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Buyers & Sellers
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Buyers & Sellers Retail Realty Group, Inc. is selling a 52,000 sq.ft. retail/commercial freestanding vacant big box building situated on a land area of five acres in Tampa, FL for $6.5 million. The site is located at the intersection of Fowler Avenue and 15th Street and is located one mile from the University of South Florida. The company also is selling vacant former supermarkets throughout FL, including Tampa, Orlando, Fort Myers and many surrounding cities. The sites range in size from 29,000 sq.ft. to 60,000 sq.ft. For more information, contact Suzanne Chen, Retail Realty Group, Inc., 10014 North Dale Mabry Highway, Suite 101, Tampa, FL 33618; 813-960-8244, Fax 813-264-2775; Email: retailrealty@aol.com. Net Leased Retail Properties is selling a corporate-owned Jack-In-The-Box restaurant located on FM Road 157 North in Mansfield, TX for $1.494 million with a Cap rate of 6.25%. The site has a new 18-year NNN lease with four, five-year options to renew. The company also is representing a client looking to acquire multi-tenant properties throughout the western states, with a focus on AZ, CA and NV for between $2 million and $5 million with a Cap rate of 7% or better. For more information, contact Shawn Jass, Net Leased Retail Properties, 1090 Joshua Way, Suite B, Vista, CA 92801; 760-734-1130 Ext. 100, Fax 760-560-1607; Web site: www.1031nnnsearch.com.
Marcus & Millichap is selling a P.F. Chang’s China Bistro and Taco Milagro Mexican Restaurant located in Houston, TX for $5.95 million with a Cap rate of 5.46%. The two properties are located adjacent to each other on separate parcels and may be purchased together or separately. Both restaurants are leased under new NNN corporate ground leases that are scheduled to commence in the middle of this year. Both leases include 10% rent increases every five years and options. The company also is selling a Circuit City store located in Brownsville, TX for $8.5 million with a Cap rate of 6.31%. The store has a new NN lease with rent increases every five years and options. The company also is selling a Great China Buffet restaurant located in Phoenix, AZ for $2.223 million with a Cap rate of 6.75%. The new NNN lease includes rent increases and options; the option periods also include 15% rent increases. The property is located within the Village Centre, which is cotenanted by Subway, Enterprise Rent-A-Car and Domino’s Pizza. Marcus & Millichap National Retail Group is selling a 3,234 sq.ft. Arby’s restaurant located in Kokomo, IN for $1.7 million with a Cap rate of 6.92%. The building is situated on a land area of 0.78 acres and the absolute NNN lease expires in December 2025. The lease has 8% bumps every five years and is located one mile south of the three million sq.ft. Daimler Chrysler Plant. The company also is selling two Dollar General stores located on the Interstate 55 corridor in IL. The sites have NNN leases and 9.5 years remaining on the lease with a 9% rent increase in year 11. The company also is selling a four-acre retail development parcel located in Lansing, IL for $1.48 million. For more information, contact Donald Emas and Kevin Boeve, Marcus & Millichap, 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800 Ext. 689, Fax 909-605-1821; Web sites: www.marcusmillichap.com/kboeve and www.marcusmillichap.com/demas. For more information regardin the Arby’s site, 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 Dollar General stores, contact Lawrence Cartwright, Marcus & Millichap, 333 West Wacker Drive, Suite 200, Chicago, IL 60606; 312-327-5400, Fax 312-327-5464. For more information regarding the property in Lansing, IL, contact George M. Ghattas, Marcus & Millichap, 312-327-5400 Ext. 5431, Fax 312-327-5410; Email: gghattas@marcusmillichap.com. For more information regarding the Wendy’s properties, contact Mac McCall, Marcus & Millichap, 1100 Abernathy Road, Suite 600, Atlanta, GA 30328; 770-393-1700, Fax 770-393-1738; Email: wmccall@marcusmillichap.com. For more information regarding the Walgreens in Canton, OH, contact Adiel Brasov, Marcus & Millichap Real Estate Investment Brokerage Co., 1401 Seventeenth Street, Suite 1100, Denver, CO 80202; 303-328-2048, Fax 303-308-9048; Email: abrasov@marcusmillichap.com.
Coldwell Banker Commercial NRT is selling a 12,250 sq.ft. center located in Clearwater, FL for $5.5 million. The center is anchored by Quiznos and Washington Mutual Bank and is situated on a land area of 2.6 acres. The center has a net operating income of $336,546. The seller will finance at 6% with an amortization of 30 years and a 15-year balloon with $1.5 million down. For more information, contact John M. Yatsco, Coldwell Banker Commercial NRT, 4615 Gulf Boulevard, Suite 118, St. Pete Beach, FL 33706; 727-367-2793, Fax 727-499-6928; Email: yman@tampabay.rr.com.
