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Buyers & Sellers
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Buyers & Sellers Sperry Van Ness completed the sale of Upland Shopping Center, a 65,325 sq.ft. center in Upland, CA to Upland Mountain, LLC for $10.55 million. The property is located on West Foothill Boulevard. The center is situated on a land area of 5.65 acres and is 100% leased to Big Lots, Upland Dental Clinic and Bob Chaney’s Martial Arts. Stater Bros. supermarket is adjacent to the property. The company also sold Pilot Knob Square, a fully leased, 20,334 sq.ft. retail strip center, to Festival Office, LLC for $3.35 million. The property is situated on a land area of two acres and is 100% leased to H&R Block, Cingular and Curves. For more information, contact David Ebeling, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-250-4126; Email: david.ebeling@svn.com ; Web site: www.svn.com.
Donner & Paslawsky Commercial Realty is representing a client looking for multiple properties throughout NJ for a 1031 exchange. The client is willing to move quickly and will consider deals from $1 million to $6 million. For more information, contact Matthew Perrone, Donner & Paslawsky Commercial Realty, 106 Highway 71, Manasquan, NJ 08736; 732-223-6640, Fax 732-223-6628; Email: mperrone@dpcr.net; Web site: www.dpcrealty.com.
Lang Realty is representing a client looking to acquire shopping centers, hotels and motels throughout FL and southern NJ for up to $10 million with 20% down, with a Cap rate of 7% or better. For more information, contact Peter Kernan, Lang Realty, 6271 PGA Boulevard, Palm Beach Gardens, FL 33418; 561-776-1850, Fax 561-626-5572; Email: petekernan@earthlink.net.
Real Insights Investment Group/Keller Williams Elite Properties is representing a client looking to acquire 1031 replacement properties. There is about $50 million in equity that needs to be placed, so the client is seeking institutional quality retail properties with national anchor tenants throughout FL and other southeast markets, for between $10 million and $75 million, with a minimum Cap rate of 6.5%. For more information, contact Enrique Kaufer, Real Insights Investment Group/Keller Williams Elite Properties, 20801 Biscayne Boulevard, Lobby, Aventura, FL 33180; 786-264-1489; Email: ekaufer@kw.com.
Kite Realty Group Trust acquired Kedron Village, a 282,125 sq.ft. center located in Peachtree City, GA for $36.9 million. The center will be anchored by Target, Ross Dress For Less, Bed Bath & Beyond and Petco and is currently 77.6% preleased. The company is currently seeking growth opportunities in the southeastern U.S. For more information, contact Dan Sink, Kite Realty Group Trust, 30 South Meridian Street, Suite 1100, Indianapolis, IN 46204; 317-577-5600. Fax 317-577-5605; Email: dsink@kiterealty.com.
The Shopping Center Group, LLC is selling Center Stage located in Lumberton, NC for $4.66 million with a Cap rate of 7.25%. The 42,845 sq.ft. center is anchored by Food Lion and shadow-anchored by Big Kmart. The center is currently 100% leased. For more information, contact Tim Mittelstaedt, The Shopping Center Group, LLC, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054; Email: timm@theshoppingcentergroup.com.
Net Leased Real Properties is looking to acquire single tenant NNN properties throughout the Carolinas in the million-dollar range. The company is looking to acquire three to four properties totaling in excess of $3 million. The company is about to enter a 1031 exchange and will make an offer on any reasonable properties located off of Interstate 95. For more information, contact Shawn Jass, Net Leased Real Properties, 1090 Joshua Way, Suite B, Vista, CA 92801; 760-734-1130 Ext. 100, Fax 760-560-1607; Email: shawn@1031nnnseach.com.
Durham Development & Realty Group, Inc. is representing a client in need of either a shopping center or a Class “A” office building located in metro Atlanta, GA. The client prefers an exchange of $14 million, but will consider properties priced as low as $5 million, or as high as $40 million. Individual properties or portfolios will be considered. For more information, contact Jason Durham, Durham Development & Realty Group, Inc., 1119 Pennsylvania Run, Lawrenceville, GA 30043; 678-662-2857, Fax 678-302-7095; Email: jason@durhamdevelopment.com.
