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Buyers & Sellers
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Buyers & Sellers Property Specialists, Inc. is selling two strip/neighborhood centers in the Tampa Bay, FL market. One center is located in Pinellas, FL on U.S. Highway 19 and the other is in Hillsborough on North Dale Mabry. Both centers are anchored by national tenants, are 100% leased NNN, with tenants paying actual operating expenses and room to build at the Pinellas center. The 28,209 sq.ft. center in Pinellas is selling for $5.8 million, while the 35,510 sq.ft. center in Hillsborough is selling for $6.5 million. For more information, contact Neil Mirchandani, Property Specialists, Inc., 6401 First Avenue South, St. Petersburg, FL 33707-1301; 727-504-2422, Fax 727-865-7580.
CB Richard Ellis, Inc. is selling a 40,145 sq.ft. Sports Authority store located on Arden Way in Sacramento, CA for $8.525 million with a Cap rate of 6.10%. The site has a net operating income of $520,031 and is situated on a land area of 2.97 acres. The lease has two options each for 10 years. The site has an average daily traffic count of 50,000 vehicles. The company also is selling a 6,400 sq.ft. retail building leased to The Vitamin Shoppe and Mattress Expo in Buford, GA for $2.443 million with a Cap rate of 7.53%. The building is located directly across from the 1.5 million sq.ft. Mall of Georgia, which is anchored by Macy’s, JCPenney, Nordstrom and Regal Cinema. Demographics include a trade-area population of 204,000 earning $90,000 as the average household income. The company also is selling Winery Estate Marketplace, a 73,957 sq.ft. center located at the southeast corner of Base Line Road and Day Creek Boulevard in Rancho Cucamonga, CA. The site has a net operating income of $2.196 million. Area demographics include a population of 108,146 within three miles earning $85,544 as the average household income. For more information, contact Rob Burlingame, Carrie Caesar or Trevor Thorpe, CB Richard Ellis, Inc., 10101 Reunion Place, Suite 160, San Antonio, TX 78216; 210-507-1123/1121 or 415-772-0243 for Trevor Thorpe; Emails: rob.burlingame@cbre.com , carrie.caesar@cbre.com and trevor.thorpe@cbre.com. For more information regarding the site in Buford, GA, contact Craig Taylor, CB Richard Ellis, 3340 Peachtree Road, Suite 1050, Tower 100, Atlanta, GA 30326; 404-923-1454, Fax 404-923-1241; Email: craig.taylor@cbre.com. For more information regarding Winery Estate Marketplace, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8466, Fax 949-725-8545; Email: phil.voorhees@cbre.com.
Arroyo & Coates, Inc. is selling a 14,070 sq.ft. Walgreens store located at the intersection of North Lake and Orange Grove in Pasadena, CA for $8.636 million with a Cap rate of 5.50%. The store has a net operating income of $475,000 and a lease with a 25-year primary term and eight, 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.
One Liberty Properties, Inc. specializes in the acquisition of non-investment grade single-tenant properties. Preferred sites include single properties and/or portfolios nationwide from $5 million and up. Transactions are all cash to the seller with no contingencies. The company also will consider the assumption of existing financing. For more information, contact Patrick Callan Jr. or Lawrence Ricketts, One Liberty Properties, Inc., 60 Cutter Mill Road, Great Neck, NY 11021; 516-774-2795/2707; Emails: pcallan@1liberty.com and larryr@1liberty.com.
Grubb & Ellis is selling a land area of 1.254 acres at the corner of Brazos and Laredo in San Antonio, TX for $420,000. For more information, contact Jason A. Mittman, Grubb & Ellis, 8303 Mopac, Suite B 125, Austin, TX 78759; 512-527-1032, Fax 512-340-0781; Web site: www.gepcig.com.
Millco Investments is selling a KFC/A&W location in OH with a Cap rate of 7%. The site has a 20-year, absolute NNN lease with two, five-year renewal options and an NOI of $90,531. The property is adjacent to Eastwood Regional Mall, which is anchored by Target, Dillard’s, JCPenney, Kaufmann’s, Sears and Old Navy. 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; Web site: www.millcoinvestments.com.
Wilson-Comp Associates, LLC is marketing a freestanding 3,200 sq.ft. building with a drive-thru located on Route 46 East in Little Ferry, NY. The property is currently occupied. For more information, contact Steve Whitman, Wilson-Comp Associates, LLC, 90 Main Street, Suite 202, Hackensack, NJ 07601; 201-489-7050, Fax 201-489-4995; Email: compwilso@aol.com.
