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Buyers & Sellers
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Buyers & Sellers Acadia Realty Trust is looking to acquire the following sites: income-producing retail and mixed-use properties either with stable cash flow with moderate to high value-added potential, with a focus on portfolios. The properties should have a GLA of 100,000 sq.ft. or more with at least one credit anchor tenant on a long-term lease. The company prefers the centers be located in in-fill areas in areas with a population greater than 100,000 in the eastern U.S. and will spend a minimum of $15 million and no maximum. Closing can be done within 45 days of signing a letter of intent. For more information, contact Joel Braun, Brittany Bragg or Jeremy Benard, Acadia Realty Trust, 1311 Mamaroneck Avenue, Suite 260, White Plains, NY 10605; 914-288-8100, Fax 914-428-2760.
Equity Commercial Real Estate, LLC is selling a space of 6,380 sq.ft. at Humboldt Ridge, a center located on North Humboldt Drive in Milwaukee, WI for $1.4 million. The center has spaces available of 1,000 sq.ft. to 6,380 sq.ft. Lease rates range from $19 psf to $25 psf NNN. Area demographics include a population of 386,856 within five miles earning $44,006 as the average household income. For more information, contact Ken Petershack, Equity Commercial Real Estate, LLC, 10425 West North Avenue, Suite 340, Milwaukee, WI 53226; 414-727-8000, Fax 414-727-8087; Email: kpetershack@equitycre.com ; Web site: www.equitycre.com .
Gemstone Capital, LLC is looking to sell a 375,000 sq.ft. retail/office/hotel project located in Clermont, FL. The site comprises 33 acres located on Route 50, just 25 miles from downtown Orlando. For more information, contact Joshua A. Schwager, Gemstone Capital, LLC, 477 Madison Avenue, Ninth Floor, New York, NY 10022; 212-367-7320 Ext. 2316, Fax 212-255-3916, Cell 973-580-9909; Web site: www.gemstonedevelopmentgroup.com .
Net Leased Real Properties is selling the following sites: a Family Dollar store located in Omaha, NE for $550,000 with a Cap rate of 7.64%; a Rally’s/Checkers located in Fraser, MN for $950,000 with a Cap rate of 6.6%; a Jack-In-The-Box restaurant located in San Antonio, TX for $1.62 million with a Cap rate of 5.95%; an AutoZone store located in Bremerton, WA for $2.6 million with a Cap rate of 5.78%; a U.S. Bank site located in Bremerton, WA; a McDonald’s restaurant located in Riverview, FL for $2.090 million with a Cap rate of 5.5%; a Starbucks located in Evanston, WY for $2.34 million with a Cap rate of 6.15%; a Costco parking lot site and a Northfork Bank branch located in NJ for $4 million with a Cap rate of 6%; Walgreens located in FL for $4.043 million with a Cap rate of 6.5%; a Kragen and Sherwin Williams site located in Los Angeles, CA for $4.4 million with a Cap rate of 5.88%. For more information, contact Shaun Jass, Net Leased Real Properties, 1090 Joshua Way, Suite B, Vista, CA 92801; 760-734-1130 Ext. 100, Fax 760-560-1607; Email: shawn@1031nnnsearch.com ; Web site: www.1031nnnsearch.com .
Hanley Brown Group Real Estate Advisors is marketing a total of four single-tenant NNN properties for an aggregate value of approximately $14.5 million. The properties are located in Riverside and San Bernardino, CA. In Riverside County, the company was awarded the listing for a 10,000 sq.ft. Walgreens in Murrieta with a 25-year NNN lease plus options for $7.95 million with a Cap rate of 5.5%; 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%; and a 3,900 sq.ft. Washington Mutual in Riverside with a 10-year NNN lease plus options for $3.475 million at a Cap rate of 4.75%. In San Bernardino County, the company was awarded the listing for 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%. For more information, contact Ed Hanley, Hanley Brown Group of Real Estate Advisors, 949-585-7677; Web site: www.hanleybrown.com .
