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Buyers & Sellers
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Buyers & Sellers Property Pro brokered the sale of 1.11 acres at the Plaza at Citrus Park in Tampa, FL to Chili’s. The property was sold by Urban Retail Properties for $1.1 million. For more information, contact Myra Snider or JoAnn Ferlita, Property Pro, 3410 South Dale Mabry Highway, Tampa, FL 33629; 813-835-7747, Fax 813-839-3299. Faris Lee Investments closed escrow on Wrigley Marketplace in Long Beach, CA. The 47,404 sq.ft. shopping center was sold by CTA Wrigley to Larkey Trust, a 1031 Exchange buyer, for $7.5 million. The center is anchored by Albertson’s, Sav-on and Carls Jr. For more information, contact Katy Krupp, Faris Lee Investments, 2301 Dupont Drive, #100 Irvine, CA 92612; 949-221-1814, Fax 949-221-1830; Email: katykrupp@farislee.com; Web site: www.farislee.com. The Goodman Co. brokered the sale of a 27,500 sq.ft. land parcel in Clay County, FL to AutoZone. The land is located at the 96% leased, 64,000 sq.ft. Middleburg Crossing center, which includes a 44,000 sq.ft. Publix. For more information, contact Robert Saffran or John Dowd, The Goodman Co., 777 South Slagler Drive, Suite 1101, East Tower, West Palm Beach, FL 33401; 561-833-3777, Fax 561-832-4833. Colliers International brokered the sale of a 15,048 sq.ft. Walgreens located on 1.95 acres at the intersection of Wheaton Way and Sylvan Way in Bremerton, WA. The company represented the seller, Powell-Kitsap No.1, LLC. The property was sold for $3.9 million to an individual investor that was represented by Commercial Realty Advisors. For more information, contact Paul Sleeth, Colliers International, 601 Union Street, Suite 5300, Seattle, WA 98101; 206-223-1266, Fax 206-233-1427; Email: paul-sleeth@colliers.com; Web site: www.colliers.com. New Plan Excel Realty Trust, Inc. closed on the acquisition of 92 community and neighborhood shopping centers from CenterAmerica Property Trust, LP. Salomon Smith Barney advised New Plan Excel Realty Trust in the transaction and Morgan Stanley advised CenterAmerica Property Trust, LP. The centers were purchased for about $654 million, consisting of about $365 million in cash and the assumption of about $289 million of outstanding debt. For more information, contact New Plan Excel Realty Trust, Inc., 1120 Avenue of the Americas, New York, NY 10036; 212-869-3000, Fax 212-869-3989; Web site: www.newplanexcel.com. SCI Investments brokered the acquisition of the 36,772 sq.ft. Skyline Shopping Center in Thousand Oaks, CA. The center, which is anchored by Lassen’s Natural Foods, was purchased for $6.55 million. The company represented the buyer, 2835-2897 East Thousand Oaks, LLC, and Meyer Properties represented the seller, National Bancorp.For more information, contact Randy Foster, SCI Investments, 11620 Wilshire Boulevard, Suite 300, Los Angeles, CA 90025; 310-470-2600 Ext. 130, Fax 310-470-6609; Email: rfoster@sciproperties.com; Web site: www.sciproperties.com. Lynch Realty Group, LLC is marketing the 150,413 sq.ft. Cranberry Creek Shopping Center, which is located on 27 acres in Beckley, WV. The 98% leased power center is anchored by a 29,000 sq.ft. Food Lion, a 95,173 sq.ft. Lowe’s and an 8,450 sq.ft. CVS pharmacy. The center is available with assumable, nonrecourse financing in place. The asking price is $9.8 million with a 9% Cap rate. For more information, contact Kevin P. Lynch, Lynch Realty Group, LLC, 111 West Washington Street, Suite 1655, Chicago, IL 60602; 312-456-9620, Fax 312-456-9626; Email: klynch@lynchrealtygroup.com. Horn Capital Realty, Inc. is looking for seasoned net-leased properties nationwide. Preferred lease terms are at least two years. The company is interested in Pizza Hut, KFC and Taco Bell locations with sales volumes of $750,000 or more and rent equal to 5% of sales or less. The company also is interested in McDonald’s, Burger King, Wendy’s and Arby’s locations with a sales volume of a minimum of $1 million. The company additionally is interested in Red Lobster, Chili’s, Denny’s, Olive Garden and T.G.I. Friday’s locations with sales volumes of $2 million or more and rents of $100,000 or less. Also of interest to the company are convenience stores, gas stations and auto retailers such as Jiffy Lube, Goodyear and Monro Muffler, with