Urban Space is selling a development site located at the intersection of 55th and Keystone Avenue in Indianapolis, IN. Area demographics include a population of 234,385 within five miles earning $60,557 as the average household income. For more information, contact Brian Epstein, Urban Space, 238 South Meridian Street, Suite 201, Indianapolis, IN 46225; 317-423-1111, Fax 317-423-0527; Email: bepstein@urbanspaceusa.com.
Remarc Management, Inc. is selling the following sites: a 1,790 sq.ft. freestanding building located on East Chapman in Orange, CA for $950,000 with a Cap rate of 5.2%; and a land area of 1.74 acres at the intersection of 60 Freeway and Grove in Ontario, CA for $2.5 million. Area retail includes Albertsons, Sav-On and Wells Fargo. For more information, contact Richard Cramer, Remarc Management, Inc., 24800 Chrisanta, Suite 130, Mission Viejo, CA 92691; 949-830-5730, Fax 949-830-5894.
The Shopping Center Group is selling the following sites: a Walgreens in Kinston, NC for $4.95 million with a Cap rate of 6.4%. The site has an absolute 25-year lease with 10, five-year options; and Advance Auto Parts store in Hollywood, FL for $1.877 million with a Cap rate of 7.0%. The site has an absolute NNN 15-year lease with three, five-year options; and an HH Gregg store located in Greenville, SC for $5.83 million with a Cap rate of 7.15%. The site has an absolute NNN 15-year lease with three, five-year options. For more information, contact J. Tyson Glasser or Mark D. Cooley, The Shopping Center Group, 678-718-2807 or 770-738-2471 for Mark D. Cooley; Emails: tysong@theshoppingcentergroup.com and markc@theshoppingcentergroup.com.
McCollom Realty Ltd. is selling the following sites throughout IL: an outlot of 0.74 acres at the intersection of 111th and Route 59 in Naperville for $1.15 million. The site is anchored by Marsh Supermarket and is located near Chase Bank and Discount Tire. Area demographics include a population of 224,365 within five miles earning $109,268 as the average household income; a land area of 12,127 sq.ft. on West Ogden Avenue in Brookfield. The site has an average daily traffic count of 30,000 vehicles. Area demographics include a population of 389,916 within five miles earning $72,943 as the average household income; and a land area of approximately 2.05 acres on South Miller Park Way in West Milwaukee, WI. Area retail includes Target, Chili’s, T.G.I. Friday’s, Culvers, Boston Market and IHOP. Area demographics include a population of 228,551 within three miles. For more information, contact McCollom Realty Ltd., 1010 Lake Street, Oak Park, IL 60301; 708-383-6450, Fax 708-383-1120.
Trustreet Properties is selling the following sites: a Rally’s restaurant located on West Sycamore Street in Kokomo, IN for $774,171 with a Cap rate of 7%. The store has two, 10-year renewal options. Area retail includes Ace Hardware, The UPS Store, Great Clips, CVS, First National Bank, Phillips 66, Kmart, Kroger, Subway, Wendy’s, McDonald’s, Pizza Hut, Taco Bell, Papa John’s Pizza and Arby’s; a Rally’s restaurant located on East Washington Street in Indianapolis, IN for $1.518 million with a Cap rate of 7.15%. The site has two, 10-year renewal options. Area retail includes Walgreens, Wendy’s, Burger King, McDonald’s, Popeyes, Pizza Hut, Taco Bell, White Castle and Long John’s Silver; and a 1,971 sq.ft. Taco Bell located on Center Road in Brunswick, OH for $1.778 million with a Cap rate of 6.65%. The site has six, five-year options. Area retail includes Big Kmart, Home Depot, Brunswick Market Center, Burger King, Subway, McDonald’s, Starbucks, Applebee’s and Pizza Hut. For more information, contact Trustreet Properties, Trustreet Center at City Commons, 450 South Orange Avenue, Orlando, FL 32801; 407-540-2222 or 877-667-4769 Ext. 2222, Fax 407-540-2044; Web site: www.trustreet1031.com.
Advantis Real Estate Services Co. announced that its Pocklington, Pocklington and Forster Retail Investment Group closed on the sale of Whisper Lakes Village, a 35,496 sq.ft. center located on Whisper Lakes Boulevard in South Orlando, FL for $7.075 million. The center was 100% occupied at the time of the sale. Greenway Partners, LLC acquired the site. For more information, contact Sasha Pardy, Advantis Real Estate Services Co., 255 South Orange Avenue, Suite 750, Orlando, FL 32801; 407-999-4775, Fax 407-849-6010; Email: spardy@gvaadvantis.com; Web site: www.gvaadvantis.com.
