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Buyers & Sellers
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Buyers & Sellers ICI Online Properties is marketing an Osco-Drug store in IL for $4 million. The 20-year NN lease has 10% increases every five years. The property is suitable for a 1031 Exchange. For more information, contact Ray W. Kaizer, 10151 University Boulevard, Suite 330, Orlando, FL 32817; 561-229-1061, Fax 561-382-0159. Marcus & Millichap has the listing to sell the 64,574 sq.ft. Mercury Plaza in Dearborn, MI. The center, located at the northeast corner of Mercury Drive and Ford Road, is anchored by Circuit City, PetsMart, Blinds To Go and Einstein Bagels. The company also has the listing to sell a Denny’s restaurant in Summit County, CO at an asking price of $2.45 million. The restaurant has a long-term NNN lease with fixed 10% increases every five years. Marcus & Millichap also has the listing to sell a Sizzler restaurant in northern CA at an asking price of $1.5 million. The restaurant has a 15-year NNN lease with fixed increases. The company also has the listing to sell a Wherehouse Records location in southern CA at an asking price of $2.76 million at a Cap rate of 10.4%. The company also has the listing to sell a Golden Corral site in southern CA at an asking price of $2.1 million. The restaurant has a 20-year NNN lease with four five-year options and fixed 10% increases every five years. The company additionally is representing a buyer looking to acquire retail properties for $10 million to $100 million. The minimum price per transaction required is $10 million. NNN or bond leases for a 20-year term are preferred, however, the client will consider flat leases. The buyer does not want drug store portfolios, but will consider CVS or Walgreens distribution centers. The company also has the listing for Cathedral City Marketplace in Cathedral City, CA. The center, which has two undeveloped pads, is 98% occupied, with 70% of the leased area occupied by credit tenants. The asking price is $19.43 million with a 10% Cap rate.For more information about Mercury Plaza, contact William T. O’Connor, Marcus & Millichap, One Northwestern Plaza, 28411 Northwestern Highway, Suite 1100, Southfield, MI 48034; 248-352-5050; Fax 248-352-3813; Email: woconnor@marcusmillichap.com. For more information about listings in CA and CO, contact Donald M. Emas, Marcus & Millichap, 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800 Ext. 610, Fax 909-605-1821; Email: demas@marcusmillichap.com. For more information about purchasing retail properties, contact Mark Taylor, Marcus & Millichap, 1628 JFK Boulevard, Philadelphia, PA 19103; 215-557-0900 Ext. 138, Fax 610-667-7928; Email: mark4taylor@home.com. For more information about Cathedral City Marketplace, contact Alan M. Krueger, Marcus & Millichap, 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800, Fax 909-605-1832; Email: akrueger@marcusmillichap.com. Advantis Real Estate Services Company and GVA Worldwide are marketing three commercial sites in NC. A 2,400 sq.ft. BP convenience store located 0.86 acres at a signalized intersection in Wilson is available for $1.2 million. The company also is marketing the Deerfield Crossing retail site in Mebane, which includes 6.32 acres for $950,000, outparcels of one acre or more for $327,000 and up and a multifamily site of 13.4 acres for $900,000. The site has 60,000 sq.ft. of retail development opportunity suitable for grocery, drug store, bank or restaurant development. A 0.098-acre commercial site on Legion Road in Chapel Hill, NC also is being marketed for $350,000/$8.20 psf. Permitted uses for the site include retail and day care. For more information, contact Vijay Shah, 6320 Quadrangle Drive, Suite 360, Chapel Hill, NC 27514; 919-493-6905, Fax 919-419-1596; Email: vshah@advantisgva.com; Web site: www.advantisgva.com. Noddle Development Company