CB Richard Ellis, Inc. is selling a 13,813 sq.ft. CVS drugstore located at the intersection of Potranco Road and Ellison Drive in San Antonio, TX for $4.33 million with a Cap rate of 6.5%. The site has a net operating income of $281,459. The building is situated on a land area of 2.04 acres. Area retail includes Marble Slab Creamery, Paul Revere Pizza, Vista Nails and Wok In. For more information, contact Chris Bosworth or Will Pike, CB Richard Ellis, Inc., 3340 Peachtree Road, Suite 1050, Tower 100, Atlanta, GA 30326; 404-923-1200, Fax 404-923-1241; Emails: chris.bosworth@cbre.com and will.pike@cbre.com; Web site: www.cbre.com.
Net Leased Investment Co. is selling five CVS drugstores located in Baltimore, MD for $9 million with a Cap rate of 7.25%. One store is subleased to Dollar General and the other four are operated by CVS. The stores have 20-year leases with four, five-year options. The company also is selling a site located adjacent to a Walgreens in Tampa, FL for $2.8 million with a Cap rate of 5%.The site has a 20-year unsubordinated ground lease to BB&T Corp. with 15% increases every five years. The company also is selling a freestanding Eckerd drugstore located on Martin Luther King Jr. Boulevard in New Bern, NC for $5.915 million with a Cap rate of 6.75%. The company also is representing several 1031 clients looking for net leased deals in central FL for between $1.5 million and $4 million. The clients prefer single-credit tenants of either retail or industrial. Preferred sites include Orange, Seminole, Osceola, Lake, Hillsborough, Pinellas, Volusia, Polk and Sumter, FL. The company also is looking to acquire raw land of one to two acres along Highway 441 in Apopka and Orange County, FL for between $500,000 and $1 million. For more information, contact Bob Fraser, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775; Email: bobfraser@netleased.com; Web site: www.netleased.com. For information regarding the sites in central FL and Apopka, contact Bill Ellison at 407-977-2448; Email: bill@netleased.com.
The Shopping Center Group, LLC is selling a 28,000 sq.ft. Tweeter-anchored center located in Atlanta, GA for $4.6 million with a Cap rate of 7.72%. The center is currently 86% occupied. Area retail includes Kohl’s, Costco, Circuit City, Target, Macy’s, Sears and JCPenney. Area demographics include a population of within three miles earning $62,238 as the average household income. The site has an average daily traffic count of 49,800 vehicles. The company also is selling an Eckerd drugstore located in Atlanta, GA. The store is located one block from a proposed 650,000 sq.ft. center and across the street from an 800,000 sq.ft. center. The company also is selling a Panda Express restaurant located in Atlanta, GA. The restaurant is located one block from a Lowe’s Home Improvement store. For more information, contact The Shopping Center Group, LLC, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054; Web sites: www.tscginvestments.com and www.theshoppingcentergroup.com.
Grubb & Ellis, Sacramento is representing an investor looking to acquire single-tenant 7-Eleven/Citgo stations with a corporate lease. The buyer prefers sites in the western states. For more information, contact Stuart Snider, Grubb & Ellis, Sacramento, 1610 Arden Way, Suite 195, Sacramento, CA 95815; 916-418-6064, Fax 916-418-0231; Email: stuart.snider@grubb-ellis.com.
Pacific Century Realty is selling a center located in Lewisville, TX for $5.85 million with a Cap rate of 8.4%. The center is currently 100% occupied. For more information, contact Wee-Ping Low, Pacific Century Realty, PO Box 835536, Richardson, TX 75083; 972-792-9888, Fax 972-342-4808.
Commercial Net Lease Realty, Inc. is selling the following Marathon gas station and convenience store locations: a location in Hollywood, FL for $1.28 million with a Cap rate of 7.4% and a location in Brandon, FL for $1.062 million with a Cap rate of 7.4%. The company also is selling the following eight Uni-Mart stores with corporate guarantees, 2% annual rent increases and new 20-year leases: in Houtzdale for $1.192 million with a Cap rate of 8.05%; Avella for $1.174 million with a Cap rate of 7.95%; Clairton for $1.062 million with a Cap rate of 7.95%; Sheffield for $622,500 with a Cap rate of 8.15%; Midway for $1.182 million with a Cap rate of 7.95%; West Mifflin for $731,000 with a Cap rate of 7.95%; Milesburg for $503,500 with a Cap rate of 8.05% and in Clearfield for $394,000 with a Cap rate of 8.15%. For more information, contact Rebecca Gittens, Commercial Net Lease Realty, Inc., 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 877-NNN-1031, Fax 407-650-1046; Email: rebecca.gittens@nnnreit.com.
