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Buyers & Sellers
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Buyers & Sellers Inland Retail Real Estate Trust, Inc. acquired the following four retail properties: The Creeks of Virginia Shopping Center, a 266,266 sq.ft. center located in Richmond, VA for $39 million. The center is anchored by Bed Bath & Beyond, Barnes & Noble, Circuit City, Dick’s Sporting Goods, Michaels and PetsMart; Downtown Short Pump Shopping Center, a 125,553 sq.ft. center located in Richmond, VA for $33.6 million. The center is anchored by Regal Cinemas and Barnes & Noble; Commonwealth Center II, a 165,382 sq.ft. center located in Richmond, VA for $22.28 million. The center is anchored by Barnes & Noble, Stein Mart, Michaels, Pier 1 Imports and Old Navy; and Glenmark Centre, a 122,167 sq.ft. center in Morgantown, WV for $13.3 million. The center is anchored by Shop ‘n Save, Michaels, Ruby Tuesday and Outback Steakhouse. For more information, contact Rick Fox, Inland Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com. Pennsylvania Real Estate Investment Trust acquired the following four malls, totaling approximately 3.6 million sq.ft.: Cherry Hill Mall in Cherry Hill, NJ; Moorestown Mall in Moorestown, NJ; The Gallery at Market East in Philadelphia, PA; and Exton Square Mall in Exton, PA. The aggregate price for the four properties was $469 million, including approximately $157 million in cash, the assumption of $277 million in non-recourse mortgage debt and $35 million operating partnership units issued to certain partners of New Castle Associates of which $17.8 million is expected to be issued in the second quarter of 2004. Cherry Hill Mall has 1.28 million sq.ft. with an occupancy rate of 94.5%; Moorestown Mall has 1.03 million sq.ft. and an occupancy rate of 93.9%; The Gallery at Market East has 190,000 sq.ft. with an occupancy rate of 98.9%; and Exton Square Mall has 1.09 million sq.ft. with an occupancy rate of 89.7%.For more information, contact Pennsylvania Real Estate Investment Trust, 200 South Broad Street, Philadelphia, PA 19102-3803; 215-875-0700, Fax 215-546-7311. The Woodmont Co. negotiated the sale of Phase II of Pecanland Commons, a 110,800 sq.ft. phase that is expected to begin this Spring in Monroe, LA, with completion slated for Fall or Winter this year. The center will be tenanted by a 30,187 sq.ft. Ross Dress for Less, a 20,000 sq.ft. Bed Bath & Beyond, an 8,000 sq.ft. Dress Barn, a 1,600 sq.ft. Electronics Boutique, a 1,600 sq.ft. Maggie Moo’s and a 12,960 sq.ft. Petco. For more information, contact The Woodmont Co., 2100 West Seventh Street, Fort Worth, TX 76107; 817-732-4000, Fax 817-735-4738; Web site: www.woodmont.com. Triple Net Investments LLC is representing clients looking to invest $3.5 million cash and leverage up to 70% into one or more NNN leased properties with the following criteria: locations in the Sun Belt, Mountain states or West Coast with minimum of 15 years left (preferably 20) and bumps in payments every five years. The company prefers not to acquire shopping centers or Walgreens properties.For more information, contact Glen R. Fotre, Triple Net Investments LLC, 4701 North Tortolita Road, Tucson, AZ 85745-9101; 520-743-3535, Fax 520-743-9628; Email: glen@ccim.net; Web site: www.triplenetinvestments.com. Active Development, Inc. is seeking investment properties nationwide. The company can offer between $1 million to $50 million per acquisition and can close within 30 days or less depending on availability of third party reports. The company requires NNN/absolute net properties with credit tenants, retail strip centers with 70% credit tenants. The company also is