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Buyers & Sellers
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Buyers & SellersMcKelvey Properties represents a client in the market for a 1031 Exchange of a NNN property, with a $1.2 million to $1.5 million price tag and a 9+% cap rate, preferably located in IL or FL. For more information, contact David Gitt, McKelvey Properties, 2310 Highway 94 South Outer Road, St. Charles, MO 63303; (636-928-9111), Fax (636-928-9484), Email: dgitt@stlnet.com.
Lee and Associates Commercial Real Estate Services represents a buyer looking for a value-added shopping center opportunity with a $6 million to $12 million price tag located in the Vero Beach, FL market. For more information, contact Dan Daniel, CCIM and Clifford Crowe, CCIM of Lee and Associates Commercial Real Estate Services, 2011 Palomar Airport Road, #102, Carlsbad, CA 92009; (760-929-9700), Fax (760-929-9977).
Charles Wayne Properties, Inc. has the listing to sell Ocala North Shopping Center, a 57,000 sq.ft., 9.68-acre shopping center anchored by Winn-Dixie Marketplace and located at the southeast corner of U.S. Highway 441/301 and northwest 35th Street in Ocala, FL. The daily traffic count is 25,500 cars. The asking price is $4.3 million. An additional three outparcels totaling 1.99 acres may be purchased for an asking price of $500,000. For more information, contact 904-238-3600, Fax 904-255-8758
Pasbjerg Development Co. is aggressively seeking retail properties up to $30 million in NJ, NY and Eastern PA with flexible cap rates and occupancy figures. Shopping centers of 100,000 sq.ft. minimum are of particular interest. For more information, contact Steve Nussbaum at 973-467-0950, Fax 973-467-1809.
Marcus & Millichap has the listing to sell a Sav-On Drugs located in San Diego, CA leased for 20 years NNN with bumps and four five-year options in an area with strong demographics. The facility is new, and the asking price is $5.530 million based on a 7.5% cap rate. The company also has the listing to sell Whitney Ranch Center located in Henderson, NV. The shopping center contains many credit tenants with NNN leases (including Target, Vons, Ross and Mailboxes, etc.) and $12 million in GMAC financing ready to go. The asking price is $16.55 million based on a 9.07% cap rate. For more information, contact Scott Stolper at 858-452-8300, Fax 858-546-8254.
Northstar Properties is aggressively seeking anchored shopping centers nationwide totaling more than $50 million over the next 12 months. The company has no minimum or maximum price specifications and will consider properties of any size. For more information, contact Fredric Leopold at 212-371-5300, Fax 212-758-0215.
Rein & Grossoehme represented the seller, Scottsdale Investors, in the sale of a 3,400 sq.ft. building occupied by Meineke Muffler located near the southwestern corner of 75th Avenue and Indian School in Phoenix, AZ. The sale price was $460,000. For more information, contact Jerry Robers at 602-954-0717.
HP Commercial has the listing for three Wal*Mart-owned properties in Lewistown, PA, two in Jackson, MO, two in Chesapeake, MD and one in Fort Pierce, FL for the purpose of obtaining sealed bids. A 5% commission is being offered to cooperating brokers. For more information, contact 888-546-6077.
Liberty Realty has a client seeking absolute NNN leased fast-food properties. The buyer desires a 20-year amortized loan of $700,000 to $1.2 million reflecting a 60% to 80% LTV ratio. For more information, contact Kent Johnson at 702-452-4412, Fax 702-452-9039.
CB Richard Ellis has the listing to sell Greensburg Commons, a 272,000 sq.ft. shopping center located in Greensburg, IN. The center is anchored by a 183,000 sq.ft. Wal*Mart Supercenter leased for 20 years, and other tenants include a 24,000 sq.ft. Staples leased for 15 years and a 20,000 sq.ft. Goody’s leased for 10 years. NOI is $1.8 million, and the asking price is $20 million. Below market financing is available. The company also has the listing to sell an 11,930 sq.ft. retail property in Mesa, AZ. The asking price is $2.1 million based on a cap rate of 9.25%. For more information on Greenburg Commons, contact Paul Gaither at 615-248-1161, Fax 615-255-4610, Email pgaither@cbrichardellis.com; for more information on the Mesa, AZ property, contact Jenifer Davis or Steve Fernandez at 602-735-5555, Fax 735-5655.
Resource Realty has the listing to sell a 23,000 sq.ft. two-story mixed-use center located in Northern NJ near major highways and thirty minutes from New York City. The center is 90% occupied with annual NOI over $300,000. For more information, contact Eric Maurer at 973-222-9000, Email ejmau@crusoe.net
DLC Management Corporation purchased Whiterock Marketplace, a 325,000 sq.ft. shopping center located in Garland, TX. The center is anchored by Home Depot, Tom Thumb, Marshall’s and Factory 2-U. As part of the acquisition, DLC assumed existing mortgage financing for the center originated by Lehman Brothers. The company also acquired the Beach Shopping Center, a 210,000 sq.ft. shopping center located in Peekskill, NY. The purchase price was $14.275 million. The center is 70% occupied, and the company is negotiating with national and regional tenants to fill spaces ranging from 1,000 sq.ft. to 30,000 sq.ft. For more information on acquisitions, contact Adam Ifshin at 914-631-3131, Email aifshin@dlcmgmt.com; for more information on leasing, contact Michael Cohen.
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