Arroyo & Coates, Inc. has been retained by an investor to acquire single credit-tenant properties for an existing 1031 requirement. The company is looking to acquire passive, long-term leased properties nationwide. The client has $9 million in cash and a need to cover a minimum of $13 million. There is a primary focus on Walgreens and/or CVS properties in strong markets with Cap rates of 6.75% to 7%. The company also will consider pre-sales of any sites under construction and single-tenant sites or properties with up to three tenants. For more information, contact Paul Souza, Arroyo & Coates, Inc., 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800 Ext. 184, Fax 415-723-7700; Email: psouza@a-c.com.
CBL & Associates Properties, Inc. sold Wilkes-Barre Township Marketplace in Wilkes-Barre, PA and Springdale Center in Mobile, AL to Galileo America, LLC for $63 million in cash. In addition, the company intends to exercise its right to sell Fashion Square in Orange Park, FL; Cobblestone Village at Royal Palm in West Palm Beach, FL and Chicopee Marketplace in Chicopee, MA to Galileo. CBL had a one-year right to sell its interest in the five shopping center properties to Galileo for the pre-determined amount of $106.5 million, representing a Cap rate of 7.5%. For more information, contact Katie Reinsmidt, CBL & Associates Properties, Inc., CBL Center, Suite 500, 2030 Hamilton Place Boulevard, Chattanooga, TN 37421-6000; 423-855-0001 or 800-333-7310; Email: info@cblproperties.com; Web site: www.cblproperties.com.
Peninsula Investment Real Estate Brokerage is selling a four-tenant pad outparcel to a Wal*Mart in Huntington Beach, CA for $3.45 million with a Cap rate of 6.22%. The site has initial 10-year NNN leases all with 3% annual escalations. Area retail includes In-N-Out Burger, EB Games, Payless Shoe Source, Regis For Hai, KFC/A&W, Wienerschnitzel, 7-Eleven and a future Starbucks. For more information, contact Allen A. Dehnke, Peninsula Investment Real Estate Brokerage, 17871 Mitchell, Suite 100, Irvine, CA 92614; 949-735-9274, Fax 949-260-9799; Email: adehnke@peninsulaireb.com.
Pettiford Realty is representing a development group seeking joint venture equity investors to invest in the development of anchored retail centers. The company is looking for a relationship with equity investors that will produce multiple deals for all parties involved. The company is currently working on and reviewing retail projects with over 100,000 sq.ft. of space throughout GA, NC and TX. Target markets include a focus on the southeastern U.S. and all other southern states. For more information, contact Nathaniel Pettiford, Pettiford Realty, 919-672-2226; Email: nathanielpettiford@hotmail.com; Web site: www.pettifordrealty.com.
Lormax Stern Development Co. and Grand Sakwa Properties, Inc. created a fund that will jump start at least $1 billion in retail property acquisitions nationwide during the coming three to five years. The companies have established a $250 million private equity fund called Equity Alliance Fund, LLC that will also use bank and other financing to acquire at least $1 billion in U.S. retail properties. The firms have more than 2.3 million sq.ft. of retail properties, including Heritage Village, a residential and retail project across from the General Motors Technical Center in Warren and Independence Marketplace in Allen Park, MI. For more information, contact Lormax Stern Development Co., 6755 Daly Road, West Bloomfield, MI 48322; 248-737-4041, Fax 248-737-5198.
NAI Ohio Equities is representing an all-cash buyer looking for NNN-leased investment (office, retail or industrial) properties for a minimum of $15 million. The buyer prefers leases with five-plus years. The company also is selling an 8,125 sq.ft. Goddard School building located on Princeton Lane in Lake In The Hills, IL for $2.51 million with a Cap rate of 8%. The building is situated on a land area of 1.06 acres. For more information, contact Patrick Dwyer, NAI Ohio Equities, 605 South Front Street, Suite 200, Columbus, OH 43215; 614-629-5282, Fax 614-224-5436; Email: pat@44ohio.com; Web site: www.ohioequities.com. For more information regarding the site in Lake In The Hills, contact Michael Zelnik at 614-629-5280; Email: mike@44ohio.com.
Colliers International is selling a TireMax of North America store located in Livingston, TX for $1.125 million with a Cap rate of 8.53%. The site has a net operating income of $96,000. The lease commenced on November 1, 2005 and has a primary term of 120 months. The tenant has four, five-year options to extend the lease. For more information, contact Patrick Graham, Colliers International, 1300 Post Oak Boulevard, Suite 200, Houston, TX 77034; 713-830-2169; Email: pgraham@collierstexas.com.
Triangle Commercial is looking to acquire sites throughout NC, SC, TN and VA for between $500,000 and $2 million. The tenants must have a lease of three years or better. 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.
Parkmont Capital, LLC is selling a Walgreens store located in the Los Angeles, CA area for $9.85 million with a Cap rate of 6%. For more information, contact Peter Amari, Parkmont Capital, LLC, 138 West 25th Street, 10th Floor, New York, NY 10001; 646-734-6678, Fax 212-947-0007 Ext. 20; Email: peter@parkmontcapital.com; Web site: www.parmontcapital.com.
