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Buyers & Sellers
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Buyers & Sellers Bognuda Commercial Real Estate Services represents a client seeking to acquire retail centers throughout the U.S. exclusive of FL, GA, LA, MS and coastal TX. Properties should be priced between $10 million and $20 million with a Cap rate of 7% and be no more than 12 years old. For more information, contact Greg Bognuda, Bognuda Commercial Real Estate Services, 700 Larkspur Landing Circle, Suite 175, Larkspur, CA 94939; 415-925-2266, Fax 415-925-1144. NAI Realvest negotiated the $11.6 million sale of a 19.1-acre parcel located in Clermont, FL. Lowe’s Home Centers, Inc. acquired the site from DeWitt Enterprises, Inc. The company represented the seller. For more information, contact George Viele, Matt Cichocki or Kevin O’Connor, NAI Realvest, 2200 Lucien Way, Suite 350, Orlando, FL 32751-7019; 407-875-9989, Fax 407-875-3137. The Hampshire Cos. sold a 23,990 sq.ft. freestanding building located along Commerce Drive in Warsaw, IN. The building, situated on 2.5 acres, is currently tenanted by Staples. Cole Capital Partnerships, LLC acquired the property. For more information, contact The Hampshire Cos., 15 Maple Avenue, Morristown, NJ 07960; 973-292-9595, Fax 973-267-9933. Olympia Gold Team Realty represents a buyer seeking convenience store property in Clearwater, Largo, Dunedin, Safety Harbor, St. Petersburg or Pinellas County, FL. Suitable acquisitions should be priced between $100,000 and $300,000 and provide owner financing. For more information, contact Debby Frost, Olympia
Gold Team Realty; 727-410-6256; Hanley Investment Group brokered the $15.7 million sale of Ranch Center, a 60,022 sq.ft. mixed-use center located on North Diamond Bar Boulevard in Diamond Bar, CA. The center is situated on 5.62 acres and was 99% occupied at the time of sale. The company also brokered the $11.76 million sale of Harbor Plaza, a 41,550 sq.ft. center located at the intersection of Harbor Boulevard and Edinger Avenue in Fountain Valley, CA. The center is situated on 3.95 acres and was 97% occupied at the time of sale. For more information, contact Hanley Investment
Group, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7610, Fax
949-585-7611; Turner Net Lease Propertiess is seeking to acquire sites in FL on behalf of a client. Suitable sites will be investment-grade properties in A+ locations occupied by a single retail tenant under a corporate-guaranteed lease. For more information, contact Gary Turner, Turner Net
Lease Properties, Inc., 200 Ocean Avenue, Suite 202, Melbourne Beach, FL
32951; 321-952-2894, Fax 321-952-8967; Properties of GA, LLC is selling a 46-acre parcel, suitable for a mixed-use development, located at the intersection of Interstate 20, Salem Road and Fairview Road in Atlanta, GA. The parcel is not divisible and the asking price is $155,000 per acre. For more information, contact Karen Shannon,
Properties of GA, LLC, 390 Society Street, Alpharetta, GA 30022;
770-826-0207, Fax 770-667-6227; Rivercrest Realty Investors, LLC acquired Plantation Heights, a two-level mixed-use center with 32,000 sq.ft. of ground floor shop space located along Lenox Road in Buckhead, GA. For more information, contact Vijay Shah, Rivercrest Realty Investors, LLC, 8816 Six Forks Road, Suite 201, Raleigh, NC 27615; 919-846-4046, Fax 919-846-5814; Email: vijayshah@rivercrestrealty.com;
GVA Williams – Chicago Suburban is selling an 11.87-acre parcel located at the intersection of Sheridan Road and Russell Road in Winthrop Harbor, IL. Demographics include a population of 66,958 within a five-mile radius earning an average household income of $74,546. The asking price is $5.76 psf. For more information, contact Sandra Griggs, GVA Williams –
Chicago Suburban, 1011 East Touhy, Suite 290, Des Plaines, IL 60018;
847-699-2093, Fax 847-699-2156; Sperry Van Ness is selling a 52,259 sq.ft. center located in Surprise, AZ. The newly constructed center is 100% occupied and anchored by Mountainside Fitness under a 15-year lease. All leases are NNN and feature annual rent increases. For more information, contact Suni Devitt or Dean Corey,
Sperry Van Ness, 7900 East Union Avenue, Suite 1012, Denver, CO 80237;
303-217-7004/7005, Fax 303-217-7010; Quine & Associates, Inc. is selling the following sites in the greater Dallas, TX metropolitan area: a 51,000 sq.ft. shopping center with a 67% occupancy rate for $4.3 million and a Cap rate of 6%; a 9,000 sq.ft. center adjacent to Wal*Mart for $2.038 million; a 12,124 sq.ft. 100% leased center for $2.717 million with a Cap rate of 7.25%; a Dollar General site for $496,000 with a Cap rate of 7.25% and a Dollar General building for $725,000 with a Cap rate of 6.7%. In Albuquerque, NM, the company is also selling a 42,000 sq.ft. center tenanted by Golfsmith and Performance Bicycles for $9.5 million and a two-phase center for $7.6 million. The company is also selling a center located in Idabel, OK. A 25,000 sq.ft. Tractor Supply anchors the site and 40,520 sq.ft. is vacant. For more information, contact Douglas Wilder, Quine &