Investment Real Estate Associates is representing an exchange buyer with $100 million in equity to place. The client is looking for a retail asset between $100 million and $250 million, ideally one property or a small portfolio. The buyer prefers owners and direct listing agents only. For more information, contact Michael Narula, Investment Real Estate Associates, 1200 Brickell Avenue, Suite 800, Miami, FL 3313; 305-808-7960 Ext. 304, Fax 305-808-7962; Email: mnarula@irea-usa.com.
CB Richard Ellis is selling a 5,000 sq.ft. MovieStop location in Prattville, AL with an 11-year, NN lease. The store is located directly across from a Wal*Mart Supercenter, Goody’s, Belk and Michael’s. Asking price is $1.667 million with a Cap rate of 7.5%. For more information, contact Will Pike, CB Richard Ellis, 3340 Peachtree Road, Suite 1050, Tower 100, Atlanta, GA 30326; 404-923-1381, Fax 404-923-1241; Email: will.pike@cbre.com.
Realty Network Plus, Inc. is selling several restaurant locations throughout the greater Cincinnati, OH market, ranging from 3,000 sq.ft. to 10,500 sq.ft. The restaurants include liquor licenses. For more information, contact Judie Guttadauro, Realty Network Plus, Inc., 621 Mehring Way, Suite 1109, Cincinnati, OH 45202; 513-651-1469, Fax 513-651-3363; Email: jud802@aol.com.
Simon Property Group, Inc. signed an agreement with Federated Department Stores to acquire the following seven Federated buildings: Filene’s at Burlington Mall in Burlington, MA with Nordstrom’s scheduled to open in the space during 2008; L.S. Ayres at Castleton Square Mall in Indianapolis, IN; Macy’s at Pheasant Lane Mall in Nashua, NH; Marshall Field’s at University Park Mall in Mishawaka, IN; Famous-Barr at Eastland Mall in Evansville, IN; L.S. Ayres at Greenwood Park Mall in Greenwood, IN and Macy’s at South Shore Plaza in Braintree, MA with Nordstrom’s scheduled to open in the space during 2009. For more information, contact Simon Property Group, Inc., 115 West Washington Street, Indianapolis, IN 46204; 317-636-1600.
Palmer & Cay Properties, Inc. is selling a Walgreens located in GA. The store is offered at a firm 6.3% Cap rate. 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.
Reif & Associates, Inc. is representing clients seeking to acquire a shopping center priced at $7 million and up with a Cap rate of 7% and leasing terms of eight to 10 years remaining. Principles are preferred. For more information, contact Marnie Robinson, Reif & Associates, Inc., PO Box 796157, Dallas, TX 75379; 214-336-8661, Fax 469-633-1615; Email: propertyxpert@comcast.net.
The Beck Co. is representing a client looking to acquire a single tenant, NNN property in southern, CA for between $2 million and $6 million with a Cap rate of 5%. The lease should run at least 10 years and the property should be industrial or retail, preferably a bank or market. For more information, contact Dan Beck, The Beck Co., 161 Western Avenue, Glendale, CA 91201; 818-553-3619; Email: danniman@aol.com.
Pintzuk Brown Realty Group, LLC is seeking a 2,000 sq.ft. to 5,000 sq.ft. restaurant location with a liquor license near Manayunk, Old City and University City, PA for up to $1.5 million. The company prefers to acquire sites but will consider leasing. For more information, contact Daniel R. Henderson, Pintzuk Brown Realty Group, LLC, 491 Old York Road, Suite 200, Jenkintown, PA 19046; 215-881-8980 Ext. 230, Fax 215-881-8983; Email: drh@tbrg.net; Web site: www.pbrginc.com.
Alliance Capital Partners is selling a Wal*Mart outlot strip center in Adrian, MI. With construction completed in 2006, the center is 100% leased with a national and regional tenant mix and a list price of $3.597 million. For more information, contact Tammy Pfenning, Alliance Capital Partners, PO Box 233, LaGrange, IN 46761; 877-804-3608 Ext. 200, Fax 260-463-3338; Email: tammy@acpmidwest.com. |