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Buyers & Sellers
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Buyers & SellersNAI Hiffman brokered the sale and immediate partial lease of the 87,501 sq.ft. former Dominick’s store in Melrose Park, IL. Lincoln Technical Institute, Inc. will relocate its Norridge, IL campus into 47,000 sq.ft. of the building and NAI Hiffman will be the exclusive agent for the remaining 40,501 sq.ft. The transactions were valued at over $3.7 million on the site that adjoins Melrose Place Shopping Center. For more information contact Sandra Griggs, NAI Hiffman, One Oakbrook Terrace, 22nd Street and Butterfield Road, Oakbrook Terrace, IL 60181; 630-693-0644; Fax 630-932-7258.
Devcon Enterprises, Inc. purchased the 114,449 sq.ft. Berdon Plaza in Fairhaven, MA. The center is anchored by Shaw’s and is located just off Interstate 240 on Route 6. Other tenants include Auto Zone, Boat US Marine Center, Radio Shack, Citi-Financial, Supercuts and H&R Block. The Devcon Company management division will manage the property. For more information contact J.R. Cody III or Chad LaBonte, Devcon Enterprises, Inc., 433 South Main Street, Suite 300, West Hartford, CT 06110; 860-521-6999; Fax 860-521-6789.
CB Richard Ellis brokered the sale of the center located at Chatsworth and Balboa Streets in Granada Hills, CA. The 39,905 sq.ft. center was sold as a 1031 exchange for $9.2 million by GRAE Ventures to a private individual represented by Told Partners. The center is anchored by Walgreen’s, Staples and El Pollo Loco. The site was formerly a supermarket. The company also brokered the sale of Abalone Square in Torrance, CA. The 4.86-acre plot was sold by Regency Realty Group for $13.5 million to the Sun Family Trust. The Sun Family Trust has a lease with a Ralphs supermarket for a 58,000 sq.ft. store that will open in April with a 20-year term valued at $22.6 million, also brokered by CB Richard Ellis. For more information on the Granada Hills property contact Greg Whitney or Allen Young, CB Richard Ellis, 15303 Ventura Boulevard, Suite 200, Sherman Oaks, CA 91403; 818-907-4600; Fax: 818-907-4688. For information on Abalone Square contact Richard Rizika, 990 West 190th Street, Suite 100, Torrance, CA 90502; 310-516-2338.
HP Commercial Inc. has the listing to sell or lease former Lowe’s retail sites in LA and SC. The Alexandria, LA site is 66,634 sq.ft. on 12.1 acres. Sites in Lake Charles, LA and Houma, LA are 65,638 sq.ft. on at least seven acres. Another 65,638 sq.ft. site is in West Columbia, SC and has 15 acres of land. Smaller buildings are available in Laurens, SC and Orangeburg, SC at 15,000 sq.ft. and 25,000 sq.ft. respectively. For more information contact HP Commercial Inc.; 407-858-1334; Fax 407-858-1338; E-mail: corp@hpcommercial.com; Web site: www.hpcommercial.com/lowe.htm.
James E. Hanson, Inc. has the listing to sell a 45,102 sq.ft. freestanding facility in a South NJ shopping plaza anchored by Target, Home Depot and Office Max. Tenant, who will be revealed after signing of confidentiality agreement, is on a 20-year lease commencing at $331,500 with increases every five years. Assumable financing is available and property is offered at 10% CAP rate. For more information contact Peter Kellner, James E. Hanson Inc., 235 Moore Street, Hackensack, NJ 07601; 201-488-5800; Fax 201-488-0246.
Cohen and Company, Inc. Real Estate brokered the sale of Timpany Plaza in Gardner, MA. The 182,000 sq.ft. community center is anchored by a 60,000 sq.ft. Super Stop & Shop and had a 73% occupancy factor at closing. For more information contact Helen Putterman, Cohen and Company Inc., 21 East 40th Street, Suite 2121, New York, NY 10016; 212-679-1222; Fax 212-679-1533.
