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Buyers & Sellers
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Buyers & Sellers California Realty Partners, Inc. is selling a Sherwin-Williams site in Katy, TX for $1.292 million at a Cap rate of 6.5%. The 7,000 sq.ft. property sits on a land area of one acre and has a NOI of $84,000. The lease has a 10-year term with four, five-year options. The rent is $84,000 from years one through 10 with 10% increases every five years during the option periods. Area retailers include a Wal*Mart Supercenter currently under construction. Area demographics include a population of 149,791 within five miles earning $80,811 as the average household income. For more information, contact Diane N. Pechenick, California Realty Partners, Inc., 20656 Ventura Boulevard, Woodland Hills, CA 91364; 818-348-8700 Ext. 20, Fax 818-348-8707; Email: dianep@carealtypartners.com.
Pointe Development Co. is selling an outparcel across from Wal*Mart Supercenter on U.S. 27 in Clermont, FL. The site has a drive-thru. The average daily traffic count is 35,500 vehicles and area retail includes Kohl’s. For more information, contact Alan Sakowitz, Pointe Development Co., 1111 Kane Concourse, Suite 401F, Bay Harbor Islands, FL 33154; 305-861-3737, Fax 305-865-3434; Web site: www.pointecompanies.com.
Centurion Realty, LLC is looking to acquire grocery-anchored shopping, lifestyle, specialty, community and power centers with minimum GLAs of 50,000 sq.ft. priced at $10 million minimum. The company prefers urban retail properties in Boston, MA; New York, NY; Philadelphia, PA and Washington, DC. The properties must have supply side restrictions, strong demographics and special emphasis on re-leasing. The company is also looking to acquire mixed-use properties with a substantial retail component priced at a minimum of $3 million. The properties must be located in major metropolitan markets in the Northeast. The company’s geographic preferences include major markets in CT, MA, ME, NJ, NY, PA, RI and VT. For more information, contact Christopher Wan, Centurion Realty, LLC, 1466 Broadway, 8th Floor, New York, NY 10036; 212-204-3450 Ext. 109, Fax 212-391-9603; Email: cwan@centurionre.com; Web site: www.centurionre.com/home.asp.
C W Clark, Inc. is selling an 84,000 sq.ft. neighborhood shopping center in San Diego County, CA. The site has a guaranteed lease with Kroger. For more information, contact Steve Warfield, C W Clark, Inc.; 858-875-5145, Fax 858-453-7260; Email: swarfield@cwclarkinc.com.
Sperry Van Ness is selling Long Lake Shopping Center in Troy, MI for $6.25 million with a 7.05% Cap rate. The 22,074 sq.ft. center is located on John Road and is 100% leased. The company also completed the $1.735 million sale of Natalie Commons, a 20,000 sq.ft. center in Denver, NC. The company represented the buyer, a private NC-based investor. Marois Builders, representing itself, sold the site. For more information regarding Long Lake Shopping Center, contact Robert Pliska, Sperry Van Ness, 400 West Maple Road, Suite 150, Birmingham, MI 48009; 248-433-1400, Fax 248-433-1401; Email: robert.pliska@svn.com; Web site: www.svn.com. For more information regarding Natalie Commons, contact David Ebeling at 949-225-1883; Email: david.ebeling@svn.com.
Bob Bassel Realties, Inc. is looking to acquire net-leased retail, office, industrial and commercial properties with a minimum 15-year lease term. Land lease investments are of interest. For more information, contact Bob Bassel, Bob Bassel Realties, Inc., 1312 St. Catherine Street West, Suite 318, Montreal, Quebec, CN H3G 1PG; 514-871-9414, Fax 514-871-9506; Email: info@bobbassel.com.
