Buyers & Sellers
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Buyers & Sellers

Kramont Realty Trust entered an agreement to acquire Killingly Shopping Center in Killingly, CT for about $8 million. The 75,376 sq.ft. center is anchored by a 50,000 sq.ft. A&P Save A Center and liquor store. Other tenants include Blockbuster, Strawberries and EbLens Casual, a local clothing store.

For more information, contact Kramont Realty Trust, 580 West Germantown Pike, Plymouth Plaza, Suite 200, Plymouth Meeting, PA 19462; 610-825-7100, Fax 610-834-8110; Email: info@kramont.com; Web site: www.kramont.com.

Friedman Real Estate Group, Inc. represented Bally Total Fitness in the sale of a 19,800 sq.ft. building at 22324 and 22340 Michigan Avenue in Dearborn MI. Bally Total Fitness will be relocating to Dearborn Town Center. Horizon Holdings LLC. acquired the facility for $1.5 million.

For more information, contact David S. Greene, Friedman Real Estate Group, Inc., 32300 Northwestern Highway, Suite 100, Farmington Hills, MI 48334; 248-737-3600, Fax 248-737-9652; Email: davidg@freg.com; Web site: www.friedmanrealestate.com.

NAI Issac Commercial Properties, Inc. represented Isaac-Dry Ridge LLC in the acquisition of Eastlake Landing, a 31,700 sq.ft. shopping center in Dry Ridge, KY. The center is occupied by Food Lion and American General Finance. The property has additional land for development. NAI Issac will perform property management and leasing for the center.

For more information, contact Dawn Bryant, NAI Isaac Commercial Properties, Inc., 771 Corporate Drive, Suite 300, Lexington, KY 40503; 859-224-2000, Fax 859-224-0848; Email: info@naiisaac.com; Web site: www.naiisaac.com.

Prime Retail, Inc. sold the 305,000 sq.ft. Prime Outlets at Edinburgh outlet center in Edinburgh, IN to Chelsea Property Group, Inc. for $27 million. Tenants include Ann Taylor Factory Store, Jones New York, Haagar, Nautica, OshKosh B’Gosh, Nike Factory Store, Bass, Rocky Mountain Chocolate Factory and Harry & David.

For more information, contact Prime Retail, Inc., 100 East Pratt Street, 19th Floor, Baltimore, MD 21202; 410-234-0782; Web site: www.primeretail.com.

Horn Capital Realty, Inc. is seeking seasoned net-leased properties throughout the U.S. For fast-food restaurants such as Pizza Hut, KFC and Taco Bell, the company prefers sales volumes of $750,000 or more and rent equal to 5% of sales or less. For fast-food restaurants such as McDonald’s, Burger King, Wendy’s and Arby’s, the company prefers sales volumes of a minimum of $1 million. For restaurants such as Red Lobster, Chili’s, Denny’s, Olive Garden and T.G.I. Friday’s, the company prefers sales volumes of $2 million or more and rents of $100,000 or less. For convenience stores, gas stations and auto retailers, such as Jiffy Lube, Goodyear and Monro Muffler, the company prefers sales volumes of $800,000 or more, gas volumes of 100,000 gallons per month and rent equal to 5% of sales or less. For supermarkets, such as Winn-Dixie, Super Value, Publix and H.E.B., the company prefers rents in the $5 psf range and sales volumes of $450,000 or more. The company will consider properties with leases with as few as two years remaining if the other criteria is met. The company also is looking for ground leases for Home Depot, Lowe’s, Walgreens and fast-food locations, and single-tenant properties leased to Home Depot or Lowe’s with an updated format and building size located in major cities.

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.

DePaul Real Estate Investment Group, LLC is marketing two 24 Hour Fitness locations. The 40,000 sq.ft Bedford, TX location is situated on a 3.2-acre parcel. The asking price is $5.415 million with a Cap rate of 9.75%. The 15-year lease commenced in February 2000. Rent is $13.20 psf. Financing is assumable or prepayable and estimated NOI is $528,000 NNN. The 49,834 sq.ft. Littleton, CO location is situated on a 4.68-acre parcel. The asking price is $6.134 million with a Cap rate of 9.75%. The 15-year lease commenced in April 1999. Rent is $12 psf. Financing is assumable and estimated NOI is $598,000 NNN.

