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Buyers & Sellers
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Buyers & SellersColliers International represented the seller in the sale of a Staples Office Superstore and Walgreens Pharmacy located at the northeast corner of Bethel Road and Lund Avenue in Port Orchard, WA. The two properties comprise a shopping center located on a single site across from the Safeway-anchored Bethel Junction center. The seller was a private developer, and CB Richard Ellis represented the buyer. The purchase price was $7.5 million. The company also has the listing to sell a 7,469 sq.ft. shopping center anchored by Blockbuster Video located at the intersection of Highway 73 and Twin City Highway in Port Arthur, TX. The 100%-occupied center neighbors Waffle House, Sonic, and Super Kmart. AT&T Phone Center and Park Avenue Cleaners also carry triple net leases at the center. The company also has the listing to sell a 2,600 sq.ft. Radio Shack leased for 10 years located across from Super Wal-Mart in Sulphur, LA. Annual NOI is $38,843. The property is offered at an asking price based on a cap rate of 9%. For more information on the Staples center, contact Paul Sleeth at 206-223-1266, Email paul_sleeth@colliers.com; for more information on the Blockbuster center and Radio Shack lease, contact Christopher Winters at 713-830-2106, Fax 713-830-2118. CBL & Associates completed the sale of five shopping centers in NC, SC and VA. The centers measured an aggregate 239,000 + sq.ft. and were sold for an aggregate consideration of $15.5 million. The centers include Centerview Plaza in China Grove, NC, Dorchester Crossing located in North Charleston, SC, Hollins Plantation Plaza located in Roanoke, VA, Sterling Creek Commons located in Portsmouth, VA and Wildwood Plaza located in Salem, VA. The company recently announced plans to acquire 21 malls and two associated centers totaling approximately 19.2 million sq.ft. for $1.2 billion. For more information, contact 423-855-0001.
G. Earl Real Estate has the listing to sell a one-acre freestanding site located adjacent to Pick & Save grocery near McDonald’s, Taco Bell and KFC on Jackson Street north of Murdock Avenue in Oshkosh, WI. The average daily traffic count is 20,000 cars. The site has 275 feet of frontage on Jackson Street. For more information, contact Gary Eake at 920-426-0417, Fax 920-426-3442, Email ge@geobroker.com, Web site www.gebroker.com
CB Richard Ellis represented the buyer, Madison Marquette, in the purchase of Manhattan Village Mall, a 424,112 sq.ft. shopping center located at the intersection of Rosencrans Avenue and Sepulveda Boulevard in Manhattan Beach, CA. The purchase price was under $90 million. The seller was AMB Institutional Realty Advisors, Inc. and Macerich Company. Anchors at the center include Ralph’s, Sav-On Drugs, Fry’s Electronics, Pacific Theaters and Macy’s. The company also represented the seller, Preferred Retail Store Developers, in the sale of The Village at the Springs, a 7,816 sq.ft. shopping center locate near the intersection of Chandler Boulevard and Cooper Road in Chandler, AZ. The sale price was $1.5 million. The buyer was represented by Charles Dunn Co. For more information on Manhattan Village, contact Brent Howell at 310-516-2401. For more information on The Village at the Springs, contact Bob Pearlstein at 602-735-1762.
