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Buyers & Sellers
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Buyers & SellersMichaelson Commercial Real Estate is listing for sale a two-tenant building in Southern CA. 99 Cent Only Stores and Chuck E. Cheese have ten-year leases with options. 1031 exchanges are welcomed. For more information contact Terry Michaelson, Michaelson Commercial Real Estate, 5335 Penfield Avenue, Woodland Hills, CA 91364; 818-348-0446; E-mail: tmichaelson@earthlink.net.
Aegis Realty Inc. acquired 19 community centers from P.O.B. Montgomery & Company as well as the company’s ongoing development business. The deal is estimated to be worth $203.5 million. For more information Stuart Boesky, Aegis Realty Inc., 625 Madison Avenue, Suite 900, New York, NY 10022; 212-421-5333; Fax 212-751-3550.
G. Earl Real Estate has the listing to sell an 8,188 sq.ft. freestanding retail site with an overhead door and outside sales area in Neenah, WI. The asking price is $275,000 for the site located on South Commercial Street adjacent to the Express Convenience Center. Leasing and co-brokering are possible. For more information contact Gary Eake, G. Earl Real Estate, 410 North Koeller Street, Oshkosh, WI 54902; 920-426-0417; Fax 920-426-3442; Web site: www.gebroker.com.
Konover & Associates purchased a parcel on Lawton Road and Route 44 in Canton, CT. The company is reportedly seeking tenants for a potential 180,000 sq.ft. building on the property. Only a portion of the land, formerly owned by local antique dealer, is zoned commercial so a zoning change would be needed. For more information contact Jeff Blumenthal, Konover & Associates, 2410 Albany Avenue, West Hartford, CT 06117-2501; 860-284-7100, Fax 860-284-1176
Ashkenazy Acquisition Corporation is seeking retail property within a 75-mile radius of New York City, NY. The company will consider taxpayers from 1,500 sq.ft. and shopping centers from 20,000 sq.ft. to over 500,000 sq.ft. The company closed on The Kingsway Movie Theater (Brooklyn, NY), 230 Second Avenue (New York, NY), 35 Westchester Square (Bronx, NY) and 618 Brighton Beach Avenue (Brooklyn, NY) in the fourth quarter of 2000. For more information contact Marc Geller, Ashkenazy Acquisition Corporation, 433 Fifth Avenue, Second Floor, New York, NY 10016; 212-213-4444 ext. 205; Fax 212-213-5713.
Burnham Pacific Properties Inc. sold three shopping centers to Retail Ventures for $109.9 million. Retail Value is a joint venture consisting of Developers Diversified Realty, Coventry Real Estate Partners and Prudential Real Estate Investors. The La Mancha Shopping Center in Fullerton, CA is included in the deal. For more information contact Michael L. Rubin, Burnham Pacific Properties, 610 West Ash, Suite 1600, San Diego, CA 92101; 619-652-4700; Fax 619-652-4711.
Edgemark LLC has sold the 14,000 sq.ft. Wood Dale II Shopping Center in Wood Dale, IL. The community center is anchored by Blockbuster Video and Domino’s Pizza and is located at Irving Park Road and Addison Street. Edgemark Asset Management LLC has been retained by the buyer to manage the property. For more information contact Jeff Kowal, Edgemark LLC, 2215 York Road, Suite 503, Oak Brook, IL 60523; 630-472-1010; Fax 630-472-1019; Web site: www.edgemarkllc.com.
Wal*Mart Realty is selling numerous parcels adjacent to the company’s Wal*Mart, Super Wal*Mart and Sam’s Club locations. A 0.83-acre parcel is available near a SuperWal*Mart at Lowry Street and US Highway 460 in Bedford, VA. Area demographics include a population count of 12,000 residing in a five-mile radius earning an average annual household income of $39,000. Four parcels (from 1.05 acres to 11.3 acres) are available adjacent to a Supercenter at US Routes Alt. 220 and 460 in Bonsack, VA. The site is in the Roanoke trade area and has demographics including a population count of 62,000 residing in a five-mile radius earning an average annual household income of $45,000. Two outparcels are available in front of a Supercenter at US Highway 13 and Cedar Lane in Fruitland, MD. The lots are 1.13 acres and 1.25 acres and have demographics including a population count of 52,000 residing in a five-mile radius earning an average annual household income of $50,000. A 12-acre parcel is available adjacent to a Supercenter between US Route 522 and Middle Road in Lewiston, PA. The asking price for the site is $210,000 and has a population of 213,000 residing in a 25-mile radius earning an average annual household income of $42,000. For more information contact Travis L. Rodgers, Wal*Mart Realty, 2001 South East 10th Street, Bentonville, AR 72716-0550; 501-277-0039; Fax 501-273-6542; E-mail: tlrodge@wal-mart.com.
IRT Property Company sold the 71,443 sq.ft. Chester Plaza in Chester, SC for $2.25 million. The company also acquired the 118,537 sq.ft. Pine Ridge Square in Fort Lauderdale, FL. The transaction was valued at $11.6 million. IRT Property is a REIT with a portfolio of centers in the Southeastern U.S. For more information contact James G. Levy, IRT Properties, 200 Galleria Parkway, Suite 1400, Atlanta, GA 30339; 770-955-4406; Fax 770-988-8773.
Upland Real Estate Group, Inc. brokered the sale of a 5,040 sq.ft. Hollywood Video store in Abilene, TX. The sale price was $847,636 and Marcor Investment Properties represented the buyer. For more information contact Keith A. Sturm or Michael K. Houge, Upland Real Estate Group, 301 Fourth Avenue South, Minneapolis, MN 55415; 612-332-6600; Fax 612-376-4489; Web site: www.upland.com.
The Shopping Center Group is seeking class A and B multi-tenant retail real estate in the Atlanta, GA area. Deals with a minimum value of $1 million and a 9% CAP rate will be considered. For more information contact Palmer T. Bayless, The Shopping Center Group, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434; Fax 770-951-0054; E-mail: pbayless@ccim.net.
Turner Net Lease Properties,Inc. has the listing to sell a Walgreen’s currently under construction in TN. The property is being offered at a 8.75% CAP rate after a $0.15/sq.ft. reserve. Seller wishes to deal with principals only. For more information contact Gary Turner, Turner Net Lease Properties, 200 Ocean Avenue, Suite 203, Melbourne Beach, FL 32951; 321-952-2894; Fax 321-952-8967; E-mail: NNN@cfl.rr.com.
Colonial Properties Trust sold the 166,000 sq.ft. Colonial Promenade Abingdon in Abingdon, VA. The center was built in 1987 and is anchored by Food City and Kmart. For more information contact C. Reynolds Thompson, Colonial Properties Trust, 2101 Sixth Avenue North, Suite 750, Birmingham, AL 35203; 205-250-8700; Fax 205-250-8890; Web site: www.colonialprop.com.
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