For more information, contact Paul DeCrescentis, DePaul Real Estate Investment Group, LLC, 2401 East Second Avenue, Suite 210, Denver, CO 80206; 303-333-9799, Fax 303-333-1703; Email: paul@depaulreig.com.

Lee & Associates Commercial Real Estate Services, Inc. represented Polygon Development in the sale of 1.13 acres of land located at 24381 El Toro Road in Laguna Woods. The land was acquired by Hometown Buffet Restaurant, which was represented by Colliers Seeley. The transaction is valued at about $900,000.

For more information, contact Lee & Associates Commercial Real Estate Services, Inc., 15615 Alton Parkway, Suite 150, Irvine, CA 92618; 949-727-1200, Fax 949-727-1299.

The Skinner & Broadbent Co. is marketing a commercial/retail facility on West Washington Street in Indianapolis, IN. The former Venture Department Store and airport parking facility is air conditioned and has a drop ceiling. The average daily traffic count at the site is more than 49,000 vehicles. The asking price is $4.25 million and the lease price is $3.58 psf.

For more information, contact John Schick or Drew Kelly, The Skinner & Broadbent Co., 201 North Illinois Street, 23rd Floor, Indianapolis, IN 46204; 317-237-2900, Fax 317-237-2912; Email: jschick@skinnermail.com; Web site: www.skinnerbroadbent.com.

Cadence Capital Investments LLC is seeking property packages with long-term leases or sale lease backs. Packages with a 15-year term with increases also are sought. The company prefers properties with public or strong private companies and reasonable underlying value.

For more information, contact Piet Visser, Cadence Capital Investments LLC, 5346 College Avenue, Oakland, CA 94618; 510-420-3700, Fax 510-420-3713; Web site: www.cadencecapitalinvestments.com.

Janovetz Realty Advisors is looking for two categories of properties. The company is looking for single-tenant, freestanding fee simple retail, office and industrial properties with no ground leases. The company will consider existing, sale-leaseback and under construction properties nationwide. Properties with NNN or NN, absolute or bond preferred leases with roof and structure are acceptable. Leases with 10 years or more remaining are acceptable, however lease terms of 20 to 25 years are preferred. Two or more five-year options are preferred. The company is looking for properties from $2.5 million to $25 million with a Cap rate of 8.75% or more, however, the company will consider a Cap rate of 8.25% for AA credit tenants. The company also is looking for single-tenant, freestanding fee simple retail, office and industrial properties with no ground leases. The company will consider existing, sale-leaseback and under construction properties only in major U.S. cities. Properties with NNN absolute or bond preferred leases with no landlord responsibility are acceptable. Leases with 15 years or more remaining are acceptable, however, lease terms of 20 to 25 years are preferred. Two or more five-year options are preferred. The company is looking for properties from $10 million to $200 million with a Cap rate of 8.75% or more, however, the company will consider a lower Cap rate for an A credit tenant

For more information, contact James A. Janovetz, Janovetz Realty Advisors, Six East Yacht Drive, Oak Island, NC 28465; 910-278-9932, Fax 910-278-9951; Email: janovetz@ix.netcom.com.

Samuels & Associates and Edens & Avant formed a joint venture to acquire 40 to 60 shopping centers currently owned by Konover & Associates, Inc. The centers primarily are located in the New England states, MD, NJ, NY and PA. The centers comprise more than four million sq.ft. of retail space.

For more information, contact Susan Sale-Korper, Edens & Avant, 900 Bank of America Plaza, 1901 Main Street, Columbia, SC 29201; 803-779-4420, Fax 803-765-0684; Web site: www.edensandavant.com.

Developers Diversified Realty contributed the inline retail portion of its Kildeer, IL shopping center to a joint venture owned 90% by a fund managed by DRA Advisors, Inc. and 10% by Developers Diversified Realty for about $28 million. The Shops at Kildeer totals 143,000 sq.ft. and was developed by Developers Diversified Realty in 2001. The center is anchored by Bed Bath & Beyond, Circuit City, Cost Plus World Market and Old Navy. Upon completion, two outlots adjacent to the center will be contributed to the joint venture, bringing the total value of the asset to about $31 million. Developers Diversified Realty will receive management and leasing fees.

For more information, contact Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 877-225-5337; Web site: www.ddrc.com or DRA Advisors, Inc. 220 East 42nd Street, 27th Floor, New York, NY 10017; 212-697-4740, Fax 212-697-7403; Web site: www.draadvisors.com.

