Buyers & Sellers
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Buyers & Sellers

Lee & Associates Commercial Real Estate is looking for acquisitions at 8.5%-plus CAP rates, priced between $8 million to $10 million in CA, AZ, NV, UT or WA. Single tenant AAA-retail is preferred.

For more information contact Clifford Crowe, Lee & Associates, 2011 Palomar Airport Road, Suite 102, Carlsbad, CA 92009; 760-929-9700; Fax 760-929-9977.

Trammell Crow Company brokered a $12,387,500 sale of the 116,000 sq.ft. Chapel Hill Commons in South DeKalb, GA. Harbour Point Estates, Inc. bought the center which is anchored by a 55,000 sq.ft. Kroger.

For more information contact Trammell Crow, 2001 Ross Avenue, Suite 3400, Dallas, TX 75201; 214-863-3000; Fax 214-863-3125.

New Regional Planning, Inc. has the listing to sell the Jared Jewelry Building in Houston, TX. The .898 acre site has 5,780 sq.ft. of leasable space and is located across from the Willowbrook Mall. The jewelry store is one year into a 20-year lease, there are no kickouts and the lease is an absolute triple net lease. The asking price is $3 million.

For more information contact Blake Tartt III, New Regional Planning, Inc., 3200 Kirby Road, Suite 214, Houston, TX 77098; 713-523-2929, Fax 713-523-1414; E-mail: btartt@newregionalplanning.com, web site: www.newregionalplanning.com.

CB Richard Ellis has the listing to sell a 4,500 sq.ft. Atlantic Tire building in Norfolk, VA. The parcel encompasses .25 acres and includes four work bays. The asking price of $300,000 includes the building and land as well as inventory, tools and goodwill.

For more information contact David Root, CB Richard Ellis, 192 Ballard Court, Suite 200, Virginia Beach, VA 23462; 757-490-3300; E-mail: droot@cbre.com.

Landmark Commercial Real Estate has the listing to sell a 10,000 sq.ft. Tutor Time NNN-leased site in Wichita, KS. The asking price is $1.5 million and rent commences January 2001. Rent is $144,600 annually with bumps every five years during the 20-year lease.

For more information contact Bradley Saville, Landmark Commercial Real Estate, 155 North Market, Suite 210, Wichita, KS 67202; 316-262-2442; Fax 316-262-2696; e-mail: brsaville@ccim.net.

Marcus & Millichap has the listing to sell two net leased Eckerd locations in South FL. The Lake Worth, FL location is on the corner of the main retail artery and one mile from Palm Beach Island. The site has a 20-year lease commencing in 1999, with four five-year options. The asking price is $3,275,000 at a 8.8% CAP rate. The 13,000 sq.ft. triple-drive thru Miami store has a population exceeding 500,000 in a five-mile radius and is located next to a strip center anchored by Publix. The asking price is $4,003,000 at a 8.9% CAP rate.

For more information contact Lori Schneider, Marcus & Millichap, 110 SE Sixth Street, Suite 2450, Fort Lauderdale, FL 33301; 954-463-2400 ext. 110; Fax 954-463-9222; E-mail: lori@nnndeal.com.

Net-Properties brokered the $3.26 million sale of a 7-Eleven, Inc. leased property in Coconut Creek, FL. The buyer was a TX corporation completing a 1031 exchange.

For more information contact Jen Van Williams, Net-Properties, 410-749-8980; Fax 603-754-1600; E-mail: jen@net-properties.com; Web site: www.net-properties.com.

RE/MAX Commercial has the listing to sell a parcel one mile east of Frederick, MD. The location is across from a major subdivision and concept drawings are available.

For more information contact Dave Chapin, RE/MAX Commercial, 5300 Westview Drive #200, Frederick, MD 21703; 301-624-5443, Fax 301-644-5579.

Dwyer-Curlett & Company are seeking a single tenant retail building in Southern CA; Las Vegas, NV; AZ or CO. National or regional credit tenant with a NNN lease are preferred. Acquisition criteria includes a sale price of $6 to $8 million and CAP rates of down to 8% will be considered.

