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Buyers & Sellers
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Buyers & Sellers Sperry Van Ness/Creviston Realty, Inc. is selling The Shops at East West Connector, a 32,009 sq.ft. center located on South Cobb Drive in Smyrna, GA for $6.9 million with a Cap rate of 8%. The center is anchored by World Gym and is currently 87% occupied. Sperry Van Ness Phoenix, Inc. completed the sale of Southgate Mall, a 207,110 sq.ft. enclosed regional mall located at the intersection of 4th Avenue and West 32nd Street in Yuma, AZ for $8.5 million. The center is tenanted by Big 5 Sporting Goods, Bath & Body Works, Payless Shoes, GNC, Zales and Foot Locker. Area retail includes Mervyn’s, Lowe’s Home Improvement, Toys “R” Us, Barnes & Noble and Pier 1 Imports. Sperry Van Ness Realty Advisors is selling a 12,088 sq.ft. center located in Dallas/Fort Worth, TX for $2.95 million with a Cap rate of 7%. For more information, contact Sperry Van Ness/Creviston Realty, Inc., 10929 Crabapple Road, Suite 201, Roswell, GA 30075; 770-992-5112, Fax 770-992-3937; Web site: www.svn.com. For more information regarding Southgate Mall, contact Sperry Van Ness Phoenix, Inc., 2525 East Camelback Road, Suite 550, Phoenix, AZ 85016; 480-425-5500, Fax 480-425-5525. For more information regarding the center in Dallas/Fort Worth, TX, contact Brad Cruickshank, Sperry Van Ness Realty Advisors, 3108 West 5th Street, Fort Worth, TX 76107; 817-870-9886, Fax 817-870-9734; Email: bradc@svn.com.
A.H. Sauer & Associates is selling a 40,000 sq.ft. building located at the intersection of Route 4 and Route 17 in Paramus, NJ. The company also is selling a freestanding building located in Washington Township and a drug store-anchored center located in Bergen County, NJ. For more information, contact Rennie Pincus, A.H. Sauer & Associates, Neptune Plaza, 332 Route 4 East, South Lobby, Paramus, NJ 07652; 201-843-1600, Fax 201-843-0865.
Friedman Real Estate Group, Inc. negotiated the sale of a 15,128 sq.ft. Dollar General building located on Garfield Road in Clinton Township, MI to American Land, Inc. For more information, contact Friedman Real Estate Group, Inc., 34975 West Twelve Mile Road, Farmington Hills, MI 48331; 248-324-2000, Fax 248-848-4141.
Total Investment Real Estate Brokers is selling a land area of 4.1 acres just south of Hook Boulevard, on the east side of Highway 395, in Victorville, CA. Asking price is $10 psf. For more information, contact Total Investment Real Estate Brokers, 3600 Wilshire Boulevard, Third Floor, Los Angeles, CA 90010; 213-427-6800, Fax 213-427-9426.
Millennium Properties, Inc. sold a net leased 28,285 sq.ft. Cost Plus World Market store located on the outlot of the Fox Valley Shopping Center in Aurora, IL for $3.825 million. For more information, contact Dan Hyman, Millennium Properties, Inc., 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3003.
The Paradise Development Group is selling a Walgreens store located in Ellenwood, GA for $5.75 million. For more information, contact Peter Monroe, The Paradise Development Group, 2901 Rigsby Lane, Safety Harbor, FL 34695; 727-726-1115, Fax 727-726-2337; Email: pmonroe@paradisedev.com.
Mithani Management Co. is selling a site located in Atlanta, GA. The site is expected to be developed into a center and completed by July 2006, when it will be for sale for $2.933 million with a Cap rate of 7.5%. The site has an average daily traffic count of 60,000 vehicles at the intersection of Sugarloaf Parkway and Old Norcross Road. For more information, contact Alex Mithani, Mithani Management Co., 500 Pinnacle Court, Suite 510, Norcross, GA 30071; 770-613-9876, Fax 678-669-2439; Web site: www.mithanimgmt.com.
TRI Commercial Brokers is selling a land area of 1.5 acres in Tupelo, MS for $1.3 million. The property is located in the Barnes Crossing retail district, which is anchored by The Mall at Barnes. Retailers include Parisian, Sears, McRae’s, JCPenney, Home Depot, Lowe’s Home Improvement, Best Buy, Circuit City, Books-A-Million, Red Lobster, Applebee’s, Olive Garden, Chili’s and Ruby Tuesday. For more information, contact Clay Short or Barry Replogle, TRI Commercial Brokers, 600 Main Street, Suite B, Tupelo, MS 38804; 662-842-8283 Ext. 225/223; Emails: cshort@trirealestate.net and breplogle@trirealestate.net.