Weingarten Realty Investors sold a 96,630 sq.ft portion of the Fondren Southwest Village Shopping Center in Houston, TX. Marcus & Millichap represented the seller and Alpha Realtors represented the buyer, V&D Holdings, Inc.

For more information, contact Weingarten Realty Investors, 2600 Citadel Plaza Drive, Suite 300, Houston, TX 77008; 713-866-6000; Web site: www.weingarten.com.

Equity Properties, Inc. represented Copo, LP in the sale of a retail property located on 4600 City Line Avenue in Philadelphia, PA. The property is tenanted by Taco Bell, Pizza Hut and Saladworks.

For more information, contact Edward Ginn, Equity Properties, Inc., 600 Haverford Road, Suite 204, Haverford, PA 19041; 610-645-7700 Ext. 101, Fax 610-645-5454; Email: ed@realinfonow.com; Web site: www.retailbrokers.com.

Capstone Real Estate is looking to acquire a shopping center in the northeastern U.S. The buyer also will look at a group centers. The ideal situation will have a 10% return or good upside potential. The buyer has $15 million from a land sale.

For more information, contact Dana Beecher, Capstone Real Estate, 134-01 20th Avenue, College Point, NY 11356; 718-353-5500, Fax 718-353-0704.

Raskin Companies is looking to acquire single-tenant, freestanding and strip and power center properties in the metro Phoenix, AZ area. The company prefers properties from 50,000 sq.ft. to 400,000 sq.ft.

For more information, contact Don Raskin, Raskin Companies, 14202 North Scottsdale Road, Suite 206, Scottsdale, AZ 85254; 480-948-0000 Ext. 204, Fax 480-951-1543; Email: draskin@raskincompanies.com.

Burnham Pacific Properties, Inc. sold its interests in three properties for about $22.3 million. The company sold Santa Fe Springs Plaza, a 165,000 sq.ft. community center in Santa Fe Springs, CA to Santa Fe Springs Plaza Associates, LLC, a joint venture between ScanlanKemperBard Companies and Praedium Group, for about $19.6 million. The company also sold its 25% ownership interest in the 77,000 sq.ft. Margarita Plaza shopping center in Huntington Park, CA to California Urban Investment Partners, LLC for about $1,886,000. In addition, the company sold its interest in a 37,000 sq.ft. leasehold at Brickyard Plaza in Salt Lake City, UT for about $750,000 to Pacific Retail, LP, a joint venture led by affiliates of PO’B Montgomery & Co. and Apollo Real Estate Advisors.

For more information, contact Burnham Pacific Properties Inc., 110 West A Street, Suite 900, San Diego, CA 92101-3711; 619-652-4700, Fax 619-652-4711; Web site: www.burnhampacific.com.

Jones Lang LaSalle represented Dai-ichi Mutual Life in the sale of its majority partnership interest in the 73-story Library Tower in Los Angeles, CA. The interest in the tower was sold to Maguire Partners. The tower has 1.3 million sq.ft. of office and retail space.

For more information, contact Maureen Mullady, Jones Lang LaSalle, 200 East Randolph Drive, Chicago, IL 60601; 312-228-2387; Fax 312-228-0360; Web site: www.joneslanglasalle.com.

Pennsylvania Real Estate Investment Trust acquired Beaver Valley Mall, a 1.1 million sq.ft. enclosed regional mall located on 136.7 acres in Beaver County, PA. The property was acquired from the California Public Employees’ Retirement System for $61.3 million. The 91.5% occupied mall is anchored by Kaufmann’s, JCPenney, Sears and Boscov’s and contains about 323,000 sq.ft. of inline mall stores and 109,000 sq.ft. of convenience tenants and outparcels. Other tenants include American Eagle Outfitters, Gadzooks and Victoria’s Secret.

For more information, contact Pennsylvania Real Estate Investment Trust, 200 South Broad Street, Philadelphia, PA 19102-3803; 215-875-0700, Fax 215-546-7311; Web site: www.preit.com.

Faris Lee Investments represented Torrance Crossroads, LLC in the sale of the Wells Fargo Bank portion of Torrance Crossroads in Torrance, CA. The center was purchased by a private investor, which was represented by Howard & Mills. The property, located at the intersection of Crenshaw Boulevard and Lomita Boulevard, was sold for $1.6 million.

For more information, contact Faris Lee Investments, 2301 Dupont Drive, #100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Email: info@farislee.com; Web site: www.farislee.com.