Gulfstream Commercial Services, LLC is selling a land area of approximately 6.55 acres on Fairview Drive in Owensboro, KY for $225,000 per acre or for a total of $1.473 million. The site is located near a 240,000 sq.ft. Wal*Mart Supercenter and Kohl’s. The company also is selling a land area of 6.75 acres on West Parrish Avenue in Owensboro, KY for $150,000 per acre of $1.012 million. The company also is selling a land area of 50 acres at the intersection of Highway 231 and Veterans Memorial Parkway in Bowling Green, KY for $150,000 per acre or for a total of $7.5 million. Area retail includes Wal*Mart Supercenter. The company also is selling Woodlands Plaza, a center situated on a land area of 20 acres on Villa Point in Owensboro, KY for $3.652 million. The center comprises eight tenants and is currently 100% occupied. Area retail includes Wal*Mart Supercenter and a Kohl’s-anchored center. The company also is selling a 37,509 sq.ft. building located on Villa Point in Owensboro, KY for $4 million. The building is situated on a land area of 6.007 acres. Area retail includes Wal*Mart Supercenter and a Kohl’s-anchored center. For more information, contact Bradley Anderson or Katie Beth Howell, Gulfstream Commercial Services, LLC, PMB 303, 2946 Fairview Drive, Owensboro, KY 42303; 270-685-9007, Fax 270-574-8444.
Faris Lee Investments completed the sale of Tesoro Village, a 74,537 sq.ft. supermarket-anchored center located on West Copper Hill Road in Santa Clarita, CA for $31 million. The center was sold by Westrust to DSB Associates in a 1031 exchange. Tesoro Village was 100% occupied at the time of the sale by Albertsons/Sav-on Drugs, Bank of America, Starbucks, The UPS Store, Pick Up Stix, Great Clips, Red Brick Pizza and several other regional shop tenants. For more information, contact Jeff Conover, Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800; Web site: www.farislee.com .
ArciTerra Group, LLC is selling Wachovia Center, a 100% leased center located in Mount Airy, NC for $2.1 million with a Cap rate of 7%. The site has a net operating income of $146,400. The center is shadow-anchored by Lowe’s Home Improvement. Existing tenants include Wachovia Bank with a drive-thru, Cingular Wireless, Quiznos, LabCorp and Kids Shot. Area demographics include a population within five miles earning $45,000 as the average household income. The company also is selling Washington Mutual Crossing, a 100% leased center located in Suwanee, GA for $4.13 million. The site has a net operating income of $285,300. Area retail includes Wal*Mart Supercenter. Existing tenants include Washington Mutual, TCBY, Nextel, Aruba Tan and Jestin Lamar’s, Haute Heads Hair Salon. Area demographics include a population within one mile earning $100,000 as the average household income. The center is situated on a land area of 1.76 acres. For more information, contact Ryan O’Connell, ArciTerra Group, LLC, 602-840-6800, Fax 602-956-4494; Email: ryan.oconnell@arciterra.com .
Jaime M. Weiss Realty Co., Inc. is selling a land area of 30 acres in Decatur, IL. The space can accommodate 315,000 sq.ft. of retail space and has pad sites available for restaurants from 3,500 sq.ft. to 8,200 sq.ft. and big box retail sites from 10,300 sq.ft. to 110,000 sq.ft. The site has an average daily traffic count of 25,000 vehicles. Area demographics include a population of 800,000 within a 50-minute drive. The space is part of an overall redevelopment of the former 147-acre Bridgestone/Firestone tire manufacturing warehouse facility. The site can be divided to create a separate 30-acre, retail/commercial tract with 0.5 mile frontage on 22nd Street. The remaining warehouse will be sold or leased separately in its entirety or part. Financing is available. For more information, contact Jaime Weiss, Jaime M. Weiss Realty Co., Inc., 250 Moonachie Road, Moonachie, NJ 07074; 201-814-1800, Fax 201-814-1811; Email: jweiss@jweissrealty.com ; Web site: www.jweissrealty.com .
Pantastic Realty is selling a land area of 3,720 sq.ft. in Brooklyn, NY for $1.649 million. Area retail includes Rite Aid and National Wholesale Liquidators. For more information, contact David E. Pantastic, Pantastic Realty, 12 Sam Law Drive, Monsey, NY 10952; 845-352-9844, Fax 845-352-9845.
