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Buyers & Sellers
Horizon Realty Services, Inc. is selling a
174,000 sq.ft. building at Lincoln Mall, a one million sq.ft. mall located in
Matteson, IL. The mall is anchored by Carson Pirie Scott & Co., Sears and Old
Navy. The site has an average daily traffic count of 372,300 vehicles. Area
demographics include a population of 147,881 within five miles earning $71,377
as the average
household income.
For more information, contact Stuart Lenhoff, Horizon Realty Services, Inc.,
3715 Ventura Drive, Suite 200, Arlington Heights, IL 60004; 847-870-8585, Fax
847-870-1888; Email:
slenhoff@horizonrealtyservices.com; Web site:
www.horizonrealtyservices.com.
Kalanter Properties is looking to acquire properties with the following
criteria: land zoned for retail in corner locations with buildable spaces of
10,000 sq.ft.; stabilized strip centers and neighborhood retail from $4 million
to $10 million and value-added retail from $1 million to $130 million.
For more information, contact Ali Solhjou, Kalanter Properties, PO Box 17356,
Irvine, CA 92623; 714-404-8038, Fax 714-242-7000; Email:
ali@kalantarproperties.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is selling eight
single-tenant buildings for between $700,000 and $1.29 million with absolute NNN
leases and 10% increases every five years. The company also sold Victorville
Town Center, a 202,219 sq.ft. center located in Victorville, CA for $14.75
million. Area retail includes Staples, Circuit City, Michaels, Red Robin, Pier 1
Imports, Blimpie’s Sub & Salads and Cinemark Cinemas USA. The company also sold
Fair Oaks Mall, a 357,142 sq.ft. mall located at the intersection of 25th Street
and Central Avenue in Columbus, IN for $17 million. The mall is anchored by
JCPenney, Elder-Beerman, Big Kmart and Goody’s. Cotenants include Hibbett
Sports, Deb Shop, Kirlin’s, Shoebilee, Sam Goody’s and Kay-Bee Toys. The company
also is selling two properties in the Lafayette Square area of Indianapolis, IN.
The properties combined are valued at $17.55 million. The sites include Pike
Plaza, a 198,558 sq.ft. center located on the west side of Indianapolis. The
center is 100% occupied and anchored by Value City Department Store and Galyan’s
Trading Co. The asking price is $13.75 million. The second property is London
Towne Shoppes, a 35,809 sq.ft. center anchored by Sherwin Williams and Pier 1
Imports. The center is 95% occupied and is selling for $3.8 million with a Cap
rate of 11.2%. The company also is selling a Walgreens located in Crescent
Springs, KY for $3.95 million with a Cap rate of 7.23%. The lease is for 20
years with eight, five-year options.
For more information, contact John Glass, Marcus & Millichap Real Estate
Investment Brokerage Co., 750 Battery Street, Suite 500, San Francisco, CA
94111; 415-391-9280 Ext. 310; Email:
jglass@marcusmillichap.com. For more information regarding Victorville Town
Center, Fair Oaks Mall and the Indianapolis properties, contact Larry Gray,
Marcus & Millichap, 16830 Ventura Boulevard, Suite 100, Encino, CA 91436;
925-979-9810, Fax 818-501-8230. For more information regarding the Walgreens,
contact John Riser or Brian Southworth, Marcus & Millichap, National Retail
Group, 101 West Ohio Street, Suite 1550, Indianapolis, IN 46204; 317-955-2600,
Fax 317-955-0091.
Midwest Realty is selling Omni Plaza, a 12,000 sq.ft. center located on
Wilomile Road in Southfield, MI for $1.8 million and a Cap rate of 9%. The
center is currently 100% occupied. Anchors include H&R Block. The company also
is selling a land area of 18 acres located in Shelby Township, MI for $3.5
million.
For more information, contact Norman Karmo, Midwest Realty, 24655 Southfield
Road, Suite 211, Southfield, MI 48075; 248-752-0331, Fax 248-559-5597.
