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Buyers & Sellers
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Buyers & Sellers CB Richard Ellis is selling Metrowest Shoppes, a 32,908 sq.ft. center located in Orlando, FL for $15 million with a Cap rate of 6.25%. The center is situated on a land area of 4.08 acres and is tenanted by Washington Mutual, Verizon, Sobik’s, Shane’s Rib Shack and Doc Green’s. The company’s Seattle, WA office is selling the following Rite Aid stores: an 11,108 sq.ft. store located in Anniston, AL for $3.527 million with a Cap rate of 7.25%. The site has a net operating income of $255,750; and an 11,060 sq.ft. store located in Saginaw, MI for $3.64 million with a Cap rate of 7.25%. The site has a net operating income of $264,000. For more information, contact Mark Drazek, CB Richard Ellis, 201 South Orange Avenue, Suite 1500, Orlando, FL 32801; 407-843-4020; Email: mark.drazek@cbre.com ; Web site: www.cbre.com . For more information regarding the Rite Aid stores, contact Jeffrey Thomas, CB Richard Ellis, 1420 5th Avenue, Suite 1700, Seattle, WA 98101; 800-775-3350, Fax 206-260-2829; Email: jeffrey.thomas@cbre.com ; Web site: www.cbre.com/jeffrey.thomas .
Chase Development Corp. is selling a land area of five acres on Route 7 in New Milford, CT for $3.5 million. The site has an average daily traffic count of 30,000 vehicles. Area retail includes Wal*Mart, Home Depot, Staples and T.J. Maxx. For more information, contact David Hubbard, Chase Development Corp., PO Box 2369, New Preston, CT 06777; 860-354-3036, Fax 860-350-8149; Email: dnh946@aol.com .
Capital B Realty, LLC is representing a developer that is looking to acquire building sites for the purpose of developing approximately 20 Subway restaurants for a long-time restaurant owner and Subway franchisee in the TX market. All will be NNN with 10-year leases. The company also is looking to sell a location in OK for $795,000. The deal is for a Family Dollar store that is taking an existing building and expanding it to 8,200 sq.ft. The lease will be for 10 years with five, five-year options. The base rent is $61,000 per year plus 3% over ride, NN with Family Dollar taking care of the CAM. The landlord is responsible for roof and structure. Area retail includes Wal*Mart. 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 .
Hanley Brown Group Real Estate Advisors is selling Whittier Village, a center located in Whittier, CA for $8.33 million with a Cap rate of 7.01%. Area retail includes Starbucks, Quiznos, Wells Fargo, Coffee Bean & Tea Leaf, Supercuts and Edward Jones. Approximately 77% of the center is leased. For more information, contact Eric P. Wohl, Hanley Brown Group Real Estate Advisors, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7673, Fax 949-585-7611; Email: eric.wohl@hanleybrown.com ; Web site: www.hanleybrown.com
Sherman and Hemstreet, LLC is selling a 7,684 sq.ft. freestanding restaurant site located on Washington Road in Augusta, GA for $1.6 million. The building is situated on a land area of 2.07 acres and the site has an average daily traffic count of 22,050 vehicles. The average household income for the area is $75,000. Area retail includes Target, Kohl’s, Kroger, Wal*Mart, IHOP, Publix, Marshalls and Babies “R” Us. For more information, contact Emory J. Williamson Jr., Sherman and Hemstreet, LLC, Enterprise Mill, Augusta, GA 30901; 706-722-8334 or 800-622-8334; Email: ewilliamson@shermanandhemstreet.com ; Web site: www.shermanandhemstreet.com .
Bedore International is selling a newly-constructed 4,400 sq.ft. center located in Las Vegas, NV for $1.665 million. The site is perfect for a 1031 exchange. For more information, contact David Howes, Bedore International, 8691 West Sahara Avenue, Suite 210, Las Vegas, NV 89117; 702-873-3100, Fax 702-873-3131.
Thur & Associates is selling an 11,400 sq.ft. building at Central Park, a center located off Interstate 95 and Carl Silver Parkway in Fredericksburg, VA with a Cap rate of 6.5%. Three tenants occupy the building, two with ten-year leases and one with a five-year lease with options. The site has an average daily traffic count of 77,000 vehicles. Area demographics include a population of 149,746 within seven miles earning $61,936 as the average household income. For more information, contact Shary Thur, Thur & Associates, 8260 Greensboro Drive, Suite 270, McLean, VA 22102; 703-847-0865, Fax 703-847-1435; Email: sthur@thurassociates.com ; Web site: www.thurassociates.com .
Faris Lee Investments is selling the following sites throughout CA: an outparcel to Cerritos Mall located at the intersection of 605 Freeway and South Street in Cerritos, CA for $4.32 million with a Cap rate of 5%. The site has an average daily traffic count of 293,986 vehicles. The regional mall features over 180 specialty retail stores and an 11-screen stadium style theater operated by United Artists. Area demographics include a population of 619,226 within five miles earning $65,132 as the average household income; a two-tenant pad building located at Rancho Cucamonga Town Square located at the intersection of Foothill Boulevard and Haven Avenue in Rancho Cucamonga, CA for $4.25 million with a Cap rate of 5.50%. Cotenants include Pei Wei Asian Bistro and Niko Niko Sushi; a 12,000 sq.ft. CVS Pharmacy with a drive-thu located in Downey, CA for $2.56 million with a Cap rate of 6%; and an El Pollo Loco/Fosters Freeze location at the intersection of Valley View and La Palma Avenue in Buena Park, CA for $2.3 million with a Cap rate of 5.43%. Area demographics include a population of 617,497 within five miles earning $71,886 as the average household income. For more information, contact Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800; Web site: www.farislee.com .