selling two supermarket-anchored centers.For more information, contact Doug Thaler, Active Development, Inc., 64 Woodland Drive, West Paterson, NJ 07424; 908-625-9023, Fax 908-325-0135; Email: doug@activedevelopment.com. Breslin Realty Development Corp. sold a 22-acre site in LaPlace, LA to Home Depot. The site was developed with an 86,000 sq.ft. Kmart and a freestanding Burger King and approximately 12 acres of vacant land. Home Depot will develop a 150,000 sq.ft. store and will retrofit the existing Kmart building for satellite tenancies. The purchase price was in excess of $7 million. The company also negotiated the sale of a property located at the intersection of Main Street and Elm Avenue in downtown Smithtown, NY. The company created a sale to an investor and will be representing the owners in the development of a retail project.For more information, contact Robert Delavale, Breslin Realty Development Corp., 500 Old Country Road, Garden City, NY 11530; 516-741-7400, Fax 516-741-7128. For more information regarding the Smithtown, NY location, contact Wilbur F. Breslin, Breslin Realty Development Corp., 500 Old Country Road, Garden City, NY 11530; 516-741-7400, Fax 516-741-7128. Phase One Realty, Inc. sold the following properties: four Eckerd drug stores throughout TX and the Midwest for between $2.5 million to $3.7 million with Cap rates of 8.5% to 9%. The leases have 14 to 16 years remaining on 20-year base terms; a Bed Bath & Beyond in IL for $3.57 million with a Cap rate of 8.75% and eight years remaining on a 10-year lease; Goodyear Tire Center located one block from Interstate 45 in TX for $718,000 with a Cap rate of 8% and 5.5 years remaining on the lease; three Walgreens locations throughout the Midwest for between $4.1 million to $6.4 million with Cap rates of 7.25% to 7.35%. The locations have 25-year NNN leases; a 7-11 in MA for $2.138 million with a Cap rate of 7.2%. The lease term is 18 years with a 10% increase in year eleven. The company also is selling a Sherwin Williams in Houston, TX for $1.3 million with a Cap rate of 7.38%.For more information, contact Robert H. Fippinger, Phase One Realty, Inc., 333 Montezuma Avenue, 2nd Floor, Santa Fe, NM 87501; 505-988-3883 Ext. 2, Fax 505-988-5134; Email: rhf@phaseonerealty.com. Southern Management & Development, LP acquired Casselberry Square, a 97,376 sq.ft. center located at the intersection of 436 State Road and Winter Park Drive in Orlando, FL for $6.1 million. The Winn-Dixie supermarket-anchored center is currently 95% leased and is tenanted by Pet Supermarket and Dollar General. For more information, contact Southern Management & Development, LP, PO Box 11229, Knoxville, TN 37939; 865-584-4175, Fax 865-584-4233. Arroyo & Coates is selling a 26,362 sq.ft. CompUSA Superstore located at 3665 North Rock Road in Wichita, KS for $3.2 million with a Cap rate of 8.49%. The store is situated in a center tenanted by Sam’s Club, Kohl’s, OfficeMax, Linens ‘n Things, PetsMart, Party City and Fazoli’s. The lease is for 15 years with 9.5 years remaining and three, five-year options with 10% increases. The tenant pays for taxes, insurance, CAM and interior expenses. The landlord maintains roof, structural portions of the building and the foundation. The company also is selling a freestanding 63,024 sq.ft. Raley’s Supermarket and a 2,400 sq.ft. pad building located at 1125 West Winnemucca Boulevard in Winnemucca, NV for $5 million with a Cap rate of 8.67%. The absolute NNN lease has 12.5 years remaining and four, five-year options. The center is situated on a land area of five acres. All taxes, insurance and maintenance, including roof and structural, are paid by the tenant. The company also