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Buyers & Sellers
Vinson’s Investment Properties is selling
a 52,000 sq.ft. center in Murfreesboro, TN for $3.6 million. The site has an
average daily traffic count of 32,000 vehicles. Tenants include a restaurant,
clothing stores, a lending institution and other shops. The center is currently
95% occupied. However, the owner will sell on an earn out arrangement and accept
the responsibility of leasing the vacant space.
For more information, contact Peggy Vinson, Vinson’s Investment Properties, 722
Fox Ridge Drive, Brentwood, TN 37027; 615-377-9634, Fax 615-371-5424; Email:
peggyvinson@cs.com.
Diversified Partners is selling a 43,058 sq.ft. center located at the
intersection of Southern Avenue and Gilbert Road in Mesa, AZ for $8,257,500. The
center is 100% occupied and is anchored by LA Fitness.
For more information, contact Jackie Sloan, Diversified Partners, 696 East 5th
Avenue, Scottsdale, AZ 85251; 480-947-8800, Fax 480-947-8830.
Broker Realty Network is looking to acquire a strip center or other
retail/commercial property in the Boston, Cape Cod, or South Coast areas of MA.
For more information, contact Sandra Dalton, Broker Realty Network, 14 Sleepy
Hollow Road, North Dartmouth, MA 02747; 508-995-6927, Fax 508-995-4804;
sandradalton@attbi.com.
City of Kirksville Economic & Community Development is selling Prenger’s, a
center located at 420 South Baltimore in Kirksville, MO. Anchors include Dollar
General and Little Ceasar’s Pizza.
For more information, contact Mari E. Macomber, City of Kirksville Economic &
Community Development, 201 South Franklin, Kirksville, MO 63501; 660-627-1224,
Fax 660-627-1026.
Upland Real Estate Group, Inc. sells single-tenant, net-leased investment
properties nationwide.
For more information, contact Upland Real Estate Group, Inc., 250 Marquette
Avenue, Suite 575, Minneapolis, MN 55401; 612-332-6600; Web site:
www.nnnsales.com.
Colliers International, Inc. sold Court Street Plaza in Pasco, WA for $6.895
million. The 117,030 sq.ft. center is tenanted by Rite Aid and Albertsons. Area
retail includes Kmart, Food Pavilion and Thriftway.
For more information, contact Paul Sleeth, Colliers International, Inc., 601
Union Street, Suite 5300, Seattle, WA 98101; 206-223-1266; Email:
paul.sleeth@colliers.com; Web
site: www.colliers.com.
CB Richard Ellis, Inc. is selling a freestanding, three-story Dillard’s at
West Towne Center, a 178,400 sq.ft. center located at the intersection of
Glenway Avenue and Parkcrest Lane in Cincinnati, OH for $8 million. The 20-year
lease is NNN. The balance outstanding is approximately $5.4 million with an
interest rate of 7.35%. Area demographics include a population of 220,222 within
five miles earning $46,130 as the average household income. The center is
situated on a land area of 3.04 acres. The company also is selling Busy Beaver
Building Centers in Cranberry, Kittanning and Mount Pleasant, PA for $6.9
million with a Cap rate of 9.49%. The freestanding, one-story buildings have
absolute NNN leases with lease terms of 20 years. The Kittanning location is at
the Hilltop Plaza Shopping Center, while the Mount Pleasant location is on Route
819 across from Summit Ridge Shopping Center and the Cranberry location is in
the Wal*Mart Plaza on Route 322. The company also sold a 26,000 sq.ft. CompUSA
store located in Roseville, CA. The company also is selling The Grapevine Retail
Center, an 86,940 sq.ft. center located at the intersection of William D. Tate
Avenue and Highway 114 in Grapevine, TX. Anchors include Petco, Jo-Ann Fabrics
and the Winfree Academy Charter High School. The center is cotenanted by Jason’s
Deli, Pier 1 Imports, Men’s Wearhouse, Famous Footwear, Hallmark, Barnes &
Noble, Ross Dress for Less, Linens ‘n Things, Office Depot, Luby’s Cafeteria,
Arby’s and Jack in the Box. The property is being offered at $7.5 million with a
Cap rate of 8.52% and is debt free. The center is situated on a land area of
6.56 acres.