sales volumes of $800,000 or more and rent equal to 5% of sales or less. The company also is looking at supermarkets, such as Winn Dixie, Super Value, Publix and H.E.B., with rents in the $5 psf range and sales volumes of $450,000 or more. The company also will consider single-tenant industrial deals of $12 psf or less and ground leases for all property types. Below market rents and declining rent situations are preferred.For more information, contact Jonathan S. Horn, Horn Capital Realty, Inc., 1108 Kane Concourse, Suite 201, Bay Harbor Islands, FL 33154; 305-864-2000, Fax 305-864-4240; Email: jsh@horncapital.com; Web site: www.horncapital.com. Upland Real Estate Group, Inc. closed on the sale of three Walgreens for 1031 Exchanges. A Germantown, TN location was sold for $4.4 million, a Chaska, MN location was sold for $3.75 million and a Coon Rapids, MN location was sold for $4.15 million. The company also represented the seller of a 3,774 sq.ft. Pizza Hut in August, GA. The company additionally represented the buyer and seller in the sale of a Mattress Discounters in Boca Raton, FL. The 6,892 sq.ft. building was sold for $1.8 million and the buyer was involved in a 1031 Tax Deferred Exchange. Also, the company represented the seller in the sale of a CVS pharmacy in Cohoes, NY. The 10,880 sq.ft. property was sold for $2.35 million and the buyer was involved in a 1031 Tax Deferred Exchange. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 301 Fourth Avenue South, Minneapolis, MN 55415; 612-335-9366, Fax 612-376-4489; Email: brier@upland.com. Strategic Resources Corp. represented The Mall at One Group, LLC in the sale of the 77,000 sq.ft. Mall at One in Philadelphia, PA. The mall was sold to Advanced Investments.For more information, contact Paul N. Arena, Strategic Resources Corp., 152 West 57th Street, 44th Floor, New York, NY 10019; 212-399-3100 Ext. 2224, Fax 212-399-3128; Email: arenap@srcsrc.com; Web site: www.srcsrc.com.
Coro Realty Advisors, LLC is marketing a CVS pharmacy located on 1.63 acres at 3070 North Main Street in Kennesaw, GA. Area demographics include a city population of 35,348 earning a median income of $60,096. The pharmacy has a NNN lease with 8% increases every five years and 2001 sales growth of 13%. The loan has a 7.46% fixed rate and is self amortizing. The loan balance at the end of 2001 was $1,010,515. Rent increases in June to $172,992 annually NNN. The lease and loan expire in January 2013. The asking price is $1.95 million.For more information, contact Patricia Pearlberg, Coro Realty Advisors, LLC, 3312 Piedmont Road, #400, Atlanta, GA 30305-1713; 404-846-4007, Fax 404-846-8660; Email: pearlberg@cororealty.com; Web site: www.cororealty.com. Jaylon, Inc. is seeking strip centers in AZ, CO the Chicago, IL area; southern FL and NV with GLAs between 25,000 sq.ft. and 200,000 sq.ft. Preferred price ranges are $2 million to $6 million for the Chicago area and $3 million to $6 million for other markets. The buyers will accept turnarounds if the location is excellent. For more information, contact Jay Brown, Jaylon, Inc., 2550 Crawford Avenue, Suite 11, Evanston, IL 60201; 847-491-6787; Email: redeveloper@mindspring.com. Inland Retail Real Estate Trust, Inc. acquired three Publix-anchored shopping centers in the southeast, including Abernathy Square in Roswell, GA; The Shoppes of Citrus Hills in Hernando, FL and Steeplechase Plaza in Ocala, FL. The 95% occupied, 131,649 sq.ft. Abernathy Square was acquired for $24.4 million from 6955 RR Corp., which was represented by PM Realty Advisors. The Shoppes of Citrus Hill was acquired from U.S. Retail Income Fund, LP for $5.96 million. The 68,924 sq.ft. Steeplechase Plaza was acquired from U.S. Retail Income Fund, LP for $8.59 million.For more information, contact Rick Fox, Inland Communications, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com. Eyde Co. is marketing two outparcels adjacent to a Wal*Mart development in Okemos, MI. The sites, which are 2.153 acres and 3.304 acres, are available for sale, lease or build to suit. The average household income for the area is $94,210. The asking price is $10 psf. For more information, contact Michele Abbruzzese, Eyde Co., 4660 South Hagadorn Road, Suite 660, East Lansing, MI; 800-442-3933, Fax 517-351-3946; Email: eydeco@eyde.com; Web site: www.eyde.com. |