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Buyers & Sellers
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Buyers & Sellers Heslin Holdings, Inc., in partnership with Retail Holding, LLC, acquired retail properties valued at $68 million and totaling 370,000 sq.ft. The acquisitions consisted of six Albertsons buildings totaling $40 million, four of which were acquired as a single $27 million portfolio. Following these acquisitions, Heslin Holdings, Inc. sold two of the Albertsons, and retained the other four which are located on Katella Avenue in Stanton, CA, Orangethorpe Avenue in Fullerton, CA, Alessandro Boulevard in Moreno Valley, CA and Eagle Rock Boulevard in Glassell Park, CA. For more information, contact Matthew J. Heslin, Heslin Holdings, Inc., 5015 Birch Street, Suite 119, Newport Beach, CA 92660; 949-265-7001.
H&R Retail represented the seller in the sale of Lutherville Station, a 270,431 sq.ft. mixed-use retail and office property located on West Ridgely Road in Lutherville, MD. H&R Retail represented Lutherville Station Business Trust in the transaction. The center was acquired by an affiliate of the Hutensky Group. Major tenants in the center include Circuit City, Old Navy and Border’s Books. For more information, contact Mike Gorsage or Kate Howarth, H&R Retail, 9475 Deereco Road, Suite 300, Timonium, Maryland 21093; 410-308-0800, Fax 410-308-0676; Email: dward@hrretail.com .
Metro Commercial Real Estate, Inc. negotiated the sale of Adams and Tabor Shopping Center, a 25,043 sq.ft. neighborhood strip center located in Philadelphia, PA for $3.45 million. Metro Commercial Real Estate, Inc. represented the seller, Adams/Tabor LLC. A New York-based private investor acquired the property. At the time of the sale, the center was 86% leased, with retailers including Wachovia Bank and several inline restaurants. There is currently 3,628 sq.ft. of inline space available for lease. For more information, contact Jamie Joffe, Metro Commercial Real Estate, Inc., Eight Tower Bridge, 161 Washington Street, Suite 375, Conshohocken, PA 19428; 610-246-2606; Email: jjoffe@metrocommercial.com ; Web site: www.metrocommercial.com .
First Financial Corp. is seeking to acquire the following throughout Chicago, IL, MD, NJ, New York, NY and VA: enclosed malls with a minimum GLA of 400,000 sq.ft.; outlet centers with a minimum GLA of 200,000 sq.ft. and open air centers with a minimum GLA of 150,000 sq.ft. For more information, contact Jackie L. Tate, First Financial Corp., 11560 Fox Chase Drive, Tuscaloosa, AL 35405; 205-366-8460; Email: firstfinancialcorp@yahoo.com .
Pyramid Brokerage Co. is selling a 55,745 sq.ft. center located in Amherst, NY anchored by Dick’s Sporting Goods. The company is also selling Home Depot Plaza, a 153,838 sq.ft. center located in Niagara Falls, NY anchored by Home Depot and Regal Cinemas. For more information, contact John B. Kaman, Pyramid Brokerage Co., 255 Woodcliff Drive, Fairport, NY 14450; 585-248-9426, Fax 585-248-3981; Email: jkaman@pyramidbrokerage.com .
Hilco Real Estate is offering a 1.9-acre site located at the intersection of Clear Lake Avenue and Dirksen Parkway in Springfield, IL with an average daily traffic count of 25,000 vehicles, for sale, lease or ground lease. The only improvement currently on site is an approximately 3,300 sq.ft. former Hardee’s restaurant on the lot, which is available for sale or lease. The entire 1.9-acre lot is now being sold for $1.9 million. The former Hardee’s building is being sold for $1.1 million with an asking net rent of $22 psf. For more information, contact Matt Darin or Josh Joseph, Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062; 847-504-2456/2459; Emails: mdarin@hilcorealestate.com and jjoseph@hilcorealestate.com ; Web site: www.hilcorealestate.com .