World Properties USA, Inc. is looking to acquire office or lifestyle centers and urban retail sites. The company can invest between $30 million and $85 million per deal. The sites need to have cash flow returns starting at Cap rates of 6% to 6.5% and be fully leased and sensitive to quality/credit worthiness of tenants. For more information, contact Micha Adir, World Properties USA, Inc., 1717 North Bayshore Drive, Suite 132, Miami, FL 33132; 305-428-3684.
Schonberger Associates is selling Crossgate Plaza, a 53,000 sq.ft. center located on North Keyser Avenue in Scranton, PA. The site has a net operating income of $625,000 and is selling for a Cap rate of 8%. The center has 11 tenants, is situated on a land area of four acres and has ground leases with Burger King, KFC and a PNC Bank MAC machine. Cotenants include Mercy Hospital Annex, medical practice offices, a chiropractic office, dental practice, health/nutrition store, medical supply store and a pharmaceutical storage facility. Area demographics include a population of 127,647 within five miles earning $44,926 as the average household income. For more information, contact Danielle Giachin, Schonberger Associates, 615 West Mt. Pleasant Avenue, Livingston, NJ 07039; 973-758-9890, Fax 973-758-9877.
Sperry Van Ness completed the sale of a 21,063 sq.ft. center located on West Arrow Highway, adjacent to the 57 Freeway, in San Dimas, CA for $5.2 million. The buyer was R&N Partners. The property is currently 100% leased and is anchored by LA Carpet & Mattress, 3 Day Blinds and Mattress Outlet. The company also completed the $1 million sale of Lansdowne Plaza, a 5,000 sq.ft. center located on North Lansdowne Avenue in Lansdowne, PA. The center is currently 100% occupied and is tenanted by Papa John’s. For more information, contact Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-251-9200; Web site: www.svn.com.
Capital Realty Advisors, Inc. is selling North Village Square, a 24,360 sq.ft. center located immediately west of Interstate 95 in West Palm Beach, FL for $4.5 million. The center has suites ranging from 734 sq.ft. to 5,404 sq.ft. and has a net operating income of $312,053. For more information, contact Scott Hinterleiter, Capital Realty Advisors, Inc., 600 Sandtree Drive, Suite 109, Palm Beach Gardens, FL 33403; 561-624-5888, Fax 561-624-5827; Email: shinterleiter@capitalrealtyadvisors.com; Web site: www.capitalrealtyadvisors.com.
United Equities Corp. is looking to acquire single-tenant, net-leased retail, industrial or office properties for a minimum of $2 million. Entire portfolios or package deals are preferred, but exceptional individual properties and new sale/leasebacks will be considered. The preferred sites include leases with at least 15 years remaining. The company also is selling a freestanding site with a 20-year absolute net lease that is perfect for a 1031 exchange. The site has a 7% Cap rate on cash plus bumps. 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.
Southern Management & Development, L.P. is selling an 11,970 sq.ft. CVS drugstore located at the intersection of Federal Highway and A1A in Fort Pierce, FL for $4.778 million with a Cap rate of 6%. The store is located in front of the Publix-anchored Taylor Creek Shopping Center and is situated on a land area of 1.86 acres. For more information, contact Richard Drennan, Southern Management & Development, L.P., 925 South Federal Highway, Suite 425, Boca Raton, FL 33432; 561-948-7110, Fax 561-948-7120; Email: richd@smdproperty.com.
Sage Property Management is selling the following sites in Phoenix, AZ: a 5,631 sq.ft. center located on North 35 Avenue 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 for $2.6 million with a Cap rate of 6.2%. The center is tenanted by Check Cash of Arizona, PLS Financial, Quiznos and Cartridge World. For more information, contact Josh Fitzwater, Sage Property Management, 4656 Executive Drive, Columbus, OH 43220; 614-545-1444; Email: patchplaza@hotmail.com; Web site: www.patchplaza.com.
Thor Equities, LLC is looking to acquire strip, outlet and power centers and malls in densely populated urban markets. The company prefers sites with GLAs of 150,000 sq.ft. and up with upside potential and is looking for properties valued between $25 million and $50 million. For more information, contact Charles Russo, Thor Equities, LLC, 139 5th Avenue, New York, NY 10010; 212-529-7584, Fax 212-460-9630; Email: crusso@thorequities.com; Web site: www.thorequities.com.