is selling a Walgreens drug store located at the intersection of East Wellesley Avenue and Crestline Street in Spokane, WA for $5.1 million with a Cap rate of 7.25%. The 15,120 sq.ft. building with a double drive-thru is situated on a land area of 1.76 aces. The lease term is for 20 years with eight, five-year options at the same rent. The lease is NNN with the exception of the roof and structural portions of the building, which remain the landlord’s obligation. The loan term is fixed with an amortization of 23 years due in 18 years.For more information, contact Andrew Barnes, Arroyo & Coates, 500 Washington Street, Seventh Floor, San Francisco, CA 94111; 415-445-7800 Ext. 177, Fax 415-723-7194; Email: abarnes@a-c.com; Web site: www.arroyocoates.com. For more information regarding the Raley’s and Walgreens, contact Paul Souza, Arroyo & Coates; 415-445-7800 Ext. 184; Email: psouza@a-c.com. Kimco Exchange is selling the following properties: a Chick-fil-A in Burleson, TX for $1.04 million with a Cap rate of 6.25%. The 5,000 sq.ft. restaurant is situated on a land area of 0.83 acres and is a pad site to the Gateway Station Shopping Center, which is anchored by Kohl’s, Linens ‘n Things, Staples, Michaels and Ross Stores; Red Robin in San Antonio, TX for $2,653,333 with a Cap rate of 7.5%. The 6,351 sq.ft. restaurant is located at the intersection of Interstate Highway 35 and Loop 1604 and is situated on a land area of 1.663 acres. The site has an average daily traffic count of 140,000 vehicles; and a Video Warehouse located on the east side of Route 601 in Somerset, PA for $756,000 with a Cap rate of 10%. The 7,560 sq.ft. store is situated on a land area of 0.817 acres.For more information, contact Rita Kramer, Kimco Realty, 280 Park Avenue, 38th Floor West, New York, NY 10017; 212-972-7456, Fax 212-972-7496; Email: rkramer@kimcorealty.com. Marcus & Millichap is selling a Wendy’s in Hamburg, NY for $1,010,500 with a Cap rate of 8.25%. The restaurant is situated on a land area of 1.2 acres. The company also is selling Pahrump Valley Junction Shopping Center in Pahrump, NV. The property is listed at $19 million with a Cap rate of 8.9%. The property is located on Highway 60 and is anchored by Albertsons supermarket and Sav-On Drugs. The property is 105,721 sq.ft. and is cotenanted by Hollywood Video, Round Table Pizza, Mail Boxes Etc., EZ Money, Cigarettes Cheaper, Kay’s Fashions, Cellular One, Port of Subs, Ultimate Discount Health and Canyon Rentals. Occupancy is currently 90%. The company also is selling a new 26,000 sq.ft. center in Clovis, NM for $3 million with a Cap rate of 10% to 12.6%. The center is tenanted by Big 5 Sporting Goods, Radio Shack and Hollywood Video. For more information, contact Joseph Blatner, Marcus & Millichap, 1800 SW First Avenue, Suite 110, Portland, OR 97201; 503-220-2333; Email: jblatner@marcusmillichap.com; Web site: www.marcusmillichap.com. For more information regarding the center in Clovis, NM, contact, Bob Huber, Marcus & Millichap, 8750 West Bryn Mawr Avenue, Suite 750, Chicago, IL 60631; 773-693-0700 Ext. 630, Fax 773-693-2114; Email: rhuber@marcusmillichap.com; Web site: www.marcusmililchap.com. Horn Capital Realty, Inc. is looking to acquire the following properties: Pizza Hut, KFC and Taco Bell restaurants with sales volumes of $750,000 or more, rent equal to 5% or less; McDonald’s, Burger King, Wendy’s and Arby’s restaurants with sales volumes of a minimum of $1 million; Red Lobster, Chili’s, Denny’s, Olive Garden and T.G.I. Friday’s restaurants with sales volumes of $2 million plus and rents of $100,000 or less; convenience stores, gas stations and auto retailers with sales volumes of $800,000 or more and gas stations that sell 100,000 gallons a month with rent equal to 5% of sales or less; supermarkets with rents in the $5 psf range and sales volumes of $450,000 plus per week. The company also will do industrial deals, ground leases and a post office that is 5,000 sq.ft. or larger with rent of $5 psf or less.