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Buyers & Sellers
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Buyers & Sellers Flocke & Avoyer Commercial Real Estate brokered the sale of La Jolla Marketplace in La Jolla CA in a two-transaction deal. The first transaction was the $5.25 million acquisition of the property by the Vons Grocery Co. from the Caroline Smith Trust. In the second transaction Vons Grocery Co. assigned its escrow to La Jolla Marketplace LP a California limited partnership. Both parties were represented by Flocke & Avoyer. For more information contact Flocke & Avoyer 3131 Camino del Rio North Suite 190 San Diego CA 92108; 619-280-2600 Fax 619-280-3311. Besen Associates is marketing a 7-Eleven in MA for an asking price of $1.55 million. The lease term is 18 years eight months with three five-year options. The rent is $168 000 annually during the first 10 years and $184 800 per year during the remaining eight years. The company has other 7-Elevens available. Besen Associates also is selling a 12 000 sq.ft. Gap in the metropolitan NY area for an asking price of $2 million. The rent is $165 540 per year.For more information on either property contact Michael Sokolow Besen Associates; 212-689-8488 Ext. 26 Cell 718-344-0194; Email: msokolow@besenassociates.com. RioCan Real Estate Investment Trust in conjunction with Kimco Realty Corp. acquired four supermarket-anchored shopping centers in British Columbia Canada from Schroeder Properties for $170 million. The joint venture acquired the following centers: The 99% leased 188 252 sq.ft. Clearbrook Town Square in Abbotsford Bristish Columbia anchored by Safeway and Staples; the 100% leased 170 724 sq.ft. Peninsula Village Shopping Center in South Surrey British Columbia anchored by Safeway and London Drugs; the 98% leased 372 729 sq.ft. Parkwood Place Shopping Centre in Prince George British Columbia anchored by Overwaitea Foods Staples The Bay Famous Players and London Drugs and the 95% percent leased 253 536 sq.ft. Junction Centre in Mission British Columbia anchored by Save-On-Foods London Drugs Canadian Tire and Famous Players.For more information contact RioCan Real Estate Investment Trust The Exchange Tower Suite 700 PO Box 378 130 King West Toronto Ontario M5X 1E2; 416-866-3033 Fax 416-866-8567. Wyndham Property Management Inc. is selling the Woodland Square Shopping Center in Oldsmar FL for an asking price of $36.4 million. The center anchored by Kmart Kash n’ Karry Bealls and a 20-screen AMC Theatre sits on 28.3 acres of land and encompasses 292 500 sq.ft. of GLA. The NOI is $3.4 million.For more information contact Richard Minieri Wyndham Property Management Inc. 29656 U.S. Highway 19 North Suite 100 Clearwater FL 33761; 727-787-3111 Fax 727-781-8447 Email: cougar501@msn.com. Divaris Real Estate Inc. negotiated the sale of an 8 000 sq.ft. Merchant’s Tire store owned by Heafner Tire Group a local investor. The store is located at 5222 Indian River Road in Virginia Beach VA. Divaris Real Estate represented both the buyer and seller in the transaction. Divaris Real Estate is also selling 260 000 sq.ft. of Heafner properties in various southeastern U.S. locations. For more information contact Gerald S. Divaris One Columbus Center Suite 700 Virginia Beach VA 23462; 757-497-2113. THF Realty is marketing the sale of a Fashion Bug Radio Shack Gizmo Wireless and Dollar Tree anchored site that is shadow-anchored by a Wal*Mart Supercenter. The asking price is $2.532 million at a 10% Cap rate.For more information contact Ted Greenberg THF Realty 2127 Innerbelt Business Center Drive St. Louis MO 63114; 314-429-0900 Fax 314-429-0999 Cell 314-503-7772; Email: tgreenbe@thfrealty.com. CB Richard Ellis is marketing 1.24 acres located near the East Race Waterway on the St. Joseph River in South Bend IN for $635 000. The site is conducive for commercial development due to its close proximity to the central business district and a zoning of A-3 mixed-use commercial and multi-family. Area demographics include a population of more than 180 000 within five miles with more than 44% of the population having an annual household income above $35 000. The property has an average daily traffic count of more than 16 239 vehicles. The company also brokered the sale of the Kroger-anchored 103 736 sq.ft. Cherokee Commons in Cherokee County GA to Infinity Property Fund on behalf of Wells Real Estate Funds for $8.67 million. The center is 97% leased. The company also negotiated the sale of the 210 150 sq.ft. Lexington Parkway Plaza in Lexington NC on behalf of Glimcher Realty Trust. The center is anchored by Belk’s Wal*Mart Goody’s Hamrick’s and Ingles Markets. For more information on the South Bend IN parcel contact Brad Toothaker CB Richard Ellis 130 South Main Street Suite 350 South Bend IN 46605; 219-237-6000 Fax 219-237-6001. For more information on the Lexington Parkway Plaza contact Mike Burkard CB Richard Ellis; 404-923-1453; Email: mburkard@cbre.com. NAI MLG Commercial has the listing to sell two outlots located on Highway 11 and Oakes Road in Mount Pleasant WI. The 1.83-acre and 0.92-acre parcels are being marketed for $10 psf and have an average daily traffic count of 27 000 vehicles. Nearby tenants include a 200 000 sq.ft. Wal*Mart Supercenter a 151 230 sq.ft. Menard’s and a 18 397 sq.ft. Petco. Area demographics include a population of 106 354 residing in a five-mile radius earning a median income of $38 701. For more information contact Tom Treder or Brian Vanevenhoven NAI MLG Commercial 13400 Bishop’s Lane Suite 100 Brookfield WI 53005; 262-797-9400; Web site: www.mlgcommercial.com. Universal Properties has the listing to sell a parcel of land located at the intersection of Route 2 and Bald Hill Road in Warwick RI for an asking price of $1 million including all utilities. The site is conducive to a 10 000 sq.ft. store and is adjacent to shopping centers anchored by Home Depot Best Buy Sports Authority Sam’s Club Target Pier 1 Imports and Chili’s.For more information contact Robert Rapoza Universal Properties 207 Quaker Lane Suite 300 West Warwick RI 02893; 401-828-3500 Ext. 133. CMC Heartland a subsidiary of Heartland Partners LP will sell 60 000 sq.ft. of land at Kinzie Station in Chicago IL to Senco for $5 million. The sale is expected to close in mid-2002. Senco plans to construct a food and drug store on the parcel.For more information contact Heartland Partners 330 North Jefferson Court Suite 309 Chicago IL 60661; 312-559-4559 Fax 312-575-0611; Email: kinzie@kinziestation.com. Davidson Conine Realty LLC is marketing the sale of the 57 896 sq.ft. Dollar General-anchored Meadow Glen Shopping Center for $2.75 million. The 89% leased center located on the southeast corner of 6500 Northwest Drive and La Prada in Dallas TX sits on 4.833 acres of land and includes three multi-tenant buildings. For more information contact Davidson Conine Realty LLC 5005 LBJ Freeway Suite 300 Dallas TX 75244; 972-788-2800 Fax 972-788-2761. Lechner Realty has the listing to sell the 36 021 sq.ft. Kroger-anchored Old Capital Shopping Center in Vandalia IL at an asking price of $995 000 with a Cap rate of 11.92%. The NOI for the center which also houses a Dollar General and Broadway Video is $118 646.For more information contact Hal Hanstein Lechner Realty 12882 Manchester Road Suite 201 St. Louis MO 63131; 314-909-8100 Ext. 102; Email: hgh@lechnerrealty.com. |