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Buyers & Sellers
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Buyers & Sellers Besen & Associates, Inc. is selling Emerson Plaza, a 25,840 sq.ft. two-building property in Long Island, NY, for $8 million at a Cap rate of 6.75%. Located on East Merrick Road, the 21,000 sq.ft. retail strip center is tenanted by nine stores and three offices and anchored by Sears Service Center. For more information, contact Matthew Slonim, Besen & Associates, Inc., 381 Park Avenue South, New York, NY 10016; 212-951-8405, Fax 212-213-6477; Email: mslonim@besenassociates.com.
Marcus & Millichap is selling Beachwood Place, a 16,566 sq.ft. urban center in Columbus, OH, for $5.5 million at a 7.18% Cap rate. Tenants include Panera Bread, Chipotle Mexican Grill and Coldstone Creamery. Nearby draws include Ohio State University. National credit tenants make up 65% of the leases. The center has an NOI of $395,033 and an average daily traffic count of 30,500 vehicles. Area demographics include a population of 115,477 within three miles. For more information, contact Lisa Sickinger, Marcus & Millichap, 201 East Fifth Street, Suite 2050, Cincinnati, OH 45202; 513-241-9002, Fax 866-702-2269; Email: lsickinger@marcusmillichap.com.
Grubb & Ellis Co. represented the seller of the 300,000 sq.ft. Conroe Marketplace located in Houston, TX. Gulf Coast Commercial Group sold the newly constructed project to a joint venture between Kimco Realty Corp. and Crow Holdings. Located at the intersection of Interstate 45 and Teas Nursery Road, the site has an average daily traffic count of 150,000 vehicles. The center is anchored by T.J. Maxx, Ross Dress for Less and Bed Bath & Beyond. Cotenants include PetSmart, Old Navy, Ulta, Kirkland’s Home and Applebee’s. For more information, contact George Cushing or Wendy Vandeventer, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056; 713-599-5165/5194, Fax 713-626-2288; Web sites: www.grubb-ellis.com and www.georgecushing.com.
T.R.B. & Associates, Inc. brokered the sale of North Main Place, a 19,020 sq.ft. shopping center in Fall River, MA for $1.825 million. Linear Retail acquired the site, which is 86% leased to a mix of convenience-oriented tenants. For more information, contact Thomas R. Blakely, T.R.B. & Associates, Inc., 131 Nevada Street, Newtown, MA 02460; 617-795-2578; Email: trbassociates@rcn.com. Next Realty is selling a Hollywood Video outparcel of a Wal*Mart, Toys “R” Us and Big Lots-anchored site on West Florissant Avenue in St. Louis, MO. Area retailers include Circuit City, Sam’s Club, Target, Dierberg’s, Marshalls, Home Depot, Walgreens, Kmart and Office Depot. The site has an average daily traffic count of 37,970 vehicles. Area demographics include a population of 262,288 within five miles earning $52,008 as the average household income. The Hollywood Video lease is guaranteed by The Sports Authority. For more information, contact Andy Goetz, Next Realty; 847-881-2030; Email: agoetz@nextrealty.com; Web site: www.nextrealty.com.
Real Estate USA is representing a client looking to acquire single-tenant NNN properties in the northwestern U.S. priced between $1 million and $2 million with Cap rates of at least 7%. Lease terms should be at least 15 years with a national guarantee or a strong multiple-unit franchisee. For more information, contact Morris Montgomery, Real Estate USA – Commercial Division, 7024 Alderwood Court, Suite B, Lacey, WA 98503; 360-412-1501, Fax 360-252-8866.
Harlem Lofts, Inc. is selling a grocery store location in Harlem, NY for $1.41 million. The site has a net income of $101,971 with a lease set to expire in 2014. For more information, contact Angela Midgette-David, Harlem Lofts, Inc., 155 West 121st Street, 1st Floor, New York, NY 10027; 212-280-8866 Ext. 105; Email: angela@harlemlofts.com.
DJM Realty is selling four freestanding buildings in Orlando, FL. The sites have GLAs of about 10,000 sq.ft. and are situated on land areas ranging from one acre to 1.6 acres. They are located in tourist areas such as Lake Buena Vista, Disney’s West Gate, Celebration and Irlo Bronson Highway in Kissimmee. For more information, contact Emilio Amendola and Wally Egelanian, DJM Realty, 445 Broadhollow Road, Suite 417, Melville, NY 11747; 631-752-1100 Ext. 223/235; Emails: eamendola@djmrealty.com and wegelanian@djmrealty.com; Web site: www.djmrealty.com.
Sperry Van Ness/Sentinel Realty Advisors, Inc. is selling a 4.25-acre property zoned for retail and a service station in Gurnee, IL for $2.96 million. Located at the intersection of Route 41 and Stearns School Road, the site has an average daily traffic count of 30,00 vehicles. For more information, contact Tom Vincent, Sperry Van Ness/Sentinel Realty Advisors, Inc., 1803 Hicks Road, Suite D, Rolling Meadows, IL 60008; 847-963-1031, Fax 847-358-7634; Email: vincentt@svn.com.
Lee & Associates is selling a potential shopping center site located at the intersection of Esplanade Avenue and Santa Fe Street in San Jacinto, CA. Area retailers include Wal*Mart Supercenter, 7-Eleven, Subway, AutoZone, Burger King and Rite Aid. The site has an average daily traffic count of 27,887 vehicles. Area demographics include a population of 150,234 within five miles earning $45,134 as the average household income. For more information, contact Brian Bielatowicz, Ted Rivenbark or Jakob Irion, Lee & Associates, 25240 Hancock Avenue, Suite 100, Murrieta, CA 92562; 951-445-4515/4512/4519; Fax 951-445-4527; Emails: bbielatowicz@lee-associates.com , trivenbark@lee-associates.com and jirion@lee-associates.com.