Aminoff & Co. has the listing to sell a 123,736 sq.ft Kmart-anchored shopping center located on Highway 99 near Stockton, CA. The asking price is $8.495 million based on a cap rate of 10% with cash-on-cash of 9.2%. Annual NOI is $849,542. The center carries a loan of approximately $5 million with an interest rate of 7.38% and a 25-year self-amortization due April 2023. For more information, contact Gary Aminoff at 310-201-9600, Fax 310-201-4311, Email gaminoff@aminoff.com, Web site www.aminoff.com
Commercial One Realtors has the listing to sell Liberty Plaza Shopping Center located at the intersection of North Liberty Road and the Grace Drive connector in Powell, OH. Phase I and II contain a total of 26,750 sq.ft. of net rentable space, while phase III contains 15,600 sq.ft. Anchors include Allstate Insurance, State Farm Insurance and Powell Cleaners. The asking price for phases I and II is $2.775 million, with a total cost of $4.55 million. For more information, contact Tony Mesi at 614-451-5100, Fax 614-451-9943, Email tonlora@aol.com
Excell Fund, L.L.C. is seeking strip centers located anywhere in the lower 48 states measuring over 85,000 sq.ft. with occupancy greater than 50% with some credit tenants. Small markets are also of interest. Properties featuring a 10% cap rate or above are of particular interest. For more information, contact Steven Cersonsky at 303-320-0003, Fax 303-377-6167.
CT Realty Corp. acquired the San Marcos Outlet Center, a 106,000 sq.ft. shopping center located along Highway 78 in San Marcos, CA. Anchors include Heritage Furniture Co. and Arizona Leather Factory. The sale price was $4.67 million. For more information, contact 949-752-5115.
Divaris Real Estate represented both the buyer, North Palm Beach Investment Corp., and the seller, Cresthaven LLC in the sale of the Shoppes at Cresthaven, a 178,000 sq.ft. shopping center located on South Military Trail in West Palm Beach, FL. Anchors include Winn Dixie, Artarama, Perkins Restaurant and Walden Books. Divaris Real Estate has also been retained as the exclusive leasing and management agent for the center. Divaris Real Estate represented the seller, John Hancock Life Insurance Company, in the sale of Lakes Mall, a 255,783 sq.ft. power center located at the intersection of Oakland Park Boulevard and State Road 441 in Lauderdale Lakes, FL. The center is anchored by The Sports Authority, Office Depot, MacFrugals, Linen Supermarket and Smart and Final. The sale also included the purchase of 13.89 acres of vacant land adjacent to the center. The buyer was Grubb and Ellis. For more information, contact Gerald Divaris at 757-497-2113. Madison Retail Group joined with Roadside Development to purchase the former Hechinger building at Burke Center Shopping Center located in Burke, VA. The property totals 80,000 sq.ft., including a 60,000 sq.ft. building and a 20,000 sq.ft. garden center. The company plans to redevelop the property to create up to 100,000 sq.ft. of additional retail space, and will act as exclusive listing company for the property. The company also recently joined with Madison Marquette and Capital Guidance to purchase the 180,000 sq.ft. Hechinger/Sears building located on Wisconsin Avenue in Tenleytown, VA. Additionally, the company is outfitting three other locations for CVS pharmacies to be built in the near future. For more information, contact 202-730-2000, Fax 202-730-2030.
Cordish Co. has purchased the interest formerly held by JDN Realty Corp. in the Power Plant, a 600,000 sq.ft. project located at the intersection of Mercury Boulevard and Interstate 64 in Hampton, VA. The project had been stalled for a period after it was revealed that JDN was accused in a federal court lawsuit of funneling at least $5 million in payments to company officers during the years of 1994 to 1998. The suit also claimed that JDN sold 50,000 shares of its stock worth $1.3 million through insider sales. For more information, contact 410-539-4141.
Grubb & Ellis represented the seller, J.W. Realty, in the sale of 8.41 acres zoned for retail development located on the 3200 block of Cerrilos Road in Santa Fe, NM. The buyer, Baillio Group, is planning a development featuring restaurants and a small hotel. Groundbreaking should occur this month, with completion expected during the Summer of 2001. For more information, contact 714-939-6000.
Edgewood Properties is seeking land parcels of over two acres zoned either commercial or residential for development. The company is responsible for Walgreens projects throughout New Jersey. For more information contact Philip Hatch 732-985-1900.
