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Buyers & Sellers
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Buyers & Sellers Capital B Realty, LLC is selling a Family Dollar store located in Hugo, OK for $795,000. The site has a new 10-year lease with bumps and five-year options plus 3% override. Area retail includes Wal*Mart and a bank branch. For more information, contact Nicholas Baskin, Capital B Realty, LLC, 656 East Lake Drive, Livingston, TX 77351; 936-327-4345, Fax 936-327-4321; Email: nicholasbaskin@livingston.net.
Arroyo & Coates, Inc. is selling the following properties in CA: a 14,070 sq.ft. Walgreens store located at the intersection of North Lake and Orange Grove in Pasadena for $8.636 million with a Cap rate of 5.50%. The site has a net operating income of $475,000, and a lease term of 25 years with eight five-year options; and a 4,500 sq.ft. Washington Mutual Bank at the southwest corner of East Hammer Lane and Tam O’Shanter in Stockton for $2.52 million with a Cap rate of 5.36%. The site has a net operating income of $135,000 and a lease term of 10 years with three, five-year options. 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.
A private investor is looking to acquire large shopping centers in major metropolitan areas for a minimum of $25 million with Cap rates of 7.5%. For more information, contact Mayda L. Tress, 561-339-1441, Fax 866-544-7163.
Marcus & Millichap National Retail Group is selling a 22,762 sq.ft. center located at the intersection of Butterfield Road and Mitchell Road in North Aurora, IL for $5.2 million with a Cap rate of 7.37%. The center is tenanted by 7-Eleven, Edward Jones and All-State Insurance. For more information, contact George Ghattas, Evan Halkias or Michael Marks, Marcus & Millichap National Retail Group, 333 West Wacker Drive, Suite 200, Chicago, IL 60606; 312-327-5400.
Realty Investment Services is selling Black Oak Plaza, a 58,000 sq.ft. center located on Maynardsville Pike in Knoxville, TN. The center is currently 58% occupied and is anchored by Kroger and Kmart. For more information, contact Don Brewer, Realty Investment Services, 5731 Lyons View Pike, Suite 220, Knoxville, TN 37919; 865-450-3883, Fax 865-450-8953; Email: brewer@ccim.net.
Continental Realty Services is representing a client looking to acquire centers nationwide for at least $15 million. The sites must be newer centers with good anchors and inline tenants. The client is looking to deal only with principals or direct brokers and Cap rates must reflect market rates or better and the fees of the buyer’s broker are expected to be paid by the seller. For more information, contact Evan Langert, Continental Realty Services, 1633 Old Bayshore Highway, Suite 333, Burlingame, CA 94010; 650-714-3826.
The Royston Group is selling the following restaurants in Pikesville, KY: A McDonald’s for $1.26 million with a Cap rate of 5.5%. The site has a 20-year corporate lease. Area retail includes Lowe’s Home Improvement, Wal*Mart, Dollar Tree and Dollar General; and an Arby’s for $608,000 with a Cap rate of 6%. The site has a 20-year lease. Area retail includes Lowe’s Home Improvement, Wal*Mart, Dollar Tree and Dollar General. For more information, contact Rob Sutton, The Royston Group, 1299 Ocean Avenue, Suite 316, Santa Monica, CA 90401-1054; 310-451-2100, Fax 310-395-3557; Email: rsutton@theroystongroup.com; Web site: www.theroystongroup.com.
Linear Retail Properties, LLC acquired seven retail sites and three basement storage units at Lincoln Plaza, a center located at the intersection of Lincoln and Essex Streets in Boston, MA. The company acquired the units, totaling 16,341 sq.ft., for $3.675 million from Cresset Plaza, LLC. The property fronts on the new Rose Fitzgerald Kennedy Greenway at the confluence of Chinatown, the Leather District, the Financial District and South Station. For more information, contact Linear Retail Properties, LLC, Five Burlington Woods Drive, Burlington, MA 01803; 781-273-5665, Fax 781-273-5683; Web site: www.linearretail.com.
Millco Investments is selling a Family Dollar store located in Bowman, SC for $902,968 with a Cap rate of 7.75%. The store has a 10-year term with four, five-year renewal options. For more information, contact Kelly Huang, Millco Investments, 19 South LaSalle Street, Suite 1000, Chicago, IL 60603; 312-377-7800 Ext. 106, Fax 312-377-7898; Email: kelly@millcoinvestments.com.
