.95%; a Steak & Shake for $1.4 million with a Cap rate of 5.85%; and a McDonald’s for $960,000 with a Cap rate of 5.2%. For more information, contact Rob Sutton, The Royston Group, 1299 Ocean Avenue, Suite 316, Santa Monica, CA 90401-1054; 310-451-2100, Fax 310-395-3557; Email: rsutton@theroystongroup.com.
Quine & Associates is selling a Dollar General store in the Dallas, TX metro area for $725,000 and a Family Dollar/Auto Zone building in the Dallas, TX metro area for $1.712 million. For more information, contact Douglas Wilder, Quine & Associates, 301 South Sherman, Suite 100, Richardson, TX 75081; 972-669-8440 Ext. 242, Fax 972-783-8901; Email: dwilder@quine.com.
A private investor is selling a land area of eight acres on Division Street in Palmdale, CA for $2.5 million. Area retail includes Wal*Mart Supercenter. For more information, contact Rafael Abasemis, 310-384-3199; Email: stephenmcniel@yahoo.com.
Marcus & Millichap is selling a 20,000 sq.ft. single-tenant site located on Charleston Boulevard in Las Vegas, NV for $3.168 million with a Cap rate of 7.5%. The site has an average daily traffic count of 43,000 vehicles. The company also is selling a 14,500 sq.ft. center located in Niles, MI for $2.1 million with a Cap rate of 7.28%. The center is 100% occupied and has long-term leases with 75% of the national tenants. Marcus & Millichap REIBC of Nevada is selling a 46,000 sq.ft. retail/office center located in Summerlin, NV for $28.79 million with a Cap rate of 6%. Marcus & Millichap National Retail Group is selling Hunter Station, a 45,908 sq.ft. mixed-use center located in Sellersburg, IN for $5.75 million with a Cap rate of 8.28%. The center is currently 98% occupied with a strong national tenant mix, including a Chase Bank with three drive-thru lanes. Demographics include a trade-area population earning $61,000 as the average household income. The company is also selling a 5,775 sq.ft. community bank branch-anchored strip center located in Louisville, KY for $1.54 million with a Cap rate of 7.06%. The bank has a 15-year lease. The location is situated in a 600-acre business park. For more information, contact Eric Beitchman or Steven Terry, Marcus & Millichap, 3993 Howard Hughes Parkway, Suite 300, Las Vegas, NV 89109; 702-215-7145; Email: ebeitchman@marcusmillichap.com. For more information regarding the Niles, MI site contact, Lawrence Cartwright or W. Michael Bennett, Marcus & Millichap, 333 West Wacker Drive, Suite 200, Chicago, IL 60606; 312-327-5400, Fax 312-327-5464; Email: lcartwright@marcusmillichap.com. For more information regarding the center in Summerlin, NV, contact Chris Clifford, Marcus & Millichap REIBC of Nevada, 3993 Howard Hughes Parkway, Suite 300, Las Vegas, NV 89109; 702-215-7100, Fax 702-215-7110; Email: cclifford@marcusmillichap.com; Web site: www.marcusmillichap.com. For more information regarding Hunter Station, contact Brian T. Southworth, Marcus & Millichap National Retail Group, 900 East 96th Street, Suite 150, Indianapolis, IN 46240; 317-218-5300, Fax 317-218-5310; Email: bsouthworth@marcusmillichap.com . For more information regarding the Community Bank site, contact David M. Barker, Marcus & Millichap, 9300 Shelbyville Road, Suite 605, Louisville, KY 40222; 502-329-5922, Fax 502-329-5910; Email: dbarker@marcusmillichap.com.
Reinauer Real Estate is selling Shoppes at Prien Lake, a 13,580 sq.ft. center located on West Prien Lake Road in Lake Charles, LA. The center is situated on a land area of 1.01 acres and is tenanted by Men’s Wearhouse, Cheeburger Cheeburger, UPS, Anytime Fitness and Ace Cash Express. The center is currently 100% occupied and is at the entrance to a newly-expanded regional mall anchored by Dillard’s, Foley’s, Sears, JCPenney and Cinemark. A Best Buy is slated to open across the street. For more information, contact Mark Wentz, Reinauer Real Estate, 337-310-8027, Fax 337-310-3726; Email: mdwentz@ccim.net.
