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Buyers & Sellers
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Buyers & Sellers Real Estate Strategies, Inc. is selling a 19-acre property in Clermont, FL for $6.5 million. The site is located on SR 50 with nearby draws including Lake-Sumter Community College, the Olympic training center and 7,375 planned residential units. Area retailers include Super Target. The company is also selling a 25-acre site in Minneola, FL for $8.7 million. Located on North U.S. 27, the property has an average daily traffic count of 30,500 vehicles. For more information, contact Susan Lawrence, Real Estate Strategies, Inc.; 407-316-0200, Fax 407-206-0065; Email: slawrence@restrategies.net; Web site: www.restrategies.net.
Prestige Properties & Development Co., Inc. acquired Lebanon Plaza, a 368,000 sq.ft. power center in Lebanon, PA. The site is anchored by Sears, Kohl’s, T.J. Maxx and Michaels. For more information, contact Joseph C. Comparetto, Sr., Prestige Properties & Development Co., Inc.; 212-944-0444.
American Investment Properties is selling a 14,424 sq.ft. restaurant in Cedarhurst, NY. The property has an NOI of $151,000. The company is also selling Emerson Plaza, a 25,840 sq.ft. center in Valley Stream, NY, for $7.95 million at a Cap rate of 6.7%. The site is located on East Merrick Road and is anchored by Sears. The company is also looking to acquire strip centers in Nassau and Suffolk counties of NY for $1 million to $20 million at Cap rates of 7%. Preferred GLAs range from 4,000 sq.ft. to 60,000 sq.ft. For more information, contact Beth Marshel, American Investment Properties, 600 Old Country Road, Garden City, NY 11530; 516-393-2300, Fax 516-390-5780; Email: bethm@americaninvestmentprops.com.
Liberty Bell Real Estate is seeking development opportunities on the East Coast, including shopping centers with GLAs between 100,000 sq.ft. to 300,000 sq.ft. in populated areas with good demographics. For more information, contact David Fillingham, Liberty Bell Real Estate, 79 Marlboro Street, Belmont, MA 02478; 617-230-1904, Fax 617-812-4781; Email: dfillingham@earthlink.net .
Sperry Van Ness completed the $5.9 million sale of a 13,813 sq.ft. Eckerd location in Williamsburg, VA. The company represented the buyer and seller and sold the site at a 6.8% Cap rate. The single-tenant building is located on News Road. The company also completed the $4.25 million sale of Hiddenbrooke Plaza, an 11,025 sq.ft. shopping center located on Bennington Court in Vallejo, CA. The company represented the buyer, Pini Building, LLC, and the seller. The center is 84% occupied by five tenants. For more information, contact David Ebeling, Sperry Van Ness; 949-225-1883; Email: david.ebeling@svn.com; Web site: www.svn.com.
Net Leased Retail Properties is selling an IHOP restaurant in St. Louis, MO for $2.662 million. The 5,055 sq.ft. location is situated on a land area of 51,982 sq.ft. and located at the intersection of North Highway 67 and West Washing Street. The company is also selling a Tire Plus location in Flourtown, PA for $3.99 million. The 7,451 sq.ft. building is situated on a land area of 26,136 sq.ft. and located at the intersection of Valley Green and Bethlehem Pike. Area demographics include a population within one mile earning $100,000. For more information, contact Shawn Jass, Net Leased Retail 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.
Pacific Coast Capital Partners, LLC, in a joint venture with Empire Commercial Development, acquired Avondale Town Center, a proposed 245,560 sq.ft. neighborhood center in Avondale, AZ. The center will sit on a 34.1-acre parcel. For more information, contact Pacific Coast Partners, LLC, 222 North Sepulveda Boulevard, Suite 2222, El Segundo, CA 90245; 310-414-7870, Fax 310-414-7872; Web site: www.pccpllc.com.
Palmer & Cay Properties, Inc. is representing clients looking to acquire shopping centers with GLAs of at least 100,000 sq.ft. with credit anchors that are located east of MS. For more information, contact Charles R. Stewart, Palmer & Cay Properties, Inc., 2 East Bryan Street, Suite 400, Savannah, GA 31401; 912-234-8033, Fax 912-238-3548; Email: cstewart@palmercayproperties.com; Web site: www.palmercayproperties.com.