Colliers International directed the $26.2 million sale of Whizin Shopping Center and a 2.73-acre land area in Agoura Hills, CA. The 84,979 sq.ft. mixed-use open-air lifestyle center is located on Roadside Drive and the 2.73-acre land area is located on Canwood Street. The company is also selling an outparcel to the Sierra Vista Mall in Clovis, CA for $4.6 million at a 6.43% Cap rate. The 8,640 sq.ft. site is located at the intersection of Shaw Avenue and Sunnyside Avenue and is situated on a land area of 51,400 sq.ft. Area retail includes Sears, Gottchalk’s, Mervyn’s, Target and United Artists Theater at the Sierra Vista Mall. The average daily traffic count is 39,491 vehicles. Area demographics include a population of 230,426 within five miles earning $58,192 as the average household income. In addition, the company is selling Bealls Shopping Center in Sweetwater, TX for $895,000 at a Cap rate of 10.02%. The 29,284 sq.ft. site is located on East Broadway Street and is tenanted by Bealls and Subway. Area demographics include a population of 11,953 within five miles earning $39,183 as the average household income. The company is also selling a Sears Parts & Service Center in Cumberland, MD for $1 million at a 7.43% Cap rate. The 6,895 sq.ft. freestanding building is located on McMullen Highway Southwest. Area demographics include a population of 24,825 within five miles earning $54,685 as the average household income. Area retail includes a Food Lion-anchored strip center. The company is also selling a 5,654 sq.ft. property on Glendale Boulevard in Los Angeles, CA for $375,000. The average daily traffic count is 66,495 vehicles. Area demographics include a population of 1.211 million within five miles earning $44,104 as the average household income. The company is also selling a 16,310 sq.ft. property in Palm Springs, CA for $3.83 million. For more information regarding the Whizin Shopping Center sale, contact Michael Ross, Colliers International, 444 South Flower Street Suite 2200, Los Angeles, CA 90071; 213-627-1214, Fax 213-627-2700; Email: michael.ross@colliers.com; Web site: www.colliersnm.com. For information regarding the Sierra Vista Mall outparcel, contact Matthew C. Sullivan; 213-532-3286; Email: matthew.sullivan@colliers.com . For more information regarding Bealls Shopping Center, contact Cary Krier, Colliers International, 4311 Oak Lawn Avenue, Suite 400, Dallas, TX 75219; 214-217-1221; Email: cary.krier@colliers.com. Or Matthew C. Sullivan. For more information regarding the Sears Parts & Service Center, contact Mark Anderson, Colliers International, 223 Fourth Avenue, Suite 1800, Pittsburgh, PA 15222; 412-391-3500; Email: manderson@collierspenn.com. Or Matthew C. Sullivan. For more information regarding the Glendale Boulevard property, contact Matthew C. Sullivan. For more information regarding the Palm Springs property, contact Matthew C. Sullivan. Or Paul F. Moore or A. John Runyan; 213-532-3238/3264; Emails: paul.moore@colliers.com and john.runyan@colliers.com.
CB Richard Ellis/The Boulous Co. is representing the owner in the sale of a 50,000 sq.ft. multi-tenanted retail and residential property located in the Old Port area of Portland, ME. The asking price is $8.3 million at an 8.5% Cap rate. The property consists of eight buildings that include 22 tenant spaces from 1,000 sq.ft. to 6,000 sq.ft. with a mix of retail, restaurants, bars and residential tenants. Nearby draws include the Civic Center, Merrill Auditorium and University of Southern Maine. For more information, contact Steve Baumann, CB Richard Ellis/The Boulous Co., One Canal Plaza, Portland, ME 04101; 207-772-1333; Email: sbaumman@boulous.com.
BND Commercial Real Estate Solutions is selling East State Plaza Shopping Center in Fort Wayne, IN for $4.075 million with an 8% Cap rate. Located at the intersection of Hobson Road and East State Boulevard, the 38,140 sq.ft. center sits on a land area of 3.92 acres. The site is 100% leased and is anchored by Chase Bank and Parkview Hospital Occupational Health. For more information, contact David W. Nugent, BND Commercial Real Estate Solutions, 1021 South Calhoun Street, Suite One, Fort Wayne, IN 46802; 260-407-7113, Fax 260-469-7137; Email: dnugent@bndcommercial.com.
Reif & Associates, Inc. is selling The Sports Court, a 42,000 sq.ft. center in Albuquerque, NM, for $9.5 million at a Cap rate of 6.63%. The property is located at the intersection of Mercantile Avenue Northeast and Culture Drive Northeast and consists of one 10,000 sq.ft. building and one 32,000 sq.ft. building situated on a 3.7-acre land area. Tenants include Golfsmith, Performance Bicycle and Tres Amigos Furniture. Area demographics include a population of 246,274 within five miles earning $52,579 as the average household income. For more information, contact Jessica Garza or Thomas J. Reif, Reif & Associates, Inc., PO Box 796157, Dallas, TX 75379; 469-633-1610, Fax 469-633-1615; Email: t11@verizon.net.
Adams-Nelson & Associates, Inc. is selling pad sites at Blue Ridge Shadows in Front Royal, VA for $9 million or $500,000 per acre. The 18-acre home development is located at the intersection of Front Royal Pike and Route 522 and includes a golf club and proposed hotel. For more information, contact Mike Silek, Adams-Nelson & Associates, Inc., The Fern Adams Building, 303 South Loudon Street, Winchester, VA 22601; 540-667-2424 or 800-238-7879, Fax 540-667-2441; Email: michaelsilek@adamsnelson.com.
Podolsky Northstar CORFAC International is the exclusive sales agent for the disposition of a 42,600 sq.ft. property on East-West Road in Calumet City, IL. The single-tenant building is located in the Oakview Shopping Center, which is tenanted by Wickes Furniture. The lease expires in 2013 and the site has a 2007 estimated NOI of $456,725. Area retail includes Target, Circuit City, Factory Card Outlet, Bed Bath & Beyond, Old Navy, Macy’s, River Oaks Mall and River Oaks West Mall. For more information, contact Randy D. Podolsky or Adam J. Tarantur, Podolsky Northstar CORFAC International, 2610 Lake Cook Road, Suite 100, Riverwoods, IL 60015; 847-444-5788/5710; Emails: rdp@podolsky.com and ajt@podolsky.com; Web site: www.podolsky.com.