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. NAI MLG Commercial sold Manitowoc Shopping Plaza, a 200,000 sq.ft. center located at 700 East Magnolia Avenue in Manitowoc, WI to Expansion Commercial. The company will rename the property Edgelake Plaza.For more information, contact Carey Kusik, NAI MLG Commercial, 13400 Bishop’s Lane, Suite 100, Brookfield, WI 53005; 262-797-9400, Fax 262-797-8940; Web site: www.mlgcommercial.com. Hopkins Real Estate Group acquired the SouthBay Pavilion at Carson, a single-level enclosed regional mall located adjacent to the 405 Freeway at the Avalon off-ramp in Los Angeles, CA. The seller was Carson Mall Partners. The purchase price was not disclosed. The 937,680 sq.ft. center is situated on a land area of 71.31 acres and is anchored by Sears, JCPenney and IKEA. Hopkins purchased 359,096 sq.ft. on a land area of 30.5 acres. For more information, contact Hopkins Real Estate Group, 13 Corporate Plaza, Suite 200, Newport Beach, CA 92660; 949-640-1770, Fax 949-644-8631; Web site: www.hopkinsgroup.com. BBRE/Eshenbaugh is selling a site located on Little Road in New Port Richey, FL for $895,000. The site is situated on a land area of four acres and can be divided or build-to-suit. The company also is selling a restaurant/hotel/truck/service site situated on a land area of four acres off the Lazy Days exit of Interstate 4 in Tampa, FL for $1.95 million. For more information, contact Bill Eshenbaugh, BBRE/Eshenbaugh, 1208 South Myrtle Avenue, Clearwater, FL 33756; 727-446-9595, Fax 727-446-9525; Email: eshland@gte.net. NAI Capital Commercial is selling two new Walgreens locations in TX for between $4.77 million to $5.3 million with Cap rates of 7%. The stores have NNN leases of 25 years.For more information, contact Laurence Saper, NAI Capital Commercial, 19300 South Hamilton Avenue, Suite 100, Gardena, CA 90248; 310-532-9080, Fax 310-327-6259; Web site: www.naicapital.com. Rein & Grossoehme acquired Metro 28, a 22,541 sq.ft. center located at the intersection of 28th Drive and Sweetwater in Phoenix, AZ from Ripps & Associates Westown II for $870,000. The building was 45% occupied at closing. The company also brokered the sale of Metro Village, a 19,086 sq.ft. center located at the intersection of 28th Drive and Larkspur in Phoenix, AZ, for $1,162,500. The seller was Larkspur Lane Investment Properties, LLC and the buyer was the Rein Family. The building was 87% occupied at closing. For more information, contact Mark Rein, Rein & Grossoehme, 3900 East Camelback Road, Suite 408 N, Phoenix, AZ 85018-2656; 602-954-7217, Fax 602-954-7001; Web site: www.high-yield.com. Sevo Miller, Inc. is selling Iliff Pointe Shopping Center, a 67,787 sq.ft. center in Aurora, CO for $7 million with a Cap rate of 9.06%. The center is 92% leased and is anchored by Carpet Galleries and LaMars Donuts.For more information, contact Gene Stone, Sevo Miller, Inc., 200 Spruce Street, Suite 200, Denver, CO 80230-7099; 303-721-1000, Fax 303-721-7249. Upland Real Estate Group, Inc. sold a 7,028 sq.ft. Blockbuster Video in Eagan, MN for $1.4 million. The company also sold a 4,140 sq.ft. Applebee’s in St. Charles, MO for $2.1 million.