Next Realty, LLC is brokered the acquisition of a 200-acre assemblage of land in five separate transactions for $38 million. The land is located at the intersection of Boughton Road and Interstate 35 in Bolingbrook, IL and was acquired for the development of The Bolingbrook Promenade, a center that will be anchored by Bass Pro Shop Outdoor World and Macy’s. The company also represented Village Storage in the $1.6 million acquisition of approximately five acres at the intersection of Vernon and 47th in McCook, IL. The company also brokered the acquisition of a land area of 34 acres at the intersection of Harlem Avenue and Lincoln Highway in Frankfort, IL, which will be used for the development of a mixed-use community featuring both retail and attached single-family housing. The transaction value was $4.5 million. For more information, contact Next Realty, LLC, Two Northfield Plaza, Suite 320, Northfield, IL 60093; 847-881-2000, Fax 847-881-2200.
Innov8tive Commercial Properties is selling parcels of land ranging from 0.5 acres to 2.5 acres in or near retail and residential sites in the following states: CT, MA, ME, MI, NH, NY, RI and VT. For more information, contact Eric Certenberg, Innov8tive Commercial Properties, 781-354-1032.
A private investor is looking to acquire anchored centers, unanchored or phantom-anchored centers, land to be developed into centers or improved property that can be redeveloped throughout FL. The investor also will consider other locations. For more information, contact Rick Wood, 813-901-0098.
Partners Investment Properties is selling the following sites: a center located in South Boston, MA for $1.5 million; a strip center located in Brighton, MA for $4.75 million; a 4,100 sq.ft. center located in Brockton, MA for $450,000. For more information, contact Joe Cawley, Maryann Pardo or Tom Cawley, Partners Investment Properties, 160 Old Derby Street, Hingham, MA 02043; 617-877-0945, 800-965-9296 or 617-780-1773; Web site: www.pipre.com.
Laubaugh Commercial Real Estate & Land Co., LLC is selling a land area of 10 acres at the intersection of U.S. Highway 301 and Johnson Street in Hawthorne, FL for $935,000. The site has an average daily traffic count of 13,000 vehicles. For more information, contact Patti Laubaugh, Laubaugh Commercial Real Estate & Land Co., LLC, PO Box 704, Indian Rocks Beach, FL 33785; 727-647-7889; Email: plaubaugh@tampabay.rr.com.
Stan Johnson Co. is selling a 2,928 sq.ft. Taco Bell restaurant located at the intersection of U.S. Highway 90 and Vega Street in Pascagoula, MI for $660,000 with a Cap rate of 6%. The building is situated on a land area of 0.848 acres and area retail includes Lowe’s Home Improvement, Staples, McDonald’s and Subway. The lease term has 20 years with two, five-year renewal options. The company also is selling a 7,000 sq.ft. Advance Auto Parts store located on Fayetteville Road in Van Buren, AR for $1.659 million with a Cap rate of 6.75%. The store is situated on a land area of 0.95 acres. The company also is selling a 7,000 sq.ft. Advance Auto Parts store located on North Albert Pike Avenue in Fort Smith, AR for $1.396 million with a Cap rate of 6.75%. The building is situated on a land area of 1.8 acres. For more information, contact Rod Pickney or Gill Warner, Stan Johnson Co., 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690; Email: rpickney@stanhohnsonco.com.
New Star Realty is representing a client looking to acquire a center for between $15 million and $20 million throughout MD, PA or VA. For more information, contact Howard Whang, New Star Realty, 2212 Abbotsford Drive, Vienna, VA 22181; 703-319-0747, Fax 703-641-0033; Email: whang9@yahoo.com.