Wal*Mart Realty is selling a 1.14-acre parcel located on South Crater Road (Highway 301) in Petersburg, VA. Demographics show a population of 53,000 residing within five miles earning $43,000 as the household income. For more information, contact 501-277-0039.
Cap Rate Properties, Inc. has the listing to sell an El Pollo Loco located in Southern CA. The property is offered for an asking price of $975,000 based on a cap rate of 8.75%. For more information, contact Dean Curci at 949-852-9400, Fax 949-852-8475.
Richman Realty Associates has the listing to sell several shopping centers located in FL. Anchors include Winn Dixie, Publix, Kash n’ Karry and Food Lion. Sizes range from 60,000 sq.ft. to 135,000 sq.ft., with asking prices ranging from $4 million to $7 million. For more information, contact 561-852-7090, Fax 561-852-8346.
Cohen and Company, Inc. Real Estate arranged the sale of St. Mary’s Plaza, a 108,000 sq.ft. community center located on the west side of St. Mary’s Road in Elk County, PA. Anchors include Bi-Lo (52,940 sq.ft.) and Eckerd Drug (14,000 sq.ft.). The center is 100% occupied. The seller was New Plan Excel Realty Trust, and the purchaser was St. Mary’s Plaza Associates, LLC, New York, NY. For more information, contact 212-679-1222.
Burnham Pacific Properties, Inc. terminated its agreement to sell 19 properties to GMS Realty, LLC for approximately $305 million pursuant to its rights under the purchase agreement. The company is continuing its efforts to liquidate the company, and its two other previously-announced agreements with DDR Real Estate Services and The Prudential Insurance Company remain in effect. For more information, contact Daniel Platt at 619-652-4700.
Walpert Properties acquired Cross Rhodes Shopping Center, a 64,440 sq.ft., 6.66-acre center located on Getwell Road in Memphis, TN. The center currently has twelve tenants and is anchored by Kroger, Family Dollar and AAMCO Transmissions. For more information, contact 314-567-1221.
Sigma National, Inc. brokered the sale of a 1.8-acre parcel located on the northeast corner of Brook Road and Virginia Center Parkway in Glen Allen, VA. Exxon Mobil Corp. was the purchaser. The company also brokered the sale of 2.54 acres to Outback Steakhouse located on Southpark Boulevard in Colonial Heights, VA. Wal*Mart Realty was the seller. For more information, contact 804-320-6100.
Robinson Sigma Commercial Real Estate Inc. brokered the sale of Midway Shopping Center, a 58,780 sq.ft. shopping center located in Hampton, VA. The purchaser was Midway VA, LLC. CB Richard Ellis will be handling leasing and management for the new owners. For more information, contact Christopher Read or Kym Halstead at 757-490-3300. Upland Real Estate Group, Inc. represented the seller in the sale of a 35,600 sq.ft. Ultimate Electronics located in Woodbury, MN. The sale price was $5.047 million. For more information, contact Wendy Ferguson at 612-332-6600.
Principal Capital Real Estate Investors has the listing to sell a 44,000 sq.ft. freestanding Winn-Dixie property located on the northeast corner of Schillinger Road and Zeigler Boulevard in Mobile, AL. The building is offered at an asking price of $4.525 million based on an 8.75% cap rate. For more information, contact Gary Lines at 515-247-4858, Email lines.gary@principal.com
REMAX Commercial Investment has the listing to sell Mountainview Parkway Plaza, a 19,000 sq.ft. shopping on a 71,434 sq.ft. parcel located just north of Chandler Boulevard on South Mountain Parkway in Phoenix, AZ. The asking price is $3.625 million based on a cap rate of 9% and 100% occupancy with all leases carrying terms of five to 10 years NNN, with 3% to 3.5% bumps each year. Tenants include a restaurant, nail salon, dry cleaners, sports bar and others. The center is 68% leased, but is expected to be fully leased by December 31, 2000. For more information, contact Gene Reetz at 480-905-1950, Email genfran@goodnet.com
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