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Buyers & Sellers
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Buyers & SellersFrankel Commercial Real Estate Inc. is close to brokering the sale of the St. Louis Centre in St. Louis, MO. Frankel represents investor Haywood Whichard who is negotiating to acquire the downtown mixed-use retail and office complex from the mortgage holder, Teachers Insurance and Annuity Association. The retail portion of the complex has approximately 50% occupancy factor and is anchored by Dillard’s. For more information contact Vic Frankel, Frankel Commercial Real Estate Inc., 8026 Venetian Drive, St. Louis, MO 63105; 314-863-4746.
Holliday Fenoglio Fowler, LP brokered the sale of the 323,400 sq.ft. Northwoods Shopping Center in San Antonio, TX. The seller was Barshop & Oles Company and the buyer was INVESCO Realty Advisors. The center is anchored by Barnes & Noble and Old Navy. For more information contact Holliday Fenoglio Fowler, LP, 8401 North Central Expressway, Suite 400, Dallas, TX 75225; 214-265-0880; Fax 214-265-1686.
P.O’B Montgomery & Company acquired a 23-acre land parcel for the development of Pecanland Commons in Monroe, LA. The power center will be anchored by a 125,000 sq.ft. Target with room for three or four junior anchors. Space for future development and expansion is available. The financing for the transaction was provided through Compass Bank. For more information contact Philip Montgomery, P.O’B Montgomery & Co., 5550 LBJ Freeway, Suite 380, Dallas, TX 75240; 972-490-4900; Fax 972-490-4905.
Grubb & Ellis brokered the sale of a 1.27-acre outparcel to In-N-Out Burger at Bouquet South Shopping Center in Valencia, CA. The property at the intersection of Newhall Ranch Road and Bouquet Canyon Road was sold by Newhall Land. Capital Commercial represented the buyer. For more information contact Ray Bayat or Mitch Bayat, Grubb & Ellis, 4610 Fulton Avenue, Suite 207, Sherman Oaks, CA 91423; 818-990-3030; Fax 818-788-6219.
DJM Asset Management has the listing to sell 21 former Frank’s Nursery locations in 10 states. The stores range in size from 11,600 sq.ft. to 24,000 sq.ft. on sites ranging from 2.36 acres to 10.48 acres. Frank’s Nursery is under Chapter 11 Bankruptcy protection and also has 23 leaseholds available for assignment in eight states. More information on each property, including plans and lease copies, can be found at www.franksrealestate.com. For more information contact Neill Kelly or Benjamin Gould, DJM Asset Management, 445 Broad Hollow Road, Melville, NY 11747; 877-449-1050; Fax 631-752-1231.
Westwood Financial Corporation is selling the 102,666 sq.ft. Fry’s Plaza Shopping Center in Glendale, AZ. The center is located at the intersection of North 67th Avenue and Bethany Home Road and is anchored by Fry’s Supermarket and Walgreen’s. The center is fully occupied with tenants including Subway, Blockbuster Video, Camelback Pizza and Sally Beauty Supply. Area demographics include a population of 134,000 residing in a three-mile radius. The NOI is $727,904 and the asking price is $7.55 million at a 9.64% CAP rate. Financing is available at 8% with a 30-year amortization rate. An equity investment of $2.265 million is needed and yields a 13.54% cash-on-cash return. For more information contact Westwood Financial Corporation, 11440 San Vincente Boulevard, Suite 200, Los Angeles, CA 90049; 310-820-5443. NAI Commonwealth Commercial Partners, Inc. represents a client who is looking to acquire grocery- anchored or formerly grocery-anchored centers in the southeastern U.S. The centers must have value added opportunities, either through releasing or renovation. Sites must be well located. For more information contact Carl F. Blackwell, NAI Commonwealth Commercial Partners, Inc., 2800 North Parham Road, Suite 200, Richmond, VA 23294; 804-346-4966 ext. 320; Fax 804-346-5901; E-mail:cbackwell@commonwealthcommercail.com
Net US Real Estate has the listing to sell two 20-year NNN-leased Winn-Dixie Supermarket locations in AL. The Mobile location has an annual rent of $407,000 and an asking price of $4,788,235 at an 8.5% CAP rate. The Phenix City location has an annual rent of $369,000 and an asking price of $4,658,823 at an 8.5% CAP rate. Both leases commenced in 2000. For more information contact Joseph Mishkin, Net US Real Estate, P.O. Box 160942, Mobile, AL 36616; 334-648-7500; Fax 509-267-6124; E-mail: netbroker87@hotmail.com.
Praedium Advisors, Inc. has a client seeking to acquire value added grocery centers and older regional centers for de-malling and repositioning. The company will take submissions nationwide with a minimum occupancy factor of 15% and a GLA of at least 75,000 sq.ft. The price range is from $2 million to $100 million and portfolio properties are welcomed. The company structures each deal with cash at closing and has closed on every project put under contract. Financing is in place and closings can occur within 45 to 60 days. The buyer is willing to consider complex issues, i.e. environmental concerns, high vacancy, redevelopment issues, tenant lease issues or deferred maintenance. For more information contact Victor H. Allison, Praedium Advisors, Inc., 4455 East Camelback Road, Suite E-160, Phoenix, AZ 85018; 602-667-5471; Fax 602-840-7932; E-mail: victor@praedium-advisors.com.
Vista Properties & Investments has the listing to sell various sites along Interstate 55 in MO. The land is ideal for outlet centers, shopping centers or other retail development. Land assemblages and packages are available. For more information contact Vista Properties & Investments, 314-843-6048; Fax 314-842-4810; E-mail: mormanisbet@realtor.com; Web site: www.vistapropertiesintl.com.
Inland Retail Real Estate Trust, Inc. acquired the 60,539 sq.ft. West Oaks Towne Center in Ocoee, FL. The fully-occupied center is anchored by Michael’s Arts & Crafts and PetsMart and is located at Colonial Drive and Clarke Road. Other area retailers include Best Buy, Toys ‘R’ Us, Chevy Restaurant and Border’s Books. The center has a 6,000 sq.ft. outlot building under construction that will be tenanted by Honey Baked Hams. The transaction price was $9.55 million. The company is seeking to acquire grocery-anchored or major discounter-anchored centers between 60,000 sq.ft. and 300,000 sq.ft. in the southeastern states. For more information contact Steve Sanders, Inland Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com.
Cushman & Wakefield brokered the sale of 175,843 sq.ft. Colonial Square Shopping Center in Colonial Heights, VA. The center is anchored by a 63,136 sq.ft. Ukrop’s Supermarket and 35,300 sq.ft. Peebles Department Store. The buyer was Berman Kapler Properties and the transaction price was valued at $11.2 million. Cushman & Wakefield represented the seller in the transaction. For more information contact Kris J. Cooper and Thomas D. Salanty, Cushman & Wakefield, 1201 West Peachtree Street, Suite 3300, Atlanta, GA 30309-3523; 404-853-5376; Fax 404-853-5259. |