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Buyers & Sellers
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Buyers & Sellers 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.
America Realty & Investment is selling a shopping center in Canyon Country, CA for $3.599 million at a 6.2% Cap rate. The 10,300 sq.ft. center is situated on a land area of 1.06 acres. For more information, contact Jimmy Pyon, America Realty & Investment; 661-670-7344.
GVA DAUM brokered the $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.
Marcus & Millichap is selling Tuskaloma Retail Center, a 13,580 sq.ft. strip center in Oviedo, FL, for $5.2 million at a Cap rate of 6.8%. Located on Aloma Avenue, the center is tenanted by Wireless Toys, Quiznos, Elements Hair Studio and Spa, Tijuana Flats, La Bella Vista Pizzeria, Tami Nails and Dunkin’ Donuts. Area demographics include a trade-area population of 30,800 earning $78,000 as the average household income. The company also arranged the $20.45 million sale of Driftwood Village shopping center in Ontario, CA, representing the buyer and seller. The 95,241 sq.ft. site sold for $241 psf. Located on South Euclid Avenue, the center is anchored by Food 4 Less and CVS/Sav-On. The company also brokered the $55.5 million sale of Grande Promenade in Charlotte, NC, representing the buyer and seller. The 202,555 sq.ft. specialty center is located at the intersection of WT Harris Boulevard and Tryon Street. Tenants include Ashley Furniture, Jos A. Bank, Total Wine, The Melting Pot and Fed Ex / Kinkos. For more information regarding Tuskaloma Retail Center, contact Marcus & Millichap, 1900 Summit Tower Boulevard, Suite 650, Orlando, FL 32810; 407-557-3800, Fax 407-557-3810. For more information regarding Driftwood Village and Grande Promenade, contact Marcus & Millichap, 2999 Oak Road, Suite 210, Walnut Creek, CA 94597; 925-953-1716, Fax 925-953-1710.
DevCom Realty Investments, Inc. is selling an upscale shopping center in the Chicago, IL metro area situated on 30 acres. For more information, contact David Hollingsworth, DevCom Realty Investments, Inc., 4320 Winfield Road, Suite 200, Warrenville, IL 60555; 630-778-3400, Fax 630-305-3988; Email: dave@devcominc.com . Block & Co., Inc. is selling two pad sites at The Shoppes at Shoal Creek, located at the intersection of Highway 152 and Flintlock Road in Kansas City, MO. The two pad sites are being sold together or separately. Tenants of the center include Best Buy, OfficeMax, Uno Chicago Grill, O’Charleys and Community America. Area retailers include Super Target, Kohl’s, Pier 1 Imports, Bed Bath & Beyond, T.J. Maxx, PetSmart, Office Depot, Michaels, Home Depot, Lowe’s Home Improvement, Hampton Inn, Bob Evans, Burger King, Chili’s, Applebee’s, Wal*Mart Supercenter and Kmart. Area demographics include a population of 63,865 within five miles earning $70,318 as the average household income. For more information, contact Brad Hughes or David M. Block, Block & Co., Inc., 605 West 47h Street, Suite 200, Kansas City, MO 64112; 816-412-7339/7400; Emails: bhughes@blockandco.com and dblock@blockandco.com; Web site: www.blockandco.com.
AAG Management is representing a client looking to acquire NNN properties in Chicago, IL and Indianapolis, IN for between $2 million to $50 million at a 7.25% Cap rate. Properties should have at least 10 years remaining on leases. For more information, contact Ed Balazs, AAG Management; 212-564-7250, Fax 212-564-7512; Email: ebalasz@aagmgmt.com.
GMH Capital Partners represented the owner in the sale of Garden Park Shopping Center in Lewisville, TX. Watch Omega Holdings, LP sold the 178,300 sq.ft. Stein Mart-anchored center to GP Shopping, LLC. For more information, contact William Tourtellotte or Shawn Lubic, GMH Capital Partners; 610-355-8097/8172; Emails: wtourtellotte@gmh-inc.com and slubic@gmh-inc.com.
Upland Real Estate Group, Inc. is selling a Zaxby’s location in Seymour, TN for $2.25 million at a Cap rate of 8%. Located on Chapman Highway, the restaurant sits on a land area of 0.84 acres and has a net operating income of $180,000. Area retailers include Kroger, Subway, Domino’s, Wendy’s and Papa John’s. For more information, contact Cassie Cooper, Upland Real Estate Group, Inc., 3800 Wells Fargo Center, 90 South 7th ;Street, Minneapolis, MN 55402; 612-465-8522; Email: cassie@upland.com; Web site: www.nnnsales.com.
Hogan Real Estate is selling a Walgreens location in Jasper, IN for $3.023 million at a 7% Cap rate. The 14,550 sq.ft. site is located at the intersection of Newtown Avenue and 36th Street, which has an average daily traffic count of 33,000 vehicles. Area retail includes Wal*Mart Supercenter. For more information, contact Justin Phelps, Hogan Real Estate, 420 West Liberty Street, Louisville, KY 40202; 502-426-1050; Email: jphelps@hogandev.com; Web site: www.hogandev.com. Aries Deitch & Endelson is selling a 19,000 sq.ft. shopping center in Yorktown, NY for $7.2 million at a Cap rate of 6.9%. For more information, contact Manny Berger or Julian Aronin, Aries Deitch & Endelson, 110 South Central Avenue, Hartsdale, NY 10530; 914-949-2800 Ext. 106/115.
Westrust sold 10 acres at The Plant shopping center in San Jose, CA to Target for a 138,000 sq.ft. store. The 646,000 sq.ft. center is being developed on a 55.4-acre former General Motors site and is slated to open this year. Anchors include Home Depot, Best Buy and PetSmart. The project is projected to house 10 anchors, which will collectively occupy 500,000 sq.ft., and 141,000 sq.ft. of specialty shops upon full build out. For more information, contact Westrust, 580 California Street, Suite 1700, San Francisco, CA 94104; 415-489-1700, Fax 415-489-1722; Web site: www.westrust.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.
Fursse & Hall Realty, Inc. is representing an investor looking to acquire a mall or shopping center in the Pacific Northwest, particularly in the metro areas of Portland, OR or Seattle and Spokane, WA. The company prefers value-added, rehabilitation opportunities or foreclosure/short sale deals valued at more than $10 million. For more information, contact Keoni Fursse, Fursse & Hall Realty, Inc., 536 Westlake Avenue North, Seattle, WA 98109; 206-381-3810; Web site: www.fursse.com.
Discovery Realty Advisors, Inc. is selling two Walgreens properties in Los Angeles, CA for $9.82 million and $10 million. The company is also selling a Starbucks and CA Credit Union location in Los Angeles for $6.2 million. In St. Louis, MO, the company is selling a Shop ‘n Save-anchored shopping center for $7.05 million. For more information, contact Ray D. Kreger, Discovery Realty Advisors, Inc., 621 Northwest 53rd Street, Suite 240, Boca Raton, FL 33487; 561-276-1031, Fax 561-276-1504; Email: investments@discoveryrealty.com.
Net Leased Investment Co. is selling a newly constructed Amscot Financial-anchored center in Orlando, FL for $2.768 million at a Cap rate of 7.75%. The 6,400 sq.ft. development is also tenanted by Papa John’s and Quiznos. The site has an average daily traffic count of 40,000 vehicles. 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. |