Faris Lee Investments completed the $5.3 million sale of 7,276 sq.ft. within The Island @ Carlsbad located in Carlsbad, CA. The property consists of two buildings, currently tenanted by U.S. Bank and a 7-Eleven with a gas station, located on Van Allen Way. The company represented the seller, Property Partners, and the buyer, Carlsbad Dumaie, LLC. The Island @ Carlsbad is a 5.5-acre, 47,000 sq.ft. center comprising seven buildings. In addition, Faris Lee Investments completed the sale of a 17,713 sq.ft. building within Birch Street Promenade in Brea, CA for $6.25 million. The company represented the buyer, MM Brea, LLC, while CB Richard Ellis represented the seller, Bryan & Janet, Inc. Tenants include The Melting Pot, Octopus Sushi, Zen N Fit Yoga, Bellisima Day Spa and Star Nails. The company also represented the seller and buyer in the $1.94 million sale of a Starbucks drive-thru location in Colton, CA. The 1,750 sq.ft. store is located on Washington Boulevard. The property was sold in an all-cash transaction by Ebenezzar Scrooge, LLC to a 1031 Exchange buyer, First American Exchange. For more information, contact Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Web site: www.farislee.com .
Colliers Investment Services Group is selling a redevelopment property in Pasadena, TX for $3.75 million. The site includes a 102,747 sq.ft. building partially tenanted by Office Depot. Area retail includes Pasadena Town Square mall. For more information, contact Martin O’Malley, Colliers Investment Services Group, 1300 Post Oak Boulevard, Suite 200, Houston, TX 77056; 713-830-2158, Fax 713-830-2118; Email: martin.omalley@colliers.com.
Crye-Leike Realtors is representing a buyer of single-tenant properties in the eastern U.S. priced at a maximum of $600,000 with a Cap rate of 8.5% or higher. The client is seeking properties tenanted by the likes of Dollar General, Family Dollar and O’Reilly’s. For more information, contact Marshall Grant, Crye-Leike Realtors; 870-919-0050, Fax 870-931-1430; mghant@crye-leike.com.
Partners Investment Properties, LLC is selling a seven-unit strip center in Norton, MA for $650,000. The center is located on Route 123 and is situated on a land area of 35,981 sq.ft. It is 100% occupied. Area retailers include Dunkin’ Donuts and McDonalds. For more information, contact Joseph Cawley, Partners Investment Properties, LLC; 800-965-9295, Fax 800-965-9546; Web site: www.pipre.com.
CB Richard Ellis is selling outparcels of a Food Lion at Broad River Village in Columbia, SC for between $350,000 to $1.5 million. The outparcels range in size from 0.57 acres to 1.7 acres. For more information, contact Tony Hanna or Hance Jones, CB Richard Ellis, 1333 Main Street, Suite 700, Columbia, SC 29201; 803-744-6840/6848; Email: tony.hanna@cbre.com and hance.jones@cbre.com.
Grubb & Ellis|Wilson/Kibler, Inc. is selling outparcels ranging from one acre to 20 acres starting at $12 psf. The sites are located on Two Notch Road with an average daily traffic count of 38,900 vehicles. Area retailers include CVS. For more information, contact Seth Rogers, Grubb & Ellis|Wilson/Kibler, Inc., 1111 Laurel Street, Columbia, SC 29201; 803-255-8616, Fax 803-252-4323; Email: srogers@wilsonkibler.com; Web site: www.wilsonkibler.com.
Coldwell Banker Commercial Caine is selling a 4,200 sq.ft. storefront on North Main Street in Greenville, SC for $735,000. Nearby tenants include Restaurante Bergamo and Lemon Grass Restaurant For more information regarding the Greenville property, contact Drew Parker and David Sigmon, Coldwell Banker Commercial Caine, 200 East Broad Street, Suite 200, Greenville, SC 29601; 864-250-6864/6838, Fax 864-250-6857/6874; Emails: dparker@cbccaine.com and dsigmon@cbccaine.com; Web site: www.cbccaine.com.
The Shopping Center Group, LLC is selling a Blockbuster Video location in Carrollton, GA for $1.6 million at a Cap rate of 7.31%. The site is an outparcel to a 91,520 sq.ft. power center anchored by Publix and Belk that is adjacent to Target. For more information, contact J. Grant Furlong, The Shopping Center Group, LLC, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054; Web site: www.theshoppingcentergroup.com.
