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Buyers & Sellers
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Buyers & Sellers Upland Real Estate Group sold a 13,975 sq.ft. KinderCare located in Fenton, MO for $1.9 million. The company also sold a 9,782 sq.ft. KinderCare in Woodbury, MN for $2.1 million and a 10,313 sq.ft. KinderCare in Fort Plymouth, MN. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-335-9366, Fax 612-376-4489; Email: brie@upland.com. McKinley Commercial, Inc. sold the 119,006 sq.ft. Gennesse Crossing Shopping Center in Flint, MI to Chase Properties, Ltd. The center’s tenants include Burlington Coat Factory, Old Country Buffet, Fashion Bug, and Payless Shoe Source. For more information, contact McKinley Commercial, Inc., 320 North Main, Suite 200, Ann Arbor, MI 48104; 734-769-8520. Wilson Commercial Real Estate is looking to acquire sites in CT and NY for $3 million to $15 million. The company prefers multi-tenants, but will consider single-credit tenants. For more information, contact Jim Ford, Wilson Commercial Real Estate, 53 Danbury Road, Wilton, CT 06897; 203-762-2200, Fax 203-762-8884. Kin Properties, Inc. is selling an 84,000 sq.ft. Kmart building at 2323 North Harrison Street in Shawnee, OK. The rent is $386,000 per year NNN with 10 five-year options. The company is also selling Rite Aid stores at the following locations in VA: an 8,500 sq.ft. building located at the intersection of 14th and Main Streets in West Point; an 8,052 sq.ft. store located at 1220 North 25th Street in Richmond; a 10,154 sq.ft. store located at 8935 Patterson Avenue in Richmond and an 8,052 sq.ft. building located at 1801 Hull Street Road in Richmond. Also, four Rite Aid stores are for sale in MD. For more information, contact Lee Cherney, Kin Properties, Inc., 185 Northwest Spanish River Boulevard, Suite 100, Boca Raton, FL; 800-833-4162, Fax 561-955-9921; Email: Lee.Cherney@kinproperties.com. Taubman Center, Inc. acquired Swerdlow Real Estate Group’s 50% interest in the Dolphin Mall in Miami, FL. The company now owns almost 100% of the 1.3 million sq.ft. mall. The mall is cotenanted by Burlington Coat Factory, Cobb Theaters, Dave & Busters, Group USA, Off 5th Saks, Oshman’s Supersports and Neiman Marcus Last Call, which will open during June 2003.For more information, contact Barbara K. Baker, Taubman Centers, Inc., 200 East Longlake Road, Bloomfield Hills, MI 48303; 248-258-7367, Fax 248-7596; Web site: www.taubman.com. CB Richard Ellis is selling the following properties in TX: 10,000 sq.ft. at Lewisville Center in Lewisville for $2.2 million; 19,111 sq.ft. at Parks Retail Center in Arlington for $4 million; 4,500 sq.ft. at 6607 Hillcrest in University Park for $1.1 million; 36,721 sq.ft. at Vista Park in Lewisville for $6.6 million; 26,474 sq.ft. at Sycamore Village Shopping Center in Fort Worth for $2.75 million; a 19,997 sq.ft. Sycamore pad site in Forth Worth for $240,000; 38,300 sq.ft. at 26th Mart in Amarillo; 14,500 sq.ft. at Arkansas Lane in Arlington for $1.15 million; 19,345 sq.ft. at Hulen Park in Fort Worth for $1.4 million; 19,702 sq.ft. at Walnut Plaza in Mansfield for $1.6 million; 16,411 sq.ft. at Benbrook Commons in Benbrook for $1.1 million; 30,600 sq.ft. at Forest Oaks in Arlington for $3.5 million; 21,002 sq.ft. at Mayfield Crossing in Grand Prairie for $1.59 million; 28,469 sq.ft. in Azle for $1.475 million; 555,302 sq.ft. at The Commons in San Angelo for $3.025 million; 59,807 sq.ft. at Trailwood Village in South Grand Prairie for $2.55 million; 90,316 sq.ft. at Lakeridge Village in Dallas for $6.25 million; 50,000 sq.ft. in Ridgmar Mall in Fort Worth for $2.95 million; 182,232 sq.ft. at University Mall in Nacogdoches for $5.680 million and 25,519 sq.ft. at The Henson Building in Greenville for $1.175 million. The company sold a three-acre development site at the intersection of Main Street and Kirk Road in St. Charles, IL for $1.8 million. Plans call for on-site development of a Walgreens drugstore with a drive thru and a Boston Market. The company also represented Naper Limited Partnership in acquiring Riverwalk Plaza, a 19,200 sq.ft. office and retail property in Naperville, IL. The center is cotenanted by Egg Harbor Café, Canterbury Shoppe, Sushi House and Czar Hair Salon. For more information on the TX properties, contact Jennifer Pierson or Jerry Luterman, CB Richard Ellis Private Client Group, 5430 LBJ Freeway, Suite 1100, Dallas, TX 75240; 972-458-4855 (Jennifer) or 972-458-4861 (Jerry). For more information on the IL properties, contact CB Richard Ellis, Inc., 1400 West 16th Street, Suite 450, Oak Brook, IL 60523; 630-573-7000. CC Realty Advisors, Inc. is looking to acquire neighborhood