acquired the 131,000 sq.ft. Southgate Shopping Center located at Nevada Avenue and Southgate Road in Colorado Springs, CO. The property was purchased from a national real estate investment trust. Noddle intends to completely renovate and retenant the property, which is anchored by 24-Hour Fitness. Southgate Shopping Center is located adjacent to a shopping center that contains Home Depot, Sears, Borders, Bed Bath & Beyond, PetsMart and Ross ‘Dress for Less.’For more information, contact Jeff Kirshenbaum, Noddle Development Company, PO Box 542010, 13710 FNB Parkway, Suite 100, Omaha, NE 68154-8010; 800-365-1616, Fax 402-496-6250; Web site: www.noddledev.com. The Polacheck Co. is marketing a 38,800 sq.ft. Eagle Country Market grocery store in Princeton, IL. The store is expandable to 54,000 sq.ft. The sale price is $3.2 million and annual rent is $310,608 and is absolute net. The tenant is responsible for roof and structure. The lease runs through August 2022.For more information, contact Dave J. Holzem, The Polacheck Co., 777 East Wisconsin Avenue, Suite 3250, Milwaukee, WI 53202; 414-274-1634. Net Leased Investments has the listing to sell a freestanding Arby’s Restaurant in NC for $1.335 million with a Cap rate of 9%. The Arby’s is situated in front of a Target-anchored shopping center and has a 15-year NNN lease.For more information, contact Bob Fraser, Net Leased Investments, 103 Blue Creek Drive, Winter Springs, FL 32708; 407-977-2448; Fax 407-977-0775; Web site: www.netleased.com. Grubb & Ellis has the listing to sell the 119,866 sq.ft. Meeker Square in Kent, WA on behalf of Principal Financial Group. The center, located at the intersection of West Valley and Meeker Street, is anchored by QFC grocery store, Frontier Bank and H & R Block. The center includes 74,142 sq.ft. of retail space and 45,700 sq.ft. of office space.For more information, contact Craig E. Hill, Grubb & Ellis, 11711 SE 8th Street, #303, Bellevue, WA 98005; 425-467-2574; Fax 425-467-9367. Syndicated Equities Corporation brokered five retail sales in AZ and IL totaling $18 million. In Phoenix, AZ, a $4.02 million sale at an 8.33% Cap rate was completed for a 15,120 sq.ft. building and in Mesa, AZ, a $4.04 million sale at an 8.25% Cap rate was completed for a 15,210 sq.ft. building. Walgreens holds long-term leases in both buildings, which were purchased as part of 1031 Exchanges. Financing for both transactions was provided by LaSalle Bank. In Scottsdale, AZ, a $3.42 million sale at an 8.51% Cap rate was completed for a 12,000 sq.ft. building on which Walgreens holds a long-term lease. The property was purchased as part of a 1031 Exchange and financing was provided by Protective Life Insurance Company through Mid-North Financial. Atlas Partners acted as co-broker for the transaction. In Chicago, IL, a $1.65 million sale at an 8.25% Cap rate was completed for a 5,000 sq.ft. property at Washington and Wells on which Corner Bakery holds a long-term lease. The property was purchased as part of a 1031 Exchange and financing was provided by Cole Taylor Bank. In Clarkston, MI, a $5.06 million sale at an 8.12% Cap rate was completed for a 13,905 sq.ft. building on which Walgreens holds a long-term lease. The property was purchased as part of a 1031 Exchange. Financing for the 10/30 loan was provided by LaSalle Bank. The company also has the listings to sell seven retail properties in AL, FL, IN, NE and OH. In AL, the company has a listing for Staples in Guntersville priced at $2.76 million with cash-on-cash of 7.76%. In FL, the company is listing a Walgreens in Okeechobee for $3.59 at an 8.25% Cap rate. In IL, the company is listing a Barnes & Noble in Evansville for $7.8 million with a cash-on-cash of 9.46%. In NE, the company is listing a Hollywood Video for $982,926 with a 15-year average annual yield of 10.99%. In OH, the company is listing a Rite Aid in Youngstown for $2.45 million. For more