Retail Realty Group, Inc. is selling big box properties throughout FL. For more information, contact Suzanne Chen, Retail Realty Group, Inc., 10014 North Dale Mabry Highway, Suite 101, Tampa, FL 33618; 813-960-8244; Email: retailrealty@aol.com. Real Estate Strategies, Inc. is selling Crystal Creek Center, which comprises three lots on John Young Highway in Orlando, FL. The 1.665-acre lot fronting Access Road is priced at $750,000; the 1.75-acre lot fronting John Young Highway is selling for $1.6 million and the 2.97-acre lot fronting John Young Highway is priced at $2.85 million. The site has an average daily traffic count of 60,000 vehicles. For more information, contact Susan Lawrence, Real Estate Strategies, Inc.; 407-316-0200; Email: slawrence@restrategies.net; Web site: www.restrategies.net.
CB Richard Ellis represented the seller in the sale of Downing Center in Los Gatos, CA. The company represented Crow Holdings, which acquired the property from the Downing and Malmin trusts through a real estate fund, Crow Holdings Realty Partners IV, LP. The center is 100% occupied and tenanted by Safeway and Hollywood Video. For more information, contact Trevor Thorpe, CB Richard Ellis, 101 California Street, 44th Floor, San Francisco, CA 94111; 415-772-0243, Fax 415-772-0459; Email: trevor.thorpe@cbre.com; Web site: www.cbre.com.
NAI Avant brokered the sale of Tradewinds Plaza Shopping Center, a 42,500 sq.ft. center located on U.S. Highway 501 in Myrtle Beach-Conway, SC. Tradewinds Plaza, LLC acquired the site from Edens & Avant, LLC. The center is anchored by a 33,000 sq.ft. Food Lion and sits on five acres. For more information, contact Philip White, NAI Avant; 803-744-9854; Email: pwhite@naiavant.com.
BOSC Equities acquired Shoppes at Fair Oaks, a 28,000 sq.ft. shopping center located on North Fair Oaks Avenue in Pasadena, CA. Tenants include McMurphy’s Pub, Olde Town Pub, Mezbaan Indian Restaurant, Victory Fitness, Tortas Mexican Restaurant, Level 3 Communications, LA Classical Music, Cote d’Azur Spa and Fuse Design. For more information, contact BOSC Equities, LLC, 719 Griswold Street, Suite 530 Detroit, MI 48226; 313-237-7783; Email: info@bosc.com; Web site: www.bosc.com .
Terra Realty Services is selling a former Amoco/Standard Oil gas station, situated on 15,000 sq.ft. land area in Fox Lake, IL, for $580,000. The station occupies 3,000 sq.ft. and is currently being used as a car repair facility. The site has an average daily traffic count of 26,100 vehicles. The owners of the adjoining property are also willing to sell to create a total land area of 40,000 sq.ft. For more information, contact Steven Schwab, Terra Realty Services; 847-845-8500. The Properties Group, Inc. is representing a client looking to acquire a building in Raleigh, NC with a 1031 exchange for up to $1 million with a Cap rate of 7.5% or higher. For more information, contact Steve Gillooly, The Properties Group, Inc.; 919-467-1667, Fax 919-467-4291; Email: sgillooly@thepropertiesgroup.net; Web site: www.thepropertiesgroup.net.
Samco Properties is selling Pineville Plaza, located on Pineville Road in Long Branch, MS, for $4.8 million at a Cap rate of 8.5%. The 80,197 sq.ft. center sits on a land area of 7.13 acres and is 100% occupied. For more information, contact Sam Spiegel, Samco Properties, 455 Fairway Drive, Suite 310, Deerfield Beach, FL 33441; 954-429-9000 Ext. 15, Fax 954-429-9007; Email: sam@samcoproperties.com.
Henzlik-Oliver Real Estate Cos., LLC acquired a former 45,000 sq.ft. grocery store in Raymore, MO. The company plans to convert the site to be anchored by Orscheln Farm & Home and Walgreens. For more information, contact Tyler S. Oliver or Douglas L. Henzlik, Henzlik-Oliver Real Estate Cos., LLC, 13356 Metcalf Avenue, Overland Park, KS 66213; 913-438-9900, Fax 913-438-9994; Web site: www.henzlikoliver.com.
Jackson Prentice Real Estate is selling a 3,020 sq.ft. two-story mixed-use building located on North Kenmore Street in Arlington, VA for $2.4 million. The site, which totals 9,475 sq.ft., is tenanted by TransVideo, Virginia Square Realty, Madame Dorreen and Marks & Associates. For more information, contact Jackson Prentice Real Estate, 400 Seventh Street, NW, Suite 200, Washington, DC 20004; 202-638-1111, Fax 202-638-1116; Email: hannah@jacksonprentice.com ; Web site: www.jacksonprentice.com.
Watson Commercial Real Estate, Inc. is selling for $1.5 million a 5,978 sq.ft. restaurant site at The Cove entertainment center in Port Canaveral, FL. The site features a 3,200 sq.ft. deck area and sits on a land area of 0.52 acres. For more information, contact Janet McCluskey, Watson Commercial Real Estate, Inc.; 321-459-0000 Ext. 17; Email: jmccluskey@duanewatson.com.
Illustrated Properties is looking to acquire shopping centers from ME to south FL with GLAs of between 10,000 sq.ft. to 50,000 sq.ft. For more information, contact Peter Kernan, Illustrated Properties, 5500 Military Trail, Jupiter, FL 33458; 561-400-3535, Fax 561-626-5572; Email: petekernan@earthlink.net.
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