and community shopping centers and industrial and office properties throughout the northeast, midwest, and south. The company prefers sites where value can be added throughout repositioning, rehabilitation and/or retenanting the properties. For more information, contact Frank A. Banko, CC Realty Advisors, Inc., 3637 Washington Road, McMurray, PA 15317; 724-942-4810, Fax 724-942-4811; Email: fbanko@ccrealtyadvisors.com. US Properties is looking to acquire shopping centers with a 50,000 sq.ft. GLA or a 30,000 sq.ft. GLA with a supermarket anchor on the East Coast.For more information, contact Mark Endelman, US Properties, 99 Main Street, Nyack, NY 10906; 845-893-5715, Fax 845-727-3964. Colliers Arnold Commercial Real Estate Services is selling the following properties on Busch Boulevard in Tampa, FL; a 0.427 acre site for $400,000; a 2.33 acre site between Falkirk Place and 34th Street for $1.14 million and 1.045 acres between Wick Place and Larkhall Place for $775,000. Neighboring retailers include Subway, Red Lobster, Circle K, Burger King, McDonald’s, Wendy’s, Pizza Hut, Hess and Exxon. Demographics include a population of 122,940 within five miles earning $37,837 as the average household income. The company also is selling a 2.14-acre site at the intersection of Cortez Boulevard and Winter Street in Hernando County, FL for $350,000. Neighboring retailers include Wal*Mart Supercenter, Publix, Walgreens, Sears, Belk and Office Depot. The area has an average daily traffic count of 16,141 vehicles. Demographics include a population of 12,076 within three miles earning $31,906 as the average household income. For more information, contact Hal Colbert or Tom Hand, Colliers Arnold, 102 West Whiting Street, Suite 300, Tampa, FL 33602; 813-221-2290, Fax 813-224-9403; Email: hcolbert@colliersarnold.com or thand@colliersarnold.com ECCO Real Estate Investments, Inc. is looking to acquire supermarket-anchored centers in urban/downtown areas throughout FL.For more information, contact Gerd Behnke, ECCO Real Estate Investments, Inc., 1432 Southwest Knollwood Drive, Palm City, FL 34990; 561-221-7878, Fax 561-221-2141; Email: ecco@eccorealestate.com. Marcus & Millichap Real Estate Investment Brokerage Co. has been awarded the exclusive listing to market the Northgate Plaza in Lombard, IL The center has been listed for sale at $10 million with a Cap rate of 8%. The 204,508 sq.ft. center is anchored by Menards and is located at 1000 North Rowling Road at the intersection of North Avenue and Interstate 355 with a daily traffic count of 170,000 vehicles. Marcus & Millichap also is selling The Club Shopping Center in San Bernardino, CA for $11.8 million with a Cap rate of 9%. The 210,000 sq.ft. center is anchored by 24 Hour Fitness, Corinthian College and United Education Institute. For more information regarding the CA site, contact Michael Abrego, Marcus & Millichap, 19800 Mac Arthur Boulevard, Suite 150, Irvine, CA 92612; 949-851-3030, Fax 949-833-0701. For more information regarding the IL site, contact Niels Brown or Robert Huber, Marcus & Millichap Real Estate Investment Brokerage Co., 8750 West Bryn Mawr Avenue, Suite 750, Chicago, IL 60631; 773-693-0700, Fax 773-693-2114. John Garabedian is representing clients looking to acquire single tenant retail and corporate office and industrial properties nationwide and in Canada. For more information, contact John Garabedian, 334 Rosario, Laval Quebec, H7X 3P7; 514-497-4399, Fax 450-969-0800;Web site: www.johngarabedian.com; Email: john@garabedian.ca. First Realty, Inc. is selling three parcels in Melbourne, FL for $11,761,200. The three parcels comprise 135 acres with a daily traffic count of 51,500 vehicles. For more information, contact Steve Gailey, First Realty, Inc., 104 South Harbor City Boulevard, Building A, Melbourne, FL 32901; 321-676-7676, Fax 321-676-7664; Email: sgailey@cfl.rr.com. Van Corp. Financial is looking to acquire single tenant, net leased properties. The company prefers properties located in areas with a population of 100,000 or greater. The transaction size minimum is $2 million with no maximum. For more information, contact Terry Van Pelt, Van Corp. Financial, 5464 Montclair Place, Sarasota, FL 34231; 941-927-3438, Fax 941-926-7475; Email: vancorp@aol.com. Glimcher Realty Trust acquired joint venture interests in the Dayton Mall in Dayton, OH and the 933,000 sq.ft. SuperMall of Great Northwest in Auburn, WA for $32.25 million. For more information, contact Glimcher Realty Trust, 20 South 3rd Street, Columbus, OH 43215; 614-621-9000, Fax 614-621-9311. Inland Retail Real Estate Trust, Inc. acquired the 78,625 sq.ft. Circuit City Shopping Center in Orlando, FL for $11.41 million. The