|
Buyers & Sellers
|
|
|
Buyers & SellersNavarro Real Estate has the listing to sell a 60,000 sq.ft. former furniture store building located at the junction of Laurens Highway (Highway 276) and Woodruff Road (Highway 146) in Greenville, SC. The building sits on a 4.4 acre lot, and is zoned as general commercial. The average daily traffic count is 44,800 vehicles. The asking price is $4,900,000. Major retailers located within the immediate area include Sam’s Club, Best Buy, Goody’s, Michaels, Burlington Coat Factory, OfficeMax, Office Depot and Service Merchandise. Two regional malls, Haywood Mall and Greenville Mall, are located within 1.5 miles. For more information, contact Sandy MacIlwinen at 864-255-3006, Fax 864-255-3007, Email: sandymac@navarro-realestate.com
Arroyo & Coates has the listing to sell a 27,214 sq.ft. building located on 1.404 acres. Occupied by The Spectrum Club, the site is located on the northwest corner of Clareton Drive and Canwood Street, just off Highway 101in Agoura Hills, CA. At the close of escrow, The Spectrum Club will lease back the property for a period of 15 years. The lease will be absolutely net with the tenant remaining responsible for all expenses associated with the property. The rent will increase by 5% every 30 months, and the tenant will have two, five-year options to renew under the same escalation structure. The price is $6,000,000 and the starting cap rate is 10%. Demographic reports show an average household income of over $139,000 within a one-mile radius. For more information, contact Eric C. Wilcox at 415-445-7800, Fax 415-392-3040, Email: mailto:ewilcox@a-c.com
CC Realty Advisors, Inc. is seeking value added distressed or semi-distressed neighborhood and community shopping centers of 50,000 sq.ft. and larger throughout the Northeastern, Midwestern, South Central, South Eastern and South Western United States. The company aims to purchase $100,000,000 of value added centers within the next 12 to 18 months. Sites are sought where value can be added through repositioning, rehabilitation, and or retenanting the center. For more information, contact Frank A. Banko at 724-942-4810, Fax 724-942-4812, Email: fbanko@ccrealtyadvisors.com
NewMark Merrill Companies has the listing to sell a 90,000 sq.ft. neighborhood shopping center located at the southeast corner of West Sahara Avenue and Cimarron Street in Las Vegas, NV. The site is anchored by Stein Mart, Pearle Vision, Village Inn, Pretty Party Place and Jitters Gourmet Coffee. Asking price is $13,550,000. The company continues to seek investment and development opportunities throughout CA, NV, AZ, WA and CO. For more information, contact David Frank or Sandy Sigal at 818-996-0700, Fax 818-996-0760, Email: dfrank@newmarkmerrill.com; ssigal@newmarkmerrill.com
Center Trust, Inc. announced that it has completed the sale of two community shopping centers. The company has closed on the sale of Torrance Promenade, a 267,000 sq.ft. center located in Torrance, CA, representing the sixth and final asset under the previously announced transaction with the Kimco Income REIT. In addition, the company has closed on the sale of Pomona Gateway Center, a 104,000 sq.ft. shopping center located in Pomona, CA. Net cash proceeds of approximately $15 million, after the assumption of approximately $30 million of debt and the repayment of approximately $4 million of debt, was used to reduce the outstanding balance on the company’s secured credit facility. For more information, contact Ned Fox or Stuart Gulland at 310-546-4520.
Cohen and Company announced the closing of Bay Shore Mall located on Route 9 and Cape May Ferry Road in North Cape May, NJ, a community shopping center. The 58,000 sq.ft. center is anchored by Acme, Ames and Thrift Drug. Company Senior Managing Director, Vera Thomas and Managing Director, Louis Ginsberg, represented the seller, R.M. Singer & Associates, Towson, MD. Helen Putterman, Cohen and Company’s President represented the purchaser Bay Shore Mall Associates LLC., respectively. The center has a 50,000 sq.ft. expansion area, and there is an additional pad site for sale or lease as well. For more information, contact 212-679-1222, Fax 212-679-1533.
Divaris Real Estate, Inc. brokered the sale of the former Leggett building comprising 120,000 sq.ft. within NetCenter, located at 5200 West Mercury Boulevard in Hampton, VA to Concord Partners, LLC. Current tenants of NetCenter include: Sears, Bell Atlantic, AMSEC Engineering, Newport News Shipbuilding and The City of Hampton. The sale was negotiated by Gerald Divaris, Chairman/CEO, who represented the seller, Belk Stores. For more information, contact Gerald S. Divaris at 757-497-2113.
