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Buyers & Sellers
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Buyers & Sellers Reif & Associates, Inc. is selling a center situated on a land area of nine acres in Dallas, TX for $7 million. For more information, contact Thomas Reif, Reif & Associates, Inc., PO Box 796157, Dallas, TX 75379; 469-633-1610, Fax 469-633-1615; Email: t11@verizon.net.
Capital Pacific is selling a 15,413 sq.ft. pad site at Westwood Plaza, a center located in Great Falls, MT, for $2.575 million with a Cap rate of 7.75%. The center is anchored by Sam’s Club, ShopKo and Kmart. For more information, contact B. Scott Fuller, Capital Pacific, 4260 Galewood Street, Suite A, Lake Oswego, OR 97035; 503-675-8382, Fax 503-675-8379; Email: sfuller@capitalpacific.com; Web site: www.capitalpacific.com.
The Mills Corp. completed the sale of three centers to Ivanhoe Cambridge in a deal worth $988 million. The deal includes Mills’ 50% stake in Vaughan Mills near Toronto, Ontario, Canada, its 50% stake in St. Enoch Centre in Glasgow, Scotland and its entire stake in Madrid Xanadu in Spain. Ivanhoe previously held 50% stakes in both Vaughan Mills and Enoch Centre. For more information, contact The Mills Corp., 5425 Wisconsin Avenue, Suite 500, Chevy Chase, MD 20815; 301-968-6000; Web site: www.millscorp.com.
The Tower Group is looking to acquire single-tenant properties and power centers throughout the U.S. for between $4 million and $20 million with Cap rates of 7.5% or higher. The sites must have a tenant credit of B, or better C, flexibility or $50 million net worth. The company also will seek the following: build to suit, sale lease back, expansion opportunities, and fee interest ground leases. For more information, contact John D. Murphy, The Tower Group, 251-968-3585, Fax 251-968-8285; Email: jdmurphy@gulftel.com.
Mike Rivera & Associates, LLC is looking to acquire retail centers for $20 million and up with Cap rates of 7.2% plus. For more information, contact Michael A. Rivera, Mike Rivera & Associates, LLC, PO Box 73, Estero, FL 33919; 239-770-6257, Fax 239-495-2066; Emails: invest@e-realtyinfo.com and invest@e-realtyinfo.com.
Hartwell Realty, Inc. is selling a land area of 17.6 acres in Holly Springs, NC. The site is adjacent to a future Wal*Mart Supercenter. For more information, contact Nathan Price, Hartwell Realty, Inc., 1027 Highway 70 West, Suite 106, Hartwell Plaza, Garner, NC 27529; 919-772-0170, Fax 919-743-0777.
KMO Development Group, Inc. is selling a Boston’s Gourmet Pizza restaurant located in Woodbury, MN for $3.86 million with a Cap rate of 8.50%. The store is located at Woodbury Commons, which is anchored by Michaels, Linens ‘n Things, American Eagle and The Gap. The company also is selling the following PetSmart locations in TX: a 25,778 sq.ft. store in Killeen for $4.6 million with a Cap rate of 6.40% and a store in Midland for $4.685 million with a Cap rate of 6.40%. For more information, contact Grant Stewart, KMO Development Group, Inc., 918-743-3456, Fax 918-743-4084; Email: gstewart@kmodevelopment.com; Web site: www.kmodevelopment.com.
Primerica Group One, Inc. is representing investors looking for well-located NNN single-tenant retail sites in FL. The first investor is looking for a NNN single-tenant deal between $1 million and $1.5 million, while the second investor is looking for a NNN single-tenant deal between $1.5 million and $4 million. For more information, contact Michael Fabrizio, Primerica Group One, Inc., 407-774-8914, Fax 407-774-9332; Email: mikefabrizio@earthlink.com.
Watson Commercial Real Estate, Inc. is selling a 6,223 sq.ft. building situated on a land area of 1.01 acres in front of a Wal*Mart Supercenter on State Route 520 in Merritt Island, FL for $2.3 million. For more information, contact Bonnie Haig, Watson Commercial Real Estate, Inc., 321-459-0000 Ext. 12.