information about properties sold, contact Carol Blomstrand, Syndicated Equities Corporation, 1345 North Wells Street, Chicago, IL 60610; 312-640-9020; Web site: www.syndicatedequities.com. For more information about the company’s listings, contact Russell Brenner, Syndicated Equities Corporation. The Richard E. Jacobs Group, Inc. plans to sell nine malls in six states to Westfield America Trust for $756 million. Four of the malls are in OH: Belden Village Mall in Canton, Midway Mall in Elyria, Richland Mall in Mansfield and Southpark Center in Strongsville. The other malls are Southlake Mall in Merrillville, IN; Eastridge Mall in Gastonia, NC; Gateway Mall in Lincoln, NE; Chesterfield Mall in St. Louis, MO and Southcenter Mall in Seattle, WA.For more information, contact The Richard E. Jacobs Group, Inc., 25425 Center Ridge Road, Cleveland, OH 44145-4122; 440-871-4800, Fax 440-808-6905; Web site: www.rejacobsgroup.com. Eastbourne Investments Ltd. and Kitchell Development Company acquired a 41-acre development tract in Avondale, AZ. The land is situated between Costco and Harkins Theaters. Retail openings on the property are expected in late 2002. For more information, contact Frank Egan, Eastbourne Properties Inc., Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2305, PO Box 66, Toronto, Ontario M5J 2J2, Canada; 416-597-1200, Fax 416-597-1202 or Jeff Allen, Kitchell Development Company, 1707 East Highland, Suite 100, Phoenix, AZ 85016; 602-264-4411, Fax 602-264-6133; Email: jallen@kitchell.com; Web site: www.kitchell.com. Keystone Development Partners, LLC acquired Presidential Plaza, a 41,330 sq.ft. shopping center located on 9808 Bustleton Avenue in Philadelphia, PA. The shopping center was sold by POBAD Associates for an undisclosed sum and assumed debt. Keystone Development Partners, LLC will lease and manage the property. For more information, contact Paul Aschkenasy, Keystone Development Partners, LLC, 300 Jenkintown Commons, Jenkintown, PA 19046; 215-572-1500, Fax 215-887-1037; Email: paula@kdpllc.com. The Woodmont Company acquired Grant Creek Town Center, a 42,000 sq.ft. retail development located at the intersection of West Broadway Street and Reserve Street in Missoula, MT. The second phase of development for this center will contain about 135,000 sq.ft. and be anchored by Linens ‘n Things, Ross ‘Dress for Less,’ T.J. Maxx and Famous Footwear. Neighboring retailers include Costco and Lowe’s, which is under construction. The center was sold by LV Investors, Inc. and financing was provided by Protective Life Insurance Company. For more information, contact The Woodmont Company, 2100 West 7th Street, Fort Worth, TX 76107; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com. Commercial One Realtors has the listing to sell the Landmark real estate, business assets and business in Akron OH. Included in the transaction are 62,500 sq.ft. of retail space, three acres, a three-deck parking garage and all licenses, furniture, fixtures, equipment and intangible assets. The facility includes an American, Continental and Middle-Eastern restaurant, casual full-service bar and grill, Las Vegas-style cabaret, 11 banquet rooms and more than 1,500 seats. The asking price for real estate and business assets is $4.43 million. For more information, contact Steve Holzer or Tony Mesi, Commercial One Realtors, 1515 Bethel Road, Columbus, OH 43220; 614-451-5100, Fax 614-451-9943; Email: tonlora@aol.com; Web site: www.c1realty.com. Colliers International is marketing a 6.85-acre commercial lot at the intersection of Taylor Road and Highway 99 in Turlock, CA for $4.00 psf. Area demographics include a population of 82,005 residing in a five-mile radius earning an average household income of $46,864. The average daily traffic count north of Taylor Road is 64,000 vehicles and 72,000 vehicles south of Taylor Road. The seller has approved plans to build a gas station/market