NewMark Merrill Companies acquired the 83,621 sq.ft. Bristol Warner Village in Santa Ana, CA. The center is anchored by 99 Cent Only Store, Kragen, Wherehouse and Chevron. Marcus & Millichap brokered the sale and financing was provided by CIBC World Market and George Smith Financial. For more information contact Jim Patton, NewMark Merrill Companies, 18801 Ventura Boulevard, Suite 300, Tarzana, CA 91356; 818-996-0700; Fax 818-996-0760.
Donahue Schriber acquired the 250,395 sq.ft. Camarillo Village Square Shopping Center in Camarillo, CA. The center is anchored by Albertson’s and Rite Aid and is under renovation. The 23.8-acre site is located at Los Posas and Arneill Roads and was sold for $20.9 million. The center is managed by Donahue Schriber. For more information contact Michele Babcock, Donahue Schriber, 3501 Jamboree Road, Suite 300 South Tower, Newport Beach, CA 92660; 949-854-2100; Fax 949-854-4251; Web site: www.donahueschriber.com.
Heatley Capital Corporation has the listing to sell a 10.7-acre parcel at Golden Triangle Boulevard and Alta Vista Road in Keller, TX. Asking price is $725,000 for the zoned commercial land located between Alliance Gateway business/ industrial park and new housing developments. The parcel is divisible. For more information contact Mike Heatly, Heatly Capital Corporation, 4799 Golden Triangle Boulevard, Keller, TX 76248; 214-220-9617; Fax 972-580-1989; E-mail: hcc@metronet.com.
Walpert Properties acquired the 70,849 sq.ft. Arrowhead Shopping Center in Independence, MO. The purchase price was $2.71 million for the center that is anchored by IGA Grocery and located on the 24 Highway. Great Oaks, LLC was the seller. The company also acquired the 14,868 sq.ft. John’s Creek Shopping Center in Memphis, TN for $1.15 million. The center located at American Way and Clearbrook Road is fully occupied and is Walpert’s seventh Memphis acquisition. For more information contact Gary Rosenbaum, Walpert Properties, 11457 Olde Cabin Road, Suite 200, St. Louis, MO 63141; 314-567-1221; Fax 314-567-9289.
The Hutensky Group, LLC acquired the 202,000 sq.ft. Deptford Crossing Shopping Center in Deptford, NJ. The strip center is located at Routes 42 and 55 and was purchased for $11.5 million from the Deptford Crossing Associates, LP. The center is anchored by Office Max, PetsMart, TJ Maxx, Marshalls, Michaels and Jo-Ann Fabrics. Hutensky plans to develop a 10,000 sq.ft. to 20,000 sq.ft. pad site. For more information contact Brad M. Hutensky, The Hutensky Group, 280 Trumbell Street, 2nd Floor, Hartford, CT 06103-3504; 860-527-2222; Fax 860-706-0076.
Marcus & Millichap has the listing to sell Fairporte Greene Shopping Center in La Porte, TX. The asking price is $4.75 million at a 10% CAP rate. Assumable financing is available with $1.175 million down and a 13% cash on cash return rate. The center is 95% occupied with fixed rental escalations and a pad site leased to Burger King. Site is across from Kroger Signature store. The company is listing a Garden Ridge-leased building at a power center in Greensboro, NC. The tenant has a 20-year lease with rent escalations every five years and increasing cash on cash return. The asking price is $9.8 million with assumable financing of $7.1 million at 8.43% and a 30-year amortization period. The company is also listing a Schuck’s Auto Parts in Klamath Falls, OR. The asking price is $1.175 million with a 8.25% CAP rate. The tenant is on a 15-year NNN lease and is in Klamath Falls’ main retail hub, adjacent to Jefferson Square Shopping Center. For more information on the TX or NC listings contact Susan D. Thomas, Marcus & Millichap, 1300 Post Oak Boulevard, Suite 825, Houston, TX 77056; 713-626-3040; Fax 713-626-1304; E-mail: sthomas@marcusmillichap.com. For more information on the OR listing contact Richard H. Merryman or Bill W. Schofield, Marcus & Millichap-San Francisco, 750 Battery Street, Fifth Floor, San Francisco, CA 94111; 415-391-9220; Fax 415-296-7088. |