A private investor is looking for a 1031 exchange buyer for a lifestyle center with a minimum GLA of 175,000 sq.ft. in CA. For more information, contact Mayda L. Tress, 561-339-1441, Fax 866-544-7163.
Feldman Mall Properties, Inc. signed a joint venture agreement with an affiliate of Heitman Funds, in which Heitman will own a 75% stake in the Colonie Center Mall and Feldman 25%. Feldman acquired the mall in February of 2005 for $82.2 million. The mall is tenanted by The Cheesecake Factory, P.F. Chang’s China Bistro and L.L. Bean. Feldman Mall Properties will continue to manage the mall and be responsible for all leasing and construction. For more information, contact Feldman Mall Properties, Inc., 1010 Northern Boulevard, Suite 314, Great Neck, NY 11021; 516-684-1239, Fax 516-684-1059; Email: momentum@feldmanmall.com; Web site: www.feldmanmall.com.
Lamar Cos. acquires shopping centers nationwide, preferring those with cash flow and upside potential through the aggressive implementation of a remerchandising, renovation and a redevelopment plan. The minimum shopping center size for consideration is 100,000 sq.ft. in regions where Lamar already owns properties, such as AL, CO, FL, IN, NC, NJ, OH, PA, SC and TX and 150,000 sq.ft. in all other regions. There is no maximum limit on shopping center size. Lamar looks for the value added play either through existing vacancy, anticipated vacancy, weak anchors, required reconfiguration or required capital to modernize the asset. Preferred demographics include a population of 30,000 within five miles earning $40,000 as the average household income. Lamar is an all-cash buyer and can close within 30 to 60 days from the date an offer is accepted. For more information, contact Mark Brennan, Lamar Cos., 10901 West Toller Drive, Suite 105, Littleton, CO 80127; 303-904-1122 Ext. 105, Fax 303-904-1133; Email: markb@lamarco.com.
Passco Cos., LLC is selling the following sites in Montclair, CA: a 9,000 sq.ft. Black Angus restaurant on Monte Vista Avenue for $2.71 million and a 6,000 sq.ft. Red Lobster restaurant located on Monte Vista Avenue for $3.6 million. Both restaurants are located at Montclair Entertainment Plaza. The Passco Cos. acquires multi-tenant retail, multi-family and industrial properties for between $20 million and $160 million nationwide. Preferred retail sites are anchored by supermarkets with a minimum GLA of 50,000 sq.ft. The company also is selling the following centers: Kauai Village Shopping Center, a 113,501 sq.ft. Safeway-anchored center located on Kuhio Highway in Kapaa, HI; Norwood Shopping Center, an 88,841 sq.ft. center located on Norwood Avenue in Sacramento, CA; Rancho Cordova Town Center, a 165,158 sq.ft. Target-anchored center located on Olson Drive in Rancho Cordova, CA; and Walnut Hills, a 97,569 sq.ft. Albertsons-anchored center located in Walnut, CA. For more information, contact Alan Clifton, Passco Cos., LLC, 96 Corporate Park, Suite 200, Irvine, CA 92606; 949-442-1000, Fax 949-442-2460; Email: aclifton@passco.net . Or contact Fouy Ly, Sperry Van Ness, 949-250-1828; Email: lyf@svn.com.
Jones Commercial Real Estate is looking to acquire ground leases, single and multi-tenant retail, industrial properties and developable pads and corners for between $500,000 and $10 million. The company also will acquire multi-tenant and single-tenant lease properties as long as they have mature below market leases that will have a residual value later. The company would prefer to acquire the land under single family residences, condominium projects, shopping centers, fast food restaurants, mobile home parks, apartment buildings, hotels/motels and office buildings. For more information, contact Greg Jones, Jones Commercial Real Estate, 440 West Whittier Boulevard, La Habra, CA 90631; 562-697-3333 Ext. 21, Fax 562-697-9999; Email: greg@jonesre.net.
