Buyers & Sellers
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Buyers & Sellers

CB Richard Ellis is selling Grapevine Retail Center, an 86,940 sq.ft. center located at the intersection of 1250-1255 William D. Tate Avenue and Highway 114 in Grapevine, TX. The center is tenanted by Petco, MJ Designs and Winfree Academy. The asking price is $6.75 million and is debt free. The center is 100% occupied.

For more information, contact Jerry Luterman, CB Richard Ellis, Inc., 5430 LBJ Freeway, Suite 1100, Dallas, TX 75240; 972-458-4800, Fax 972-702-8315; Email: jluterman@cbre.com; Web site: www.cbrichardellis.com.

Colliers Seeley International, Inc. is selling a 160,311 sq.ft. portfolio of retail and office space located in Westwood Village in Los Angeles, CA. The portfolio may be separated into as many as seven parts, which may be purchased either collectively or individually. The portfolio includes the 41,039 sq.ft. Westwood Village I, which is tenanted by Copeland Sports, UCLA NPI Office, Corner Bakery, Barton Myers Associates and Office Depot; the 19,680 sq.ft. Westwood Village II, which is tenanted by T-Mobile, Ben & Jerry’s, La Salsa, Mann Theatre and Togo’s; and the 99,592 sq.ft. Westwood Village III, which is tenanted by The Gap, UCLA Extension, AT&T Wireless, Tower Records, Ann Taylor Loft, Victoria’s Secret, Chili’s Bar & Grill, Modernbook and Divaz.

For more information, contact Colliers Seeley International, Inc., 444 South Flower Street, Suite 2200, Los Angeles, CA 90071; 213-627-1214, Fax 213-327-3220; Web site: www.colliers-seeley.com.

Atlanta Realty Advisors is selling a 66,028 sq.ft. Publix-anchored center located in Atlanta, GA for $14.725 million with a Cap rate of 8.5% on the NOI. The investment opportunity also includes a 12,626 sq.ft. center located across the street from Publix and three outparcel ground leases with Wachovia (First Union), KFC/A&W and United Community Banks.

For more information, contact Top Kervin, Atlanta Realty Advisors, PO Box 11575 Atlanta, GA 30355; 770-452-1838, Fax 770-452-0953; Email: top@sysmatrix.net; Web site: www.atlantarealtyadvisors.com.

Marcus & Millichap sold a 130,252 sq.ft. strip center located at 13239 Gladstone Avenue in Sylmar, CA for $11.5 million. The sales price represents $88 psf. Tenants include Rite Aid, Denny’s, Radio Shack and Enterprise Rental Car. The center is 100% occupied.

For more information, contact Larry Gray, Marcus & Millichap, 500 Ygnacio Valley Road, Suite 330, Walnut Creek, CA 94596; 925-979-9810 Ext. 116, Fax 925-979-9811; Web site: www.marcusmillichap.com.

Dyas Development, LLC is selling a land area of approximately 8.74 acres located on U.S. Highway 98 in Daphne, AL for $5 million. The site has 660 feet of frontage located on the eastbound lane of Highway 98.

For more information, contact Loyd Maston, Dyas Development, LLC, 23210 U.S. Highway 98, Fairhope, AL 36532; 251-990-6000, Fax 251-990-8807; Email: lam@dyasllc.com.

Captec Financial Group, Inc. is looking to acquire single-tenant, net-leased properties, investment and non-investment grade credits throughout the nation. The company will acquire portfolios or single properties under long-term, NNN leases.

For more information, contact Joanna Zabriskie, Captec Financial Group, Inc., 24 Frank Lloyd Wright Drive, Ann Arbor, MI 48106; 877-522-9556.

Finard & Co., LLC made three investment sales transactions representing over 73,590 sq.ft. of retail properties totaling $4.66 million. The company brokered the sale of 305 Boston Road, in Billerica, MA for $1.25 million. The 16,120 sq.ft. site is tenanted by AutoZone, ERA Realty, Curves for Women and Escape Spa & Salon. The company also represented Retailers Realty Trust in its acquisition of 524-528 South Broadway in Salem, NH enabling the trust to complete a 1031 tax-deferred exchange. Retailers Realty Trust acquired the 26,124 sq.ft. property from Starwood Ceruzzi for $2.85 million. Tenants include Pep Boys, Leslie Pool Supplies and IHOP. The company also represented Twiss Realty in the sale of a 31,390 sq.ft. strip center located at 138 South Road in Enfield, CT to The Hecht Co.

For more information, contact Chris Cardoni, Finard & Co., One Burlington Woods Drive, Burlington, MA 01803; 781-273-5555, Fax 781-272-8408; Email: ccardoni@finard.com; Web site: www.finard.com.

The Shannon Co. is representing a client seeking a replacement property upwards of $5 million. The buyer prefers multi-tenant retail, non-anchored centers with second-floor office space.

For more information, contact Robert F. Shannon, The Shannon Co., 497 Highland Street, Hamilton, MA 01982; Email: rshannon@attbi.com; 978-468-8000, Fax 978-468-9096.

Aries Deitch & Endelson, Inc. is representing a buyer looking for replacement property, such as supermarkets, Home Depot, Lowe’s Home Improvement, with NNN, long-term leases along the East Coast down to FL in the $30 million range with cash of $8 million. The Cap rate depends on the deal, but lower rates are considered.

For more information, contact Aries Deitch & Endelson, 110 South Central Avenue, Hartsdale, NY 10530; 914-949-2800 Ext. 106, Fax 914-949-2424.

Turner Net Lease Properties, Inc. is representing a buyer looking for Tires Plus, Midas, Good Year or similar corporate guaranteed lease tire stores in FL for exchange. The company also needs bank or bank ground leases for another exchange anywhere in the country.

For more information, contact Gary Turner, Turner Net Lease Properties, Inc., 200 Ocean Avenue, Suite 203, Melbourne Beach, FL 32951; 321-952-2894, Fax 321-952-8967; Email: gary@turnernetlease.com.

Massell Commercial Real Estate is selling a land area of more than 50 acres in Hampton, GA. The property has 2,400 sq.ft. of frontage on Highway 19/41 and 2,000 feet of frontage at the rear of State Highway 3. The site is located two miles south of Atlanta Motor Speedway. Additional acreage can be assembled. The company also has a client seeking to acquire true NNN properties throughout the Southeast. The client will consider supermarket-anchored centers with less than six tenants for a price of $2 million. The Cap rate must be 9% or higher.

For more information, contact Steve A. Massell, Massell Commercial Real Estate, 5600 Roswell Road, Suite 350-North, Atlanta, GA 30342; 404-255-6810, Fax 404-252-3883; Web site: www.massell.com.

Petrovich Development Co. is selling a 16,836 sq.ft. Rite Aid located at the intersection of East Bidwell and Glenn in Sacramento, CA for $4.78 million with a Cap rate of 8%. The average daily traffic count is 25,448 vehicles. The lease is for 20 years. Area demographics include a population of 59,662 within three miles earning $60,872 as the median household income.

For more information, contact Petrovich Development Co., 5046 Sunrise Boulevard, Suite One, Fair Oaks, CA 95628-4945; 916-966-4600, Fax 916-966-4005; Email: carol@petrovichdevelopment.com.