and fast food restaurant on the north side of the parcel.For more information, contact Nancy Reeves, Colliers International, 3414 Brookside Road, #300, Stockton, CA 95219; 209-475-5110, Fax 209-475-5102; Email: nreeves@colliersparish.com. Long & Foster Commercial is marketing a 3.62-acre parcel with 250 feet frontage on U.S. Route 13 in Salisbury, MD. The property is located next to Lowe’s Superstore and nearby retailers include Super Giant, Home Depot, Target, Wal*Mart and Sam’s Club. For more information, contact Henry H. Hanna, Long & Foster Commercial, 116-118 West Main Street, Suite 202, Salisbury, MD 21801; 800-842-5704, Fax 410-548-3676; Email: henry.hanna@longandfoster.com. Fischer Real Estate, Inc. is looking to acquire six strong area Walgreens and CVS locations in large metro areas within the next several months. The buyers will pay about market price. In addition, for a different buyer the company is looking for shopping centers that have at least two anchors, such as a major grocery chain, and a minimum amount of small tenants. The buyer has the capacity to acquire a large power center. For more information, contact Joe Wissmann, Fischer Real Estate, Inc., 31731 Northwestern Highway, Suite 109E, Farmington Hills, MI 48334; 248-626-2000, Fax 248-626-7050; Email: propone@ix.netcom.com. Coldwell Banker Commercial First United Realty has the listing to sell a 37,000 sq.ft. community center in Milton, WI. The center, which is anchored by a Piggly Wiggly, medical clinic and pharmacy, is located on 5.37 acres and outlot space is included for additional development. The asking price for the fully leased center is $2.7 million. For more information, contact Ed. L. Pulliam, Coldwell Banker Commercial First United Realty, 1326 Creston Park Drive, Janesville, WI 53545; 608-752-6325; Email: pulliam@coldwellbanker.com. Londregan Commercial Real Estate Group is marketing 15,000 sq.ft. on 15 acres at 74 Norwich Avenue in Lebanon, CT. The two-story building houses a sporting goods store, which is included in the sale. The asking price for the building and a 7.24-acre parcel of the property is $525,000. For more information, contact Timothy A. Londregan, Londregan Commercial Real Estate Group, 239 Williams Street, New London, CT 06320; 860-444-8811, Fax 860-444-8822; Web site: www.londgregan.com. CB Richard Ellis is marketing a Pizza Hut at 370 Upper Cornelia Street in Plattsburgh, NY. The asking price for the triple net leased restaurant is $627,000. The current lease expires in February 2007. The company also has the listing for 13,113 sq.ft. located at 495 Central Avenue in White Plains, NY. The asking price for the property is $860,000. In addition, CB Richard Ellis/Whittier Partners is marketing a 1.15-acre restaurant pad located at the intersection of Hingham Street and Commerce Road in Rockland, MA. For more information about Pizza Hut, contact Ann MacAffer, CB Richard Ellis, 255 Washington Avenue Extension, Albany, NY 12205; 518-452-2700; Email: amacaffer@cbre.com; Web site: www.cbre-albany.com. For more information about the White Plains property, contact Clifford F. Molloy, CB Richard Ellis, 560 Lexington Avenue, 20th Floor, New York, NY 10022; 212-207-6108; Web site: www.cbre.com. For more information about the Rockland property, contact Michael R. O’Mara, CB Richard Ellis/Whittier Partners, Federal Reserve Plaza, 600 Atlantic Avenue, Boston, MA 02210; 617-912-7086, Fax 617-912-7001; Email: momara@cbre-ne.com. Steven D. Bell & Company is looking to acquire grocery-anchored strip centers in the southeast U.S. The company’s preferred minimum GLA is 60,000 sq.ft. and the preferred price range is more than $5 million. For more information, contact D. Shoffner Allison, Steven D. Bell & Company, 823 North Elm Street, Greensboro, NC 27408; 336-510-6111; Email: sallison@sdbell.com; Web site: www.sdbell.com.
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