DKC Development Ventures, LLC is selling a 65-acre mixed-use site located at the intersection of Highway 20 and Illinois 26 bypass in Freeport, IL. Area retail includes Wal*Mart Supercenter and Menards. The plan for the site calls for 400,000 sq.ft. of retail with 75,000 sq.ft. of medical space. For more information, contact Kirk Hanson, DKC Development Ventures, LLC, 11506 Nicholas Street, Suite 200, Omaha, NE 68154; 402-493-2800, Fax 402-493-8069; Email: khanson@dkcdevelopment.com; Web site: www.dkcdevelopment.com.
Cedar Shopping Centers, Inc. completed the $22 million acquisition of the Long Reach Village Shopping Center in Columbia, MD; the Hannaford Plaza Shopping Center in Norwood, MA and the Annie Land Plaza Shopping Center in Lovingston, VA. Long Reach Village is a 140,300 sq.ft. center situated on a land area of approximately 7.7 acres, anchored by a 53,700 sq.ft. Safeway supermarket; Hannaford Plaza is a 98,905 sq.ft. center situated on a land area of approximately 8.2 acres, anchored by a 42,600 sq.ft. Hannaford Brothers supermarket and Annia Land Plaza is a 42,500 sq.ft. center situated on a land area of approximately 7.3 acres, anchored by a 29,000 sq.ft. Food Lion Supermarket. For more information, contact Cedar Shopping Centers, 44 South Bayles Avenue, Suite 304, Port Washington, NY 11050; 800-564-3128 or 516-767-6492, Fax 516-767-6497; Web site: www.cedarshoppingcenters.com.
Stonemar Properties, LLC partnered with Kimco Realty Corp. in the acquisition of The Owensboro Town Center, a 246,672 sq.ft. center located on Frederica Street in Owensboro, KY for $19 million. The center was acquired from Warm Springs, LLC. The center is anchored by Best Buy, Target, T.J. Maxx, Cato’s and T.G.I. Friday’s. Area retail includes Towne Square Mall, Wal*Mart Supercenter, Sam’s Club, Home Depot, Pier 1 Imports and Lowe’s Home Improvement. For more information, contact Stonemar Properties, LLC, 353 East 19th Street, New York, NY 10003; 212-358-9779, Fax 212-358-8786. Or contact, Kimco Realty Corp., 3333 New Hyde Park Road, Suite 100, New Hyde Park, NY 11042; 516-869-7230, Fax 516-869-7228.
Coldwell Banker Commercial/George Realty Commercial is selling Lower Azusa Plaza, a 25,480 sq.ft. center located on Lower Azusa Road in El Monte, CA for $7.8 million. The center is currently 100% occupied and is tenanted by Speedy Cash, 99 Cents Store, a dentist, beauty salon, laundromat, Tom’s Burger, All State Insurance, New Nature, Hetti Chen and Aloha. The company also is selling a land area of 19.55 acres on Scott Road in Sun City, CA for $3.5 million. For more information, contact Arthur He, Coldwell Banker Commercial/George Realty Commercial, 660 West Huntington Drive, Arcadia, CA 91007; 626-462-5628; Email: arthurhe@gmail.com. For details regarding the location in Sun City, contact Carol Lin at 626-688-1818, Fax 626-810-7166.
Weichert Commercial Brokerage, Inc. is selling a 4,400 sq.ft. building located on Route 202 in Bedminster, NJ for $1.55 million. For more information, contact Michele L. Andre, Weichert Commercial Brokerage, Inc., 225 Littleton Road, Morris Plains, NJ 07950; 973-267-7778, Fax 973-267-5432; Email: mandre@weichertcommercial.com; Web site: www.weichertcommercial.com.