Developers Diversified Realty, in a joint venture, acquired the following value-added retail sites for $226 million: Tri-County Mall, a 1.3 million sq.ft. regional mall located adjacent to Interstate 275 and near the intersection with Interstate 275 in Cincinnati, OH. The center is anchored by Dillard’s, Macy’s and Sears. Area demographics include a population of 630,000 within 10 miles earning $72,000 as the average household income; Fairplain Plaza, a 325,000 sq.ft. center located in Benton Harbor, MI for $26 million. The center is tenanted by Target, Office Depot, T.J. Maxx, Old Navy, Dunham’s Sports, Pier 1 Imports and Rite Aid. Area demographics include a population of 120,000 within 15 miles earning $60,000 as the average household income; and Watters Creek at Montgomery Farm, a 34-acre site designated for a 700,000 sq.ft. mixed-use, lifestyle development in suburban Dallas, TX. The joint venture will build a 350,000 sq.ft. shopping center that will serve as the town center to the 500-acre master-planned Montgomery Farm community. The center will be anchored by Market Street-United and Borders. For more information, contact Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 877-CALL-DDR; Web site: www.ddr.com.
Coldwell Banker Commercial Atlantic International, Inc. is looking to acquire a land area of 20 acres for retail development in the following areas: Charleston, Summerville, Mount Pleasant and Columbia, SC; Savannah, GA; Jacksonville, Daytona, Melbourne, Port St. Lucie and Palm Beach, FL or other similar areas. For more information, contact Michael Elmore, Coldwell Banker Commercial Atlantic International, Inc., 3506 West Montague Avenue, Suite 200, North Charleston, SC 29418; 843-744-9877, Fax 843-744-9879.
Fortune International Realty is selling a 60,000 sq.ft. center located in Miami, FL for $49 million with a Cap rate of 4.5%. The center is situated on a land area of three acres. The site has owner financing of $39 million with a 10-year, fixed-rate at 6%, increases in rent from 3% to 4% annually and two national tenants and established smaller tenants. For more information, contact Fabio F. Faerman, Fortune International Realty, Commercial Division, 1390 Brickell Avenue, Miami, FL 33131; 305-400-6395, Fax 305-400-6394.
The Good Group is selling an NNN leased Sonic Drive-In restaurant located in Orlando, FL for $1.225 million with a Cap rate of 7.4%. There are 6.5 years left on a 10-year lease with two, five-year options and $6,000 annual increases every five years of the lease. Area retail includes Publix, Albertsons, CVS, Blockbuster Video, Perkins and 7-Eleven. For more information, contact Mike Sheerin, The Good Group, 1000 North Orlando Avenue, Suite A, Winter Park, FL 32789; 407-628-9555, Fax 407-386-6101.
Arroyo & Coates is selling a 20-year NNN ground lease tenanted by Panda Express, Inc. with 10% escalations every five years for $1.3 million with a starting Cap rate of 5.38%. The site sits between a McDonald’s and a Burger King restaurant on FM 1960 in Humble, TX. Area retail includes Wal*Mart Supercenter and approximately 400,000 sq.ft. of new retail is being completed across the street. For more information, contact Eric C. Wilcox, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800, Fax 415-276-2360; Email: ewilcox@a-c.com; Web site: www.arroyocoates.com.
Patch Plaza is selling the following sites in AZ: a 5,631 sq.ft. center located on North 35 Avenue in Phoenix for $2.19 million with a Cap rate of 6.2%. The center is tenanted by Advance America, Subway, Electra Communications and Ace Cash Express; and a 5,554 sq.ft. center located on East Indian School Road in Phoenix for $2.6 million. Tenants include Check Cash of Arizona, PLS Financial, Quiznos and Cartridge World. For more information, contact Josh Fitzwater, Patch Plaza, 4656 Executive Drive, Columbus, OH 43220; 614-545-1444; Email: patchplaza@hotmail.com; Web site: www.patchplaza.com.
