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Buyers & Sellers
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Buyers & SellersIPG Investment Properties is marketing the sale of a 35,000 sq.ft. fully-leased center in North Scottsdale, AZ. The asking price is $6.6 million with $4.8 million in assumable financing available at 8.3%. A down payment of $1.8 million is required that will show a 14% cash return on cash. For more information contact Parviz Donboli, IPG Investment Properties, 480-675-0054; Email: parviz@ipginvestments.com.
Arroyo & Coates has the listing to sell the following Sports Authority and Bed Bath & Beyond net-leased sites: A 2.87 acre site with a 40,700 sq.ft. building across from the Arrowhead Towne Center Mall in Glendale, AZ. The asking price is $4.72 million at a 9.36% CAP rate. Assumable financing is available at a 1% fee ($3.25 million at 8.17%, due in 10 years) leaving a $1.505 million down payment with a 10.02% cash return on cash investment. The tenant (Sports Authority) has a 19-year lease with rent escalation. The current NOI is $441,595. A 42,500 sq.ft. Sports Authority net-leased site across from Target and Wal*Mart in St. Petersburg, FL. The asking price is $4.94 million at a 9.46% CAP rate. Assumable financing on $3.375 million at 8.345%, due in 10 years is available at a 1% fee leaving a $1.603 million down payment with a 10.01% cash return on cash investment. There are 19 years remaining on the lease with rent escalations, current NOI is $467,500. An 8.34 acre site with a 44,477 sq.ft. Sports Authority and a 51,637 sq.ft. Bed Bath & Beyond at Terra Nova Shopping Center in Chula Vista, CA. The asking price is $10.2 million at a 9.37% CAP rate. Assumable financing on $7.266 million at 8.31% due in 10 years is available at a 0.5% fee leaving a $2.934 million down payment with a 9.87% cash return on cash investment. Bed Bath & Beyond has a 10-year lease with four five-year options and Sports Authority has a 20-year lease with three five-year options. The current NOI is $955,461. For more information contact Eric C. Wilcox, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800; Fax 415-392-9043; Email: ewilcox@a-c.com.
Center Trust sold four community centers to make payment on company debts. The company sold the 208,000 sq.ft. Fairwood Shopping Center in Renton, WA; the 67,000 sq.ft. San Fernando Mission Plaza in San Fernando, CA; the 69,000 sq.ft. Pacific Linen Plaza in Lynnwood, WA and a 150,000 sq.ft. center in Covington, WA. The combined sales price was $59.2 million and net cash proceeds of $26.3 million were applied to the company’s secured credit facility. For more information contact Stuart Gulland, chief operating officer of Center Trust, 3500 Salpulveda Boulevard, Manhattan Beach, CA 90266; 310-546-4520; Fax 310-796-0578.
CB Richard Ellis brokered the sale of the 105,000 sq.ft. Garden Village Shopping Center in San Pedro, CA. The 9.39-acre site is located at the intersection of Western Avenue and Westmont Drive and was sold for $5.1 million. Regency Realty purchased the property from Manulife USA. The company has the listing to sell a 1,495 sq.ft. freestanding Starbuck’s Coffee-leased site in Palm Springs, FL. The company’s Phoenix office brokered the sale of six acres in Fountain Hills, AZ for a Fry’s Food Store. Fry’s is expected to open at the Eagle Mountain Parkway and Shea Boulevard location by mid-2002. For more information on the San Pedro sale contact Richard Rizika, CB Richard Ellis, 310-516-2338. For information on the Palm Springs property contact Vincent Battaglia, 760-773-3555; Fax 760-341-8602. For information on the Phoenix sale contact Greg Coxon, 602-735-5620; Fax 602-735-5720.
Crossover Commercial Group has the listing to sell a 17,760 sq.ft. strip center in Palm Bay, FL. The asking price is $900,000. The center has a 96% occupancy rate and an NOI of $84,464. For more information contact Carmine Ferraro, Crossover Commercial Group, 4265 Quechua Road, Cocoa, FL 32927; 407-633-3724; Fax 407-633-5636.