New Plan Excel Realty Trust, Inc. acquired The Shoppes at Hickory Hollow, a center located in Nashville, TN for $15.5 million. The center is anchored by Kroger and has 28 other tenants. For more information, contact New Plan Excel Realty Trust, Inc., 420 Lexington Avenue, New York, NY 10170; 212-869-3000, Fax 212-869-3989; Web site: www.newplan.com.
Realty 500/Reiss Corp. is representing a client looking for a 1031 exchange from $10 million to $20 million throughout AZ, CA, NV, OR or WA. The client is looking for apartments, strip centers or power centers with Cap rates of 9% or higher. For more information, contact Rob Wilner, Realty 500/Reiss Corp., 4485 South Pecos Road, Las Vegas, NV 89121; 702-456-8727; Email: rwilner@bigplanet.com.
Net Leased Investment Co. is representing a client looking to acquire single-tenant supermarkets nationwide for between $4 million and $10 million. For more information, contact Bill Ellison, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-2448, Fax 407-977-0775; Email: bill@netleased.com; Web site: www.netleased.com.
Discovery Realty Advisors, Inc. is selling Starbucks and Verizon Wireless stores in IA for $1.982 million with a Cap rate of 6.5%. The project houses 4,100 sq.ft. on a land area of 40,076 sq.ft. The Starbucks has a 10-year initial lease term and four, five-year options, while the Verizon has a five-year initial lease term and two, five-year options. 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.
The Piken Co. is selling an 11,500 sq.ft. building located on North Figueroa Street in Los Angeles, CA for $4.995 million. The space was formerly occupied by a Security Trust & Savings Bank. For more information, contact Scott Roberts, The Piken Co., 12725 Ventura Boulevard, Suite A, Studio City, CA 91604; 818-755-2700 Ext. 134.
Foundation Commercial is selling a land area of approximately 12 acres, adjacent to a proposed Wal*Mart Supercenter, on Highway 30 in St. Louis, MO. Area retail includes Shop N Save. For more information, contact John T. Beckman, Foundation Commercial, 618 Spirit Drive, Suite 250, St. Louis, MO 63005; 314-862-4220, Fax 636-532-7847.
Fishman Realty Group is selling a land area of 2.25 acres on Route 25 in Westbrook, ME for $2.25 million. For more information, contact J. Lee Nelson, Fishman Realty Group, 2 Cotton Street, Portland, ME 04101; 207-775-6561 Ext. 211, Fax 207-871-0914.
Keegan & Coppin Co., Inc. is selling a retail/residential development site on Hearn Avenue in Santa Rosa, CA for $9.274 million. The site has 19.79 acres available. The property is a portion of the Dutton Meadows project, which is a 58-acre master plan for 586 housing units and an 84,000 sq.ft. center. The company also is selling 74,005 sq.ft. of the 113,505 sq.ft. Evergreen Shopping Center located on South Main Street in Willits, CA for $9.3 million with a 7.0% Cap on Proforma and a 5.65% Cap on actual income. The site is anchored by Ray’s Food Place, Rite Aid and Dollar Tree. For more information, contact Victor Shellenberg, Kenneth Bizzell or Thomas Laugero, Keegan & Coppin Co., Inc., 1355 North Dutton Avenue, Santa Rosa, CA 95401; 707-528-1400, Fax 707-524-1419; Emails: tlaugero@keegancoppin.com, kbizzell@keegancoppin.com and tlaugero@keegancoppin.com; Web site: www.keegancoppin.com.
Crye-Leike Realtors is selling a Dollar General store in southern AR for $290,000 with a Cap rate of 9%. For more information, contact Marshall Ghant, Crye-Leike Realtors, 870-919-0050, Fax 870-931-1430; Email: mghant@crye-leike.com.