For more information contact Randy McDougall, Dwyer-Curlett & Company, 3991 McArthur Boulevard, Suite 215, Newport Beach, CA 92660; 949-222-1000 ext. 105, Fax 949-955-0360; E-mail: rmacdougall@dwyer-curlett.com; Web site: www.dwyer-curlett.com.

Investment Realty Consultants, Inc. brokered the sale of four FL Eckerd Drug Store locations to DIAG Investments. The units are located in Daytona Beach, Haines City, Winter Springs and Kissimee. The purchase price was $13.72 million.

For more information contact Rainer N. Filthaut, Investment Realty Consultants, 4901 Tamiami Trail North, Naples, FL 34103; 941-213-4000, Fax 941-435-0138.

Goldman Retail Associates brokered the sale of 46,609 sq.ft. to Panda Express in Santa Clarita, CA.

For more information contact Kim Sims, Goldman Retail Associates, 1640 S. Sepulveda Boulevard, Suite 112, West Los Angeles, CA 90025; 310-235-0444, Fax 310-996-2328.

P.F. Pasbjerg Development is seeking centers of at least 100,000 sq.ft. in NJ, NY and eastern PA for purchase. The company is flexible on CAP rates and occupancy levels and will be aggressive for the right investment. Deals up to $30 million will be considered.

For more information contact David Hellman, P.F. Pasbjerg Development, P.O. Box 304, Short Hills, NJ 07078; 973-467-0950, Fax 973-467-1809.

Heatley Capital Corporation has the listing to sell a 10-acre site in North Richland Hills, TX. The asking price is $2.25 million for the commercial-zoned location that fronts Rufe Snow Drive.

For more information contact Mike Heatley, Heatley Capital Corporation, 214-220-9617, Fax 972-580-1989.

The NHM00 LLC (North Hills Mall 2000) founded by developer John Kane, signed a letter of intent to purchase North Hills Mall in Raleigh, NC. Kane also owns North Hills Plaza.

For more information contact Kane Realty Corporation, 4020 Westchase Road, Raleigh, NC 27607; 919-833-7755.

Lamar Companies purchased the 204,028 sq.ft. Hawthorne 40 Shopping Center in Kansas City, MO. The center has a 93,605 sq.ft. anchor position available and may be subdivided. The center is anchored by Hobby Lobby, Hooters and Mile Coyote Cantina.

For more information contact Cory Boss, Lamar Companies, 973-285-0660, Fax 973-285-9236.

Meredith & Grew, Oncor International has the listing to sell the 46,580 sq.ft. Cohas Brook Shopping Center in Manchester, NH. The asking price is $7.25 million which reflects a 9.25% CAP rate. There is an assumable 6.96% mortgage in place in the amount of $4.3 million. The 2001 projected NOI is $670,635 and the property is 100% leased. Tenants include Homelife Furniture, Pizzeria Uno, FastSigns and Merrimack Vision Care. The site is located at a signaled intersection directly across from the Mall of New Hampshire. Demographics show a population count of 103,170 in a five-mile radius earning an average income of $59,964.

For more information contact Patrick J. Paladino, Jr., Meredith & Grew, Oncor Incorporated, 160 Federal Street, Boston, MA 02110-1701; 617-330-8026; Fax 617-330-8130.

Commercial One Realtors has the listing to sell the Liberty Plaza Shopping Center in Powell, OH. The three-phase center has 42,350 sq.ft. rentable and the asking price is $4.55 million. Zoned for planned commercial the center is tenanted by Allstate Insurance, State Farm Insurance, Powell Cleaners and The Ohio State University. Phases I & II (26,750 sq.ft.) is available for $2.775 million. Units of 1,000 sq.ft. are available for lease.

For more information contact Tony Mesi, Commercial One Realtors, 614-451-5100, Fax 614-451-9943; E-mail: tonlora@aol.com.

Coyote Management Inc. purchased the 900,000 sq.ft. Sarasota Square Mall from Heitman Capital Management. Coyote is making landscaping changes and adding guest services. The deal was financed by Column Financial, Inc. through a partnership of Dana Commercial Credit and Coyote Sarasota, LC.

For more information contact Michael E. Rulli, Coyote Management, 16475 Dallas Parkway, Suite 250, Addison, TX 75001; 972-248-9375, Fax 972-248-0871.