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Buyers & Sellers
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Buyers & Sellers NNN1031.com is selling a Walgreens in Dublin, OH for $6.413 million with a Cap rate of 7.25%. The absolute NNN lease is for 25 years with 10, five-year renewal options. For more information, contact Jay Bastian or Jennifer Ryan, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1144, Fax 407-650-1046. For Jennifer, call 407-650-1077, Fax 407-650-1046; Emails: jay_bastian@nnn1031.com and jennifer_ryan@nnn1031.com; Web site: www.nnn1031.com. Marcus & Millichap is marketing Parkmoor Plaza, a 149,900 sq.ft. center located at the intersection of Parkmoor Avenue and Meridian Avenue in downtown San Jose, CA for $15.8 million with a Cap rate of 9.3%. The center is anchored by a 54,600 sq.ft. Food4Less and a 30,000 sq.ft. 24 Hour Fitness Center. The property is 100% occupied with the remaining inline tenants including Baby Super Discount, Unocal, The U.S. Postal Service, Sprint, Cycle Gear and Tires Unlimited. The company also is marketing the Genesee Commons Shopping Center located in Flint Township, MI for $10.6 million with a Cap rate of 9.3%. The newly redeveloped center is located on Miller Road at the southern end of Genesee County and near the northern border of Oakland County. Area retail includes Target, Burlington Coat Factory, Circuit City, PetsMart, Borders Books & Music, Best Buy and Michaels, as well as the one million sq.ft. Marshall Fields-anchored Genesee Valley Mall. The offering totals 97,772 sq.ft. situated on a land area of 8.2 acres. The center is 96% occupied and tenanted by Old Navy, Bed Bath & Beyond and JoAnn Fabrics. For more information, contact Larry Gray, Marcus & Millichap, 925-979-9810 Ext. 116. Or contact Marcus & Millichap, 16830 Ventura Boulevard, Suite 100, Encino, CA 91436; 818-907-0600, Fax 818-501-8230; Web site: www.marcusmillichap.com. Federal Realty Investment Trust closed on its acquisition of two supermarket-anchored centers on Richmond Highway in Fairfax County, VA. The company paid about $31.2 million for South Valley Shopping center and Mount Vernon Plaza, which are next to each other on the west side of Route 1. Together, they total approximately 470,000 sq.ft. Area demographics include a population of 91,000 within three miles earning $94,000 as the average household income. South Valley is 83% leased and anchored by Home Depot and T.J. Maxx. Mount Vernon is 67% leased and anchored by Shoppers Food Warehouse. For more information, contact Federal Realty Investment Trust, 1626 East Jefferson Street, Rockville, MD 20852-4041; 301-998-8100, Fax 301-998-3700; Web site: www.federalrealty.com. Sperry Van Ness recently closed on the sale of Deptford Crossing Shopping Center, a 202,169 sq.ft. center located in Deptford, NJ, for $19.75 million. The company also is selling a land area of 17.3 acres on Route 17 in Monroe, NY for $1.5 million in cash. The company also is selling Oswego Plaza located at 64-70 Oswego Street in Auburn, NY for $2.75 million with a Cap rate of 9%. The center is anchored by Kinney Drug and is 84% occupied. The company also is selling a land area of 17.6 acres on Hawkins Drive in Montgomery, NY. Three parcels are available and can be purchased together or individually. For more information, contact Joseph C. French Jr., Sperry Van Ness, 50 Main Street, Suite 1000, White Plains, NY 10606; 914-682-6868; Web site: www.svn.com. CB Richard Ellis, Inc. is selling Grapevine Retail Center, an 86,940 sq.ft. center located at the intersection of William D. Tate Boulevard and Highway 114 in Grapevine, TX for $7.5 million with a Cap rate of 8.52%. The center is 100% occupied and tenanted by Petco, Jo-Ann Fabrics & Crafts and Winfree