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. Borrus Associates acquires anchored, strip, neighborhood and power centers throughout CT, DE, MD, PA, NJ and NY. For more information, contact Julius Borrus, Borrus Associates, 3333 Highway 9, Old Bridge, NJ 08857; 732-679-4100. KLNB Retail brokered the sale of the Woodhaven Park Shopping Center, an 11,600 sq.ft. center located at 2312 East Joppa Road in Baltimore, MD for $1.3 million. The seller was Mayer and Donna Handleman, while the buyer was TSC-Pennsylvania Limited Partnership. The center is currently 100% leased and includes retailers such as Woodhaven Pharmacy, Baskin Robbins, Bagel Bistro, Changes Hair Salon and Joppa Cleaners. The project is situated on a land area of 1.2 acres.For more information, contact Mark Mueller, KLNB Retail, 100 West Road, Suite 505, Baltimore, MD 21204; 410-321-0100. Summit Square is selling five parcels ranging from one acre to 1.5 acres with combinations up to 3.5 acres in Elko, NV. The development is located at a junction of Nevada State Route 227 near a new regional hospital, medical office suites and a radiology center. The center is currently tenanted by an auto dealership and a convenience store.For more information, contact Summit Square, PO Box 1419, Elko, NV 89803; Fax 775-753-4421; Email: dnawhhite@elko.net. CB Richard Ellis, Inc. (The Dalton Team) is selling a 24,849 sq.ft. Staples in Murfreesboro, TN for $4.088 million. CB Richard Ellis, Inc. negotiated the acquisition of The Orchards, a 3.5-acre retail site located at the intersection of Greenway and Reems Roads in Suprise, AZ, which will be the location of a future CVS Pharmacy. CB Richard Ellis, Inc. represented the buyer, Gustine Properties, Inc., while the seller was Orchards Development Enterprises. For more information, contact Gregory M. Dalton, CB Richard Ellis (The Dalton Team), 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816; Email: gdalton@cbre.com. For more information, contact Linda Oberle, CB Richard Ellis, Inc., 2415 Camelback Road, Phoenix, AZ 85016; 602-735-5555, Fax 602-735-5655; Web site: www.cbre.com/phoenix. Green Realty Co. is representing a client that is a cash buyer looking to acquire a Walgreens located in the Midwest.For more information, contact Michael Green, Green Realty Co., LLC, 1020 North Broadway, Milwaukee, WI 53202; 414-431-3700, Fax 414-272-9973; Email: mgreen@nnnbroker.com; Web site: www.nnnbroker.com. Davidson Realty Advisors, LLC is representing an investor looking for an investment opportunity in the north Dallas and sub-market areas of TX. For more information, contact Julie Stewart, Davidson Realty Advisors, LLC, 5005 LBJ Freeway, Suite 300, Dallas, TX 75244; 972-788-2800, Fax 972-788-2761. Renz & Renz is looking for an exchange buyer for sites throughout the West ranging from $900,000 to $3 million. The buyer must be proven and the company prefers leases running a minimum of seven years.For more information, contact George L. Renz, Renz & Renz, 7791 Wren Avenue, Suite B, Gilroy, CA 95020; 408-846-1031, Fax 408-846-1042; Email: grenz@ccim.net. United Equities Corp. is looking to acquire portfolios three to five years old, with Eckerd and Rite Aid drug stores, 7-Eleven and other single-tenant, net-leased properties. For more information, contact Arnold Kramer, United Equities Corp., 2 North LaSalle Street, Suite 1776, Chicago, IL 60602; 312-332-5652 Ext. 88, Fax 312-803-9652; Email: akramer@unitedeq.net. Maidenberg Real Estate is selling 80 acres in Marion, IN for $1.25 million. The site is near Indiana Wesleyan University and is ideal for mixed or commercial uses. The company also is selling a commercial outlot to a new Home Depot in Marion, IN for $550,000. The site is located on 1.5 acres. The company also is selling a 1.5-acre corner lot in Marion, IN for $450,000. The existing 2,800 sq.ft. building was formerly occupied by a fast food restaurant. The