center is located at the intersection of Good Homes Road and West Colonial Drive. The center is anchored by a 28,446 sq.ft. Circuit City and a 24,049 sq.ft. Staples. For more information, contact Rick Fox, Inland Retail Real Estate Trust, Inc., 29010 Butterfield Road, Oak Brook, IL 60523; 630-218-8000; Web site: www.inlandgroup.com. Arroyo & Coates is selling a 55,182 sq.ft. Hy-Vee supermarket at the intersection of 119th Street and High 69 in Overland Park, KS for $5.395 million with a Cap rate of 8.35%. For more information, contact Eric C. Wilcox or David J. Gustafson, Arroyo & Coates, 500 Washington Street, Suite 770, San Francisco, CA 94111; 415-445-7800, Fax 415-392-9043; Email: ewilcox@a-c.com. FKS Realty Group is selling Regal Spring Hill Theatre in Spring Hill, FL for $1.5 million. The theater occupies a space of 30,096 sq.ft. Demographics include a population of 93,269 earning $45,797 as the average household income. For more information, contact Michael Finkle, FKS Realty Group, 407 Lincoln Road, Suite 704, Miami Beach, FL 33139; 305-532-6100, Fax 305-532-6101; Email: mickeyfinkle@aol.com. Contact Stanton Englander, Insite Real Estate, 702 Pinellas Street, Clearwater, FL 33756; 727-445-9331, Fax 727-445-9225; Email: stantone@worldnet.att.net. Commercial Net Lease Realty is selling a 10,908 sq.ft. Eckerd at 930 Belt Highway in St. Joseph, MO for $3,721,834 with a Cap rate of 8.94% The NNN lease expires in September 2022. For more information, contact Jay Bastain or Jennifer Ryan Commercial Net Lease Realty, 450 South Orange Avenue, Suite 900, Orlando, FL 32810; 407-650-1144 (Jay), 407-650-1077 (Jennifer), Fax 407-650-1046; Email: jay_bastain@nnn.1031.com or jennifer_ryan@nnn.1031.com. Discovery Realty Advisors, Inc. is selling an Eckerd in Longwood, FL for $3.17 million with a Cap rate of 8.68%. The company also is selling a Fuddruckers in Thornton, CO for $2,055,000 with a Cap rate of 7.50%. For more information, contact Ray Kreger, Discovery Realty Advisors, Inc., 4000 Hollywood Boulevard, Suite 350, North Hollywood, FL 33021; 954-920-3950, 954-920-4415; Email: rk@discovery.com. Cohen and Co. Real Estate represented Allendale Shopping Center Associates, LLC in the sale of Allendale Shopping Center. The 228,137 sq.ft. shopping center is located at the intersection of State Routes 8 and 9 in Pittsfield, MA. The center is cotenanted by Brooks Drugs, Big Lots, Toy Works, McDonald’s and Berkshire Bank. For more information, contact Vera Thomas, Cohen and Co., Inc. Real Estate, 11 East 44th Street, New York, NY 10017; 212-803-5771, Fax 212-679-1533; Web site: www.cohenco.com. Terranova Corp. brokered the sale of Country Isles Plaza located at the intersection of Indian Trace and Weston Road in Weston, FL for 19.916 million. The 106,343 sq.ft. center is anchored by Publix and Eckerd. For more information, contact Beth Azor, Terranova Corp., 1200 Brickell Avenue, Suite 1500, Miami, FL 33131; 305-358-8700, Fax 305-374-7529; Email: info@terranovacorp. Dorado Developments acquired OfficeMax Plaza on Sidney Baker South in San Antonio, TX. The 36,700 sq.ft. building is cotenanted by OfficeMax, Domino’s Pizza and A.G. Edwards. The company is planning to open a Home Depot at the site next year. For more information, contact Dorado Developments, 8000 IH 10 West, Suite 600, San Antonio TX 78230; 210-366-8092. Next Realty acquired a building located at the intersection of 620 North LaSalle Avenue and Ontario in Chicago, IL. The 70,000 sq.ft. building is tenanted by Sportmart. For more information, contact Marc Blum, Next Realty, 1 Northfield Plaza, Northfield, IL 60093; 847-501-6190. American Equity Corp. is looking to acquire land under income producing properties and leaseback under a long term ground lease. The company will subordinate to existing financing and provide repurchase options. For more information, contact American Equity Corp., PO Box 81108, Las Vegas, NV 89108; 702-368-7530, Fax 702-368-1310; Email: info@americanequity.com. Adams Nelson & Associates, Inc. represented the buyer in the sale of the former Western Steer Steak House located on US Route 522 in Frederick County, VA. The building occupies a space of 10,000 sq.ft. For more information, contact Adams Nelson & Associates, 303 South Loudon Street, Winchester, VA 22601; 540-667-2441. Grossman Cos., Inc. sold Pembroke Crossing to Falconi Realty, LLC for $2.45 million. The 27,000 sq.ft. retail plaza is located on Route 53 in Pembroke, MA. For more information, contact Aidan Murray or Louis Grossman, The Grossman Cos., PO Box 690345, 11266 Furnace Brook Parkway, Quincy, MA 02269; Fax 617-472-4600; Web site: www.grossmanco.com.
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