Property Group International is representing a client looking to acquire an NNN property in southern CA, preferably in Los Angeles County, CA. The client is looking for about a 6% Cap rate. For more information, contact Ethan Alvidrez, Property Group International, 4695 MacArthur Court, 11th Floor, Newport Beach, CA 92660; 949-612-1720, Fax 949-606-0401; Email: ealvidrez@pgire.com ; Web site: www.pgire.com .
TKO Real Estate Advisory Group, Inc. is selling centers in AL and OH and a freestanding building located in PA. The sites include Five Points Plaza, a Kmart-anchored center located in Fairborn, OH; East Town Shopping Center located in Birmingham, AL and a freestanding building in Reading, PA. For more information, contact Ted Kraus, TKO Real Estate Advisory Group, Inc., 100 Youngs Road, PO Box 2630, Mercerville, NJ 08690; 609-687-6200, Fax 609-587-3511; Email: ted@dealmakers.net ; Web site: www.dealmakers.net .
Calkain Realty Advisors is selling an Eckerd’s Pharmacy located at Pleasant Valley Shopping Center located in Altoona, PA for $2.67 million. The site has a net operating income of $187,000. For more information, contact Michael O’Mara, Calkain Realty Advisors, 402 Amherst Street, Suite 200, Nashua, NH 03063; 603-689-2034, Fax 603-883-7413; Email: momara@calkain.com .
ICAP Realty Advisors is looking to acquire value-added centers and office buildings in primary markets and possibly secondary markets with a minimum GLA of 100,000 sq.ft. For more information, contact Richard Slavin, ICAP Realty Advisors, One West Red Oak Lane, White Plains, NY 10604; 914-641-4319, Fax 914-694-6072; Email: rslavin@icaprealty.com .
Johnson Capital brokered a $110.4 million deal for a portfolio of six outlet shopping centers with a total of 1.3 million sq.ft. The properties are located in CA, GA, MO, MN, MI and NV. The sites were acquired by Prescott Capital Management from affiliates of Horizon Group Properties, Inc. The properties in the portfolio include: a 226,405 sq.ft. center located in Tulare, CA that is 95.1% leased; a 256,741 sq.ft. property in Laughlin, NV that is 89% leased; a 199,963 sq.ft. property in Warrenton, MI that is 89% leased; a 223,960 sq.ft. property in Medford, MN that is 87.5% leased; a 153,975 sq.ft. property in Traverse City, MI that is 73.8% leased and a 198,110 sq.ft. property in Darien, GA that is 80.1% leased. The property contains another 76,385 sq.ft. that was recently developed and is ready for occupancy. For more information, contact Daniel Lisser, Johnson Capital, 212-888-9261, Fax 212-888-9265; Email: dlisser@johnsoncapital.com . Or contact, Kristen Hayes, Johnson Capital, 18101 Von Karman Avenue, Suite 1050, Irvine, CA 92612; 949-660-1999; Web site: www.johnsoncapital.com .
Gateway Realty Advisors is selling a land area of 1.4 acres on Lincoln Trail Drive in Fairview Heights, IL for $800,000. The outparcel is fully zoned and entitled to construct a 7,500 sq.ft. general retail building. The outbuilding size could be increased if the buyer could acquire the adjacent former Pearl Vision. For more information, contact John Beckman, Gateway Realty Advisors, 314-239-1455; Email: john.beckman@gatewayrealtyadvisors.com .
Upland Real Estate Group, Inc. is selling a 37,000 sq.ft. Sherwin-Williams store located on West 57th Street in Sioux Falls, SD for $1.395 million with a Cap rate of 6%. The site has a net operating income of $83,748 and is currently 100% occupied. The property is located one half mile from the Empire Mall, anchored by JCPenney, Marshall Fields, Sears, Kohl’s and Target. The Empire Mall and Empire East is the largest shopping complex between Minneapolis, MN and Denver, CO. 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 .
WFDS-Investments is selling three Family Dollar stores, including locations in Fort Worth, TX and Tulsa and Bartlesville, OK. The sites have modified gross leases with five years remaining and priced at a Cap rate of 9%. For more information, contact Dennis L. Wood, WFDS-Investments, LLC, 918-482-3602.