TRI State Commercial Real Estate, Inc. is selling a Chase Bank in Mercer County, NJ for $3.13 million with a Cap rate of 5.75%. The site has a 20-year lease with five, five-year options and an absolute NNN ground lease. For more information, contact Darrin S. Hiban, TRI State Commercial Real Estate, Inc., 675 Line Road, Aberdeen, NJ 07747; 732-566-8211 Ext. 203, Fax 732-566-9311; Email: hibanbc@aol.com.
Horizon Realty Services, Inc. is selling a redevelopment site located on West 95th Street in Oak Lawn, IL. The site has an average daily traffic count of 96,500 vehicles. Area demographics include a population of 330,661 within five miles earning $58,280 as the average household income. For more information, contact Stuart Lenhoff or Jason Lenhoff, Horizon Realty Services, Inc., 3715 Ventura Drive, Suite 200, Arlington Heights, IL 60004; 847-870-8585, Fax 847-870-1888; Emails: slenhoff@horizonrealtyservices.com and jlenhoff@horizonrealtyservices.com; Web site: www.horizonrealtyservices.com.
ArciTerra Group, LLC is selling a multi-tenant building located in Shelby Township, MI for $4.1 million. The site has a net operating income of $285,398. The center is shadow anchored by Wal*Mart. Tenants include Starbucks, InkStop, Quiznos, Great Clips, Sally Beauty, EB Games, and Pearl Nails. Area demographics include a population within five miles earning $95,000 as the average household income. For more information, contact Ryan D O’Connell, ArciTerra Group, LLC, 2720 East Camelback Road, Suite 220, Phoenix, AZ 86016; 602-840-6800, Fax 602-956-4494; Email: ryan.oconnell@arciterra.com.
Champion Realty Advisors is selling a 120,000 sq.ft. center located in North Riverside, IL. The site is 100% leased and has a Cap rate of 7%. The company also is selling a land area of 0.689 acres at the intersection of Archer Avenue and Hilton Street in Willow Springs, IL for $650,000. The site has an average daily traffic count of 18,100 vehicles. For more information, contact Austen Alexa, Champion Realty Advisors, LLC, 3500 Lacey Road, Suite 240, Downers Grove, IL 60515; 630-598-1001, Fax 630-598-1002; Email: austen@championre.com.
NAI MLG Commercial is selling West Point Theatre, a site located at the intersection of Bluemound Road and Barker Road in Brookfield, WI for $7 million. The project is situated on a land area of 4.6 acres. Area retail includes Target, Farm & Fleet, McDonald’s, Walgreens, Car Max, Texas Roadhouse, Home Depot, Starbucks and Menards. Area demographics include a population of 116,595 within five miles earning $81,701 as the median household income. The company also is selling Westgate Cinema, a 28,506 sq.ft. site located on Washington Avenue in Racine, WI for $1.6 million. The site has an average daily traffic count of 27,600 vehicles. Area demographics include a population of 206,711 within 10 miles earning $43,804 as the average household income. The space was formerly occupied by Marcus Theater. For more information, contact Sean K. Osborne or Bruce Westling, NAI MLG Commercial, 13400 Bishop’s Lane, Suite 100, Brookfield, WI 53005; 262-938-4472/4404; Emails: sosborne@mlgcommercial.com and bwestling@mlgcommercial.com; Web site: www.mlgcommercial.com.
WFDS Investments, LLC is looking to acquire well-located centers of retail projects with upside in major metro areas nationwide from between $2.5 million to $5.5 million with an actual Cap rate of 9.0%. For more information, contact Dennis Wood, WFDS Investments, LLC, 918-482-3602.
RCG Ventures/Retail Capital Group acquired Main Crossing, an 87,675 sq.ft. center located in Paris, TX. The center is anchored by Atwood’s and Fred’s. The company is currently looking to acquire retail, office and hotel investment opportunities from $3 million to $150 million in the eastern half of the U.S. For more information, contact Michael C. McMillen or Ms. Harman Jenkins, RCG Ventures, LLC, 2970 Peachtree Road, Suite 805, Atlanta, GA 30305; 404-816-5454, Fax 404-816-5445; Web site: www.rcgventures.com.
Reif & Associates, Inc. is representing a client looking to acquire shopping centers in major cities nationwide from $10 million and up with a Cap rate of 7% or higher. For more information, contact Marnie Robinson, Reif & Associates, Inc., PO Box 796157, Dallas, TX 75379; 469-633-1610 or 214-336-8661, Fax 469-633-1615; Email: marniesellsre@yahoo.com; Web site: www.propertyxpert@comcast.net.