Pocklington, Pocklington and Forster Retail Investment Group, of GVA Advantis Real Estate Services Co., closed three retail investment sale transactions totaling more than $4.2 million in the central FL area. Sunrise Plaza, located on Sunrise Plaza Drive in Clermont, FL, was sold for $2.45 million by Holdings, Inc. The Pocklington, Pocklington and Forster Retail Investment Group represented the buyer, Royalton LLC, in the transaction involving the 9,740 sq.ft. unanchored retail center, which was 100% occupied at the time of sale. Shells Restaurant, located on West Vine Street in Kissimmee, FL, was sold for $1.575 million to Denison Limited Partnership. The company represented the seller, La Mirada Plaza LLC, in the transaction involving the 7,484 sq.ft. freestanding restaurant. An unanchored retail center located on Atlantic Avenue in Daytona Beach, FL was sold for $900,000 to Bray & Gillespie XXXIX LLC. The company represented both the buyer and seller, a private Daytona Beach group, in the transaction involving a 3,550 sq.ft. unanchored retail center situated on a land area of 15,500 sq.ft. For more information, contact Sasha Pardy, GVA Advantis, 255 South Orange Avenue, Suite 1350, Orlando, FL 32801; 407-999-4775, Fax 407-849-6010; Email: spardy@gvaadvantis.com .
Colliers Arnold is selling six Uni-Mart locations throughout NY and PA. A 2,400 sq.ft. location in Bradford, PA is for sale for $1.1 million and is situated on a land area of 20,000 sq.ft.; a 2,500 sq.ft. location in Cuba, NY is for sale for $649,957 and is situated on a land area of 18,000 sq.ft.; a 2,400 sq.ft. site in Harrisburg, PA is for sale for $520,009 and is situated on a land area of 20,000 sq.ft.; a 2,400 sq.ft. site in Kane, PA is for sale for $1.25 million and is situated on a land area of 20,000 sq.ft.; a 2,400 sq.ft. site located in Springdale, PA is for sale for $588,859 and is situated on a land area of 21,510 sq.ft. and a 2,500 sq.ft. site in Bradford, PA is for sale for $620,313 and is situated on a land area of 19,500 sq.ft. For more information, contact Cynthia Shelton, Colliers Arnold, 622 East Washington Street, Suite 300, Orlando, FL 32801; 407-843-1723; Email: cshelton@colliersarnold.com ; Web site: www.colliersarnold.com .
Colliers Turley Martin Tucker is selling a 37,450 sq.ft. Dave and Buster’s in Columbus, OH. A 15-year lease will commence in November 2006. For more information, contact Kevin James, Colliers Turley Martin Tucker, 614-827-1705, Fax 614-241-4701; Email: ktjames@ctmt.com ; Web site: www.ctmt.com .
Bewley Properties, Inc. has six outparcels for sale at the Towne Crossing Development in Greeneville, TN: A 1.95-acre outparcel for $500,000; a 0.96-acre outparcel for $500,000; a 1.3-acre outparcel for $500,000; a 0.85-acre outparcel for $450,000; a 0.69-acre for $375,000 and a 0.59-acre outparcel for $350,000. For more information, contact Bewley Properties, Inc., PO Box 459, Greenville, TN 37744; 423-638-6971, Fax 423-638-2969.
M2 Realty Corp. is selling an approximately 26,870 sq.ft. land area on 27th Avenue in Opa Locka, FL for $1.7 million. The company is also selling a 24,233 sq.ft. land area located in Boca Raton, FL for $750,000. For more information, contact Emran Ally, M2 Realty Corp., 18646 Northwest 67th Avenue, Miami, FL 33015; 800-587-9097 Ext. 24; Email: eally@m2realty.com .
SouthPoint Realty Group is selling The Southtown Plaza in Elmira, NY. The 80,000 sq.ft. center has 400 parking spaces and is anchored by a P&C Supermarket. The Cap rate is 8.1%. For more information, contact Morris Meisels, SouthPoint Realty Group, 525 Kent Avenue, Suite 201, Brooklyn, NY 11211; 718-408-0009, Fax 718-625-1085; Email: morris.meisels@southpointrealty.net .