Equity Retail Brokers completed four distinct retail real estate transactions throughout the Philadelphia, PA area. The company brokered the sale of approximately 1.95 acres of raw land on the ring road encircling the Franklin Mills Mall to Wal*Mart/Sam’s Club. The space will be used for a Sam’s Club gas station. In a separate transaction, the company represented Hazleton Shopping Center Associates, L.P. in the sale of the center to Hazbro Associates, L.P. The company also negotiated the sale of a high profile, freestanding space at a prime intersection in Montgomeryville, PA to a local investor. The 4,000 sq.ft. space was acquired by 309 Montgomeryville Associates, L.P. and is situated at the entrance to General Hancock Shopping Center. The company also represented Gateway Computers in negotiating a buy-out of Gateway’s lease on approximately 11,000 sq.ft. in the Upper Dublin Shopping Center located on Welsh Road in Willow Grove, PA. For more information, contact Ellen Warren, Equity Retail Brokers, 101 West Elm Street, Suite 370, Conshohocken, PA 19428; 610-645-7700, Fax 610-645-5454; Web site: www.equityretailbrokers.com.
Calkain Realty Advisors is selling a 4,441 sq.ft. Village Inn restaurant located directly off Interstate 75 in Riverview, FL. The restaurant has a net operating income of $228,820 and has a lease term of 15 years with four, five-year options. For more information, contact David Sobelman, Calkain Realty Advisors, 2202 North West Shore Boulevard, Suite 200, Tampa, FL 33607; 813-639-7626, Fax 813-639-7627; Email: dsobelman@calkain.com; Web site: www.calkain.com.
Colliers International is selling Hillcrest Plaza, a 117,603 sq.ft. center located on Belt Highway in St. Joseph, MO for $7.95 million with a Cap rate of 7.87%. The site has an average daily traffic count of 26,139 vehicles. The center is situated on a land area of 12.80 acres and is anchored by Office Depot and Jo-Ann Fabrics. For more information, contact Rebecca L. Wells, Colliers International, One American Square, Suite 1300, Indianapolis, IN 46282; 317-639-0522, Fax 317-639-0504; Email: rwells@ctmt.com; Web site: www.ctmt.com.
Cushman & Wakefield of Georgia, Inc. is selling Park Place, a 166,491 sq.ft. center located in Cary, NC. The center is anchored by Carmike Cinemas, Food Lion and Stein Mart and is situated on a land area of 24.54 acres. Area demographics include a population of 60,331 within three miles earning $99,778 as the average household income. For more information, contact Kris J. Cooper, Cushman & Wakefield of Georgia, Inc., 3300 One Atlantic Center, 1201 West Peachtree Street, Atlanta, GA 30309; 404-853-5376, Fax 404-853-5391; Email: kris.cooper@cushwake.com; Web site: www.cushwake.com.
Grosvenor acquired two boutique retail properties near the Potomac River waterfront in Alexandria, VA. The company acquired 101 1/2/103 South Union Street, which has three levels and 5,600 sq.ft. of rentable space, and 104 South Union Street/One Wales Alley, which has four levels and 7,336 sq.ft. of rentable space. Current tenants include Ben & Jerry’s, Barkley Square Gourmet Dog Bakery & Boutique and The Virginia Company, which sells products made in Virginia. For more information, contact Grosvenor, 1701 Pennsylvania Avenue NW, Suite 1050, Washington, DC 20006; 202-293-1235, Fax 202-785-2632; Web site: www.grosvenor.com.
First Financial Corp. is seeking to acquire the following sites: income-producing retail and mixed-use properties either with stable cash flow or with moderate to high value-added potential, especially portfolios, for a minimum of $15 million, with no maximum. The properties should generally be more than 100,000 sq.ft. or more with at least one credit anchor tenant on a long-term lease. The company prefers that the properties be located at in-fill areas with a population of greater than 100,000 anywhere within the eastern half of the U.S. For more information, contact Mr. Jackie L. Tate, First Financial Corp., Efax 205-366-8460; Email: firstfinancialco@bellsouth.net.
Redner and Associates is selling a land area of 3.36 acres with two additional acres available at the intersection of Highway 9 and Highway 52 in Dahlonega, GA for $575,000. For more information, contact Linda Stancil-Redner, Redner and Associates, 33 Live Oak Road, Suite A, Dahlonega, GA 30533; 706-867-0107, Fax 706-867-0245; Web site: www.lindastancilredner.com.