Mid-America Real Estate Corp. coordinated the sale of a portfolio consisting of five centers throughout IN, PA and WV on behalf of OH-based seller The Cafaro Co. The buyer of the 755,000 sq.ft. portfolio was Equity Investment Group of Fort Wayne, IN. The portfolio included the sale of the following centers: Northwest Plaza, a 300,936 sq.ft. center located at the intersection of McGalliard Road and Wheeling Avenue in Muncie, IN. Anchors include Staples, Big Lots, Hobby Lobby and Jo-Ann Fabrics; Maplecrest Plaza, a 290,344 sq.ft. center located at the intersection of Washington Street and Lincoln Road in Kokomo, IN. Anchors include Kroger, Rural King, Big Lots and Jo-Ann Fabrics; Connersville Plaza, a 53,351 sq.ft. center located at the northeast corner of State Route 1 and Virginia Avenue in Connersville, IN. The center is anchored by JCPenney; Corry Plaza, a 45,401 sq.ft. center located at the southwest corner of Smith and Grace Streets in Corry, PA; and Ravenswood Plaza, a 65,535 sq.ft. center located at the northeast corner of Washington Street and Plaza Drive in Ravenswood, WV. Anchors include Big Lots and Foodland. For more information, contact Mid-America Real Estate Corp., Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181-4713; 630-954-7300, Fax 630-954-7304/7306.
Garritano Realty Group, LLC is selling Westbury Village, a 45-acre mixed-use development located in Columbia, MO. Currently the site has approvals for 200,000 sq.ft. of retail and 200 residential units. Demographics include a trade-area population earning $89,908 as the average household income. In addition, there is over 100 acres of land available in close proximity to this project for future development to include residential and commercial applications. For more information, contact Art Garritano, Garritano Realty Group, LLC, 515 Johnson Avenue, PO Box 584, Bohemia, NY 11716; 631-654-0817, Fax 631-244-1603; Email: art@grgllc.com.
Quine & Associates, Inc. is selling the following properties throughout the Dallas-Fort Worth, TX area: an 18,675 sq.ft. Family Dollar/Auto Zone location for $1.7 million; a 6,259 sq.ft. strip center shadow-anchored by Albertsons for $1.545 million; an 8,125 sq.ft. freestanding Dollar General store for $725,000; and a 28,000 sq.ft. land pad site located across from a Wal*Mart Supercenter and Walgreens for $500,000. The company also is selling an 80,833 sq.ft. in Ada, OK for $2.933 million. 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.
Palmer & Cay Properties, Inc. is selling a Taco Bell restaurant located in AR for $1.3 million. The restaurant has an absolute net lease with 19 years remaining and 1% annual increases in rent. The company also is selling a 235,000 sq.ft. center located in TN for $20 million plus. The center has national tenants and is an ideal 1031. 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.
Hutter Real Estate Services, Inc. is representing a client looking to replace $2.4 million in cash and $800,000 in debt who is looking to acquire a center in Phoenix or Tucson, AZ. The client also will consider other locations throughout AZ. For more information, contact Larry Hutter, Hutter Real Estate Services, Inc., 8525 East Baker Place, Tucson, AZ 85710; 520-886-1644; Email: lkhutter@msn.com.
Robert Stuart Real Estate is representing clients looking to acquire all types of NNN properties nationwide. The company will acquire properties with as little as eight years remaining on the initial lease and will go as low as $3 million per property with no upper limit. The company also will acquire portfolios. For more information, contact Robert Stuart, Robert Stuart Real Estate, 13064 Bender Drive, Moreno Valley, CA 92553; 951-247-2426; Email: rubobstu@verizon.net.
Horn Capital Realty is looking to acquire seasoned NNN-leased properties nationwide with seven years or less remaining on the lease. Sites with below-market rents and in a declining rent situation are preferred. For more information, contact Jonathan S. Horn, Horn Capital Realty, Inc., 1108 Kane Concourse, Suite 201, Bay Harbor Islands, FL 33154; 305-864-2000, Fax 305-864-4240; Email: jsh@horncapital.com .
Stan Johnson Co. is selling a 5,403 sq.ft. AutoZone store located on Ocilla Highway in Fitzgerald, GA for $1.157 million with a Cap rate of 7%. The building is situated on a land area of 0.84 acres and has a 20-year lease term with four, five-year renewal options. For more information, contact Rod Pickney or Gill Warner, Stan Johnson Co., Two Warren Place, 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690; Email: rpickney@stanjohnsonco.com; Web site: www.stanjohnsonco.com.
Re/Max First Realty is looking to acquire one or multiple properties to fill 1031 up to $15 million with Cap rates from 6.5% to 8%. For more information, contact Louis Wolfson, Re/Max First Realty, 369 Boylston Street, Newton, MA 02459; 781-449-8393, Fax 781-449-0117; Email: louis@louiswolfson.com.
Lynch Realty Group, LLC is selling the following centers in WI: The Shoppes on 100, a 14,000 sq.ft. center located in West Allis for $4.98 million. The center is currently 90% leased by regional and national tenants; and Washington Commons, a 6,777 sq.ft. center located in Sheboygan for $2.36 million. The center is anchored by Starbucks. For more information, contact Kevin P. Lynch, Lynch Realty Group, LLC, 505 North Lakeshore Drive, Suite 4205, Chicago, IL 60611; 312-456-9620, Fax 312-456-9626; Email: klynch@lynchrealtygroup.com.