Academy Charter School. The company also is selling Lone Hill Plaza, a supermarket-anchored center located along Route 66 in Glendora, CA for $10.5 million. The 71,680 sq.ft. center is anchored by Stater Bros., and is tenanted by Del Taco and Beneficial. The site has an average daily traffic count of 82,244 vehicles. The company also sold the following three centers in Broward County, FL: Cypress Run Marketplace located at 10599 West Atlantic Boulevard in Coral Springs. The 85,247 sq.ft. center is anchored by Winn-Dixie and was sold for $7.825 million; Plantation Square Shopping Center located at 1731 North University Drive in Plantation. The 65,055 sq.ft. center is tenanted by Denny’s and Nutrition Depot and sold for $7.1 million; and Crossroads Shopping Center, located at 5000 Coconut Creek Parkway in Margate. The 85,919 sq.ft. center is planned for redevelopment and will include a freestanding Eckerd drug store and a Bank Atlantic with a drive-thru facility. For more information, contact Jerry Luterman or Jennifer Pierson, 5430 LBJ Freeway, Suite 1100, Dallas, TX 75240; 972-458-4800, Fax 972-702-8315; Emails: jluterman@cbre.com and jpierson@cbre.com; Web site: www.cbre.com/pcg-northtexas.com. For information regarding Lone Hill Plaza, contact Sam Alison, CB Richard Ellis, Inc., 355 South Grand Avenue, Suite 3100, Los Angeles, CA 90071-1552; 213-613-3637, Fax 213-613-3630; Email: salison@cbre.com. For more information regarding the three centers in Broward County, FL, contact David J. Donnellan, CB Richard Ellis, Inc., 5355 Town Center Road, Suite 701, Boca Raton, FL 33486; 561-394-2100, Fax 561-393-1650; Email: wstrauss@cbre.com. Upland Real Estate Group, Inc. sold an 11,348 sq.ft. Rite Aid in Greece, NY for $3.5 million. The company also sold a 5,026 sq.ft. Hollywood Video in New Brighton, MN for $936,000. 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: brier@upland.com; Web site: www.upland.com. Kramont Realty Trust acquired a fully-leased 31,500 sq.ft. building in Springfield, NJ, which is occupied by a ShopRite Supermarket, as well as a land area of 24 acres, which contains an existing 54,250 sq.ft. ShopRite supermarket in Somers Point, NJ. The site also is approved for a 188,000 sq.ft. center that will be anchored by a ShopRite Superstore. 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.krt.com. Coldwell Banker Commercial with Coldwell Banker Commercial Devonshire Realty negotiated the sale of a 10,248 sq.ft. center located at 512 South Neil Street in Champaign, IL. The property is called the Katsinas Center and is tenanted by Hollywood Video, Cost Cutters and #1 Wok. For more information, contact Aaron Parmalee, Coldwell Banker Commercial Devonshire Realty, 201 West Springfield, Suite 400, Champaign, IL 61820; 217-352-7712, Fax 217-352-5513; Email: aparmalee@devonshire-realty.com; Web site: www.devonshire-realty.com. ARC Properties, Inc. acquired a 40,000 sq.ft. Giant supermarket in Levittown, PA. The company prefers to acquire single-tenant properties with terms of 15 years with NNN leases throughout major U.S. markets for $1.5 million to $50 million. The company also will acquire land for development throughout New York, NY, as well as sites occupied by drug and food stores and power centers. For more information, contact Gil Rivera, ARC Properties, Inc., 1401 Broad Street, Clifton, NJ 07013; 973-249-1000, Fax 973-249-1001; Web site: www.arcproperties.com. Bryason Realty Corp. sold Hagen Ranch Commons shopping center located in west Boynton Beach, FL to Jaffe of Sawgrass, Inc. for $8.95 million. The 46,101 sq.ft. center is located at the intersection of Boynton Beach Boulevard and Hagen Ranch Road. For more information, contact Bryason Realty Corp., 555 South Federal Highway, Suite 450, Boca