CB Richard Ellis, Inc. is selling a 6,600 sq.ft. O’Reilly Auto Parts store located on Cleveland Avenue in Atlanta, GA for $1.23 million with a Cap rate of 6.5%. Area demographics include a population of 199,000 within five miles. Area retail includes Burger King, CVS, Chick-fil-A, Pizza Hut, McDonald’s, Taco Bell, Church’s Chicken, KFC, Dairy Queen, Domino’s Pizza, Shell, Hobby Lobby and Texaco. For more information, contact Will Pike or Chris Bosworth, CB Richard Ellis, Inc., 3340 Peachtree Road, Suite 1050, Tower 100, Atlanta, GA 30326; 404-923-1200, Fax 404-923-1241; Emails: will.pike@cbre.com and chris.bosworth@cbre.com.
Preferred Realty Associates is selling a land area of 32 acres on Mercer University Drive in Macon, GA for $576,000. For more information, contact Mike Dettis, Preferred Realty Associates, 4500 Billy Williamson Drive, Suite 3, Macon, GA 31206; 478-405-3520, Fax 478-405-3524.
Oxford Real Estate is selling a land area of two acres on Federal Road in Danbury, CT for $2.6 million. For more information, contact Michael Berke, Oxford Real Estate, 388 East Main Street, Branford, CT 06405; 203-483-2900, Fax 203-483-2999; Email: oxfordre@aol.com.
Stan Johnson Co. is selling a 65,293 sq.ft. Gander Mountain store located on South Yale Avenue in Tulsa, OK for $7.1 million. The lease has four, five-year options. Area retail includes Genesee Valley Shopping Center, JCPenney, Sears, Marshall Fields and Mervyn’s. For more information, contact Ken Hedrick or Jeff Matulis, Stan Johnson Co., Two Warren Place, 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690 phone, Fax 918-494-2692; Emails: khedrick@stanjohnsonco.com and jmatulis@stanjohnsonco.com.
Lynch Realty Group, LLC is selling a 6,751 sq.ft. center located in Milwaukee, WI for $2.36 million. The center is preleased to Starbucks, Cartridge World and Coldstone Creamery. Area retail includes Wal*Mart Supercenter. For more information, contact Kevin P. Lynch, Lynch Realty Group, LLC, 20 South Clark Street, Suite 850, Chicago, IL 60603; 312-456-9620, Fax 312-456-9626; Email: klynch@lynchrealtygroup.com.
Next Realty is selling a land area of approximately 35 acres at the intersection of Route 30 and Harlem Avenue in Frankfort, IL for $7 psf. The site has an average daily traffic count of 45,400 vehicles. For more information, contact David Caplan, Next Realty, Two Northfield Plaza, Suite 340, Northfield, IL 60093; 847-881-2000, Fax 847-881-2200.
Wellington Capital Group, Inc. is representing a client looking to acquire malls with a credit tenant base, long term leases and at least a 6.5% Cap rate. For more information, contact Bill Perez, Wellington Capital Group, Inc., 12797 Pineacre Court, Suite 200, Wellington, FL 33414; 561-784-7955, Fax 775-251-8840; Email: bill@wellingtoncapitalgroup.com.
MetWest Commercial Investment Brokerage is selling a 10,400 sq.ft. multi-use building located on West Busch Boulevard in Tampa, FL for $1.1 million. The site was formerly occupied by a church and a dance school and can be renovated for street retail or storage. For more information, contact Mike McHugh, MetWest Commercial Investment Brokerage, 126 Aragon Avenue, Coral Gables, FL 33134; 305-442-4740, Fax 305-442-4693; Email: mike@met-west.com.
Marcus & Millichap Real Estate Investment Brokerage Co. sold Laurel Mall, a 502,589 sq.ft. mall located in Laurel, MD for $31 million with a Cap rate of 4.03%. The mall is situated on a land area of 23.22 acres and is anchored by Hecht’s, which will be converted to Macy’s, International Furniture Liquidators and Burlington Coat Factory. Cotenants include Finish Line, Victoria’s Secret, Bath & Body Works, DEB Shops, Lane Bryant, Champs Sports, New York & Co. and Claire’s Boutique. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 1620 L Street Northwest, Suite 600, Washington, DC 20036; 202-536-3700, Fax 202-536-3710; Web site: www.marcusmillichap.com.
NAI Capital is selling an 8,280 sq.ft. building located on West Magnolia Boulevard in Burbank, CA for $2.45 million. The company also is selling a site located on Hawthorn Boulevard in Hawthorne, CA for $2 million with a Cap rate of 7%. For more information, contact Sheila Alimadadian, NAI Capital, 4650 Von Karman Avenue, Newport Beach CA 92660; 949-854-6600, Fax 949-854-7378.
Coldwell Banker Commercial Atlantic International is selling a 15,750 sq.ft. building shadowed by a Wal*Mart Supercenter located on Dorchester Road in North Charleston, SC for $4.3 million with a Cap rate of 7.25%. For more information, contact Brian Aiken, Coldwell Banker Commercial Atlantic International, 3506 West Montague Avenue, North Charleston, SC 29418; 843-744-9877, Fax 843-744-9879.