Combined Properties, Inc. acquired a 104,000 sq.ft. building in Foothill
Ranch, a master-planned development in Orange County, CA. The site is situated
on a land area of 11.2 acres. Combined Properties intends to redevelop the site,
expanding the building to 130,000 sq.ft. and subdividing it to accommodate new
retail tenants. The property is located at the intersection of Alton Parkway and
the 241 Expressway.
For more information, contact Linda Dreyer, Combined Properties, 1255 22nd
Street, 6th Floor, Washington, DC 20037-1225; 202-293-4500, Fax 202-833-3013;
Web site: www.combined.biz.
Thalhimer-Cushman & Wakefield is selling a former Pep Boys located on
East Market Street in Harrisonburg, VA for $2.6 million. The 18,196 sq.ft.
freestanding building is situated on a land area of 2.17 acres. The company
requires an all cash deal.
For more information, contact Connie Jordan Bradford, Thalhimer-Cushman &
Wakefield, PO Box 202, Richmond, VA 23218-0702; 804-697-3569, Fax 804-697-3474.
Staubach Retail Services is selling Pittsfield Center, a 127,194 sq.ft.
center located at the intersection of Routes 8 and 9 in Pittsfield, MA for $10
million. The center is currently 92% leased and is tenanted by T.J. Maxx, Petco,
Hollywood Video, Dollar Tree and Radio Shack. The property is being sold with a
debt assumption requirement of $5.85 million. Area demographics include a
population of 53,649 within five miles earning $53,847 as the average household
income.
For more information, contact David T. Wojciechowski, Staubach Retail Services,
12 East 49th Street, 31st Floor, New York, NY 10017; 212-418-2600; Email:
dtwoj@staubach.com; Web site:
www.srsny.com.
Talcor Commercial Real Estate Services, Inc. is selling a 6,800 sq.ft.
former Discount Auto Parts store located at 1012 Highway 84 East in Cairo, GA
for $300,000. Area demographics include a population of 14,203 within five miles
earning $32,955 as the average household income. The company also is selling a
6,838 sq.ft. former Discount Auto Parts store located at 932 West Tharpe Street
in Tallahassee, FL for $550,000. The store is situated on a land area of 0.605
acres. The site has an average daily traffic count of 34,000 vehicles.
For more information, contact David Williamson, Talcor Commercial Real Estate
Services, Inc., 1018 Thomasville Road, Suite 200-A, Tallahassee, FL 32303;
850-224-2300, Fax 850-425-1114; Email:
david@talcor.com; Web site: www.talcor.com.
Retail Resources Real Estate Disposition, LLC is selling a former
steakhouse at the intersection of State Route 14 and State Route 87 in Eden, NC
for $495,000. The 7,704 sq.ft. building is situated on a land area of 1.38 acres
and is located near a mall and Wal*Mart.
For more information, contact Elizabeth Strickler, Retail Resources Real Estate
Disposition, LLC, 2215 Perimeter Park Drive, Suite 4, Atlanta, GA 30341;
770-454-8060, Fax 770-454-6009.
Faris Lee Investments is selling Montclair East Shopping Center, a
135,168 sq.ft. center located at the intersection of Interstate 10 Freeway and
Central Avenue in Montclair, CA for $22.44 million with a Cap rate of 8.19%. The
center is situated on a land area of 9.55 acres. The center is anchored by
Sportmart, Ross, Office Depot, David’s Bridal, Anna’s Linens, Styles for Less
and Household Finance.
For more information, contact Faris Lee Investments, 2301 Dupont Drive, Suite
100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Web site:
www.farislee.com
Ziff Properties is looking to acquire multi-tenant retail, office and
light industrial properties throughout northern FL, eastern GA, NC, SC and VA.
The company pays all cash and can close within 30 days. The company also
considers historic properties, deferred maintenance and vacancies.
For more information, contact Ziff Properties, 701 East Bay Street, Charleston,
SC 29403; 843-724-3500, Fax 843-724-3400; Web site:
www.zpi.net.