NDC Real Estate Management, Inc. is representing a 1031 buyer looking for single-tenant net leased properties throughout FL with a Cap rate of 8% or higher. For more information, contact Mark Foster, NDC Real Estate Management, Inc., 1001 3rd Avenue West, Suite 400, Bradenton, FL 34205; 941-745-1889 Ext. 127, Fax 941-747-7512; Email: mfoster@ndcrealestate.com; Web site: www.ndcrealestate.com.
Sperry Van Ness completed the sale of the 7,423 sq.ft. Acapulco Restaurant, a single-tenant retail building in Montclair, CA on behalf of Branch Tree, LP for $2.04 million with a Cap rate of 5.29%. The property is located near the 10 Freeway and is an outparcel to the 1.3 million sq.ft. Montclair Plaza. The company also is selling a site with 184,938 sq.ft. at the intersection of Route 41 and Stearns School Road in Gurnee, IL for $2.96 million. The site is situated on a land area of 4.25 acres. 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. For more information regarding the site in Gurnee, IL, contact Tom Vincent, Sperry Van Ness, 847-963-1031; Email: vincentt@svn.com.
Ripco Real Estate is representing a national buyer looking to acquire properties of three acres or larger in affluent markets throughout NJ. For more information, contact Jeffrey Portnow, Ripco Real Estate Corp., 420 Jericho Turnpike, Suite 100, Jericho, NY 11753; 516-933-8880, Fax 516-933-2514; Email: jportnow@ripcony.com; Web site: www.ripcony.com.
Coyote Management, L.P. completed the sale of Crossroads Center Mall, an 840,000 sq.ft. mall located in Waterloo, IA to Gregory Greenfield & Associates, Ltd. The mall is anchored by Dillard’s, JCPenney, Sears, Younkers and Gordmans. Cotenants include Old Navy, Scheel’s All Sports, Victoria’s Secret, PacSun and Cold Stone Creamery. For more information, contact Michael E. Rulli, Robert D. Lee or John N. Desco, Coyote Management, L.P., 16475 Dallas Parkway, Suite 250, Addison, TX 75001; 972-248-9375; Web site: www.coyotemanagement.com.
Colliers Arnold Commercial Real Estate Services, Inc. negotiated commercial property leasing and sales transactions worth more than $77.4 million recently. Some of the firm’s largest recent transactions included: the sale a 95-acre parcel on 9th Street in St. Petersburg for $1.2 million and the 73,550 sq.ft. Shoppes at Quail Roost in Miami, FL for $15.435 million. For more information, contact Colliers Arnold Commercial Real Estate Services, Inc., 4350 West Cypress Street, Suite 300, Tampa, FL 33607; 813-221-2290, Fax 813-224-9403; Web site: www.colliersarnold.com.
First Development Corp. is looking to acquire sites throughout Chicago, IL. The company is looking for sites from 10,000 sq.ft. and up, including street front retail, infill sites and outlots, convenience stores and small specialty centers, gas stations and contaminated property. For more information, contact First Development Corp., 6316 North Northwest Highway, Chicago, IL 60631-1696; 773-775-5005, Fax 773-775-9684; Email: fdc@firstdevelopment.com; Web site: www.firstdevelopment.com.
Marcus & Millichap Real Estate Investment Brokerage Co. arranged the sale of East Forest Plaza, a 198,239 sq.ft. center located in Columbia, SC for $27.475 million. The center, which is located on Forest Drive, is currently 89% occupied by national and regional credit tenants, including Cingular, Check N’ Go, Hobby Lobby, H&R Block, Advance America, Gamestop, Radio Shack, Quizno’s and Payless ShoeSource. For more information, contact John Leonard, Marcus & Millichap Real Estate Investment Brokerage Co., 538 Old Howell Road, Suite 101, Greenville, SC 29615; 864-292-4717, Fax 530-236-7976; Web site: www.marcusmillichap.com. PMAT Real Estate Investments, LLC acquired CocoWalk, a 200,000 sq.ft. center located on Grand Avenue in Coconut Grove, FL for $87 million. The seller was Thor Gallery at Coco Walk, LLC. Tenants include The Gap, Victoria’s Secret, FYE, Cheesecake Factory, Hooters and an AMC 16-screen theater. For more information, contact Love Ondusko-Levy, PMAT Real Estate Investments, LLC, 77 Woodstone Drive, Mandeville, LA 70471; 786-553-7973 or 504-228-2800, Fax: 504-324-0159.