Marcus & Millichap Real Estate Investment Brokerage Co. facilitated the sale of a 13,590 sq.ft. Jolly Roger strip center in Laguna Beach, CA. The $11.1 million transaction represents a price of $817 psf. The Newport Beach office of Marcus & Millichap’s National Retail Group represented the buyer, Bradford Ventures LLC, and the seller, Lloyd Charton Family Trust, in the NNN transaction. Located at 400-424 South Coast Highway, the retail property is currently 100% occupied by two tenants, Soul to Sole, which occupies 1,590 sq.ft., and Jolly Roger/Laguna Beach Brewing Co., which occupies 12,000 sq.ft. The company is also selling a 3,377 sq.ft. Burger King in Dyer, IN for $1.2 million with a Cap rate of 7%. The site has an average daily traffic count of 34,000 vehicles. The company recently sold The Montclair Outlets in Montclair, CA. The 27,592 sq.ft. center sold for $5.25 million. The center is located at the intersection of Vernon Street and Moreno Street. Area retail includes Nordstrom, JCPenney, Sears, Target, Aaron Brothers, Pier 1 Imports and Marshalls. The company also arranged the sale of Utopia Center in the Fresh Meadows section of Queens, NY. The 109,039 sq.ft. mixed-use property includes retail space, office space and aboveground parking. The property sold for $51.7 million with a Cap rate of 6.74%. For more information, contact Jack Hopkins, Marcus & Millichap Real Estate Investment Brokerage Co., 19800 MacArthur Boulevard, Suite 150, Irvine, CA 92612; 949-851-3030, Fax 949-833-0701. For more information regarding Burger King, contact George M. Ghattas, Marcus & Millichap Real Estate Investment Brokerage Co., 333 West Wacker Drive, Suite 200, Chicago, IL 60606; 312-327-5400 Ext. 5431, Fax 312-327-5410: Email: gghattas@marcusmillichap.com . For more information regarding The Montclair Outlets, contact Kevin Assef, Marcus & Millichap Real Estate Investment Brokerage Co., 909-605-1800; For more information regarding Utopia Center, contact Steven Siegel, Marcus & Millichap Real Estate Investment Brokerage Co., 270 Madison Avenue, 7th Floor, New York, NY 10016; 212-430-5100 Ext. 5166, Fax 212-430-5110; Email: ssiegel@marcusmillichap.com ; Web site: www.marcusmillichap.com .
Sperry Van Ness completed the sale of Twin Lakes Shopping Center, a 312,826 sq.ft. center located in Wichita, KS, to IPS Twin Lakes Investors, LLC for $10.35 million. Sperry Van Ness represented the seller, Coastal Wichita Retail, LLC. The two-building property is situated on a land area of 20 acres and is 65% occupied by tenants including Famous Footwear, Fashion Bug, Blockbuster Video, Whole Foods and Dollar Tree. The company also completed the sale of Trails End Marketplace, a 102,395 sq.ft. center located in Oregon City, OR, to Matteson Real Estate Equities, Inc. for $30.55 million. The center is anchored by Haggen Food & Drug and is cotenanted by Quiznos, Cold Stone Creamery, First American Title, Coldwell Banker, State Farm and Carl’s Jr. Sperry Van Ness is also selling Eastway Plaza, located on Buffalo Road with an average daily traffic count of 19,000 vehicles, in Erie, PA. Asking price for the 216,420 sq.ft. center, which is 75% vacant, is $6.75 million. Cotenants include Dollar General, Fashion Bug, Radio Shack, Advance America, H&R Block and The UPS Store. The company is also selling Mountain Mall in Monticello, NY for $6.5 million with a Cap rate of 6.6%. The 61,805 sq.ft. center is 93% occupied by tenants such as Aldi Supermarket, Dollar Tree, Dollar General and Movie Gallery. The company is also selling Grandview Shopping Plaza in Erie, PA. Asking price for the 71,042 sq.ft. center is $4.85 million with a Cap rate of 7.76%. The company is also selling Riverside Plaza in Johnson City, NY. Asking price for the 26,747 sq.ft. center is $3.2 million with a Cap rate of 7.3% and it is anchored by Bally Total Fitness. For more information regarding the Twin Lakes Shopping Center and Trails End Marketplace, contact David Ebeling, Sperry Van Ness, 949-225-1883. For more information regarding the other properties, contact Neil Golub, Sperry Van Ness, 50 Main Street, Suite 1000, White Plains, NY 10606; 914-682-6854; Emails: david.ebeling@svn.com and neil.golub@svn.com ; Web sites: www.svn.com .