NewBridge Retail Advisors served as advisor in the sale of Beckley Crossing, a center located in Beckley, WV. The company represented BC Associates, LP in the sale. The buyer was Libby Beckley Enterprises, LLC. The center is anchored by Kroger and a dark Wal*Mart and is currently 98% occupied. For more information, contact Lynn Leonard Roth, NewBridge Retail Advisors, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6565, Fax 678-802-6588.
Meredith Suites Management is representing a buyer for A or B class properties valued between $15 million and $20 million with a 9% Cap or higher. The buyer is looking for properties throughout NC, but will look at other sites. For more information, contact Bakul Modi, Meredith Suites Management, 919-481-4191; Email: bakulmm@yahoo.com.
Blue Moon Capital, LLC is representing an investor looking to acquire commercial property worth $10 million and up. The investor requires at least a 9% yield. For more information, contact Hung Nguyen, Blue Moon Capital, LLC, 1099 18th Street, Suite 1750, Denver, CO 80202; 720-224-9900, Fax 720-224-9901; Email: hung@bluemooncapital.com; Web site: www.bmcsquared.com.
CB Richard Ellis/The Boulous Co. is selling the following sites: a land area of one acre between Augusta and Gardiner on Route 201 in Farmingdale, ME. The site has an average daily traffic count of 16,860 vehicles. Area retail includes NAPA and True Value; and a land area of 20.6 acres at the intersection of Route 1 and Route 144 in Wiscasset, ME. For more information, contact CB Richard Ellis/The Boulous Co., One Canal Plaza, Portland, ME 04101; 207-772-1333; Email: cpaszyc@boulous.com.
Georgia Commercial Investors, Inc. is looking to acquire shopping centers, office buildings and apartment communities throughout the Atlanta, GA area. For more information, contact Ken Forrester, Georgia Commercial Investors, Inc., 1401 Aranore Drive, Conyers, GA 30013; 770-761-0403, Fax 770-761-8842.
Ruggiero Development Group is selling a land area of 2.44 acres with approvals for a retail building of 12,058 sq.ft. and a bank building of 3,595 sq.ft. in Gloucester Township, NJ for $1.4 million. 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.
GMH Capital Partners is selling Garden Park, a 178,335 sq.ft. center located on West Main Street in Lewisville, TX. The center is currently 63% occupied and has a net operating income of $816,612. There are currently 29 tenants. For more information, contact Bill Tourtellotte, GMH Capital Partners, 10 Campus Boulevard, Newtown Square, PA 19073; 610-355-8097, Fax 610-355-8397; Email: wtourtellotte@gmh-inc.com; Web site: www.gmhcp.com.
Brookside Realty Corp. is looking to acquire centers throughout the southeastern U.S. with the following criteria: not on LoopNet, grade C or B or better, a minimum GLA of 100,000 sq.ft., under $60 psf, with national tenants. The site also must be owner or direct with seller. For more information, contact Amy J. Saul, Brookside Realty Corp., 561-860-9459, Fax 561-860-9460; Email: amy561@aol.com.
A private investor is looking to acquire an investment-producing property for between $8 million and $10 million throughout NC. The investor also is selling investment retail, office and medical properties for up to $1 million throughout NC. The return must be 6% or better and it must have two years left on the tenant’s lease. For more information, contact Laszlo Lukacsi, 919-227-5674; Email: laszlo@hunterlane.com.
Kalmon Dolgin Affiliates, Inc. is selling a freestanding CVS drug store in West Hempstead, NY for $5.25 million. The building is situated on a land area of 1.25 acres. For more information, contact Howard Darsi, Kalmon Dolgin Affiliates, Inc., 101 Richardson Street, Brooklyn, NY 11211; 718-388-7700, Fax 718-782-3755.
C & K Properties is looking to acquire a 1031 exchange property in an urban market, such as New York, NY. The company is looking for deals ranging from $10 million to $100 million for retail and office buildings. C & K also would consider joint ventures. For more information, contact Meir Cohen, C & K Properties, 675 3rd Avenue, Suite 2400, New York, NY 10017; 212-279-9000 Ext. 203, Fax 212-604-0057; Email: morrisb@candkproperties.com.