For more information, contact Douglas Scott, CB Richard Ellis, Inc., US Steel
Tower, 14th Floor, 600 Grant Street, Pittsburgh, PA 15219; 412-316-2398, Fax
412-471-0995; Email: dmscott@cbre.com; Web
site: www.cbre.com. For more information
regarding the CompUSA store, contact Gregory M. Dalton, The Dalton Team of CB
Richard Ellis, 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040;
916-781-4816; Web site:
www.gdalton@cbre.com. For more information regarding The Grapevine Retail
Center, contact Jerry Luterman, CB Richard Ellis, Inc., Three Lincoln Center,
5430 LBJ Freeway, Suite 1100, Dallas, TX 75240; 972-458-4800, Fax 972-702-8315.
Landmark Resources is looking to acquire a non-anchored strip center
within one hour of central NJ for $2 million to $12 million. The company prefers
a GLA of 20,000 sq.ft. to 120,000 sq.ft.
For more information, contact Jon Schweitzer, Landmark Resources, 1651 Raritan
Road, Scotch Plains, NJ 07076; 908-889-0180, Fax 908-889-0181.
GMH Capital Partners is selling Homestead Plaza, a 214,940 sq.ft. center
located in Homestead, FL. Anchor tenants include Winn-Dixie, Big Lots and
Beall’s Outlet. The property is currently 74% occupied by 17 tenants, including
five outparcels. The center is near Miami Dade Community College.
For more information, contact Bill Tourtellotte or Eric Mattson Jr., GMH Capital
Partners, 10 Campus Boulevard, Newton Square, PA 19073; For Bill call
610-355-8097 and Fax 610-355-8397 and for Eric call 610-355-8186 and Fax
610-355-8486; Emails:
wtourtellotte@gmh-inc.com and
emattson@gmh-inc.com.
Developers Diversified Realty sold Carmel Mountain Plaza, a 440,000 sq.ft.
center in San Diego, CA, to a private investor for $95 million with a Cap rate
of 7%. The property is 100% leased and anchored by Sportmart, Circuit City,
Marshall’s, Ross Dress for Less, Michaels, Mervyn’s, Pacific Theatres and Kmart.
The company held a 20% ownership interest in the asset.
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.ddrc.com.
Zifkin Realty & Development acquired a 153,000 sq.ft. property located at
the intersection of 95th Street and South Western Avenue in Chicago, IL. The
company plans to develop the first phase of the site as a 23,000 sq.ft. boutique
storefront center. The site has an average daily traffic count of 66,000
vehicles. The site is located across the street from Evergreen Plaza, a 920,000
sq.ft. center. Area retail includes Sam’s Club, OfficeMax, Walgreens, Circuit
City, Jewel/Osco and CVS. Area demographics include a population earning $55,770
as the average household income. The seller was Evergreen Plaza Associates, LP,
headed by The Provo Group. The property is comprised of two parcels and will be
developed in two phases
For more information, contact Ed Zifkin, Zifkin Realty & Development, 560 West
Washington Street, Suite 4W, Chicago, IL 60661; 312-575-8650; Web site:
www.zifkinrealty.com.
Eastbourne Investments Ltd. acquired an
eight-acre development site located in Phoenix, AZ. The land is situated at the
intersection of 67th Avenue and Lower Buckeye Road. The company plans on
marketing the land for immediate retail use.
For more information, contact Frank Egan, Eastbourne Investments Ltd., 300
International Drive, Suite 135, Williamsville, NY 14221; 716-842-6054, Fax
716-842-3034; Email: fee@eastprop.com.
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