Walpert Properties has acquired Southwest Plaza Shopping Center, a 101,153 sq.ft. center located on 13 acres at the intersection of South Parker Road and Dennis Avenue in Olathe, KS. This latest acquisition brings to 12 the number of properties owned and managed by Walpert in the Kansas City Metropolitan Area. The center was purchased from Southwest Plaza Partners for $3,665,000. The company also recently acquired its fourth Oklahoma property, the 107,835 sq.ft. Shawnee Plaza Shopping Center located on an 8.14 acres site at the intersection of North Kickapoo Street and Kickapoo Spur Street in Shawnee, OK. The center is anchored by Atwoods, Drug Warehouse, Makes Cents, Big Lots and Dollar General. The property was purchased for $2,225,000 from Oklahoma Plaza Investors, Ltd. For more information, contact Patricia Riney at 314-567-1221, Email: priney@ walpertproperties.com
Rotella Toroyan Clinton Group, a member of RealSource, represented the seller, Chelsea Associates, in the sale of Prado, a 25,043 sq.ft. neighborhood shopping center located on 2.35 acres of land at 6201 North Federal Highway in Fort Lauderdale, FL. The center was bought by Altona, LLC for $3.7 million. The company also brokered a $1 million lease buy out for Albertson’s at Universal Plaza in Lauderhill, FL which is being demolished for a SuperTarget store. The company also brokered a $3.245 million purchase of 19.7 acres of undeveloped land for Home Depot USA, Inc. in Palm Bay, FL where Home Depot will open in 2001. For more information, contact Bill Rotella or A.T. Toroyan at 954-229-7022.
Colliers Seeley has the listing to sell a 17,560 sq.ft. the good guys! located at 390 South Mills Road, directly across from Pacific View Mall in Ventura, CA. The space is leased through 2021. Rent increases approximately every three years. Demographic reports show a population of 121,563 residing within a five-mile radius earning an average income of $68,450. For more information, contact Glen A. Williams at 310-477-6272 or John G. Ochoa at 805-988-8050.
Silver Willis has the listing to sell a Walgreens Drugstore located in the Philadelphia suburb of Upper Southampton. Walgreens has a 20-year primary lease term and is responsible for taxes, insurance and day to day maintenance. The landlord is responsible for structure and roof. The seller will provide a 20-year manufacturers roof warranty. Asking price is $4,745,000 reflecting an 8.5% cap rate. The average household income within a three-mile radius is more than $81,000. For more information, contact Barry Silver at 415-464-3243, Fax 415-461-4940, Email: bsilver@silverwillis.com
Kimco Realty Corporation is seeking portfolios of single tenant NNN leased property with national or strong regional credit. For more information, contact Robert P. James at 516-869-2570, Fax 516-869-2571.
Syndicated Equities Corporation brokered the following sales: a 13,920 sq.ft. Walgreen’s NNN-leased property in St. Petersburg, FL for $2.4 million to a FL investor completing a 1031 exchange; a 15,120 sq.ft. Walgreen’s long-term leased site in Belton, MO for $2,268,571 to a WV partnership; a 46,658 sq.ft. Q Club long-term leased site in Tempe, AZ for $4,912,424 to a Chicago investor and a 2,500 sq.ft. Starbucks Coffee long-term leased property in Chicago, IL for $988,658 to a Chicago investor completing a 1031 exchange. For more information contact Carol Blomstrand, Syndicated Equities Corporation, 1345 North Wells Street, Chicago, IL 60610; 312-640-9020; Website: www.1031netlease.com.
Island Associates Real Estate brokered the $1.7 million sale of a 19,000 sq.ft. site in Holbrook, Long Island, NY. The purchaser will develop the site into a CVS Drug Store. For more information contact Roger A. DeLisle, Jr., Island Associates, 455 Sunrise Highway, West Islip, NY 11795; 631-587-5050; Fax 631-587-0230. Company, 2001 Ross Avenue, Suite 3400, Dallas, TX 75201; 214-863-3000, Fax 214-863-3125; Website: www.trammellcrow.com.
|