United Equities Corp. is selling the following sites: Super Stop convenience stores and Modern and Conoco branded gas and convenience stores. The properties have 20-year absolute net leases with two, 10-year options, 7.5% Cap rates and 10% rent increases every five years. For more information, contact Arnold Kramer, United Equities Corp., 2 North LaSalle Street, Suite 1776, Chicago, IL 60602; 312-332-5652 Ext. 88, Fax 312-803-9652; Email: akramer@unitedeq.net.
Palmer & Cay Properties, Inc. is selling two Walgreens stores in TX for $5.2 million and $5.016 million, respectively. The sites are ideal for 1031 exchanges. For more information, contact Charles R. Stewart, Palmer & Cay Properties, Inc., 2 East Bryan Street, Suite 400, Savannah, GA 31401; 912-234-8033, Fax 912-238-3548; Email: cstewart@palmercayproperties.com.
National Retail Properties, Inc. is selling 19 Taco Bell restaurants located throughout IL, IN and KY. The sites range in price from $888,889 to $2.5 million and have Cap rates of 6.5% to 7.25%, new 15-year leases and 2% annual rent increases. 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; Web site: www.nnn1031.com.
Zickler Associates, LLC sold Lynhurst Shoppes, a 12,000 sq.ft. center located on South Lynhurst Drive in Indianapolis, IN. Tenants include Acceptance Insurance, French Nails, All Star Liquors and Whiskey River Bar and Grill. The center is currently 100% occupied. For more information, contact Rachael R. Phillips, Zickler Associates, LLC, 317-271-8888 Ext. 20, Fax 317-271-2309; Web site: www.zicklerassociates.com.
Trammell Crow Co. negotiated the sale of Herndon Village Shoppes, a center located on East Colonial Drive in Orlando, FL. The center is situated on a land area of 5.6 acres. The seller was Michael Collard Properties. For more information, contact Brad Peterson, Trammel Crow Co., 1200 Abernathy Road, Building 600, Suite 1600, Atlanta, GA 30328; 770-290-0752; Web site: www.trammellcrow.com.
J. Chicoola Realty is representing clients looking to acquire centers in the northern OH market from between $700,000 and $1.2 million and $3 million to $5 million. For more information, contact Bill Hsu, J. Chicoola Realty, 330-896-7677; Email: billhsu@myepath.com.
Chambre & Co., Inc. is representing a 1031 buyer with $2.7 million for an exchange. The buyer is looking to an NNN tenant with a 7.5% to 8% Cap rate. For more information, contact Joshua Schwab, Chambre & Co., Inc., 355 Lexington Avenue, New York, NY 10017; 212-697-7171, Fax 212-697-7114.
NAI BT Commercial is selling a 38,000 sq.ft. Gold’s Gym location in O’Fallon, MO for $8 million. There is an increase of 5% after 10 years and similar increases in the option periods. The tenant is responsible for taxes, insurance and maintenance including the parking lot. For more information, contact Michael Maffia, NAI BT Commercial, 415-677-0478, Fax 415-956-3381; Email: pdaily@naibtcommercial.com.
R&R Commercial Realty, Inc. sold three Food Lion-anchored centers located in Dover and Smyrna, DE. The company also is marketing another small center with flex warehouse space and a self-storage space in Dover, DE, as well as other retail and warehouse opportunities. For more information, contact Charlie Rodriguez, R&R Commercial Realty, Inc., 46 South State Street, Dover, DE 19901; 302-674-3400, Fax 302-674-8479; Email: ccrod1@aol.com.
The Shopping Center Group, LLC is selling an Eckerd drug store located in Atlanta, GA with a Cap rate of 7.25%. The site has 18 years remaining on a primary term with options and is located across the street from an 800,000 sq.ft. center. For more information, contact J. Tyson Glasser, The Shopping Center Group, LLC, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054.
Block & Co., Inc. represented NC Retail Plaza, LLC in the sale of the 12,100 sq.ft. New Century Shopping Center located on Lincoln Lane in Gardner, KS. The fully-leased center is tenanted by At The Beach, Quiznos, Domino’s, Cash America and a proposed El Matador Mexican restaurant. For more information, contact Monique Scritchfield, Block & Co., Inc., 605 West 47th Street, Suite 200, Kansas City, MO 64112; 816-753-6000, Fax 816-412-7401; Web site: www.blockandco.com.
