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Buyers & Sellers
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Buyers & Sellers
Sperry Van Ness completed the sale of a 15,828 sq.ft. Hometown Buffet restaurant on 63rd Street, near Northwest Expressway and The Lake Hefner Parkway in Oklahoma City, OK for $2.94 million. The company represented the seller, Mazaheri Capital Investments.
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 .
Marcus & Millichap is selling a 41,928 sq.ft. Coventry 13 Movie Theater located in Fort Wayne, IN for $2.05 million with a Cap rate of 7.45%. The theater has a net operating income of $152,748 and a recently executed 10-year lease. Area demographics include a population of 70,000 within five miles earning $70,698 as the average household income. The company also is selling the following properties: a Jiffy Lube store located just off Interstate 10 in Beaumont, CA for $4.15 million with a Cap rate of 6.14%; a Jiffy Lube store located in Palm Desert, CA for $1.93 million with a Cap rate of 5.75%. Area demographics include a population within three miles earning $89,974 as the average household income; and a Jiffy Lube store located in Palmdale, CA for $2.1 million with a Cap rate of 6%. The Palmdale site has an average daily traffic count of 91,000 vehicles.
For more information, contact Marcus & Millichap, 900 East 96th Street, Suite 150, Indianapolis, IN 46240; 317-218-5300, Fax 317-218-5310. For more information regarding the three Jiffy Lube properties, contact Jennifer Jones, Marcus & Millichap, 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800, Fax 909-605-1821; Email: jejones@marcusmillichap.com .
CB Richard Ellis is marketing a 14,550 sq.ft. Walgreens store located at the intersection of May Road and Route 56 in Potsdam, NY for $4.768 million with a Cap rate of 6.25%. The site has an average daily traffic count of 19,260 vehicles. Area retail includes McDonald’s, Burger King, Sav-A-Lot, Tru-Value Hardware, P&C Grocery, Subway, Giant-Tiger, Napa Auto, Radio Shack, Monroe Muffler, Arby’s, TJ Cinnamon, Ponderosa Steakhouse, Scoops, Cellular Express, Dollar Tree, Advance Auto Parts, NBT Bank, Sunoco, Family Dollar and Sears. The Walgreens site currently has a 25-year NNN lease with 10, five-year options.
For more information, contact Chris Bosworth or Will Pike, CB Richard Ellis, 3340 Peachtree Road, Suite 1050, Tower 100, Atlanta, GA 30326; 404-923-1486/1381; Email: chris.bosworth@cbre.com and will.pike@cbre.com ; Web site: www.cbre.com .
Realty Investments, LLC is looking to acquire high-vacancy and rehab retail and office buildings nationwide from $5 million to $100 million. The sites must have significant upside potential that can be realized over two to five years and a minimum vacancy rate of 30% or higher. Properties in need of physical improvements and development deals are also of interest.
For more information, contact Edward J. Ostensoe, Realty Investments, LLC, 6800 Fleetwood Road, Suite 1112, McLean, VA 22101; 703-587-0318, Fax 703-940-4907; Email: edwardostensoe@yahoo.com and nnninvestments@yahoo.com .
Palmer & Cay Properties, Inc. is selling a 235,000 sq.ft. center located in TN for $20 million. The center is anchored by national tenants.
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 .
Grubb & Ellis Co. represented Weingarten Realty Investors in the sale of Dickinson Village, an 87,630 sq.ft. Kroger Signature-anchored center located at the intersection of Interstate 45 South and FM 517 in Dickinson, TX. The company also represented Gulf Coast Commercial Group in the sale of Willowbrook Shopping Center, a 163,114 sq.ft. center located at the intersection of FM 1960 and Highway 249 in Houston, TX. The center is tenanted by Circuit City, PetSmart, REI, Golf Galaxy, Ethan Allen, Pier 1 Imports, 59 Diner, Starbucks and Texas Land & Cattle Steakhouse. Area retail includes Willowbrook Mall, a 1.53 million sq.ft. mall. Area demographics include a population within three miles earning $103,341 as the average household income.
For more information, contact Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77560; 713-626-8888, Fax 713-626-2288; Web sites: www.georgecushing.com and www.grubb-ellis.com .
The Shopping Center Group, LLC is selling Center Stage at Lumberton, a 42,845 sq.ft. center located in Lumberton, NC for $4.66 million with a Cap rate of 7.25%. The center is currently 100% leased and is anchored by Food Lion and shadow-anchored by Big Kmart.
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 .
Lynch Realty Group, LLC is selling a strip center in West Allis, WI for $4.98 million. The center is currently 90% leased and has a national and regional tenant mix.
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 .
The Good Group is selling a Sonic restaurant in Orlando, FL for $1.3 million with a Cap rate of 7%. The restaurant is situated on a land area of two acres and is located near several big box retailers.
For more information, contact Mike Sheerin, The Good Group, 1000 North Orlando Avenue, Suite A, Winter Park, FL 32789; 407-628-9555, Fax 407-386-6101.
United Equities Corp. is selling two freestanding Tire Kingdom stores with 20-year abolute net leases.
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 .
Net Leased Real Properties is selling a 2,423 sq.ft. Jack In The Box restaurant located in Mansfield, TX for $1.556 million. The building is situated on a land area of 21,338 sq.ft. and has an absolute NNN lease with no landlord duties.
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; Web site: www.1031nnnsearch.com .
Fameco Real Estate represented the buyer in the acquisition of Scott Town Plaza, a 76,634 sq.ft. center located on New Brunswick Highway in Bloomsburg, PA. The price was not disclosed. The center is anchored by Dollar Tree and Tractor Supply Company, which is relocating from its current site in late spring or early summer. Fameco Real Estate specializes in retail representation, owner representation, investment sales and management services in DE, NJ and PA.
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. Or contact the NJ office on 100 Overlook Drive, Second Floor, Princeton, NJ 08540; 609-860-9570, Fax 609-860-9571; Web site: www.famecoretail.com . |