Raton, FL 33432; 561-362-5444, Fax 561-362-7830; Web site: www.bryason.com. HSA Commercial Real Estate sold a 30,065 sq.ft. outlot at Orland Park Place located at the intersection of 151st and LaGrange Roads in Orland Park, IL. The site will be occupied by a high-end steakhouse/seafood restaurant. Cotenants include T.G.I. Friday’s, Buca diBeppo, Olive Garden, Chi-Chi’s, Galyan’s, Barnes & Noble, Old Navy, Sportmart, Bed Bath & Beyond, DSW Shoe Warehouse, Cost Plus and Kohl’s. HSA Commercial and affiliates acquired the 725,000 sq.ft. mall in 1998 and has since redeveloped the property and brought it to more than 90% occupied.For more information, contact HSA Commercial Real Estate, 180 North Wacker Drive, Suite 500, Chicago, IL 60606; 312-332-3555, Fax 312-332-4122; Web site: www.hsacommercial.com. NewBridge Retail Advisors served as advisors in the sale of Shoppes at Parkland by The Goodman Co. to Tansley Investment Corp. in a transaction valued at $19.9 million. The 145,652 sq.ft. center is anchored by BJ’s Wholesale Club, Carlucci’s Gourmet Market and Oxford Academy and is located at an intersection on Route 441 in Broward County, FL. For more information, contact Gary Saykaly or Lynn Leonard, NewBridge Retail Advisors, Inc., Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588. Developers Diversified Realty sold eleven non-core retail assets that were formerly owned by JDN Realty. The retail properties sold to various private investors under separate transactions for approximately $89 million with an average Cap rate of 8.6%. The properties sold included five freestanding Lowe’s Home Improvement stores that sold at a weighted average Cap rate of 8.5%, three other freestanding drug stores and retail sites that sold at a weighted average Cap rate of 7.8% and three small multi-tenant shopping centers that sold at a weighted average Cap rate of 9.3%.For more information, contact Michelle A. Mahue, Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 216-755-5500, Fax 216-755-1455; Email: mmahue@ddrc.com; Web site: www.ddr.com. United Realty is selling a 173,000 sq.ft. center situated on a land area of 24 acres near Nashville, TN for $4 million. The center was formerly anchored by Rose’s and Belk’s department stores. Area demographics include a population of 50,000 within the trade area earning $35,500 as the average household income. Area retail includes Kroger, Lowe’s Home Improvement, Bi-Lo, Sears, JCPenney, Wal*Mart, Good Year, Big Lots and Kmart. The company also is selling a 118,300 sq.ft. center situated on a land area of 16 acres in the Midwest. The center is 80% leased. Area demographics include a trade-area population of 247,000 earning $64,500 as the average household income. The asking price is $8 million with a Cap rate of 9.3%.For more information, contact H. Stephen Kirschner, United Realty, 200 Broadhollow Road, Melville, NY 11747; 631-421-1000, Fax 631-421-0680; Web site: www.unitedrealtyinc.com. NAI Pyramid Brokerage Co. is selling the following two sites: a land area of 0.95 acres to 2.88 acres located at the intersection of North Salina Street and Hiawatha Boulevard West and a land area up to 5.75 acres located at the intersection of Park Street and Hiawatha Boulevard East in Syracuse, NY. Both sites are available for sale, land lease or build to suit. The sites are 0.25 miles from Carousel Center, a 1.5 million sq.ft. regional mall soon to become Destiny USA. The sites have an average daily traffic count of 118,000 vehicles. For more information, contact John Sposato, NAI Pyramid Brokerage Co., 5786 Widewaters Parkway, Dewitt, NY 13214; 315-445-8516, Fax 315-445-2074; Email: jsposato@pyramidbrokerage.com; Web site: www.pyramidbrokerage.com.
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