CB Richard Ellis is selling the following three centers located in PA and each shadow-anchored by a Wal*Mart Supercenter. Kimberly Plaza is a 100% leased, one-story retail center situated on a land area of 2.7 acres and contains 25,792 sq.ft. of space. Cranberry Plaza II is a 100% leased, one-story retail center situated on a land area of 3.6 acres and contains 24,000 sq.ft. of space. Greenville Crossing is a 100% leased, one-story retail center situated on a land area of 2.69 acres that contains 23,400 sq.ft. of space. Asking price is a combined $11.1 million with a combined Cap rate of 7.89%. The company is also selling The Shoppes at Misty Meadows Lane located in Memphis, TN. The center, which is anchored by Golf Discount SuperStore, is situated on a land area of 4.529 acres and contains 26,200 sq.ft. of space. Cotenants include Du Won Jung Korean Restaurant, Cheeburger Cheeburger, Johnny Brusco’s New York Style Pizza, Salsarita’s Fresh Cantina and Hair, Inc. Asking price is $7 million with a Cap rate of 7.41%. The company is also selling Bigg’s Place, a 402,634 sq.ft. center in Cincinnati, OH. The center is 89% occupied by tenants including American General Finance, Rent-A-Center, Rincon Mexicano, Gold Star Chili, Fashion Nails, First Clermont Bank and Receptions. For more information, contact Jeffrey Ackerman, CB Richard Ellis, 600 Grant Street, Suite 1400, Pittsburgh, PA 15219; 412-394-9800, Fax 412-918-5638; Email: jeffrey.ackerman@cbre.com . For more information regarding Bigg’s Place, contact Robert J. Mahoney, William A. Wright or Christopher J. Hodge, CB Richard Ellis, 700 Commerce Drive, Suite 550, Oak Brook, IL 60523; 630-573-7011/7040 and 513-369-1603; Web site: www.cbre.com .
Stone Ridge Capital is selling the following properties: Riverplace, a 127,853 sq.ft. center located in Canton, GA anchored by Staples and Ingles; Felton’s Crossing, a 112,240 sq.ft. center located in Cartersville, GA anchored by Ingles and Ross Dress For Less; Fort Ogelthorpe Marketplace, a 176,903 sq.ft. center located in Fort Oglethorpe, GA anchored by Big Kmart, Dollar General and CVS; Lakeside Plaza, a 181,894 sq.ft. center located in Waynesville, NC anchored by Wal*Mart and Food Lion; and Memorial Square, a 143,299 sq.ft. center located in Pulaski, VA anchored by Wal*Mart, Food Lion, CVS and Dollar Tree. For more information, contact Jim Hudgins, Stone Ridge Capital, 295 West Crossville Road, Suite 810, Roswell, GA 30075; 678-722-2000, Fax 678-722-2002; Email: jim@stoneridgecapital.com .
Faris Lee Investments is selling a Sultan Chevron in Sultan, WA. The gas station is located on West Stevens Avenue and is situated on a land area of 1.01 acres. Asking price is $1.85 million with a Cap rate of 6.5%. A rental increase of 15% occurs every five years. Area demographics include a population of 6,795 within three miles earning $75,256 as the average household income. The company is also selling a Northgate Chevron in Seattle, WA. The gas station is located on North Northgate Way and is situated on a land area of 0.46 acres. Asking price is $2.77 million with a Cap rate of 6.5%. A rental increase of 15% occurs every five years. Area demographics include a population of 164,081 within three miles earning $69,425 as the average household income. The company is also selling a Wal*Mart -shadow-anchored center in Las Vegas, NV. The center is located on East Silverado Ranch Boulevard and is situated on a land area of 1.07 acres and has space available of 7,683 sq.ft. Asking price is $5.2 million with a Cap rate of 6%. For more information, contact Dennis Vaccaro, Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1806; Email: dvaccaro@farislee.com .
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