Agronsky & Co., LLC is selling a 10,500 sq.ft. Glacier Restaurant in Granger, IL for $1.5 million. The property is currently operating as a Chinese buffet. The building is a 10,500 sq.ft. former Chi Chi’s and is situated on a land area of 1.97 acres. The site is near Notre Dame University. Area retail includes MFB Bank, Wells Fargo and Teacher’s Credit Union. The company also is selling a four-story building fronting Wisconsin Avenue in the Georgetown section of Washington, DC. The first and second floors are currently occupied by a retail store and the third and fourth floors are being rented as apartments. Area retail includes The Gap, Benetton, Miss Sixties and Max Studio. For more information, contact David Agronsky, Agronsky & Co., LLC, 501 Slaters Lane, Suite 909, Alexandria, VA 22314; 703-549-6684, Fax 703-549-4517; Email: agronsky@comcast.net.
Lee & Associates of Madison is selling the following Boston’s Gourmet Pizza locations: a site in Appleton, WI for $3.9 million with a Cap rate of 8.25%. The lease is for 20 years absolute net lease with 10% increases every five years. Area retail includes Dick’s Sporting Goods; and a site in Terre Haute, IN for $2.5 million with a Cap rate of 9.00%. Area retail includes Kohl’s, Wal*Mart Supercenter and Linens ‘n Things. For more information, contact Steve Doran, Lee & Associates of Madison, 4726 East Towne Boulevard, Suite 220, Madison, WI 53704; 608-327-4000, Fax 608-327-4011; Email: sdoran@lee-associates.com.
Cullinan Properties, LTD is selling a Starbucks location in Pekin, IL for $1.155 million with a Cap rate of 6.5%. The store is located at East Court Village, which is anchored by Bergner’s, Hobby Lobby, Big Lots, Goody’s, Dollar Tree, Culver’s, Bob Evans, Hibbett’s Sporting Goods, Steve & Barry’s, Applebee’s and Farm & Fleet. Area retail includes Wal*Mart. For more information, contact Kathleen Cullinan, Cullinan Properties, LTD, 1333 Burr Ridge Parkway, Burr Ridge, IL 60527; 630-286-0179, Fax 630-286-0175; Email: kcullinan@cullprop.com; Web site: www.cullprop.com.
GMH Capital Partners is offering an investment opportunity at Fairview Heights Plaza, a 167,491 sq.ft. center located along Ludwig Drive in Fairview Heights, IL. The center is currently 98% occupied and is anchored by Gordmans, Guitar Center, The Sports Authority and Bally Total Fitness. The center also is shadow-anchored by Circuit City. The center has a net operating income of $1.47 million. For more information, contact Bill Tourtellotte or Shawn Lubic, GMH Capital Partners, 10 Campus Boulevard, Newtown Square, PA 19073; 610-355-8097/8172, Fax 610-355-8397/8472; Emails: wtourtellotte@gmhcp.com and slubic@gmhcp.com; Web site: www.gmhcp.com.
Upland Real Estate Group, Inc. sold an 88,488 sq.ft. Kohl’s department store in Wadsworth, OH for $9.8 million. The property was sold to a private investor through a 1031 exchange. The Kohl’s is part of a new development called Wadsworth Crossing. Area retail includes Lowe’s Home Improvement and Target. For more information, contact Keith Sturm, Upland Real Estate Group, Inc., 3800 Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55402-3903; 612-332-6600, Fax 612-376-4489; Email: teamnnn@upland.com Web site: www.upland.com.
ERA Billy May Realty is selling a 2,200 sq.ft. convenience store/gas station in Orange County, VA for $1.65 million. For more information, contact Joe Oddo, ERA Billy May Realty, 800-296-3721 or 703-338-0200; Email: usrepublic@aol.com; Web site: www.josephoddo.com.
ArciTerra Group, LLC is looking to acquire NN Walgreens stores nationwide with Cap rates of 7.4% to 7.75%. The lease terms should be greater than eight years. For more information, contact Ryan D. O’Connell, ArciTerra Group, LLC, 2720 East Camelback Road, Suite 220, Phoenix, AZ 85016; 602-424-3419, Fax 602-956-4494; Email: ryan.oconnell@arciterra.com.