Hauck Holdings, Ltd. is looking to acquire strip and power centers east of the Mississippi River for between $15 million and $50 million with Cap rates of 8%. The sites must have an occupancy factor of 80% and have GLAs between 125,000 sq.ft. to 500,000 sq.ft. For more information, contact Harold Fry, Hauck Holdings, Ltd., 7720 Montgomery Road, 1st Floor, Cincinnati, OH 45236; 513-733-3300, Email: hsf@hauckco.com .
CB Richard Ellis, Inc. sold Merchants Crossing, a 213,739 sq.ft. center located on Placida Road in Englewood, FL for $25 million. The center is anchored by Publix Supermarkets, Office Depot, Beall’s and Walgreens Drug Store. The property traded for $116.97 psf. For more information, contact Richard Tarquinio, CB Richard Ellis, Inc., 305-381-6410; Email: richard.tarquinio@cbre.com ; Web site: www.cbre.com .
NAI Capital Commercial is selling a 17,490 sq.ft. Walgreens store located in MN for $6.4 million with a Cap rate of 6.25%. The store is located across from a major mall, Home Depot and other national retailers. The site has a new 25-year NNN lease. For more information, contact Laurence Saper, NAI Capital Commercial, 310-532-9080, Fax 310-327-6259; Email: lsaper@naicapital.com ; Web site: www.naicapital.com .
AEI Fund Management, Inc. acquires properties upon completion and occupancy. Companies can sell properties to AEI and free up capital or reduce the cost of capital currently invested in non-earning assets. For more information, contact AEI Fund Management, 30 East Seventh Street, Suite 1300, St. Paul, MN 55101; 800-328-3519, Fax 651-227-7705; Email: aeifund2@aeifunds.com .
Coldwell Banker Commercial NRT sold Clinton Town Center, a center located in Clinton, UT for $5.44 million to Bridgeport Retail, LLC. The 34,186 sq.ft. center was 98% occupied at the time of the sale. For more information, contact Pam Thompson, Coldwell Banker Commercial NRT, 6550 South Millrock Drive, Suite 200, Salt Lake City, UT 84121; 801-947-8300, Fax 801-947-8301; Email: pam.thompson@coldwellutah.com .
ELP Commercial is selling a site located at the intersection of Freeway Loop 275 and Montana Avenue in El Paso, TX. The site is located 10 minutes from Fort Bliss Military Base. For more information, contact Ramon Jaimes, ELP Commercial; Email: ramon@elpcommercial.com .
Century 21 At The Crossing, Inc. Commercial is selling Franklin Gables, a 27,500 sq.ft. center located at the corner of Franklin Road and 38th Street in Indianapolis, IN for $2 million with a Cap rate of 9.3%. The site has a net operating income of $186,375. Area retail includes Wal*Mart. For more information, contact Itamar Cohen, Century 21 At the Crossing-Commercial, 4929 East 96th Street, Indianapolis, IN 46240; 317-513-5202, Fax 317-573-5182; Emails: icohen@century21atc.com and icemail1@aol.com .
Cohen & Co., Inc. Real Estate is representing the seller in the sale of City Station, a three-tenant, 100% leased retail property containing 18,258 sq.ft. located in Cincinnati, OH. For more information, contact Vera Thomas or Phyllis Bosworth, Cohen & Co., Inc. Real Estate, 212-803-5771 or 212-803-5773.
Millco Investments is selling a Family Dollar store located on 28th Street in Louisville, KY for $810,000 with a Cap rate of 8%. The site has a net operating income of $64,800. There is approximately eight acres remaining on the initial 10-year term and the site has four, five-year renewal options with 10% increases. For more information, contact Jordan J. Kaufman, Millco Investments, 19 South LaSalle Street, Suite 1000, Chicago, IL 60603; 312-377-7800 Ext. 103, Fax 312-377-7898; Email: jordan@millcoinvestments.com ; Web site: www.millconivestments.com .
