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Buyers & Sellers
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Buyers & Sellers CB Richard Ellis negotiated the sale of Tri-City Pavilions from Rising Sun, LLC to J.G. Management of Westlake Village, CA in a $16.3 million transaction. The 98,721 sq.ft. center is located at the intersection of Main Street and Dobson Road in Mesa, AZ and is anchored by Safeway. The center was 90% leased at the time of the sale. The company also negotiated the $7.35 million sale of a 31,178 sq.ft. center located on North 54th Street in Chandler, AZ. The company represented the seller, Terri’s Consign & Design, LLC of Tempe, AZ while Sperry Van Ness represented the buyers. At the time of the sale, the building was 100% occupied by Robb & Stucky Patio and Mattress Firm. For more information, contact Katherine Haug, CB Richard Ellis, 2415 East Camelback Road, 1st Floor, Phoenix, AZ 85016; 602-735-1782, Fax 602-735-5655; Email: katherine.haug@cbre.com; Web site: www.cbre.com/phoenix.
Southern Management and Development, L.P. is looking to acquire parcels of 1.75 acres or more throughout FL and TN. For more information, contact Flynt H. Griffin, Southern Management and Development L.P., 925 South Federal Highway, Suite 425, Boca Raton, FL 33432; 561-948-7125, Fax 561-948-7100; Email: richd@smdproperty.com; Web site: www.smdproperty.com.
Horn Cos., LLC is selling a parcel located on Brookside Drive in Auburn, NY for $395,000. The site, which consists of a land area of one acre, is shadow-anchored by Wal*Mart, Lowe’s, BJ’s and Staples. The company is also selling half an acre of land located on Elmwood Avenue in Buffalo, NY. Asking price is $500,000 and area retail includes Home Depot, Aldi Grocery and Napa Auto Parts. Also in Buffalo, NY, Horn Cos., LLC is selling 1.5 acres of land located on Walden Avenue for $750,000. For more information, contact Douglas F. Morrison, Horn Cos., LLC, 4502 East Genesee Street, Dewitt, NY 13214; 315-857-3922, Fax 315-449-4509; Email: doug@horncompanies.com.
Millennium Properties, Inc. is selling a redevelopment site previously occupied by Kmart, located on Morton Avenue in Jacksonville, IL. Located adjacent to a proposed Wal*Mart Supercenter, the 10-acre site has been improved with a 99,469 sq.ft. building. For more information, contact Susan B. Silver, Millennium Properties, Inc., 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3001, Fax 312-338-3008; Email: ssilver@mpirealestate.com.
Lang Realty is representing a client looking to invest $4 million in an NNN investment grade property with a reasonable return. The client prefers to have a national tenant and the location can be anywhere on the East Coast from ME to FL. 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.
Spirit Finance Corp. signed a definitive agreement to acquire the real estate assets of ShopKo Stores, Inc. for approximately $815.3 million. The assets include 112 ShopKo properties and 66 Pamida properties. Spirit Finance will acquire the real estate assets by purchasing 100% of the stock of ShopKo and will enter into long-term NNN lease agreements with affiliates of SKO Group Holding Corp., which will continue to manage the existing operations of the retail locations and all related corporate functions. After completion of the ShopKo transaction, Spirit Finance will have exceeded its minimum net investment target of $800 million for 2006. For more information, contact Spirit Finance Corp., 14631 North Scottsdale Road, Suite 200, Scottsdale, AZ 85254; 866-557-7474 or 480-606-0820, Fax 480-606-0826; Email: info@spiritfinance.com; Web site: www.spiritfinance.com.
Linear Retail Properties, LLC acquired a 16,251 sq.ft. strip center known as Brooks Plaza located in Hampton, NH for $1.725 million. The four-tenant center, located on Lafayette Road, is the 14th property purchased by the company since its formation in late 2003 and the company’s second property in NH. NAI Hunneman Commercial represented the seller. The Kane Co., Inc. has been retained as exclusive leasing broker for Brooks Plaza, while Finard & Co. has been hired as the property manager. For more information, contact Dina Buccieri, Linear Retail Properties, LLC, 5 Burlington Woods Drive, Burlington, MA 01803; 781-273-5665 Ext. 200, Fax 781-273-5683; Email: dbuccieri@linearretail.com; Web site: www.linearretail.com.
Manifest Partners Realty is representing a client looking to acquire a retail center. The client is willing to look in any state and requires the GLA to be at least 300,000 sq.ft. For more information, contact Steven A. Bruno, MPR-Manifest Partners Realty, 132 Wickham Avenue, Middletown, NY 10940; 845-501-6801, Fax 845-306-5443; Email: sbruno@sold212.com.
Bomier Properties, Inc. is selling a former Krispy Kreme building located on West College Avenue in Appleton, WI. The 4,746 sq.ft. building is situated on a land area of 1.38 acres. Asking price is $22 psf NNN. The property includes a large, open retail display area with drive-thru window, two restrooms, a small office area and approximately 1,500 sq.ft. of storage and production space with a 16-foot ceiling. Area demographics include a population of 59,338 within three miles earning $48,049 as the average household income. The site is near Fox River Mall. For more information, contact Jason G. Gallmeier, Bomier Properties, Inc., 5553 Waterford Lane, Appleton, WI 54913-8402; 920-739-5300, Fax 920-739-7007; Email: jason@bomier.com; Web site: www.bomier.com.
Grubb & Ellis Co. represented New Plan in the sale of the 74,329 sq.ft. Long Point Square Shopping Center in Houston, TX. Cotenants include Family Dollar, O’Reilly Auto Parts and Family Thrift Center. Silvestri Investments acquired the center. For more information, contact Paula Foster or Wendy Vandeventer, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056-3017; 713-626-8888, Fax 713-626-2288; Emails: paula.foster@grubb-ellis.com and wendy.vandeventer@grubb-ellis.com. Web site: www.grubb-ellis.com.
National Retail Properties, Inc. is selling a newly built La-Z-Boy Furniture Gallery located in Atlantic City, NJ. Asking price is $5.461 million with a Cap rate of 6.75%. A new 15-year NNN lease is guaranteed by La-Z-Boy. 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 .
Marcus & Millichap is exclusively representing a client with $2 million cash looking for a single tenant NNN long-term lease in Las Vegas, NV. The client has closed multiple NNN deals at low market Cap rates. For more information, contact Jennifer Jones, Marcus & Millichap, 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800 Ext. 689, Fax 909-605-1821; Email: jejones@marcusmillichap.com; Web site: www.marcusmillichap.com/demas.
The Sembler Co. sold a CVS drug store located at the intersection of Cottage Hill Road and Azalea Road in Mobile, AL to Cole CV Mobile, AL, LLC. The 13,000 sq.ft. store, which opened in October 2005, is a joint venture between The Sembler Co. and Treasure Properties. For more information, contact Laura Baker, The
Sembler Co., 5858 Central Avenue
Cushman & Wakefield is selling Akers Center in Gastonia, NC. The 240,957 sq.ft. is located at the intersection of Franklin Boulevard and Burtonwood Drive and is anchored by Hobby Lobby and Toys ‘R’ Us. Area demographics include a population of 50,978 within three miles earning $53,248 as the average household income. For more information, contact Kris J. Cooper, Cushman & Wakefield, 3300 One Atlantic Center, Atlanta, GA 30309; 404-853-5376, Fax 404-853-5391; Email: kris.cooper@cushwake.com. |