Champion Realty Advisors, LLC is selling an 81.8-acre property in Bradley, IL for $50,000 per acre. Area retail includes Kohl’s and a proposed Wal*Mart Supercenter. Nearby draws include a residential development of 370 single-family homes and 180 townhomes. 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.
RJS Realty Group, Inc. represented the seller in the $14.8 million sale of Harbor Plaza, a 45,361 sq.ft. strip center in Delray Beach, FL. The site is located at the intersection of Linton Boulevard and Federal Highway and sits on a land area of 6.23 acres. Fairway-Harbor, LLC acquired the property from New Harbor Partners, Ltd. Carrabba’s Italian Grill and Panera Bread anchor the center. For more information, contact Steve Miskew or Bob Sullivan, RJS Realty Group, Inc., 222 Lakeview Avenue, Suite 500, West Palm Beach, FL 33401; 561-659-9771, Ext. 102/105; Emails: stevemiskew@rjsrealty.com and bobsullivan@rjsrealty.com.
Lee & Associates – LA North/Ventura, Inc. is looking to acquire net-leased industrial and retail properties on the West Coast on behalf of a REIT. The company is specifically looking for properties in AZ, CA, NV, OR and WA. The transaction must be all-cash and total at least $20 million. The company prefers single-tenant deals, but will consider multi-tenant properties with an average tenant size of at least 20,000 sq.ft. For more information, contact Brent C. Avis, Lee & Associates – LA North/Ventura, Inc., 15250 Ventura Boulevard, Suite 100, Sherman Oaks, CA 91403; 818-933-0316, Fax 818-783-9260; Email: bavis@lee-re.com; Web site: www.lee-re.com.
BC Wood Properties is looking to acquire second-generation shopping centers in the Southeast, particularly AL, GA, KY and TN. The company prefers centers that need to be rehabilitated. For more information, contact Chad Gaunce, BC Wood Properties; 859-977-1044; Email: chad@bcwoodproperties.com; Web site: www.bcwoodproperties.com.
Paradise Real Estate, Inc. is selling Freedom Greene, a mixed-use proposed development with approvals in Charlotte, NC, for $4.2 million. The 59.22-acre development consists of 473 residential units, an 18-hole golf course and 24,000 sq.ft. of retail space. For more information, contact Del Ratcliffe, Paradise Real Estate, Inc., 9516 Hood Road, Charlotte, NC 28215; 704-622-0105, Email: dratcliffe@earthlink.net.
Millennium Properties R/E, Inc. brokered the sale of a 95,650 sq.ft. parcel on South State Street in Chicago, IL for $3.95 million. Robinson Bus Co. sold the land to Aldi, Inc., which will open a store on the site early this year. For more information, contact Daniel J. Hyman, Millennium Properties R/E, Inc., Two First National Plaza, 20 South Clark Street, Suite 630, Chicago, IL 60603-1831.
Colliers Turley Martin Tucker is selling a newly constructed 11,876 sq.ft. shopping center in Bexley, OH for $3.15 million. The site is adjacent to Capital University. Trade-area demographics include an average household income of $89,000. For more information, contact Kevin James, Colliers Turley Martin Tucker; 614-374-1705, Fax 614-241-4701; Email: ktjames@ctmt.com; Web site: www.ctmt.com.
CB Richard Ellis brokered the sales of two restaurant locations in AZ. In Chandler, the company sold a ground-leased Jack in the Box for $1.337 million at a Cap rate of 5.24%. The 1.21-acre site is located at the intersection of Ocotillo Avenue and Arizona Avenue. In Scottsdale, the company sold a single-tenant NNN-leased Wendy’s for $2.525 million at a Cap rate of 5.5%. The 4,300 sq.ft. property is located on North Pima Road. The company is also selling a Hollywood Video location in Shelbyville, TN for $1.65 million at a Cap rate of 8.53%. Area retail includes Wal*Mart Supercenter, Lowe’s Home Improvement, Verizon Wireless and Ruby Tuesday. The 6,400 sq.ft. site is located on North Main Street and is an outparcel to Wal*Mart Supercenter. For more information regarding the AZ properties, contact Steve Fernandez, Jennifer Lunt, Andrew Fosberg or Claudia Jara; CB Richard Ellis, 2415 East Camelback Road, Phoenix, AZ 85016-4290; 602-735-5553/5592/1723/5624, Fax 602-735-5655; Emails: steve.fernandez@cbre.com , jennifer.lunt@cbre.com, andrew.fosberg@cbre.com and claudia.jara@cbre.com. For more information regarding Hollywood Video, contact Paul Gaither, Jim Morris or Will Pike, CB Richard Ellis, 150 4th Avenue North, Suite 2110, Nashville, TN 37219; 615-248-1161/1115 or 404-923-1381 for Will Pike, Fax 615-225-4610 or 404-923-1241 for Will Pike; Emails: paul.gaither@cbre.com, jim.morris@cbre.com and will.pike@cbre.com; Web site: www.cbre.com. |