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Buyers & Sellers
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Buyers & SellersUptons Real Estate has the listing to sell the following properties: The 51,304 sq.ft. Terrace at Florida Mall in Orlando, FL, co-anchored by Marshall’s and PharMor. The site is located on the ring road of Florida Mall; The 67,615 sq.ft. Morrow Center in Morrow, GA is adjacent to Southlake Mall and has a 51,000 sq.ft. anchor space available. The center has access to Interstate 75 and Jonesboro Road; The 65,773 sq.ft. Newnan Crossing Center in Newnan, GA is tenanted by Lowe’s Home Improvement, Wal*Mart Supercenter and GNC. For more information contact Emilio Amendola, DJM Asset Management, 445 Broad Hollow Road, Melville, NY 11747; 631-752-1100 ext. 223; Fax 631-752-1231.
Bows Real Estate has the listing to sell four parcels of property from the Teem Estate along Interstate 75 in Cobb County, GA. The sites range in size from 4.8 acres to 14 acres and one exit north of Town Center Mall. Area demographics include a population count of 98,388 residing in a five-mile radius and earning $55,433 as the average annual household income. For more information contact David Bows, 3151 Maple Drive NE, Atlanta, GA 30305; 404-237-6461; Fax 404-365-5041.
The Hutensky Group has the listing to sell or lease a 15,000 sq.ft. unit adjacent to the Hamden Village Fair Shopping Center in Hamden, CT. The 1.6 acre site is located on Dixwell Avenue (Route 10 ) and has an average daily traffic count of 22,000 cars. The Gap, Avenue and Party City tenant the adjacent center and access is at a signaled intersection. Area demographics include a population count of 55,779 residing in a five-mile radius earning $68,252 as an average annual household income. The company is also in the market to acquire neighborhood, community and regional centers, in addition to small to medium-size malls with high vacancy, outdated formats, or poor sales performance. Candidates for acquisitions should also have a minimum GLA of 100,000 sq.ft. with a total capitalization of at least $8 million. Geographic regions of interest include the Northeast, MidAtlantic and OH, MI, IL and IN. For more information, contact Bill Wienke, The Hutensky Group, 280 Trumbell Street, 2nd Floor, Hartford, CT 06103; 860-527-2222; Fax 860-706-0076; Email: tgh@hutenskygroup.com
Garrick-Aug Associates, Inc. has the listing to sell the 5,000 sq.ft. Starr Tire building in Clifton, NJ. The .71 acre site is located at the corner of Getty and Clifton Avenues and is zoned for commercial use. The building has a six-bay garage and 190 feet of frontage on Clifton Avenue and 75 feet of frontage on Getty Avenue. The asking price is $800,000. Area demographics include a population count of 278,000 residing in a three-mile radius earning an average annual household income of $52,000. For more information contact Daniel J. Geller or Gary W. Ford, Garrick-Aug Associates, 360 Lexington Avenue, New York, NY 10017-6502; 212-557-9090; Fax 212-983-7192.
Breslin Realty Development Corporation has the listing to sell an 86,479 sq.ft. NN-leased Kmart in Grand Island, NE. The asking price is $4.6 million. The tenant has a 25-year lease that commenced in 1990, and has ten and five year renewal terms. Base rent is $415,099 with one point percentage on sales in excess of $18 million. The site is located across from the Conestoga Mall and Albertson’s. Availability is subject to existing first mortgage which may be assumed by a qualified purchaser. The $2.98 million loan commenced April 28, 2000 and is due May, 2025. It carries an amortization rate of 25 years at an interest rate of 8.125% and annual debt service of $278,969. The company also has the listing to sell a 1.92 acre site in Holtsville, NY. The asking price is $495,000 and the parcel is visible from the Long Island Expressway. Area demographics include a population count of 83,007 residing in a three-mile radius earning an average annual household income of $69,258. For more information contact Breslin Realty Development, 500 Old Country Road, Garden City, NY 11530; 516-741-7400; Fax 516-741-7128.
Brooks Pharmacy is selling its 50,010 sq.ft. site at 149 Granite Street in Westerly, RI. The asking price is $650,000. The site that has frontage on both Granite and John Streets. For more information contact Donn Hamilton, Brooks Pharmacy Real Estate Manager, 50 Service Avenue, Warwick, RI 02886; 401-825-3806; Fax 401-825-3506.
Pyramid Real Estate and Management Company has the listing to sell the 9,100 sq.ft. Avon Building in Stamford, CT. The three story building has 6,200 sq.ft. available on the main floor, 2,000 sq.ft. on the lower level and 900 sq.ft. on the mezzanine. The asking price is $1.5 million for the 8,034 sq.ft. site. For more information contact Norman Lotstein, Pyramid Real Estate, 20 Summer Street, P.O. Box 15129, Park Square Station, Stamford, CT 06901-0129; 203-348-8566 ext. 22; Fax 203-358-9763.