CB Richard Ellis, Inc. is offering an investment opportunity for a portfolio disposition of 15 retail investment properties in northern and central CA and northern NV. The sites may be acquired as a single portfolio, in groups, or as individual assets. These properties are being offered without a formal asking price on a best-offer basis. The company also is selling a 136,716 sq.ft. Sam’s Club store located on U.S. 76 in Anderson, SC for $13.205 million with a Cap rate of 6.15%. The store has a net operating income of $812,098 and seven years remaining on an absolute NNN lease. For more information, contact John DuBois, Jon Gianulias, Mark Denholm or Joe DuBois, CB Richard Ellis, Inc., 555 Capitol Mall, Suite 100, Sacramento, CA 95814; 916-446-8761/8787/8245/8280; Emails: john.dubois@cbre.com , jon.gianulias@cbre.com, mark.denholm@cbre.com and joe.dubois@cbre.com; Web site: www.cbre.com/dgproperties. For more information regarding the Sam’s Club store, contact Chris Bosworth, Will Pike or Mike Bukard, CB Richard Ellis, 3340 Peachtree Road, Suite 1050, Atlanta, GA 30326; 404-923-1486/1381, Fax 404-923-1241; Emails: chris.bosworth@cbre.com, will.pike@cbre.com and mike.bukard@cbre.com.
Desert Pacific Properties, Inc. is selling a land area of 12.86 acres at the northwest corner of Avenue 52 and Monroe Street in Indio, CA for $6.772 million. The site is located across from the Madison Club. For more information, contact Susan Harvey or Paula Turner, Desert Pacific Properties, Inc., 77-899 Wolf Road, Suite 101, Palm Desert, CA 92211; 760-341-3176 or 760-360-8200, Fax 760-360-7580; Email: admin@dppllc.com; Web site: www.desertpacificproperties.com.
Woolbright Development, Inc. completed the sale of seven FL properties to Weingarten Realty Investors. The seven properties comprise approximately 1.25 million sq.ft. The properties include: Kendall Corners, a center located on the northwest corner of 127th Avenue and Kendall Drive in Kendall; South Dade Shopping Center located on the southeast corner of U.S. 1 and 184th Street in Cutler Bay; East Lake Woodlands located on the southeast corner of Tampa and East Lake Road in Palm Harbor; Palm Lakes Plaza located on the southwest corner of Atlantic Boulevard and Rock Island Road in Margate; International Drive Value Center located on Touchstone Drive in Orlando; Marketplace at Dr. Phillips located on the northwest corner of Dr. Phillips Boulevard and Sand Lake Road in Orlando; and Alafaya Square located at the northeast corner of Alafaya Woods Boulevard and State Road 434 in Oviedo. For more information, contact Gloria Kramer, Woolbright Development, 3200 North Military Trail, Fourth Floor, Boca Raton, FL 33431; 561-989-2265; Email: gkramer@woolbright.net; Web site: www.woolbright.net.
Hanley Brown Group Real Estate Advisors represented the buyer and seller in the sale of Chapman Heights Shopping Center, a 90,269 sq.ft. center located at the northwest corner of Yucaipa Boulevard and 4th Street in San Bernardino, CA for $12.245 million. The center is anchored by Stater Bros., Rite Aid, Fitness 19, Goodyear, Radio Shack, Hallmark and the UPS Store. The property was 97% occupied at the time of the sale. The seller was PASSCO Real Estate Enterprises, Inc. The company also represented the buyer in the sale of a 40,000 sq.ft. Gold’s Gym site located at the intersection of McDermott Freeway and DeZavala Road in San Antonio, TX for $6.125 million with a Cap rate of 7.75%. The gym is situated on a land area of 3.55 acres at Fiesta Trails and cotenants with H.E.B., Target, Barnes & Noble, Ashley Furniture HomeStore, OfficeMax, Marshalls, Logan’s Roadhouse and Joe’s Crab Shack. The seller was B-Bachs, Inc. The company also represented the seller in the sale of Harbor City Plaza, a 6,589 sq.ft. center located at the intersection of Normandie Avenue and West Lomita Boulevard in Harbor City, CA, for $2.3 million with a Cap rate of 5.78%. The center is currently 100% occupied and features nine local tenants. The buyer was represented by Barteld Realty. For more information, contact Edward B. Hanley, Hanley Brown Group Real Estate Advisors, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7677, Fax 949-585-7611; Email: info@hanleybrown.com; Web site: www.hanleybrown.com.