company is also selling a 44,800 sq.ft. center located in Marion, IN for $963,000. The center is situated on a land area of 7.5 acres.For more information, contact Ruth Angell, Maidenberg Real Estate, 325 East Second Street, Marion, IN 46952; 800-881-4719. The Kempner Corp. acquired The Price Chopper Plaza, a 111,000 sq.ft. supermarket-anchored center in Cobleskill, NY. The company acquires regional and community shopping centers, neighborhood strip centers and freestanding retail sites.For more information, contact Peter and Jim Kempner, The Kempner Corp., 257 Mamaroneck Avenue, White Plains, NY 10605; 914-946-3030, Fax 914-946-9030. Sperry Van Ness sold Venice Crossroads, a 158,000 sq.ft. center located in Los Angeles, CA. The center is 99% occupied and is anchored by Albertsons, Sav-On, Ross Dress for Less and OfficeMax.For more information, contact Reza Etedali, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-250-4100 Ext. 125, Fax 949-251-9200; Web site: www.svn.com. Petrie Ventures, Inc. with Heritage Development Co. acquired the Forest Village Park Mall in Forestville, MD from Simon Property Group and plans to bring in a new 125,000 sq.ft. Target store to anchor the 470,000 sq.ft. center. For more information, contact Kristjana Knight, Petrie Ventures, Inc., 170 Jennifer Road, Suite 300, Annapolis, MD 21401; 410-573-3800, Fax 410-573-3801. Advantis sold Sun Point Shopping Center, a 130,000 sq.ft. Publix and Beall’s-anchored center located in Ruskin, FL. For more information, contact Brad C. Luger, Advantis, 4300 West Cypress Street, Suite 1000, Tampa, FL 33607; 813-342-4015; Email: bluger@advantisgva.com. Oxford Commercial LLC is marketing a 12-acre site located at the intersection of Thompson Creek Road and U.S. Route 50 in Kent Island, MD with an average daily traffic count of 75,950 vehicles. The asking price is $1.95 million.For more information, contact Christopher K. Sadler, Oxford Commercial LLC, 22 North Washington Street, Suite 200, Easton, MD 21601; 410-770-9717, Fax 410-770-9718; Web site: www.oxfordcommercial.net. Glimcher Realty Trust sold Sunbury Plaza, a 140,396 sq.ft. center, formerly anchored by Ames, in Sunbury, PA for $1.7 million. The company also sold a former Kmart location consisting of 117,162 sq.ft. at Canal Place Plaza in Rome, NY for $6.2 million. The company will retain ownership of the 32,800 sq.ft. of small shop retail space at this center.For more information, contact William G. Cornely, Glimcher Realty Trust, 20 South Third Street, Columbus, OH 43215; 614-621-9000 Ext. 111, Fax 614-621-9311; Email: bcornely@glimcher.com; Web site: www.glimcher.com. Trammell Crow Co. negotiated the sale of River Run Center, a 93,643 sq.ft. center located at the intersection of Miramar Parkway and Palm Avenue in Miramar, FL for $10.5 million. The company represented the seller P.OB Montgomery. Woolbright Development was the buyer. The center is anchored by Publix supermarket and Walgreens and is 100% leased. For more information, contact Whitney Knoll, Trammell Crow Co., 2001 Ross Avenue, Suite 3400, Dallas, TX 75201; 214-863-3000, Fax 214-863-3138; Web site: www.trammellcrow.com. Orbis Properties, Inc. acquired several adjacent retail centers on Cleveland Avenue in Fort Myers, FL, on behalf of WPRM. The $15.8 million transaction involves 17 buildings that comprise approximately 237,000 sq.ft. of space. Among the centers acquired are Old America Center and Dragon Plaza, which are tenanted by Kinko’s, Honey Baked Hams, Subway, FOS Furniture Outlet Stores, Ada’s Health Foods, Goodwill, Snyderman Shoes and Family Thrift. For more information, contact Charles Gabler, Orbis Properties, Inc., 121 West 92nd Street, New York, NY 