Continental Realty Services is representing a client looking to acquire upscale/luxury centers for between $15 million and $100 million. Other select areas will be considered, but CA, AZ, Las Vegas, NV; NY, TN and WA are preferred. The preferred Cap rates are between 6% and 7%. The client also will invest in marquis/trophy type hotel and resort properties in selected American and European cities. For more information, contact Evan Langert, Continental Realty Services, 1633 Old Bayshore Highway, Suite 333, Burlingame, CA 94010; 650-714-3826.
NAI Mertz of PA is selling a land area of 46 acres on Route 6 in Dickson City, PA for $1.95 million. Area retail includes Wal*Mart, Home Depot, Sam’s Club, Target, Kmart, Lowe’s Home Improvement and Marshalls. The company also is selling a land area of one acre at the intersection of North Pennsylvania Avenue and Scott Street in Wilkes-Barre, PA for $750,000. Area demographics include a population of 119,858 within five miles earning $41,271 as the average household income. The company also is selling a land area of 0.8367 acres on Kidder Street in Wilkes-Barre, PA for $895,000. The site has an average daily traffic count of 30,000 vehicles. Area demographics include a population of 116,132 within five miles earning $42,488 as the average household income. Area retail includes McDonald’s, T.G.I. Friday’s, Ruby Tuesday, Toys “R” Us and Wyoming Valley Mall. For more information, contact Joshua Gilmour or Carolyn Mertz, NAI Mertz of PA, 350 Laird Street, Suite 110, Wilkes-Barre, PA 18702.
Sperry Van Ness completed the sale of a Rite Aid building located in Yorba Linda, CA for $3.45 million. The 11,180 sq.ft. property is located on Cedar Street near Interstate 96 and Interstate 496 in Lansing, MI. The buyer acquired the property as part of a 1031 exchange at a 7.5% Cap rate. For more information, contact David Ebeling, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-225-1883, Fax 949-265-5864; Email: david.ebeling@svn.com ; Web site: www.svn.com .
GMH Capital Partners represented ITW Mortgage Investments IV in the sale of the Stassney Heights shopping center located in Austin, TX. The 102,916 sq.ft. center was acquired by a private investment group known as TPRF/Stassney, LP for $14.691 million. The center is currently shadow-anchored by Lowe’s Home Improvement and a 62,530 sq.ft. Albertsons. For more information, contact Bill Tourtellotte, GMH Capital Partners, 610-355-8097; Web site: www.gmhcp.com .
LaSala Sonnenberg Commercial Realty Co. is selling a 13,00 sq.ft. multi-tenant center located in suburban Kansas City, MO for $2.2 million. The center is 100% leased and has a net operating income of $148,525. For more information, contact David A. Anderson, LaSala Sonnenberg Commercial Realty Co., 6310 Lamar, Suite 100, Overland Park, KS 66202; 913-362-1000 Ext. 102; Email: dave@lasala-sonnenberg.com .
The Boraca Group, Inc. is representing two clients looking to acquire neighborhood retail centers with good Cap rates. The clients can move quickly. For more information, contact Michael A. Boraca, The Boraca Group, Inc., 847-931-7500, Fax 847-931-7573; Email: mboraca@mikeboraca.com .
NAI Isaac Commercial Properties is selling a 35,000 sq.ft. space located at Millpond Shopping Center located on Man O’War Boulevard in southwest Lexington, KY for $3.5 million. The center is shadow-anchored by Kroger and is located across from Starbucks, Rite Aid and housing developments. The site has an average daily traffic count of 29,393 vehicles. For more information, contact Chad Gaunce or David Pulito, NAI Isaac Commercial Properties, 771 Corporate Drive, Suite 300, Lexington, KY 40503; 859-422-4413; Email: cgaunce@naiisaac.com and dpulito@naiisaac.com .
Onyx Equities, LLC acquired Red Lion Plaza, a 224,269 sq.ft. center located at the intersection of Roosevelt Avenue and Red Lion Road in northeast Philadelphia, PA from Cedar Management. The center, anchored by Best Buy and Pep Boys, currently features 74,000 sq.ft. of contiguous space available, which can be subdivided to 24,000 sq.ft. The property also contains three pad sites leased to Taco Bell, Sleepys and McDonald’s. Onyx plans complete several capital improvement projects at Red Lion Plaza, including renovating a portion of the center’s facade and enhancing the property’s landscaping. Area demographics include a population of 370,000 within five miles. For more information, contact Onyx Equities, LLC, 732-362-8800; Web site: www.onyxequities.com .
