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Buyers & Sellers
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Buyers & Sellers Madison Realty Group, Inc. is looking to acquire neighborhood and community strip centers of 40,000 sq.ft. east of the Mississippi River. The company is more flexible in the Mid-Atlantic states. National or regional credit tenant anchored centers, with occupancy rates at 65% to 85%, are preferred. The company also will consider ground-up development or vacant to very low occupancy centers within three hours of Pittsburgh, PA. For more information, contact Matthew Bond, Madison Realty Group, Inc., 437 Grant Street, Suite 150, Pittsburgh, PA 15219; 412-281-1880, Fax 412-281-5772; Email: mbond@madisonrealtygroup.com. Coldwell Banker Commercial NRT sold Miramar Parkway Plaza, a 144,120 sq.ft. center situated on a land area of 16.32 acres at the intersection of University Drive and Miramar Parkway in Miramar, FL for $10.8 million. The center is anchored by Winn-Dixie and Walgreens and is tenanted by Rose Auto, Blockbuster Video and 35 additional stores. There is an additional 32,375 sq.ft. parcel for future development included in the sale of the property, which is 93.32% occupied. The property consists of two buildings with a Cap rate of 10.4%.For more information, contact Allan Cohen, Coldwell Banker Commercial NRT, 20803 Biscayne Boulevard, Suite 102, Aventura, FL 33180; 305-215-3668, Fax 954-454-7216; Email: allan.cohen@coldwellbanker.com. Griffin Properties is looking to acquire centers that have at least four tenants throughout the following counties in MI: Saginaw, Owosso, Brighton, Clarkston, Milford and Livingston.For more information, contact Patrick Winter, Griffin Properties, 29433 Southfield Road, Suite 200, Southfield, MI 48310; 248-443-9000. Arroyo & Coates is selling the following properties: A 3,000 sq.ft. Denny’s restaurant located at 3422 Gentry Parkway in Tyler, TX for $750,000 with a Cap rate of 8%. The lease is for 20 years NNN with 10% increases every five years; a 15,120 sq.ft. Walgreens located at 2105 East Wellesley/Crestline in Spokane, WA for $5.1 million with a Cap rate of 7.25%. The lease is for 17.5 years NN. The company requires $2.2 million in cash; a 65,424 sq.ft. Raley’s supermarket located at 1125 West Winnemucca Boulevard in Winnemucca, NV for $5.135 million with a Cap rate of 9%. The lease is for 12.5 years NNN; and a CompUSA located at 3665 North Rock Road in Wichita, KS for $3.05 million with a Cap rate of 8.9%.For more information, contact Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800 Ext. 184, Fax 415-392-3040; Email: psouza@a-c.com; Web site: www.arroyocoates.com. Colliers Classic is selling a Movie Gallery location with an NNN lease for $495,000 with a Cap rate of 9.8% in Holbrook, AZ.For more information, contact Tom Richards, Colliers Classic, 7845 East Redfield Road, Scottsdale, AZ 85250; 480-596-9000.
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