10025; 914-238-3334; Web site: www.orbisproperties.com. Stone Ridge Capital, LLC completed the following single tenant investment property transactions in Buford, GA on behalf of Developers Diversified Realty: Wachovia Bank, Ryan’s Family Steak House, Kauffman Tire and Sonny’s Bar-B-Q. For more information, contact Stone Ridge Capital, LLC, 295 West Crossville Road, Suite 810, Roswell, GA 30075; 678-722-2000; Web site: www.stoneridgecapital.com. Trans State International, Inc. is selling the following properties: a 67,000 sq.ft. Kroger-anchored center in WV for $4.7 million; a 175,000 sq.ft. Wal-Mart and Winn-Dixie-anchored center in KY for $7.2 million; a 121,000 sq.ft. Wal*Mart anchored center in IL for $5.5 million; a 53,600 sq.ft. Kroger-anchored center in IL for $4.2 million; and a 196,000 sq.ft. Wal*Mart and Kroger-anchored center in IN for $7.8 million. For more information, contact Trans State International, Inc., 4333 Mayhew Avenue, Suite 100, Cincinnati, OH 45238; 513-251-9600, Fax 513-251-9602. HSS Partners, LLC acquires properties in excess of 1.2 million sq.ft. for clients. The company is an all-cash buyer that deals with industrial, office and retail investment properties throughout the upper Midwest. For more information, contact HSS Partners, LLC, 4801 West Golf Road, Suite 200, Skokie, IL 60077; 847-677-9100, Fax 847-677-9106. ARC Properties, Inc. acquires single tenant properties with 15-year NNN terms in major U.S. markets priced from $1.5 million to $50 million. The company prefers to acquire sites or enter into joint ventures in the New York, NY area. The company prefers drug stores, food stores and power center sites.For more information, contact Claudia Lomicky, ARC Properties, Inc., 1401 Broad Street, Clifton, NJ 07013; 973-249-1000, Fax 973-249-1001; Web site: www.arcproperties.com. Sperry Van Ness is selling the following properties in Las Vegas, NV: Summerhill Plaza for $4.29 million. The fully-leased retail and office building has four NNN tenants, including a major bank and Nextel Communications; two retail sites totaling 29,453 sq.ft. for between $2,032,500 and $25 million; and Durango Retail Center, a 100% leased center with five long-term NNN tenants for $3.5 million. For more information, contact Dario Franceschi or Michael Boscia, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 702-914-2200; Email: dariof@lvcm.com; Web site: www.svn.com. NNN1031.com is selling a La-Z-Boy in Langhorne, PA for $4,591,413 with a Cap rate of 8%. The 15,450 sq.ft. building is situated on a land area of 77,536 sq.ft. The NNN lease ends May 2018. The current rent is $367,313 annually with three, five-year options. For more information, contact Jay Bastian or Jennifer Ryan, NNN1031.com, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1144, Fax 407-650-1046. For Jennifer, call 407-650-1077; Emails: jay_bastian@nnn1031.com and jennifer_ryan@nnn1031.com; Web site: www.nnn1031.com. Baumgard Development Corp. acquires shopping centers and land throughout FL. The company prefers centers ranging in size from 35,000 sq.ft. to 40,000 sq.ft., as well as supermarket-anchored centers of 100,000 sq.ft. All centers must be on corners at major intersections.For more information, contact Daniel Baumgard, Baumgard Development Corp., 1575 San Ignacio Avenue, Suite 100, Coral Gables, FL 33146; 305-661-0110. GPE Commercial Real Estate is representing an investor looking to acquire single-tenant NNN investments throughout AZ, NM and NV for below $5 million. For more information, contact Patrick J. Brady, GPE Commercial Real Estate, 7201 East Camelback Road, Scottsdale, AZ 85251; 480-994-8155 Ext. 216, Fax 480-994-8599; Email: pbrady@gpe1.com. |