California Realty Partners, Inc. is selling an 8,000 sq.ft. Advance Auto Parts store on Chenango Street in Binghamton, NY for $1.188 million with a Cap rate of 8.25%. The site has a net operating income of $98,000. The lease term is for 10 years with two, five-year options. For more information, contact Diane N. Pechenick, California Realty Partners, Inc., 20656 Ventura Boulevard, Woodland Hills, CA 91364; 818-348-8700 Ext. 20, Fax 818-348-8707; Email: dianep@carealtypartners.com.
National Retail Properties is selling the following sites: Uni-Marts stores in NY and PA for between $300,000 and $1.1 million. The stores have new 20-year NNN leases with annual increases; Circle K stores in TX for between $1.3 million and $2.4 million. The sites have 19-year NNN leases with annual rent increases; Taco Bell restaurants throughout IN and KY for between $1.6 million and $2.3 million. The sites have 15-year NNN leases with annual rent increases; Eckerd’s stores throughout GA and NJ for between $2 million and $2.5 million. The sites have eight to 10-year NNN leases with rent bumps; Road Ranger convenience stores throughout IL for between $1.8 million and $2.9 million. The sites have 20-year NNN leases with rent bumps; and a CVS ground lease in MN for $2.6 million with a corporate guarantee. 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.
Wagner Commercial is selling a retail/office building located in St. Louis, MO with a Cap rate of 9%. It consists of one retail center and five smaller buildings and is currently 93% leased. For more information, contact Jessica Fetters, Wagner Commercial, 925-719-2151.
Silbert Realty & Management Co., Inc. is selling a 12,515 sq.ft. building located at the northwest corner of Park Place and Market Street in Morristown, NJ for $6.712 million with a Cap rate of 6.5%. The site also has a basement space of 1,478 sq.ft. Area demographics include a population of 53,710 within three miles earning $145,470 as the average household income. For more information, contact Brian S. Silbert, Silbert Realty & Management Co., Inc., 85A Division Avenue, PO Box 406, Millington, NJ 07946; 908-604-6900, Fax 908-604-2030; Email: info@silbertrealestate.com; Web site: www.silbertrealestate.com.
Grubb & Ellis Co. is selling a former gas station site on North State Road 7 in Margate, FL. The site is situated on a land area of 16,343 sq.ft. and has an average daily traffic count of 78,000 vehicles. Area demographics include a population of 149,548 within three miles earning $57,719 as the average household income. For more information, contact Russell Bornstein, Grubb & Ellis Co., 2385 NW Executive Center Drive, Boca Raton, FL 33431; 561-893-6240, Fax 561-995-2290; Email: russell.bornstein@grubb-ellis.com; Web site: www.grubb-ellis.com.
Spectrum Leaders, LLC is selling a land area of four acres on Potranco at Military Drive in San Antonio, TX. The site is adjacent to a 7.8-acre site with mixed-use zoning. For more information, contact Albert Haddad, Spectrum Leaders, LLC, 1777 NE Loop 410, Suite 600, San Antonio, TX 78217; 210-651-1994.
Calkain Realty Advisors is selling 20 Burger King restaurants in AL and FL. The restaurants can be sold either as a portfolio or as individual properties, ranging in price from $850,000 to $2.2 million. The sites have 7.5% increases every five years and four, five-year renewal options. For more information, contact David Sobelman, Calkain Realty Advisors, 2202 North West Shore Boulevard, Suite 200, Tampa, FL 33607; 813-639-7626, Fax 813-639-7627; Email: dsobelman@calkain.com.
Hogan Real Estate is selling a 14,550 sq.ft. Walgreens store located in Jasper, IN for $3.134 million with a Cap rate of 6.75%. The lease is NNN with a 75-year term. The store is located at the northeast corner of Newtown Avenue and 36th Street with an average daily traffic count of 28,000 vehicles. For more information, contact Justin Phelps, Hogan Real Estate, 420 West Liberty Street, Louisville, KY 40202; 502-271-5820 or 502-426-1050; Email: jphelps@hogandev.com; Web site: www.hogandev.com.