Discovery Realty Advisors, Inc. is selling a Wendy’s located in Annapolis, MD for $1.916 million with a Cap rate of 6%. The restaurant is an outparcel to a Home Depot. The lease has 10% increases every five years. For more information, contact Ray D. Kreger, Discovery Realty Advisors, Inc., 621 NW 53rd Street, Suite 240, Boca Raton, FL 33487; 561-276-1031; Email: investments@discoveryrealty.com.
Exquisite Properties is selling a land area of 39 acres on Highway 85 in Destin, FL. For more information, contact Lee Cooper, Exquisite Properties, 4507 Furling Lane, Suite 108, Destin, FL 32541; 850-337-4151, Fax 850-337-4152; Web site: www.exquisitepropertiesofdestin.com.
RE/MAX First Commercial is selling Kirk’s Plaza, a 26,300 sq.ft. center located on Airline Highway in Prairieville, LA for $3.25 million with a Cap rate of 8.08%. The center is currently 100% occupied and is anchored by Kirk’s Upscale Automobile Retail and Cingular Wireless. For more information, contact Jason Taylor, RE/MAX First Commercial, 11883 Marketplace Avenue, Baton Rouge, LA 70816; 225-921-8614, Fax 225-291-5109; Email: jasontaylor@remax.net Web site: www.jasontaylor-re.com.
Phase One Realty, Inc. is selling a 125,285 sq.ft. JCPenney store located in Independence, MO for $9.25 million with a Cap rate of 6.5% The building is situated on a land area of 10.06 acres. For more information, contact Robert H. Fippinger, Phase One Realty, Inc., PO Box 22865, Santa Fe, NM 87502, 2011 Botulph Road, Santa Fe, NM 87505; 505-986-2942, Fax 505-988-5134; Email: rhf@phaseonerealty.com.
Coldwell Banker George Realty is selling a land area of 4.59 acres located on South State Street in San Jacinto, CA for $1.35 million. For more information, contact Stanley Fu, Coldwell Banker George Realty, 660 West Huntington Drive, Arcadia, CA 91007; 626-202-6602, Fax 626-462-5662.
Centurion Partners, LLC sold Northlite Commons II, a 22,901 sq.ft. center located in Kannapolis, NC for $5.775 million. The center is located adjacent to a Wal*Mart Supercenter and contains 4,000 sq.ft. of available space. Cotenants include Alltel, Duke Energy, Wells Fargo, Casa Grande Mexican Restaurant, ABC Store Boutiques, Hear Direct, 1st Class Shipping, Dragon Wok and Sold on Ebay. For more information, contact Maura Reddington, Centurion Partners, LLC, 16930 West Catawba Avenue, Suite 205, Cornelius, NC 28031; 704-895-2512 Ext. 1; Email: mreddington@centurionpartners.net.
Capital B Realty, LLC is selling Crockett Eastgate Center, a 65,000 sq.ft. center located on Loop 304 East in Crockett, TX for $2 million with a Cap rate of 4%. The center is currently 61% occupied and is anchored by Beall’s and Family Dollar. The company also is selling a 17,400 sq.ft. Family Dollar store located on South Maple Street in Trinity, TX for $395,000 with a Cap rate of 11%. For more information, contact Nicholas Baskin, Capital B Realty, LLC, 656 East Lake Drive/2815 U.S. Highway 59 South, Livingston, TX 77351; 936-327-4345, Fax 936-327-4321.
Hogan Real Estate is selling Walgreens stores located in Floyd Knobs, IN and Shelbyville, KY. The stores have Cap rates of 6%, are absolute net investments and have 25-year lease terms with ten, five-year options. For more information, contact Justin Phelps or Kevin Schreiber, Hogan Real Estate, 420 West Liberty Street, Louisville, KY 40202; 502-426-1050; Emails: jphelps@hogandev.com and kschreiber@hogandev.com.
Arroyo & Coates, Inc. is selling a 41,981 sq.ft. Smiths Food & Drug store located just off Interstate 80 in Rock Springs, WY for $4.2 million with a Cap rate of 9%. The building is situated on a land area of 5.31 acres and has an absolute NNN lease with five years remaining. 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.
Millennium Properties Real Estate, Inc. is looking to acquire outlots or endcaps in high-density, high-traffic locations in Downers Grove, Naperville, Tinley Park, Homewood, Barrington, Niles, Des Plaines, Lombard, Bloomingdale, Island Lake, Waukegan and Chicago, IL. For more information, contact Ben Rosenfield, Millennium Properties Real Estate, Inc., 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3000, Fax 312-338-3008; Email: brosenfeld@mpirealestate.com ; Web site: www.mpirealestate.com.
Fameco Real Estate negotiated the sale of The Crossroads Mall of the Poconos, a 245,356 sq.ft. regional center located at the intersection of Route 611 and Interstate 80 in Stroudsburg, PA. The center will be anchored by Lowe’s Home Improvement, Kohl’s, Red Robin, Pennstark Bank and Longhorn Steakhouse. One pad site is still available for ground lease. For more information, contact Diane Weinberg, Fameco Real Estate, 15 East Ridge Pike, Suite 100, Conshohocken, PA 19428; 610-834-8000, Fax 610-834-1793. |