Coldwell Banker Commercial is selling an Eckerd location at the
intersection of U.S. Highway 55 and Hunter Street in Apex, NC for $4,616,360
with a Cap rate of 7.50%. The lease term is for 20 years with four, five-year
options. Area demographics include a population of 90,497 within one mile
earning $64,091 as the average household income.
For more information, contact Troy A. Legge, Coldwell Banker Commercial, 1800
Camden Road, Suite 108, Charlotte, NC 28203; 704-971-6536, Fax 704-333-2321; Web
site:
www.coldwellbankercommercialmeca.com.
NNN1031.com is selling the following two locations: Save Rite in Douglas,
GA for $5,127,600 with a Cap rate of 8.75%. The building has an LTV of 70%, an
interest rate of 7.19%, a 10-year term and an amortization of 30 years; and
Black Angus in Roseville, MN for $3,134,044 with a Cap rate of 9%. The building
has an LTV of 65%, interest rate of 7.5%, a 10-year term and an amortization of
30 years. The company also is selling a Max & Erma’s restaurant located at the
intersection of Baldwin Road and Interstate 75 in Auburn Hills, MI for
$3,534,313 with a Cap rate of 8%, two 10-year options with an absolute NNN
lease.
For more information, contact Jay Bastian or Jennifer Ryan, NNN1031.com, 450
South Orange Avenue, Suite 900, Orlando, FL 32801; 877-666-1031; Emails:
jay_bastian@nnn1031.com or
jennifer_ryan@nnn1031.com. For
more information regarding Max & Erma’s, contact Steven Borysewich at
877-667-4769 Ext. 2215; Email:
sborysewich@cnlonline.com.
Upland Real Estate Group, Inc. is selling a 10,865 sq.ft Old Country
Buffet in Woodbury, MN for $2.25 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.nnnsales.com.
CB Richard Ellis, Inc. is selling approximately 64 acres in Indian Wells,
CA. The land is immediately adjacent to the Indian Wells Tennis Garden, the
second largest tennis stadium in the world. The property is divisible from 6.8
acres to 22 acres.
For more information, contact CB Richard Ellis, Inc., 355 South Grand Avenue,
Suite 3100, Los Angeles, CA 90071; 213-613-3333, Fax 213-613-3005; Web site:
www.cbre.com.
Ronus Properties is looking to acquire power, lifestyle and neighborhood
centers or in-fill locations for between $10 million to $100 million.
For more information, contact Rick Langhorne, Ronus Properties, Piazza at Paces,
3290 Northside Parkway, Suite 250, Atlanta, GA 30327; 678-553-4000, Fax
678-553-4001; Web site:
www.ronusproperties.com.
A&B Properties, Inc. acquired Broadlands Marketplace, a 95,250 sq.ft.
center located in Broomfield, CO for approximately $11 million. The center is
85% leased, anchored by Safeway and is situated on a land area of 12.46 acres.
Cotenants include Washington Mutual, Subway, UPS Store and State Farm Insurance.
For more information, contact Linda Howe, A&B Properties, Inc., 822 Bishop
Street, Honolulu, HI 96813 or PO Box 3440, Honolulu, HI 96801-3440;
808-525-6642, Fax 808-525-8447; Email:
lhowe@abinc.com; Web site: www.abprop.com.
Rockwood Realty Associates sold The Maine Mall, a 1.05 million sq.ft.
mall located at the intersection of Maine Turnpike and Interstate 295 in South
Portland, ME. The mall is 100% occupied with 130 shops and is anchored by
Filene’s, JCPenney, Macy’s, Sears, Filene’s Men’s and Furniture, Linens ‘n
Things, Best Buy and The Sports Authority.
For more information, contact Lisa Malone, Rockwood Realty Associates, 555 Fifth
Avenue, Fifth Floor, New York, NY 10017; 212-286-5800 Ext. 281, Fax
212-286-5555; Web site:
www.rockwoodrealty.com.
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