Retail Realty Group is selling a 52,000 sq.ft. retail/commercial freestanding building located in Tampa, FL for $6.5 million. The building is situated on a land area of five acres on Fowler Avenue. The building has a 7,200 sq.ft. tenant. 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: schen500@aol.com.
RAS Brokerage is selling a Sunoco gas station situated on a land area of 0.59 acres on Route 1 in Bensalem, PA. The site has an average daily traffic count of 79,000 vehicles. Area demographics include a population of 256,516 within five miles earning $54,684 as the average household income. For more information, contact Jed Masloff, RAS Brokerage, 633 West Germantown Pike, Suite 203, Plymouth Meeting, PA 19462; 215-322-8070, Fax 215-322-8460; Email: jmasloff@rasbrokerage.com.
Gibbons-White, Inc. is selling a land area of 44 to 130 acres at the intersection of Highway 119 and County Line Road in Longmont, CO for $3.75 psf. The company also is selling The Branding Iron site located on 28th Street in Boulder, CO for $3.15 million. For more information, contact Brent Wilson, Gibbons-White, Inc., 2305 Canyon Boulevard, Suite 200, Boulder, CO 80302; 303-442-1040, Fax 303-449-4009.
Weiss Realty Co., Inc. is selling a 2,500 sq.ft. store site located on Broadway in Passaic, NJ for $550,000. The space has a full basement. For more information, contact Christopher Morgan or George Gines, Weiss Realty Co., Inc., 250 Moonachie Road, Moonachie, NJ 07074; 201-814-1800, Fax 201-814-1811.
Aries Deitch & Endelson is selling a land area of 14.3 acres at a center in Kingston, NY for $18 million. The 57,706 sq.ft. center is tenanted by a supermarket, bank and a national restaurant chain. For more information, contact Aries Deitch & Endelson, 110 South Central Avenue, Hartsdale, NY 10530; 914-949-2800 Ext. 115 or 106, Fax 914-949-2424; Email: info@ade-re.com; Web site: www.ade-re.com.
Fameco Real Estate is selling an outparcel in front of a Red Roof Inn at the intersection of Route 1 and New Road in South Brunswick, NJ for $975,000. The site is situated on a land area of 4.8 acres. Area demographics include a population of 88,936 within five miles earning $84,708 as the average household income. For more information, contact Perry S. Grabois, Fameco Real Estate, 633 West Germantown Pike, Suite 200, Plymouth Meeting, PA 19462; 610-834-8000, Fax 610-834-1793; Email: pgrabois@famecoretail.com.
J&R Investments, Inc. is representing a client looking to acquire NNN, single-tenant sites for between $1 million and $2 million with Cap rates of 8%. The client prefers sites on the East Coast in growth areas or vacation spots. Preferred sites also have 10 to 20-year leases and a corporate guarantee. For more information, contact Jay Garfinkel, J&R Investments, Inc., 50 Savits Drive, Elverson, PA 19520; 610-524-6579, Fax 610-524-4860; Email: garfinkeljay@msn.com.
Coldwell Banker Commercial is looking to acquire a shopping center with strong anchors and competitive Cap rates. The center can be located anywhere throughout NC, with a price range up to $5 million. For more information, contact Jeff Yetter, Coldwell Banker Commercial, 1505 Westover Terrace, Greensboro, NC 27408; 336-545-4680, Fax 336-288-8957;E-mail: jeffery.yetter@coldwellbanker.com.
Pacific Coast Capital Partners, LLC has formed a joint venture with Brentwood Developments for the acquisition of McHenry Square Shopping Center, a 152,000 sq.ft. supermarket-anchored center located on McHenry Avenue in Modesto, CA. The property was acquired by a private trust. The five-building shopping center is situated on a land area of 12.2 acres and is 32% occupied by The Round Table Pizza, Perko’s, Curves and Blockbuster Video. Area retail includes Regal Theaters, Target, Barnes & Noble, Mervyn’s, Rite Aid, Safeway, Longs and Toys ‘R’ Us. For more information, contact Pacific Coast Capital Partners, LLC, 555 Capitol Mall, Suite 200, Sacramento, CA 95814; 916-669-3778. |