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Buyers & Sellers
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Buyers & Sellers The Shopping Center Group, LLC is selling a 9,014 sq.ft. Dollar General located in Canton, GA for $630,000 with a Cap rate of 7.21%. The site has a lease of 10 years with three, five-year options. The company also is selling a 9,014 sq.ft. Dollar General store located in Greenville, SC for $840,000 with a Cap rate of 7.2%. The site has a lease of 10 years with three, five-year options. For more information, contact Tyson Glasser, The Shopping Center Group, LLC, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054.
Marcus & Millichap sold Columbia Plaza, a 179,475 sq.ft. center located in Battle Creek, MI for $7.9 million with a Cap rate of 8.49%. Area demographics include a population of 76,101 within five miles. The company also sold a CVS ground lease located in Indianapolis, IN for $3.8 million with a Cap rate of 5.5%. The store has 20 years remaining on its lease. Area demographics include a population of 221,800 within five miles earning $88,055 as the average household income. For more information, contact Kahlil Kenneth Barnard, Marcus & Millichap, 101 West Ohio Street, 15th Floor, Indianapolis, IN 46204; 317-955-2600, Fax 317-955-0091; Email: kbarnard@marcusmillichap.com.
Royal Properties, Inc. brokered the sale of a building located on Barnum Avenue in Stratford, CT. The building currently has spaces available of 3,000 sq.ft. and 5,700 sq.ft. For more information, contact Jeff Kintzer, Royal Properties, Inc., 850 Bronx River Road, Bronxville, NY 10708; 914-237-3403, Fax 914-237-0196; Web site: www.royalpropertiesinc.com.
The Everest Group is selling a land area of 63.3 acres at the intersection of Interstate 75 and Mall Road in Florence, KY for $15.825 million. The site is the largest development parcel left in the Florence Mall market. For more information, contact Chris Nachtrab, The Everest Group, 9912 Carver Road, Suite 100, Cincinnati, OH 45242; 513-769-2500, Fax 513-769-2512; Email: chris.nachtrab@everestrealestate.com; Web site: www.everestrealestate.com.
Investment Real Estate Associates is representing a client looking to acquire a center located in the eastern U.S. for between $15 million and $40 million with a minimum 7.5% Cap rate. The client is looking for sites with an occupancy rate above 85% or a rehabilitation project. For more information, contact Michael Narula, Investment Real Estate Associates, 1200 Brickell Avenue, Suite 800, Miami, FL 33131; 305-808-7960, Fax 305-808-7962; Email: mnarula@irea-usa.com.
Combined Properties, Inc. acquired a land area of 3.26 acres located in Palomar, CA. The site will be developed into a center called Shops at Bear Creek, which will be anchored by a 17,000 sq.ft. freestanding Rite Aid with a drive-thru. An additional 9,500 sq.ft. of inline spaces will occupy another building on the property. For more information, contact Linda Dreyer, Combined Properties, Inc., 1255 22nd Street NW, 6th Floor, Washington, DC 20037-1225; 202-293-4500, Fax 202-833-3013; Web site: www.combined.biz.
Robert Stuart Real Estate is marketing a chain of eight convenience stores located throughout MS for $12.3 million with a Cap rate of 7.6%. All the sites are tenanted by Conoco gas stations and all have brand new 20-year absolute NNN leases. The rent increases by 10% every five years. For more information, contact Bob Stuart, Robert Stuart Real Estate, 13064 Bender Drive, Moreno Valley, CA 92553; 951-247-2426; Email: rubobstu@verizon.net.
SilverCreek Properties acquired a portfolio of 46 retail sites totaling 770,000 sq.ft. throughout 20 states for $96 million. The sites range in size from 4,000 sq.ft. to 50,000 sq.ft. and are located throughout CO, IN, MI, MO, TX and UT. The average occupancy of the properties is 96%. For more information, contact Jeff Rothbard, SilverCreek Properties, Two Venture Plaza, Suite 220, Irvine, CA 92618; 949-387-5030, Fax 949-387-5031; Web site: www.silvercreekprop.net.
California Commercial Investment Group, Inc. is selling a land area of 127 acres in Kannapolis, NC. The property is located 1.5 miles from a new research center project off Interstate 85. The land fronts the new Kannapolis Parkway. For more information, contact Mark S. Dobbs, California Commercial Investment Group, Inc., 191 West Wilbur Road, Suite 103, Thousand Oaks, CA 91360; 805-495-8400 Ext. 627, Fax 805-495-5471.
TriStar Realty Group, LLC is selling a land area of 1.08 acres on Business 41 in Bradenton, FL for $1.6 million. Area retail includes Lowe’s Home Improvement. Area demographics include a population of 100,000 within three miles. For more information, contact Peter R. Logan, TriStar Realty Group, LLC, One Mack-Cali Center, 501 East Kennedy Boulevard, 12th Floor, Tampa, FL 33602; 813-272-9700, Fax 813-272-9725.
Arroyo & Coates is marketing a Burger King restaurant located in Atascosita, TX for $954,000 with a Cap rate of 7.15%. The restaurant has been at the same location for 20 years and has a below market rent. Area retail includes the Atascosita Town Center and Wal*Mart Supercenter. 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.
Sperry Van Ness completed the sale of North Scottsdale Gateway, a 25,575 sq.ft. center located at the intersection of Frank Lloyd Wright and Scottsdale Road in North Scottsdale, AZ for $12.1 million. The center is situated on a land area of 3.14 acres and is 100% leased to FedEx Kinko’s, Quiznos and Cingular Wireless. The center is part of a larger, mixed-use development that includes a BNC National Bank, Residence Inn Marriott, restaurants and Class-A office space. The company also completed the sale of El Centro Mall, a 178,889 sq.ft. enclosed regional mall in El Centro, CA, to the Hispanic Retail Group for $11.33 million. The property is located on North Imperial Avenue and is tenanted by Mervyn’s, Miller’s Outpost, Carrow’s and Foot Locker. For more information, contact David Ebeling or Megan Monfort, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100, Fax 949-251-9200; Emails: david.ebeling@svn.com and megan.monfort@svn.com.
Planned Community Developers sold two parcels within the 190-acre Lake Point Town Center under development at the intersection of U.S. 59 and Highway 6 in First Colony, TX. Lake Point Town Center is a 190-acre urban-style village with office, medical, residential and retail spaces, including restaurants and a 37-acre, horseshoe-shaped Brooks Lake and frontage on Oyster Creek. For more information, contact Planned Community Developers, 15958 City Walk, Suite 250, Sugar Land, TX 77479; 281-242-2000, Fax 281-242-2718; Email: brucef@pcdltd.com.
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