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Buyers & Sellers
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Buyers & Sellers Lino Realty, Inc. is selling a land area of 0.40 acres on the west side of Romeo Plank, just north of 22 Mile Road in Macomb Township, MI for $220,000. The company also is selling a land area of 8.4 acres on Gratiot Road in Chesterfield Township, MI for $1.4 million. For more information, contact Rob Drewek, Lino Realty, Inc., 42822 Garfield, Suite 101, Clinton Township, MI 48036; 586-263-5111, Fax 586-263-7002. For more information regarding the 8.4-acre site in Chesterfield Township, contact Lino Scamardella at 586-263-5111.
CB Richard Ellis, Inc. represented the seller, N&B Plaza Associates, L.P., in the sale of Penn Plaza, a 176,689 sq.ft. center located on North Fifth Street in Reading, PA. Fort Roc Realty, LLC acquired the center, which is anchored by Kmart, Jo-Ann Fabrics and Dollar Tree. For more information, contact CB Richard Ellis, Inc., 212 Locust Street, Suite 300, Harrisburg, PA 17101; 717-238-9696, Fax 717-238-2061; Web site: www.cbre.com.
Fairmont Capital is selling Ocean Springs Plaza, a center located in Melbourne Beach, FL for $15 million with a Cap rate of 6.7%. The center is currently 100% occupied and is anchored by Winn-Dixie and Friendly’s. The site also has an additional four acres available for development. For more information, contact Joseph Drebin, Fairmont Capital, 39 West 37th Street, New York, NY 10018; 212-710-4022, Fax 212-937-6101; Email: jdrebin@fairmontcap.com; Web site: www.fairmontfunding.com.
Location Finders International recently closed on 66 acres of land located at the southwest quadrant of Route 56 and Galena Boulevard in Sugar Grove, IL. The property is located just east of the proposed Town Centre mixed-use development that is planned to include commercial, residential, as well as municipal uses. This closing immediately follows the acquisition of the following: 125 acres at the northwest corner of Interstate 90 and Randall Road in Elgin, IL; 18 acres at the southwest corner of Route 31 and Alexander Drive in Johnsburg, IL and 28 acres at the northeast corner of Orchard and Oak in North Aurora. For more information, contact Joe Bochenski or Michael Mills, Location Finders International, 9440 Enterprise Drive, Mokena, IL 60448; 708-478-7666, Fax 708-478-7667.
Upland Real Estate Group, Inc. is selling an Ashley Furniture store situated on a land area of 2.13 acres on Rosedale Highway in Bakersfield, CA for $10.295 million with a Cap rate of 7.25%. Area retail includes Target, Home Depot, Best Buy, Office Depot, Petco, Starbucks and Pier 1 Imports. For more information, contact Art R. Brown, Upland Real Estate Group, Inc., 3800 Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55402; 612-465-8522, Fax 612-376-4489; Email: art@upland.com; Web site: www.upland.com.
Net Leased Real Properties is selling a Jack In The Box restaurant with a drive-thru located in San Antonio, TX for $1.62 million. The site has a long-term NNN lease to the year 2020 with increases every five years capped at 9%. The property has four, five-year options. 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.
Stan Johnson Co. is selling the following former Krispy Kreme locations with Cap rate of 7.75%: a 4,693 sq.ft. building located in Apple Valley, MN for $2.701 million; a 4,693 sq.ft. building located in Eden Prairie for $2.776 million; a 4,600 sq.ft. building in Maple Grove, MN for $3.251 million; a 4,642 sq.ft. building located in Brookfield, WI for $2.85 million and a 4,200 sq.ft. building located in Lone Tree, CO for $3.165 million. The sites all have 20 years remaining the lease with four, five-year renewal options. The properties can be acquired individually or on a portfolio basis. The company also closed on the sale of a 13,650 sq.ft. Walgreens store located in Oregon, WI for $5.1 million For more information, contact Stan Johnson Co., 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690, Fax 918-494-2692; Web site: www.stanjohnsonco.com. For more information regarding the Walgreens store, contact Brad Pepin or Harold Briggs, 918-494-2690; Emails: bpepin@stanjohnsonco.com and hbriggs@stanjohnsonco.com.
Sperry Van Ness is marketing four Wal*Mart Supercenter shadow-anchored centers in Houston, TX. These newly-constructed centers have GLAs ranging from 10,000 sq.ft. to 20,000 sq.ft. and can be acquired as a portfolio or individually. Listing prices are approximately $5 million each, which represents a Cap rate of 7%. The centers, on average, have an occupancy rate of 90%. For more information, contact Brad Cruickshank, Sperry Van Ness, 3108 West 5th Street, Fort Worth, TX 76107; 817-891-2344; Email: bradc@svn.com.