Commercial Net Lease Realty Services has the listing to sell nine Eckerd Drugs locations in TX, OK, MO and FL. Leases run from 15 to 20 years and landlord responsibilities are minimal. Buildings range from 9,504 sq.ft. to 12,739 sq.ft. and are available at a 9.20% CAP rate. The company has numerous other listings nationwide. For more information contact Commercial Net Lease Realty Services, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 800-265-7348 ext.3673; Website: www.cnlreit.com.
Carl Chuzy Company is marketing the sale of a 62-acre parcel located at Interstate 135 and 53rd Street in Wichita, KS. Complete road and utilities are available. For more information contact Carl Chuzy, 6431 East Central Avenue, Wichita, KS 67206; 316-686-7274; Fax 316-686-8333.
Divaris Real Estate sold the 165,529 sq.ft. Palms of Carrollwood in Tampa, FL. The center located at Dale Mabry Highway and Fletcher Avenue is anchored by Fresh Market, Bed Bath & Beyond and Sam Ash Music. The company represented the seller, John Hancock Investment Fund III-Limited Partnership. For more information contact Gerald S. Divaris, chairman/CEO Divaris Real Estate, 757-497-2113.
W.P. Carey & Company purchased three sites that will be stadium-seated movie theaters operated by RAVE Reviews Cinemas, LC. The sites are: a 13-acre site at a retail development in Port St. Lucie, FL; a 10-acre highway accessible parcel in Pensacola, FL and a 11-acre site in Hickory Creek, TX in the northern Dallas/Fort Worth retail corridor. The sites are build to suit and will be leased to subsidiaries of RAVE Reviews on 20-year net leases. For more information contact W.P. Carey & Co., 50 Rockefeller Plaza, New York, NY 10020; 212-492-1100; Fax 212-977-3022; Website: www.wpcarey.com.
S.L. Nusbaum Realty Company brokered the sale of the 113,897 sq.ft. Lakewood Village Shopping Center in Celina, OH. The center anchored by Wal*Mart, Stage Department Store, Shoe Show and Rent to Own was sold for $5.15 million. For more information contact Joseph Mersel, partner in S.L. Nusbaum Realty, 1000 Bank of America Center, One Commercial Place, Norfolk, VA 23510; 757-640-2203.
Edgemark LLC brokered the sale of the 23,720 sq.ft. Euler’s Hardware store in Bridgeview, IL. The store was sold to the Salvation Army who will open an outlet store. For more information contact Jeff Kowal, Edgemark LC, 2215 York Road, Suite 503, Oak Brook, IL 60523; 630-472-1010; Website: www.edgemarkllc.com.
SullivanHayes Companies brokered the sale of the following properties: The 136,000 sq.ft. Christmas Tree Shops Plaza in Orange, CT is anchored by Christmas Tree Shops and AC Moore and sold for $15.35 million. The 105,330 sq.ft. Big Y Plaza in Manchester, CT is anchored by Big Y Supermarket, Rite Aid Pharmacy and West Coast Video. The four-year old center was sold for $12.05 million. Two restaurant pads at the Lowe’s Home Improvement Shopping Center in Newington, CT. The Outback Steakhouse and Ruby Tuesday leased locations were sold for $1.58 million. For more information contact Dan Rosow or Tim McNamara, SullivanHayes Companies, 10 Waterside Drive, Suite 200, Farmington, CT 06032; 860-677-5252; Fax 860-679-5260.
Bison Financial Group is offering the sale of the 96,400 sq.ft. Airway Shopping Center in Franklin, VA. The asking price is $1.6 million. Current rent roll is $110,900 with $261,600 potential. For more information contact David D. Repka, Bison Financial Group, 150 Marina Del Ray Court, Clearwater, FL 33767; 727-593-8634; Fax 727-596-8382; Email: DavidR@bisonfinancial.com; Website: www.bisonfinancial.com.
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