DLC Management Corp. acquired Namco Plaza, a 101,782 sq.ft. center located on Route 6 in Seekonk, MA. The site has an average daily traffic count of 20,600 vehicles. Area demographics include a population of 57,227 within five miles earning $47,756 as the average household income. The center is currently 77% occupied and is tenanted by Outback Steakhouse, Sherwin Williams, Dollar Tree and Tuesday Morning. Spaces available range from 1,200 sq.ft. to 13,500 sq.ft. For more information, contact Daniel Taub or Guy Morris, DLC Management, 580 White Plains Road, Tarrytown, NY 10591; 866-352-6468 or 914-631-3131, Fax 914-631-6533; Emails: dtaub@dlcmgmt.com and gmorris@dlcmgmt.com; Web site: www.dlcmgmt.com.
Gemstone Capital, LLC is looking to acquire shopping centers with a GLA of at least 75,000 sq.ft. with a minimum 9% Cap rate. The sites must be in decent condition. For more information, contact Joshua A. Schwager, Gemstone Capital, LLC, 477 Madison Avenue, 9th Floor, New York, NY 10022; 212-367-7320 Ext. 2316, Fax 212-255-3916; Web site: www.gemstonedevelopmentgroup.com.
Mid-America Real Estate Corp. brokered the sale of The Crossing at Mid Rivers, a 93,985 sq.ft. center located at the intersection of Mid Rivers Mall Drive and Interstate 70 in St. Peters, MO, on behalf of Pace Properties to Starpoint Properties. The center is anchored by Marshalls, HomeGoods and Ultimate Electronics. For more information, contact Mid-America Real Estate Group, Two Mid-America Plaza, Third Floor, Oakbrook Terrace, IL 60181-4713; 630-954-7300, Fax 630-954-7304/7306; Web site: www.midamericagrp.com.
Capital B Realty, LLC is selling an 180,000 sq.ft. center located on Interstate 35 in Round Rock, TX for $21 million. The property has a Cap rate of 7.5% and is tenanted by Conn’s, Half Price Books, Outback Steakhouse and Dollar General. 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; Web site: www.capitalbrealty.com.
Cardinal Capital Partners is selling a sub-ground lease interest in a 1.3774-acre tract of land at the southeast corner of Park Lane and Greenville Avenue in Dallas, TX. The property is located adjacent to Sam’s Club. The lease is guaranteed by CVS. The primary terms on the ground lease, the lease to CVS and the sublease to AutoZone all expire at a similar time in 2022. The site has five options of five years each for control of the land until 2046. Area retail includes Northpark Mall. For more information, contact Scott L. Haire, Cardinal Capital Partners, Inc., 8214 Westchester, 9th Floor, Dallas, TX 75225; 214-696-3600, Fax 214-696-9845; Email: shaire@cardinalcapital.com.
CFS Realty, LLC is selling a land area of 1.65 acres in Dallas, TX for $405,000. For more information, contact L. Harmon, CFS Realty, LLC; Email: investmentpropertiesforsale@yahoo.com.
United Commercial Realty acquired 40,000 sq.ft. of land at the southwest quadrant of U.S. Highway 287 and George Cooper in Midlothian, TX for an automotive parts and accessories retail facility. For more information, contact Mickey Ashmore, United Commercial Realty, 7001 Preston Road, Suite 222, Dallas, TX 75205; 214-526-6262, Fax 214-252-1001; Email: mashmore@ucrrealty.com.
LMG Investments is looking to acquire hard corner sites of two acres and up throughout Dallas/Fort Worth, San Antonio and Houston, TX. For more information, contact Randall K. Gonzalez or Marci S. Millender, LMG Investments, 5440 Harvest Hill Road, Suite 233, Dallas, TX 75230; 972-233-8888; Emails: randall@lmginvestments.com and marci@lmginvestments.com.
NAI Capital is representing a client looking to acquire value-added industrial, retail, office, multi-tenant or single-tenant sites nationwide from $8 million to $100 million. For more information, contact Elizabeth Parker, NAI Capital, 4650 Von Karman Avenue, Newport Beach, CA 92660; 949-854-6600, Fax 949-209-2021.
Income Property Specialists is looking to acquire multi-tenant centers throughout CO, KS and OK for between $7 million and $20 million. Preferred sites have populations of more than 100,000. For more information, contact Shaun Gindi, Income Property Specialists, 1523 18th Street, Suite 101, Denver, CO 80202; 303-482-1310, Fax 303-442-8962; Web site: www.myips.com. |