Turner Net Lease Properties, Inc. is selling a Family Dollar store located in Marshalltown, IA for $345,000 with a Cap rate of 8.5%. For more information, contact Gary Turner, Turner Net Lease Properties, Inc., 200 Ocean Avenue, Suite 202, Melbourne Beach, FL 32951; 321-952-2894, Fax 321-952-8967; Email: gary@turnernetlease.com.
Principal Real Estate Investors acquired a 95,455 sq.ft. center located on North Clark Street in Lincoln Park, IL for approximately $37 million. The center is anchored by Marshalls and Linens ‘n Things. For more information, contact Principal Real Estate Investors, 711 High Street, Des Moines, IA 50392; 800-986-3343.
Premier Blue Properties is selling a 158,000 sq.ft. center located five miles from downtown Charlotte, NC for $4.5 million. The center is currently 40% occupied and is situated on a land area of 16 acres. For more information, contact Parham Shariat, Premier Blue Properties, 8704 Lee Highway, Suite 303, Fairfax, VA 22031; 703-207-6272 Ext. 12; Web site: www.premierblueproperties.com.
20six Realty Group, LLC is selling a 151,000 sq.ft. center located in FL. The center is situated on a land area of 15.14 acres. The investment is being offered at a Cap rate of 6.68% and a price per square foot of $148.90. The center currently has a space available of 4,200 sq.ft. For more information, contact Isaac Klein, 20six Realty Group, LLC, Brooklyn, NY 11230; 347-289-5363, Fax 718-471-5052; Web site: www.20sixllc.com.
Nat E. Cohen & Associates is looking to acquire single-tenant properties or portfolios with zero cash flows, including Kmart, Wal*Mart, CVS, Rite-Aid and Circuit City properties. The company prefers the sites have up to 15 years remaining on the lease. For more information, contact Nat Cohen, Nat. E. Cohen & Associates, 214-373-1159; Email: necohencap@yahoo.com.
Mike Rivera & Associates, LLC is selling a 310,000 sq.ft. Publix-anchored center in southwestern FL for $42 million with a Cap rate of 6%. The center has a net operating income of $2.52 million. For more information, contact Michael A. Rivera, Mike Rivera & Associates, LLC, PO Box 73, Estero, FL 33919; 239-770-6257, Fax 239-495-2066; Email: invest@e-realtyinfo.com.
Delmark Realty is selling a 100,000 sq.ft. center located in Cocoa Beach, FL for $12.5 million. The center is currently 97.5% occupied with an empty lot approved for an extra 20,000 sq.ft. The center is located within a quarter mile of a 400,000 sq.ft. retail space that is 99% occupied and has a net income of $830,000. For more information, contact Delmark Realty, 4326 Post Avenue, Miami, FL 33010; 718-627-3747, Fax 718-627-3748; Email: mlight103@yahoo.com.
Ray Rap Realty is selling Pottsgrove Commons, an 88,000 sq.ft. center located on North Charlotte Street in Pottstown, PA for $3.95 million. The center is situated on a land area of eight acres. For more information, contact Raymond J. Rapcavage, Ray Rap Realty, 10 Mechanic Street, Suite 100, Red Bank, NJ 07701; 732-747-0300, Fax 732-747-1541.
Bomier Properties is selling a 4,746 sq.ft. former Krispy Kreme store located on West College Avenue in Appleton, WI for $1.55 million. The building includes an open retail display area with a drive-thru window and is situated on a land area of 1.38 acres. For more information, contact Jason Gallmeier, Bomier Properties, Inc., 920-739-5300, Fax 920-739-7007; Email: jason@bomier.com.
Duckwall-ALCO Stores, Inc. completed sale/leasebacks of 11 ALCO stores to Reality Income Corp. for $11.2 million. The units are being bought as part of a 15-year sale-leaseback agreement, and retail operations by Duckwall-ALCO at the stores will continue. For more information, contact Duckwall-ALCO Stores, Inc., 401 Cottage Avenue, Abilene, KS 67410; 785-263-3350, Fax 785-263-7531.
Russo Lewis Realty Advisors, LLC is selling a 54,661 sq.ft. freestanding supermarket in Bristol, CT for $13.75 million with a Cap rate of 7%. The supermarket has a 10-year lease with six, five-year option periods with increases. For more information, contact Russo Lewis Realty Advisors, LLC, 203-778-4000, Fax 203-778-4005; Email: nrusso@russolewis.com.
Thalhimer/Cushman & Wakefield sold a land area of 13.4 acres near Route 58 in South Hill, VA. Home Depot USA, Inc. acquired the site for $1.675 million and plans to construct a Home Depot store. For more information, contact C. Lee Warfield, Thalhimer/Cushman & Wakefield, 1313 East Main Street, Suite 400, Richmond, VA 23219; 804-648-5881, Fax 804-697-3479; Email: lee.warfield@thalhimer.com.