Reza Investment Group, Inc. sold Rolling Ridge Plaza, an 85,575 sq.ft. center located in Chino Hills, CA for $21.5 million. The company represented Passco Rolling Ridge Plaza, LLC in the sale to RJAN, LLC. The buyer, an affiliate of Ranch 99 Market, plans to replace the existing 36,300 sq.ft. Ralph’s Grocery store with a Ranch 99 Market location. For more information, contact Reza Investment Group, Inc., 3 Park Plaza, Suite 550, Irvine, CA 92614; 949-833-3380, Fax 949-833-3382.
Meer Development, LLC is representing a client looking to acquire strip centers in Chicago, IL and the surrounding suburbs, either underperforming or with upside potential with asking prices from $1 million to $10 million. For more information, contact Edward Reagan, Meer Development, LLC, 312-296-2855; Email: meer-dev@sbcglobal.net.
Koniver Stern Group is selling a land area of 1.8 acres on Hillsboro Boulevard in Deerfield Beach, FL for $3.2 million. For more information, contact Larry Soroka, Koniver Stern Group, 1665 Washington Avenue, Miami Beach, FL 33139; 305-532-6100, Fax 305-532-6101.
Hanley Brown Group Real Estate Advisors represented both buyer and seller in the sale of San Jacinto Center, a 14,400 sq.ft. center located at the intersection of San Jacinto Avenue and Esplenade Avenue in Riverside County, CA for $3.5 million with a Cap rate of 6.98%. The center is currently 100% occupied and is tenanted by Cardenas Market, Del Taco and Bank of Hemet. The company also is marketing four single tenant NNN properties for an aggregate value of approximately $14.5 million. The properties are located in Riverside and San Bernardino Counties in CA. In Riverside County, the company is selling a 10,000 sq.ft. Walgreens in Murrieta with a 25-year NNN lease plus options for $7.095 million with a Cap rate of 5.50%; a 5,000 sq.ft. Pacific Dental in Riverside with a 30-year NNN ground lease plus options for $1.6 million with a Cap rate of 5.00% and a 3,900 sq.ft. Washington Mutual in Riverside with a 10-year NNN lease plus options for $3.475 million with a Cap rate of 4.75%. In San Bernardino County, the company is selling a 5,000 sq.ft. Washington Mutual in Apple Valley with a 10-year NNN lease plus options for $2.311 million with a Cap rate of 5.00%. For more information, contact Ed Hanley, Hanley Brown Group Real Estate Advisors, 949-585-7677; Email: edward.hanley@hanleybrown.com; Web site: www.hanleybrown.com.
Colliers Dickinson is selling Sans Pariel Plaza, a 29,263 sq.ft. center located on Beach Boulevard in Jacksonville, FL for $5.9 million with a Cap rate of 7.26%. The center is currently 100% leased. The company also is selling a 5,496 sq.ft. restaurant site located on Atlantic Boulevard, on the corner of Century 21 Drive and Atlantic Boulevard in Jacksonville, FL for $900,000. The building is situated on a land area of 1.38 acres. The company also is selling a 24,500 sq.ft. building and a 1,600 sq.ft. building located at the intersection of Beach Boulevard and Peach Drive in Jacksonville, FL for $2.4 million. The buildings are situated on a land area of 1.9 acres. Area demographics include a population of 62,000 within three miles earning $50,000 as the average household income. Lease rates are $8.75 psf NNN. The company also is selling Golden Oaks Butler Pointe, an 8,424 sq.ft. center located on Philips Highway, just south of University Boulevard, in Jacksonville, FL for $2.6 million. For more information, contact Randy McNeal, Colliers Dickinson, 24th Floor, One Independent Drive, Jacksonville, FL 32202; 904-861-1114; Email: mcneal@colliers.com. For more information regarding Golden Oaks Butler Pointe, contact Robert Stelton, Colliers Dickinson, at 904-358-1206; Email: bobs@colliersdickinson.com.
Income Property Specialists is selling the following three Family Dollar locations: a 9,100 sq.ft. store in Greeneville, TN for $780,000 with a Cap rate of 7.25%; a 9,100 sq.ft. store located in Big Stone Gap, VA for $800,000 with a Cap rate of 7.25%; and three individual spaces, including an 8,000 sq.ft. Family Dollar, a 1,767 sq.ft. Cash Advance and a 2,000 sq.ft. vacant space, in Dayton, OH for $1.322 million. 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.