The Everest Group is selling a National Amusements-Showcase Cinemas location in a suburb of Cincinnati, OH for $12.5 million. The theater has a 20-year ground lease and is situated on a land area of 20.46 acres. Area retail includes Target and Wal*Mart Supercenter. 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.
Staubach Retail is selling the following sites: a 14,830 sq.ft. Walgreens store located at the intersection of Route 202 and Torrington Street in Torrington, CT for $5.32 million with a Cap rate of 6%. The has a net operating income of $319,207; a 2,500 sq.ft. Starbucks store located on Post Road in Fairfield, CT for $2.4 million with a Cap rate of 5%; a 10,125 sq.ft. CVS store located at the intersection of Second Avenue and 112th Street in Lansingburgh, NY for $4.42 million with a Cap rate of 6.25%; and a 10,125 sq.ft. CVS store located on State Street in Schenectady, NY for $3 million with a Cap rate of 6.45%. For more information, contact David T. Wojciechowski, Staubach Retail, 12 East 49th Street, 31st Floor, New York, NY 10017; 212-418-2600, Fax 212-418-2675; Email: dtwoj@staubach.com; Web site: www.staubach.com.
Space Source, Inc. is selling a 71,624 sq.ft. center located in Holland, MI for $5.935 million with a Cap rate of 9.22%. The company also is selling an 84,933 sq.ft. center located in Jenison, MI for $5.6 million with a Cap rate of 8.78%. The center is currently 100% occupied. For more information, contact Kirk R. Driesenga, Space Source, Inc., 169 Monroe Avenue NW, Grand Rapids, MI 49503; 616-456-2000, Fax 616-456-2006; Email: kdriesenga@spacesource.net.
Marcus & Millichap National Retail Group is selling a 27,377 sq.ft. center located in Gurnee, IL for $4.395 million with a Cap rate of 7.71%. The center is situated on a corner, has a strong and stable occupancy and is tenanted by a mix of shops, restaurants and professional services. The company also is selling Wildcat Plaza, a 52,442 sq.ft. center located in Owensboro, KY for $6.2 million with a Cap rate of 8.39%. The center is located on the pad of a Wal*Mart Supercenter and across the street from a Lowe’s Home Improvement. The company also is selling Dollar Tree Plaza, a 26,020 sq.ft. center located in Luling, LA for $3.5 million with a Cap rate of 7.73%. The center is tenanted by Dollar Tree, Quiznos, Rhino Video Games, Blockbuster Video and Check Into Cash. Area retail includes Wal*Mart Supercenter. The site has an average daily traffic count of 30,000 vehicles. Marcus & Millichap is selling CityFront Place, a 143,000 sq.ft. center located in downtown Los Angeles, CA for $34.25 million. The price includes entitlements to a 135-condominium development. The center is tenanted by Rite Aid, 99 Cents Store, Payless ShoeSource and Radio Shack. For more information, contact George Ghattas, Marcus & Millichap National Retail Group, 333 West Wacker Drive, Suite 200, Chicago, IL 60606; 312-327-5400. For more information regarding Wildcat Plaza, contact David M. Barker, Marcus & Millichap National Retail Group, 9300 Shelbyville Road, Suite 605, Louisville, KY 40222; 502-329-5922, Fax 502-329-5910; Email: dbarker@marcusmillichap.com. For more information regarding Dollar Tree Plaza, contact Brian T. Southworth, Marcus & Millichap National Retail Group, 900 East 96th Street, Suite 150, Indianapolis, IN 46240; 317-218-5300, Fax 317-218-5310; Email: bsouthworth@marcusmillichap.com. For more information regarding CityFront Place, contact Bradley Baskin or Orbell Ovanespour, Marcus & Millichap, at 310-909-5417/5443; Emails: bbaskin@marcusmillichap.com and oovanespour@marcusmillichap.com; Web site: www.stnl.com. |