The Macerich Co. is planning to acquire 11 sites throughout CA and CT from Federated Department Stores. The acquisition means the company can now plan to redevelop the Macy’s stores at Paradise Valley Mall in Phoenix, AZ and Fiesta Mall in Mesa, AZ. For more information, contact The Macerich Co., 401 Wilshire Boulevard, Suite 700, Santa Monica, CA 90401; 310-394-6000, Fax 310-395-2791.
CB Richard Ellis Iowa Private Client Group is selling Ridgeway Corners, a 139,511 sq.ft. center located on South San Marnan Drive in Waterloo, IA for $5.5 million with a Cap rate of 9.8%. For more information, contact Linda M. Gibbs or Timothy J. Sharpe, CB Richard Ellis Iowa Private Client Group, 6900 Westown Parkway, West Des Moines, IA 50266; 515-440-2900/2902; Emails: linda.gibbs@cbre.com and tim.sharpe@cbre.com.
Horizon Mortgage Corp. is representing a large fund looking to acquire retail, office, industrial and apartment buildings with a minimum price of between $5 million to $10 million with no upside. For more information, contact Thomas A. Verica, Horizon Mortgage Corp., 200 South Washington Boulevard, Suite 8, Sarasota, FL 34236; 941-365-0450, Fax 941-366-3643; Email: tomverica@horizonmort.com.
Sovereign Investment Co. completed a total of $72.3 million in sale/leaseback transactions for Rite Aid Corp. during the past year. Sovereign helped facilitate Rite Aid’s store development program by acquiring newly developed assets leased back to Rite Aid under a 20-year NNN lease. For more information, contact Sovereign Investment Co., 116 Village Boulevard, Princeton, NJ 08540; 609-524-4090, Fax 609-524-4093.
JBG Rosenfeld Retail acquired Bowie Marketplace, a 239,000 sq.ft. center located at the intersection of Annapolis Road and Superior Lane in North Bowie, MD. For more information, contact JBG Rosenfeld Retail, 4445 Willard Avenue, Suite 700, Chevy Chase, MD 20815; 301-657-0700, Fax 301-657-9850.
Hanley Brown Group is representing both buyer and seller in the sale of Arlington Plaza, a 7,430 sq.ft. center located at the intersection of Arlington Avenue and California Avenue in Riverside, CA with a purchase price of $1.585 million. The center was developed in 1980 and is 90% occupied with cotenants such as Conroy’s Flowers. The buyer is a private investor located in Los Angeles, CA and the seller is a private investor based in Tucson, AZ. For more information, contact Eric Werner, Hanley Brown Group, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7678, Fax 949-585-7611; Email: eric.werner@hanleybrown.com; Web site: www.hanleybrown.com.
NAI Capital represented Sears, Roebuck and Co. in the sale of two buildings totaling 14,050 sq.ft. situated on a land area of 60,067 sq.ft. on Rosemead Boulevard in Temple City, CA for $2.5 million. The space was formerly an auto center and sat vacant until it was leased by The Learning Center, a children’s preschool. For more information, contact Jennifer Ortado, NAI Capital, 16001 Ventura Boulevard, Suite 200, Encino, CA 91436; 818-905-2400 Ext. 155, Fax 818-905-2425; Email: jortado@naicapital.com; Web site: www.naicapital.com.
One Source Realty is representing clients looking to acquire centers in the Fort Lauderdale, Jacksonville, Orlando and Tampa, FL areas. Criteria include prices up to $12 million with mid-range Cap rates. Cotenants must include restaurants and NNN properties are preferred. For more information, contact Adrienne Brown, One Source Realty, LLC, 401 E. Oakland Park Boulevard, Ft. Lauderdale, FL 33334; 954-562-0466, Fax 954-430-8298; Email: a@asellssf.com.
Green Realty Co., LLC. is representing a client looking for a total of $4.3 million in NNN properties preferably in IL, IN and WI. For more information, contact Michael L. Green, Green Realty Co., LLC, 1020 North Broadway, Milwaukee, WI 53202; 888-837-3777, Fax 414-272-9973; Email: mgreen@nnnbroker.com.
Point ONE Commercial Real Estate is selling a 190,000 sq.ft. center situated on a land area of 18 acres in Freeport, IL. Asking price is $3.6 million with a Cap rate of 8.8%. For more information, contact Gary Seidel, Point ONE Commercial Real Estate, 2115 West Collingswood Drive, Suite 100, Beloit, WI 53511; 608-362-8598, Fax 608-362-6383; Email: grseidel@charter.net; Web site: www.pointonerealty.com.