Mimms Enterprises acquired a land area of 3.6 acres on Highway 85 in Fayetteville, GA. Plans for the site include a 22,100 sq.ft. build-to-suit Georgia Backyard retail store, as well as a 12,800 sq.ft. multi-tenant retail center for smaller regional and local shops. The parcel is situated at the intersection of Highway 85 and Promenade Parkway. Area retail includes Wal*Mart Supercenter, Publix, Best Buy, Old Navy and The Home Depot. For more information, contact Brad Shoemaker, Mimms Enterprises, 780 Old Roswell Place, Suite 100, Roswell, GA 30076; 770-518-2200, Fax 770-518-9900; Email: bshoemaker@mimmsenterprises.com; Web site: www.mimmsenterprises.com.
National Retail Properties, Inc. is selling, as a principal, a 54,629 sq.ft. Food 4 Less store in Lemon Grove, CA for $16.227 million with a Cap rate of 5.75%. The site has 5% rent increases every five years. Area retail includes Wal*Mart, Big Lots, 7-Eleven, Union Bank, Hollywood Video, Home Depot, Albertsons, Rite Aid, Smart & Final, Arby’s, Burger King and Carl’s Jr. For more information, contact Rebecca Gittens, National Retail Properties, Inc., 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1253 or 877-NNN-1031, Fax 407-650-1046.
The Royston Group is selling a McDonald’s ground lease in Pikeville, KY for $1.26 million with a Cap rate of 5.5%. The site has a 20-year lease and is located near Wal*Mart, Lowe’s Home Improvement, Dollar Tree and Dollar General. The company also is selling an Arby’s ground lease located in Pikeville, KY for $608,000 with a Cap rate of 6%. The site has a 20-year lease. For more information, contact Rob Sutton, The Royston Group, 1299 Ocean Avenue, Suite 316, Santa Monica, CA 90401-1054; 310-451-2100.
Horne Properties, Inc. is selling the following sites: a land area of 4.902 acres in Cherryville, NC for $280,000; land areas of 1.274 acres, 1.203 acres and 1.232 acres in Mocksville, NC for $475,000 each; outlots of 1.05 acres and 0.94 acres in Wilkesboro, NC for $550,000 and $475,000, respectively; outlots ranging from 1.12 acres to 2.23 acres in Bluffton, SC; an outlot of 1.178 acres at the intersection of Broad River Road and Kennerly Road in Columbia, SC for $625,000; an outlot of 0.811 acres in Campbellsville, KY for $150,000; outlots of 0.94 acres, 1.31 acres and 1.31 acres in Oak Grove, KY for $550,000; $625,000 and $675,000, respectively; outlots ranging from 0.99 acres to 1.40 acres in Paris, KY for prices ranging from $475,000 to $850,000; outlots ranging from 1.47 acres to 1.71 acres in Galesburg, IL for between $835,000 to $910,000; a future development site of 2.158 acres in Rushville, IN for $350,000; outlots ranging from 1.26 acres to 1.52 acres in Jasper, IN for prices ranging from $425,000 to $525,000; outlots ranging from 1.10 acres to 1.28 acres in Bedford, IN for prices ranging from $650,000 to $750,000; a land area of 13.08 acres in Celina, OH for $650,000; a land area of 2.179 acres for future development in Celina, OH for $425,000; outlots ranging from 1.69 acres to 1.92 acres in Middletown, OH for prices ranging from $750,000 to $825,000; outlots ranging from 1.02 acres to 1.55 acres in Ashland, OH for prices ranging from $575,000 to $825,000; a pad outlot site of 1.38 acres in Covington, GA for $425,000; a land area of 1.363 acres at the intersection of Smith Road and Kingston Pike in Farragut, TN for $725,000; and outlots ranging from 1.15 acres to 3.22 acres in Martin, TN for between $500,000 and $900,000. For more information, contact Jerry Presley, Horne Properties, Inc., 412 North Cedar Bluff Road, Suite 205, Knoxville, TN 37923-3609; 865-560-1100, Fax 865-560-1180.
Faris Lee Investments completed three, single-tenant retail property sales totaling more than $8.7 million. The retail properties total 11,704 sq.ft. and are located in Murrieta and Norwalk, CA and in Bothell, WA. The 4,350 sq.ft. Bank of America building on 228th Street in Bothell sold for $4.25 million with a Cap rate of 5.2%; the 2,000 sq.ft. Del Taco location on Alondra Boulevard in Norwalk sold for $2.25 million, while the 3,354 sq.ft. Fazoli’s Restaurant on Murrieta Hot Springs Road in Murrieta sold for $2.2 million with a Cap rate of 5.9%. For more information, contact Jennifer Little or Jessamyn Williams, Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-863-1910 Ext. 27/21; Emails: jennifer@amies.com and jessamyn@amies.com; Web site: www.farislee.com.