NewMark Merrill Cos. acquired a single-tenant center leased to Big Lots at the intersection of Whittier Boulevard and Painter Avenue in Whittier, CA. The site currently consists of a 35,000 sq.ft. Big Lots and 167,000 sq.ft. of land. The project is located off of the 605 Freeway and area demographics include a population of 85,000 within five miles. For more information, contact Heather Danko, NewMark Merrill Cos., 818-710-6100, Fax 818-710-6116; Email: hdanko@newmarkmerrill.com ; Web site: www.newmarkmerrill.com .
Hilco Real Estate is selling five former Mastercraft Interiors locations in the Washington, DC area. The stores are located at: 1428 Rockville Pike in Rockville, MD. The 35,000 sq.ft. store has two levels; on 3155 Duke Street in Alexandria, VA. The 23,710 sq.ft. site is located in a center tenanted by Giant Food, Panera Bread, Noodles & Co., Baja Fresh, Lone Star Steakhouse and SunTrust Bank; at Fair Oaks Mall in Fairfax, VA. The store is located on the second level across from Pottery Barn. Anchors include Macy’s, Hechts, JCPenney, Sears and Lord & Taylor; on 1405 Forest Drive in Annapolis, MD. The 8,000 sq.ft. building is freestanding site; and a warehouse/distribution site located on Distribution Drive in Beltsville, MD. For more information, contact Josh Joseph or Matt Darin, Hilco Real Estate, 847-504-2459/2456; Emails: jjoseph@hilcorealestate.com and mdarin@hilcorealestate.com ; Web site: www.hilcorealestate.com .
Edge Development Group, LLC is looking to acquire single-tenant, investment-grade properties in excess of $5 million nationwide. The company is looking for CVS and Walgreens locations or other sites with 15 years or more left with absolute NNN leases. For more information, contact Scott Austin, Edge Development Group, LLC, 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-9605, Fax 407-977-0775; Email: edgedev@cfl.rr.com .
Alexander & Baldwin, Inc. and its subsidiaries completed the sale of two retail centers in the Phoenix, AZ metropolitan area for a combined price of $35.6 million. The sale of Carefree Marketplace was to Jackett Carefree, LLC, while Mesa South Shopping Center was sold to Jackett Mesa South, LLC. The 133,600 sq.ft. Mesa South Shopping Center is located on an 18-acre parcel, while the Carefree Marketplace is 85,000 sq.ft. and is situated on a land area of 6.5 acres. For more information, contact Meredith J. Ching, Alexander & Baldwin, Inc., 822 Bishop Street, Honolulu, HI 96813, PO Box 3440, Honolulu, HI 96801-3440; 808-525-6669, Fax 808-525-5652; Email: mching@abinc.com ; Web site: www.alexanderbaldwin.com .
Denenberg Realty Advisors is selling an 8,000 sq.ft. Family Dollar store located in Cairo, NY for $695,000 with a Cap rate of 8.5%. The site has a net operating income of $59,026. The building is situated on a land area of 0.94 acres and has a lease term of 10.5 years with rental increases of 10% in 2009. For more information, contact Michael Scanio, Denenberg Realty Advisors, 230 Commercial Street, Boston, MA 02109; 617-720-5656, Fax 617-720-5347; Web site: www.denenbergra.com .
Marcus & Millichap Real Estate Investment Brokerage is selling a 3,040 sq.ft. Burger King/Mobil Gas Station in Lowell, IN for $1.775 million with a Cap rate of 7.44%. The building is situated on a land area of 4.54 acres. The site is a combination fast food/gas station/convenience mart. For more information, contact George M. Ghattas, Marcus & Millichap Real Estate Investment Brokerage, 333 West Wacker Drive, Suite 200, Chicago, IL 60606; 312-327-5400 Ext. 5431, Fax 312-327-5410; Web site: www.marcusmillichap.com .
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