Rosecrans Fore, LLC has completed the sale of Rosecrans Center to for $1.225 million, with representation by CB Richard Ellis. Retail Properties Group represented the buyer. Located on Rosecrans Street in San Diego, CA, the 3,410 sq.ft. center was 100% leased to three tenants at the time of the sale, which included Admiralty Marine, Lisa’s Merle Norman Salon and World Wide Web Marketing. For more information, contact Reg Kobzi, CB Richard Ellis, 4365 Executive Dr.
Gateway Arms Realty Corp. is selling a 38,000 sq.ft. vacant corner property in downtown Staten Island, NY for $6 million. Located on St. Marks Place, at the intersection of St. Marks Place and Hyatt Street, the site is currently being used as a blacktop parking lot and is surrounded by numerous high-rise apartments and office buildings. The property is only steps away from the Staten Island ferry. For more information, contact Christopher J. Long, Gateway Arms Realty Corp., 285 St. Marks Place, State Island, NY 10301; 718-273-3800 Ext. 19; Email: clong@gatewayarmsrealty.com; Web site: www.gatewayarmsrealty.com.
Craig Realty Group announced that the escrow has closed on the acquisition of the Marblehead Coastal retail site in San Clemente, CA. The property was acquired from SunCal Cos. Grading has now begun on the full-entitled 51-acre retail site, which is scheduled to open Fall 2008. The 650,000 sq.ft. site will feature nationally renowned upscale retail outlet stores, combined with ocean view restaurants, a large bookstore, quick dining options and movie theaters. For more information, contact Steven L. Craig, Craig Realty Group, 1500 Quail Street, Suite 100, Newport Beach, CA 92660; 949-224-4100, Fax 949-224-4101; Email: mcraigpr@aol.com; Web site: www.craigrealtygroup.com.
National Retail Properties, Inc. is selling Marathon Gas Station and convenience Store in both Brandon and Hollywood, FL. The Brandon, FL site has an offering price of $1.014 million with a Cap rate of 7.75%. The Hollywood, FL site has an offering price of $1.222 million with a Cap rate of 7.75%. 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; Email: rebecca.gittens@nnnreit.com; Web site: www.nnn1031.com.
DJM Realty Services and Wal*Mart Realty are offering approximately 27 former Wal*Mart and Sam’s Club leased locations ranging in size from 43,000 sq.ft. to 135,000 sq.ft. The list includes properties in AL, GA, IA, IN, KS, LA, MS, NE, NJ, OH, OK and TX. For more information, contact Joe DiMitrio, Emilio Amendola or Andy Graiser, DJM Realty Services, 445 Broad Hollow Road, Suite 417, Melville, NY 11747; 631-752-1100 Ext. 227/223/229, Fax 631-752-1231.
Goldberg Real Estate & Funding Corp. is seeking investment opportunities throughout FL. The company is looking shopping centers, marina-based projects and land offerings. The company can also move quickly on distressed situations. For more information, contact Rachel Goldberg, Goldberg Real Estate & Funding Corp., 26 Worcester Street, Suite 306, Boston, MA 02118; 617-267-1677, Fax 617-247-7510; Email: rgventures@aol.com.
WexTrust Capital is looking to acquire large retail, office and industrial sites in either a distressed situation or with real upside. The company prefers the properties to be at least 75,000 sq.ft. and will acquire sites nationwide, with a focus on the Midwest. For more information, contact Brendan W. Hotchkiss, WexTrust Capital, 333 West Wacker Drive, Suite 1600, Chicago, IL 60606; 312-881-6000, Fax 312-881-6001.
Realty Investments, LLC is looking to acquire retail/office buildings and high-vacancy and rehab opportunities nationwide for between $5 million and $100 million. The sites must have significant upside potential that can be realized over two to five years and a minimum 30% vacancy rate. For more information, contact Edward J. Ostensoe, Realty Investments, LLC, 6800 Fleetwood Road, Suite 112, McLean, VA 22101; 703-587-0318, Fax 703-940-4907; Emails: edwardostensoe@yahoo.com and nnninvestments@yahoo.com.
Faison and Associates sold Aberdeen Commons, a 123,000 sq.ft. center located on U.S. 15-501 in Aberdeen, NC for $26.3 million to Aberdeen Commons, LLC. The center is anchored by Best Buy, Bed Bath & Beyond, Ross Dress For Less and PetSmart. For more information, contact Faison and Associates, 121 West Trade Street, 27th Floor, Charlotte, NC 28202; 704-972-2500.
Frank Yekaitas Real Estate, LLC is selling Restoration Square in Pearl, MS for $1.035 million. The company also is selling Mid City Mart, a 26,965 sq.ft. center located in Hazelhurst, MS for $650,000 with a Cap rate of 5%. For more information, contact Frank Yekaitas, Frank Yekaitas Real Estate, LLC, PO Box 97133, Jackson, MS 39288-7133; 601-939-4156. |