GVA Advantis closed on the sale of Central Park Plaza, a 29,442 sq.ft. center located on West Oakridge Road in Orlando, FL for $4.2 million. For more information, contact Sasha Pardy, GVA Advantis, 255 South Orange Avenue, Suite 1350, Orlando, FL 32801; 407-999-4775; Email: spardy@gvaadvantis.com; Web site: www.gvaadvantis.com.
A private investor is working with a buyer looking to acquire multiple retail properties throughout MA, east of Worcester, to Boston and New Bedford. The following highlights of the site acquisition criteria: high levels of population density within a one, two and three-mile radius; more than 40% renters, 3,000 sq.ft. buildings with parking for 15 cars or development land. For more information, contact Joe Luca, 401-580-9797, Fax 619-489-0482.
Sperry Van Ness completed the sale of an 11,180 sq.ft. Rite Aid site to a private investor group for $2.949 million. The building is located on North Market Street in Wilmington, DE. The seller was Wilmarket Partners. The company also is selling three 7-Eleven convenience stores with gas stations at a 7.5% Cap rate. The sites have new 20-year leases with four, five-year extension options and 7.5% rent increases every five years. For more information, contact David Ebeling, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-225-1883, Fax 949-251-9200; Web site: www.svn.com. For more information regarding the 7-Eleven stores, contact Michelle Trombley at 949-225-1890 or Greg Trombley at 949-225-1823; Emails: michelle.trombley@svn.com and greg.trombley@svn.com.
Michael A. Rivera is selling a land area of 11.53 acres at the intersection of Immokalee Road and State Route 951 in North Naples, FL for $9.794 million. The site is allocated for a 105,000 sq.ft. retail center. This outparcel location is in the entryway of a master-planned PUD called Heritage Bay. For more information, contact Michael A. Rivera, 239-770-6257, Fax 239-495-2066; Email: invest@e-realtyinfo.com.
Winick Realty Group represented both the purchasers and the sellers in each of the following transactions throughout NJ and NY: 2856-2860 Steinway Avenue in Queens, NY; 130 Dyckman Street in New York, NY; 2016-2022 Avenue U in Brooklyn, NY; 116 Broad Street in Elizabeth, NJ; 815 Broadway and 835 Broadway in Brooklyn, NY and 146 Grand Main Street in Paterson, NJ. For more information, contact Zach Mishaan, Winick Realty Group, 655 Third Avenue, New York, NY 10017; 212-792-2622, Fax 212-792-2660; Web site: www.winick.com.
Metrovest is selling a 35,000 sq.ft. outparcel attached to a 260,000 sq.ft. center and a proposed Wal*Mart Supercenter development on Route 13 in Cortland, NY. The site is located 1.5 miles southwest of Route 81. Area retail includes Price Chopper, Kmart, Tractor Supply Company, Payless Shoes, Radio Shack, Fashion Bug, Applebee’s and JCPenney. For more information, contact Russell Freeman, Metrovest, 731 Lexington Avenue, New York, NY 10022; 917-676-7913; Email: rbenfreem@yahoo.com; Web site: www.metrovest.com.
Fidelis Properties, Inc. is looking to acquire any type of project of any size with a minimum price of $2 million. The company is looking to acquire land that is raw or partially entitled that can be value added by rezoning to residential, multi-family or commercial, change of use, subdivided or a combination of all three; multiple parcels that can be assembled into a single parcel/project. The company also is looking for commercial sites that are problem properties with upside or “perfect” properties at a discount of 50% or more. The company will acquire any building with large or total vacancy or other problems that can be fixed. A site in good condition is preferred, but the company will acquire sites in poor condition. Fidelis also will acquire assisted living or hospitals and medical offices that can be converted, any type of commercial building with land or assets that can be sold off for enough to pay off the remaining structure; mobile home parks that can be subdivided into two separate RV pads. For more information, contact Lucas Hoppel, Fidelis Properties, Inc., 760-717-1121; Emails: info@socalcia.com and uslukemc@hotmail.com.