Investment Real Estate Associates is selling Park Grand, an eight-story, 205,000 sq.ft. mixed-use development project located in west Miami, FL for $12 million. The center is a fully approved project consisting of 132 residential units and approximately 45,000 sq.ft. of retail and office space. For more information, contact Michael Narula, Investment Real Estate Associates, 1200 Brickell Avenue, Suite 800, Miami, FL 33131; 305-808-7960 Ext. 304, Fax 305-808-7962; Email: mnarula@irea-usa.com; Web site: www.irea-usa.com.
Marcus & Millichap Real Estate Investment Brokerage Co. of Nevada is looking to acquire strip centers from 25,000 sq.ft. to 60,000 sq.ft. with vacancy issues throughout AZ, CA or NV. The center needs to be within 30 miles of a major airport. For more information, contact Chris Clifford, Marcus & Millichap Real Estate Investment Brokerage Co. of Nevada, 3993 Howard Hughes Parkway, Suite 300, Las Vegas, NV 89109; 702-215-7100, Fax 702-215-7110; Email: cclifford@marcusmillichap.com.
AAG Management is representing a client looking for a 1031 exchange. The client is seeking deals with at least 10 years remaining and a 7.5% unleveraged return or better and is looking to invest between $14 million and $60 million. The client also will consider smaller deals. For more information, contact Ed Balazs, AAG Management, 212-615-2735.
The Boraca Group, Inc. is selling vacant land for development in Lake In The Hills, IL. The land is attached to a 200-unit residential development and is at a lighted intersection. For more information, contact Michael A. Boraca, The Boraca Group, Inc., 847-931-7500, Fax 847-931-7573; Email: mboraca@mikeboraca.com.
P.P.I. Capital, Inc. is looking to acquire empty big box retail or anchored retail centers with vacant anchor space nationwide. The company prefers GLAs from 50,000 sq.ft. to 500,000 sq.ft. The company also is offering a ground lease or build to suit on a 38,000 sq.ft. corner lot at the intersection of Airport Freeway and Industrial Road in the Dallas/Fort Worth, TX area. For more information, contact B.J. Halavi, P.P.I. Capital, Inc., 10850 Wilshire Boulevard, Suite 720, Los Angeles, CA 90024; 310-446-1122, Fax 310-475-5519; Email: ppicapital@verizon.net.
Grosvenor Investment Management US, Inc. sold Devon Square, a 153,000 sq.ft. center located in Devon, PA. With the sale, the company has completed the disposition of a 14-property retail portfolio for a total of $193 million. The fund acquired 14 properties totaling approximately 1.7 million net rentable sq.ft. in six states, including PA, NJ, OH, SC, GA and FL. Devon Square is located on Lancaster Avenue and is tenanted by Acme, Eckerd and Kmart. For more information, contact Grosvenor Investment Management US, Inc., 1600 Market Street, Suite 1310, Philadelphia PA 19103; 215-446-8100, Fax 215-446-8101; Web site: www.grosvenor.com.
Sage Property Investments, Inc. is seeking to acquire regional shopping centers of at least 20,000 sq.ft. nationwide, with a focus on the Dallas/Fort Worth, TX area and Raleigh, NC market. For more information, contact Matt Pitcher, Sage Property Investments, Inc., PO Box 1774, Skyland, NC 28776; 828-329-0128, Fax 866-308-9799; Email: matt@sagepropertyinvestments.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is marketing Highland Plaza Shopping Center, a 247,146 sq.ft. center located off Interstate 271 at Wilson Mills Road in Highland Heights, OH for $40 million. The center is anchored by Home Depot, Kohl’s and Dick’s Sporting Goods. The site has an average daily traffic count of 36,000 vehicles. For more information, contact Tony Sekulovski or Mark Luttner, Marcus & Millichap Real Estate Investment Brokerage Co., 333 West Wacker Drive, Suite 200, Chicago, IL 60606; 312-327-5400, Fax 312-327-5410; Web site: www.marcusmillichap.com.
Carolina Realty Advisors is selling a 42,440 sq.ft. center located at the intersection of Albermarle Road and Lawyers Road in Charlotte, NC for $2.39 million. The center is situated on a land area of 4.31 acres and is currently 100% occupied. It consists of four tenants and an outparcel with a ground lease. For more information, contact Rob Cassam, Carolina Realty Advisors, 201 West Morehead Street, Suite 200, Charlotte, NC 28202; 800-587-4066 or 704-442-1774; Email: robcass@ix.netcom.com; Web site: www.charlottencproperty.com.
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