Net Leased Investment Co. is selling a Bruno’s/Bi-Lo Supermarket location in Wetumpka, AL for $6.393 million at a Cap rate of 6.57%. The site is located on U.S. Highway 231 and has a 20-year absolute NNN lease with four, five-year options. For more information, contact Scott Austin, Net Leased Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765; 407-977-9605, Fax 407-977-0775; Email: edgedev@cfl.rr.com.
Terranova Corp. brokered the $48.435 million sale of Concord Plaza, a 300,000 sq.ft. shopping center located on Southwest 40th Street in Miami, FL. The center is 100% leased. The company represented the seller in the sale to Equity One. For more information, contact Karen LaFleur, Terranova Corp., 305-779-8908.
Calkain Cos. represented the seller in the sale of an Arby’s restaurant location in Bradenton, FL. The property is located on East 52nd Street and is an outparcel of Lowe’s Home Improvement located at the intersection of State Road 70 and Interstate 75. For more information, contact Calkain Realty Advisors, 2202 North West Shore Boulevard, Suite 200, Tampa, FL 33607; 813-639-7626, Fax 813-639-7627; Web site: www.calkain.com.
RE/Max Oceanside is selling a 14-acre shopping center site in Edgewater, FL for $4.495 million. The land, with zoning in place, is located on U.S. 1 across from a Publix-anchored plaza. For more information, contact David Douglas, RE/Max Oceanside, 411 South Central Avenue, Flagler Beach, FL 32136; 386-439-1620, Fax 866-614-5356.
Marcus & Millichap arranged the $20 million sale of the 532,687 sq.ft. Southland Mall in Memphis, TN. The price was $91 psf. The company represented the seller, a private investor. The center is 93% occupied with 65 tenants. For more information, contact Stacey Corso, Marcus & Millichap, 2999 Oak Road, Suite 210, Walnut Creek, CA 94597; 925-953-1716, Fax 925-953-1710; Web site: www.marcusmillichap.com.
Coldwell Banker Commercial Triad, Realtors is selling a 15-acre parcel zoned retail/office for $2.65 million on the Forsyth County-Davidson County Line in NC. The site is located on Peters Creek Parkway. Area retail includes Wal*Mart and Lowe’s Home Improvement. For more information, contact Paul A. Jones III or Tom Bush, Coldwell Banker Commercial Triad, Realtors, 285 South Stratford, Suite C, Winston-Salem, NC 27103; 336-748-5342/761-5911, Fax 336-748-5363; Emails: paul.jones@coldwellbanker.com and thomas.bush@coldwellbanker.com.
Park Avenue Commercial is selling a 12,000 sq.ft. center located in Syracuse, NY for $975,000. There is additional space for an 11,500 sq.ft. outparcel. The center is 84% occupied with an NOI of $80,000 annually. The company is also selling a freestanding building situated on a land area of eight acres in Rochester, NY for $5.9 million. The property is located across from Wal*Mart Supercenter and Sam’s Club in Marketplace Mall. For more information, contact Howard D. Kravetz, Park Avenue Commercial, 649 Park Avenue, Rochester, NY 14607; 585-329-4600, Ext. 142, Fax 585-473-3186; Email: howard@parkavenuerealtors.com; Web site: www.parkavenuerealtors.com.
McRealty International, Inc. is selling a bank-anchored strip center in West Melbourne, FL for $8.2 million at a Cap rate of 7.25%. The bank is situated on an outparcel and has a 20-year NNN lease. Construction of the shopping center will be complete during the first quarter of this year. For more information, contact Scott McPherson, McRealty International, Inc., 601 Flamevine Lane, Vero Beach, FL 32963; 772-231-5116, Fax 772-365-0440; Email: scott@mcrealty.com.
Income Property Advisor is selling for $15 million a shopping center in northern CA at a Cap rate of 6.32%. The center has a large, assumable loan with a low interest rate. For more information, contact Norman Neinchel, Income Property Advisor, 190 Rose Court, Suite 3, Campbell, CA 95008; 408-813-2939, Fax 408-378-6488; Email: normanneinchel@comcast.net; Web site: www.4-income-property-value-software.com.
GVA DAUM brokered $4.5 million sale of a 37,718 sq.ft. site on Central Avenue in Montclair, CA. The company represented the seller, Luby Family Trust, and the buyer, Light Bulbs, Etc. The lighting products retailer will occupy 20,000 sq.ft. and lease the remaining space. For more information, contact GVA Daum; 888-659-3286; Web site: www.gvadaum.com. |