Associates, Inc., 301 South Sherman, Suite 100, Sherman, TX 75081; 972-669-8440,
Fax 972-783-8901; Colliers Arnold Commercial Real Estate Services is
selling Park Promenade, a 128,848 sq.ft. community center located on North
Hiawassee Road in Orlando, FL. The center is anchored by Beauty Depot and
cotenanted by Subway and Blockbuster Video. The 92% occupied center has a NOI of
$855,600 and features an undeveloped outparcel. The company For more information, contact Michael Milano or Cynthia
Shelton, Colliers Arnold Commercial Real Estate Services; 727-442-7184 or
407-843-1723, Fax 727-449-2428 or 407-843-4485; Festival Retail Fund 1, LP acquired a 38,475 sq.ft. building located on Post Street between Grant Street and Stockton Street in San Francisco, CA. The company purchased the building for $70 million. The current tenant, Ann Taylor, will vacate in January of 2008, at which point the company will renovate and retenant the building. For more information, contact Festival Retail Fund 1, LP,
9841 Airport Boulevard, Suite 700, Los Angeles, CA 90045; 310-665-9600, Fax
310-665-9009; Regency Centers sold a one-acre parcel located along Main Street in Windsor, CO. The buyer plans to construct a Chinese restaurant on the parcel. For more information, contact Loree Barnard, Regency Centers,
One Independent Drive, Suite 114, Jacksonville, FL 32202; 303-300-5341; Nat E. Cohen & Associates is looking to acquire shopping centers nationwide. The company prefers grocery-anchored and value-add centers and gives special attention to portfolios. Suitable acquisitions should be valued at $5 million or higher. For more information, contact Nat Cohen, Nat E. Cohen & Associates; 214-373-1159. McKinley sold Chippenham Square, a 185,000 sq.ft. center located in Richmond, VA to a private investor group. As property manager and real estate advisor, the company oversaw the center’s rehabilitation prior to sale. For more information, contact Mary Williams, McKinley, 320
North Main Street, Suite 200, Ann Arbor, MI 48104; 734-769-8520 Ext. 244; Big Deals Consulting, LLC represents a private bank looking to acquire sites. Suitable sites should be class A centers and raw land with a special interest in waterfront properties and large parcels over 500 acres. The properties should be priced 20% below market value. For more information, contact German Chavez, Big Deals Consulting, LLC, 5217 Caminito Mindy, San Diego, CA 92105; 619-288-2344, Fax 408-539-0610. Adelphia Properties is selling a 16,850 sq.ft. strip center located in IL. The asking price is $2.75 million with a Cap rate of 7.9%. The company is also selling a 75,000 sq.ft. center with an outlot. The asking price is $7.625 million with a Cap rate of 8%. For more information, contact George Spirrison, Adelphia Properties; 630-455-4495, Fax 630-455-4496. Sperry Van Ness – Lighthouse Commercial Realty completed
the $16.9 million sale of two Walgreens stores. The first location in
Clarksville, MD sold at a Cap rate of 5.76%. The second For more information, contact Troy Legge, Sperry Van Ness –
Lighthouse Commercial Realty, 13900 Conlan Circle, Suite 110, Charlotte, NC
28277; 704-759-3800, Fax 704-759-3801; Faison Enterprises sold the 153,000 sq.ft. Waldorf Marketplace II to American Realty Advisors. The property, located at the intersection of Western Parkway and Plaza Drive in Charles County, MD, sold for $38.5 million. Anchors include T.J. Maxx, HomeGoods, DSW and Kincaid Furniture and tenants include Mimi’s Café, T.G.I. Friday’s, Dress Barn, David’s Bridal, Famous Footwear, WOW Café and Wingery and Bath and Body Works. American Realty Advisors acquired Waldorf Marketplace I during 2005. The aggregate GLA for both centers is 450,000 sq.ft. For more information, contact David Lampke, Faison
Enterprises, 121 West Trade Street, 27th Floor, Charlotte, NC 28202;
704-972-2519; Markward Group is selling a 1.74-acre parcel located on Route 611 in Willow Grove, PA. Area retail includes Pep Boys, Bonefish Grill, Home Depot, Best Buy, Starbucks, Staples, Carrabbas Italian Grill and Pier 1 Imports. The average daily traffic count is 35,775 vehicles. The asking price is $1.3 million. For more information, contact Derek Zerfass, Markward Group,
5925 Tilghman Street, Suite 600, Allentown, PA; 610-770-3600, |