Lamar Companies is looking to purchase centers nationwide with cash flow and upside potential through the aggressive implementation of a remerchandising, renovation and development plan. Centers must have at least 15% vacancy and be at least 100,000 sq.ft. in states where Lamar currently has properties (CA, CO, FL, GA, MD, NJ, MI, OH, PA, TX, VA, WI) and 150,000 sq.ft. elsewhere. There is no maximum limit on size. Area demographics must include a population count of 50,000 residing in a three-mile radius earning an average annual household income of $40,000. Lamar is an all cash buyer and can close within 30 to 60 days from the date an offer is accepted. For more information contact Cory D. Boss, Lamar Companies, 365 South Street, Morristown, NJ 07960; 973-285-1924; Fax 973-285-9236.
Uniwest Realty, Inc. has a 1.21-acre site housing a fully-furnished restaurant for sale in Waldorf, MD. The pad site is located in front of Hampton Inn with visibility from Route 301, a thoroughfare generating a daily traffic count of 45,250 vehicles. Across the street is St. Charles Plaza anchored by TJ Maxx, Value City Furniture and Shoppers Food Warehouse. The asking price is $850,000. For more information, contact Les Sax or Dennis Bodley, Uniwest Realty, Inc., 5100 Leesburg Pike, Suite 300, Alexandria, VA 22302; 703-671-2880; Fax 703-379-7887.
The Schultz Organization is selling a 6,000 sq.ft. auto repair facility of Route 35 in Eatontown, NJ. The site offers 300 feet of frontage with a daily traffic count of 25,675 vehicles and the marquee has visibility up to 1/4 mile both north and south on Route 35. Other retail in the immediate area includes an 80,000 sq.ft. approved center with Toys ‘R Us and Borders Books, in addition to Huffman Koos and Monmouth Mall. The asking price is $1.975 million. Also for sale is a seven-acre site approved for a 36,000 sq.ft. center on Highway 9 South in Marlboro Township, NJ. In five miles resides a population of 109,940 earning $93,195 as the average household income. Other retail in the trade area includes Kmart, Shoprite, Kohl’s, Sears Hardware, Pathmark and CVS Drugs. The asking price is $2.1 million. For more information, regarding the Eatontown site contact Todd Lowe and for details on the Marlboro Township site, contact Steven Winters of The Schultz Organization, 900 Route 9 North, Woodbridge, NJ 07095; 732-855-0001; Fax 732-855-0034; Email: swinters@schultznet.com or tloew@schultznet.com, Web site: www.schultznet.com
Mainardi Management Co. is representing two investors seeking acquisitions of shopping centers in the MidAtlantic and New England regions, in addition to FL. Projects should be anchored by a supermarket and drug store or national retailers. Purchase prices range from $3 million to $25 million. For details, contact Richard Mainardi, JR., Mainardi Management Co., 1044 Route 23, Suite 100, Wayne, NJ 07470; 973-696-9265, Fax 973-696-1880.
Trammell Crow Company has the listing to sell a 0.6-acre site in College Point Queens, NY. The pad site is located adjacent to Home Depot and can accommodate up to 5,000 sq.ft. for food, light automotive or convenience-oriented uses. Nearby retailers include Pathmark, Toys R Us and Kids R Us. For details, contact Gary Lowitt, 780 Third Avenue, New York, NY 10017; 212-223-9900; Fax 212-223-2676; Email: glowitt@trammellcrow.com, Web Site: www.trammellcrow.com
New Plan Excel is in the market to acquire anchored neighborhood, community and power centers with 70% to 75% of the tenants being credit, as well as freestanding NNN leased properties tenanted by national credit retailers. Shopping centers should have a GLA of at least 75,000 sq.ft. For more information, contact Thomas Farrell, New Plan Excel, 1120 Avenue of the Americus, New York, NY 10036; 212-869-3000, Fax 212-869-3989. Legg Mason is in the market to acquire supermarket anchored centers in the eastern states priced between $5 million to $25 million. For details, contact David Bows of Eastern Retail Services, Inc., Radnor Court, Suite 200, 259 N. Radnor Chester Road, Radnor, PA 19087; 610-341-9200, Fax 610-964-0830.
Jones Lang LaSalle has the listing to sell One & Olney Square in Philadelphia, PA. The 355,393 sq.ft. center is anchored by Kmart, Shoprite, Youngworld and Footlocker. The center is being offered subject to a mortgage note at $24 million. For more information, contact Kim Leshman, Jones Lang LaSalle, 153 East 53rd Street, New York, NY 10022; 212-812-5700; Fax 212-421-5242.
Marcus & Millichap brokered the sale of the 341,000 sq.ft. Moreno Valley Plaza in Ontario, CA. Irvine, CA-based Park Center Partners bought the property from Lamar Companies at a price of $24.4 million. Lamar Companies had owned the power center since 1996. For more information contact Marcus & Millichap, 3401 Center Lake Road, Ontario, CA 91761; 909-605-1800. |