A broker is selling the following sites throughout CT: apartment buildings, industrial buildings, shopping centers and multi-family packages. For more information, contact Michael Rimkie, 860-482-8888; Email: rimkie@gmail.com.
Properties of GA, LLC is selling a land area of 46 acres located one mile south of Interstate 20 on Salem Road in Rockdale County, GA for $155,000 per acre. The property is to be sold in its entirety and is the commercial/mixed-use portion of a master-planned community consisting of more than 1,100 homes that exist or that are under construction. Additionally, there is 1,250 sq.ft. of frontage on Salem Road. The property has recently been rezoned and has been granted an additional traffic signal on Salem Road. For more information, contact Jim Hazelwood, Properties of GA, LLC, 390 Society Street, Alpharetta, GA 30022; 404-408-4408, Fax 770-667-0713; Email: jimhaz@bellsouth.net.
Kreis & Co., LLC is looking to acquire off market deals for $20 million and up. The company will acquire hotel/resorts, retail sites and CBD office. For more information, contact David Kopp, Kreis and Co., LLC, 1771 Post Road East, Westport, CT 06880; 203-364-8643, Fax 775-942-7796; Web site: www.kreisandco.com.
The Westfield Group will transfer the Westfield Midway Mall to Centro Properties Group as part of a $550 million deal divesting its shopping centers across the U.S. The mall was not sold outright to Centro, and Westfield will retain five percent interest in the center. The only other OH mall included in the deal is the Richland Mall in Mansfield. The others are located in CO; Los Angeles, CA; Cape Girardeau, MO and Wilmington, NC. For more information, contact The Westfield Group, 11601 Wilshire Boulevard, 11th Floor, Los Angeles, CA 90025; 310-478-4456, Fax 310-478-1267; Email: internet@westfield.com; Web site: www.westfield.com.
Trezevant Realty Corp. is selling a Huddle House restaurant located on Highway 12 in Starkville, MS for $1.6 million with a Cap rate of 7.5%. The restaurant currently has a 15-year NNN lease. Area retail includes Lowe’s Home Improvement Center and Wal*Mart Supercenter. The company also is selling a Huddle House restaurant located in Cleveland, MS for $1.2 million with a Cap rate of 7.5%. The restaurant currently has a 15-year NNN lease and is situated on a Wal*Mart Supercenter outparcel. The company also is selling an 8,000 sq.ft. Aaron’s Rent store located in Clarksdale, MS for $1 million with a Cap rate of 8%. The store currently has a 15-year NNN lease and is located directly across from a Wal*Mart Supercenter. For more information, contact Barry Maynard, Trezevant Realty Corp., 9063 Corporate Gardens Drive, Germantown, TN 38138; 901-755-6040, Fax 901-755-6243.
York Investments Corp. is representing a client looking to acquire a center in Miami-Dade County, FL for a 1031 between $3 million and $3.3 million. For more information, contact Elizabeth Espinosa, York Investments Corp., 305-962-1618.
One Source Realty, LLC is representing clients looking to acquire shopping centers in the Fort Lauderdale, Tampa, Orlando or Jacksonville, FL areas for up to $20 million. The centers must have some restaurants as tenants; NNN is preferred, along with mid-range Cap rates. Properties not listed are preferred. For more information, contact Adrienne Brown, One Source Realty, LLC, 401 East Oakland Park Boulevard, Fort Lauderdale, FL 33334; 954-567-4428, Fax 954-430-8298; Email: a@asellssf.com.
Greenway Investment Co. acquired a land area of 6.2 acres near the intersection of Interstate 30 and Collins Street in Fort Worth, TX. The property is located just east of the new Mediterranean Villa meeting and wedding center. General Motors sold the property. The location will have access from a westbound ramp from Interstate 30. For more information, contact Greenway Investment Co., 2808 Fairmount, Suite 100, Dallas, TX 75201; 214-880-9009, Fax 214-880-0188; Web site: www.greenwayinvestment.com. |