Marcus & Millichap Real Estate Investment Brokerage Co. is selling an 18,018 sq.ft. Office Depot store located on East Homer Adams Parkway in Alton, IL for $3.203 million with a Cap rate of 6.75%. The site has rent increases every five years with four, five-year options. Area demographics include a population of 55,978 within five miles earning $54,084 as the average household income. The company also is selling an 11,180 sq.ft. Rite Aid store located on Paw Paw Avenue in Coloma, MI for $3.572 million with a Cap rate of 7.15%. The building is situated on a land area of 1.63 acres. The company’s Boise, ID office arranged the sale of Eagle Marketplace, a 59,839 sq.ft. center located at the intersection of Eagle Road and Chinden Boulevard in Eagle, ID. The seller was Eagle Country Plaza, LLC, while the buyer was Eagle Marketplace, LLC. The center is currently 98% leased and is tenanted by Fitness 19, City Home Furnishings, Fantastic Sam’s and Key Bank. The site has an average daily traffic count of 65,000 vehicles. The company’s Fort Lauderdale, FL office facilitated the sale of Michaels Plaza, an 81,355 sq.ft. center located on Pines Boulevard in Pembroke Pines, FL for $14.85 million. The 100% leased asset is anchored by Michaels and is cotenanted by 28 other local retailers. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 16830 Ventura Boulevard, Suite 100, Encino, CA 91436; 818-907-0600, Fax 818-501-8230. For more information regarding Eagle Marketplace, contact Bob Hildebran, Marcus & Millichap Real Estate Investment Brokerage Co., 9000 West Woodglade Lane, Boise, ID 83714; 208-433-9500, Fax 208-433-9580; Web site: www.marcusmillichap.com . For more information regarding Michaels Plaza, contact Barry Wolfe or Michael Zimmerman, Marcus & Millichap Real Estate Investment Brokerage Co., 5900 North Andrews Avenue, Suite 100, Ft. Lauderdale, FL 33309; 954-463-2400, Fax 954-463-9222.
Mike Rivera & Associates is selling three plazas with an aggregate of 895,000 sq.ft., with prices ranging from $4 million to $16 million. The centers are located in Bonita Springs, Winter Park and Palm Beach, FL and the net operating income of all three properties is $7.45 million with Cap rates of 6.5%. All three sites have NNN leases with 5% bumps annually. For more information, contact Michael A Rivera, Mike Rivera & Associates, LLC, PO Box 73, Estero, FL 33919; 239-770-6257, Fax 239-495-2066; Email: invest@e-realtyinfo.com .
Ashkenazy Acquisition Corp. is looking to acquire prime retail centers, freestanding retail and larger centers in the NY and Washington, DC areas. The company can close quickly and no deal is too small or too large, but the property must be prime with the upside in 10 years or less. For more information, contact Rick Greenberg, Ashkenazy Acquisition Corp., 433 5th Avenue, Suite 200, New York, NY 10016; 212-213-4444 Ext. 229, Fax 212-213-5713; Email: rick@aacrealty.com .
National Realty Network is selling two Jiffy Lube franchises in Freeport and Dixon, IL. The sites have 13 years remaining on the franchise agreements, plus renewals available. The Dixon site is selling for $950,000 for the land, building and business/equipment, while the Freeport site is selling for $850,000 for the land, building and business/equipment. For more information, contact Craig M. Nelson, National Realty Network, 17W703A Butterfield Road, Oakbrook Terrace, IL 60181; 847-852-3212, Fax 630-261-0879; Email: cnelson@nationalrealtynetwork.com .
Woolbright Development, Inc. acquired Intracoastal Mall, a 233,300 sq.ft. center located at the intersection of Sunny Isles Boulevard and N.E. 35th Avenue in North Miami Beach, FL for $48 million. The center is anchored by Winn-Dixie, T.J. Maxx and Old Navy. Woolbright plans to make renovations to the center, including additional landscaping and improvements to the façade. For more information, contact Gloria Kramer, Woolbright Development, Inc., 3200 North Military Trail, Fourth Floor, Boca Raton, FL 33431; 305-446-2700, Cell 786-859-2090; Email: gkramer@woolbright.net ; Web site: www.woolbright.net .
Evergreen Commercial Real Estate is looking to acquire pad sites for a national AAA credit tenant throughout Bergen, Hudson, Essex, Passaic, Morris, Middlesex, Union, Sussex, Ocean and Monmouth, NJ. The company requires outparcels to shopping centers and freestanding locations with or without a structure. Space that can accommodate up to a 4,000 sq.ft. building with drive-thru approvals are preferred. For more information, contact Douglas Balduini, Evergreen Commercial Real Estate, 1037 Route 46 East, Suite 204, Clifton, NJ 07013; 973-470-9304, Fax 973-470-9821; Email: dougb@evergreencommercial.com ; Web site: www.evergreencommercial.com .
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