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Buyers & Sellers
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Buyers & Sellers Lamar Cos. acquired Greenwood Kmart Plaza located at the intersection of Highway 72 and Highway 25 in Greenwood, SC. The 151,097 sq.ft. center has spaces available of 3,200 sq.ft.; 2,796 sq.ft. and 2,000 sq.ft. For more information, contact Dana Hawkins, Lamar Cos., 365 South Street, Morristown, NJ 07960; 800-526-0762 Ext. 240, Fax 973-285-0976; Email: danah@lamarco.com.
Ludwig & Seeley Real Estate represented Wayne Management in the sale of a land area of 1.1 acres in Novi, MI to 26159 Novi, LLC. For more information, contact Kent Butler, Ludwig & Seeley Real Estate, 31555 West Fourteen Mile Road, Suite 100, Farmington Hills, MI 48334; 248-539-1700, Fax 248-539-3776; Web site: www.ludwigseeley.com.
Triple Net Equities, Inc. is selling a 122,175 sq.ft. Wal*Mart ground lease on Folsom Boulevard in Rancho Cordova, CA for $11.75 million with a Cap rate of 5.8%. The company also acquires properties nationwide from $6.5 million to $7.5 million. For more information, contact Sean O’Shea, Triple Net Equities, Inc., 201 Santa Monica Boulevard, Suite 300, Santa Monica, CA 90401; 888-870-9799, Fax 310-496-3050; Email: oshea@3netequities.com.
Abrams Industries, Inc. closed on the sale of its leasehold interest in a center in Minneapolis, MN for $2.25 million. The all-cash transaction generated a pre-tax gain of approximately $2.2 million. The company originally developed the center in 1978, then sold it and leased it back from the fee owner under a long-term agreement, and subleased the building to Kmart Corp. For more information, contact Abrams Industries, Inc., 1945 The Exchange, Suite 300, Atlanta, GA 30339-2029; 770-953-0304, Fax 770-953-0302; Web site: www.abramsindustries.com.
Single Net Properties is selling Bayshore Plaza Retail Center located at the intersection of South Cooper Avenue and West Warner Avenue in Gilbert, AZ for $7.4 million with a Cap rate of 7%. The center is tenanted by a pizza restaurant, Bayshore Dental, Play It Again Sports, Radio Shack, Cleaners Headquarters, Supercuts, Tae Kwon Do, IQ Nails, H&R Block, Rubio’s, Starbucks and Hollywood Video. The company also is selling an 11,588 sq.ft. Fox and Hound Pub & Grill restaurant located in Albuquerque, NM for $2.5 million with a Cap rate of 6.8%. The lease term is for 20 years and the building is one year old situated on a land area of 1.34 acres. For more information, contact Greg Velasquez, Single Net Properties, 828 Prospect Street, Suite E, La Jolla, CA 92037; 858-456-5101, Fax 858-459-3066.
First Properties, Inc. Commercial Real Estate Services is selling two parcels in Colorado Springs, CO. Lot one is selling for $1 million, while Lot 2 is selling for $500,000. Area retail includes Wal*Mart, Hobby Lobby, AutoZone and Office Depot. The company also is selling an 86,944 sq.ft. Wal*Mart-anchored center located at the intersection of Eighth Street and Abbot Lane in Colorado Springs, CO for $5.5 million. For more information, contact Richard L. Walker, First Properties, Inc. Commercial Real Estate Services, 444 East Pikes Peak, Suite 200, Colorado Springs, CO 80903; 719-576-2299; Web site: www.firstsites1.com.
NewBridge Retail Advisors served as advisor in the sale of Publix at Acworth by BVT Equity Holdings, Inc. to Kite Cos. Publix at Acworth is a 69,628 sq.ft. Publix-anchored center located at the intersection of Highway 92 and Baker Road in northwest Atlanta, GA. CVS, the center’s sub-anchor, is joined by national tenants such as Blockbuster Video, GNC, Pak Mail, Domino’s Pizza and Hair Cuttery. 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.
Grubb & Ellis Co. represented Southway Shopping Center, L.P. in the sale of the 180,438 sq.ft. Southway Shopping Center located at the intersection of Southwest Freeway and South Gessner in Houston, TX to RPM Investment, Inc. The center is anchored by Ross, Dollar Tree, Boot Town, Shoe Carnival and Melrose. For more information, contact George Cushing, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056-3017; 713-626-8888, Fax 713-626-2288; Emails: george.cushing@grubb-ellis.com and paula.foster@grubb-ellis.com; Web site: www.grubb-ellis.com.
Millennium Properties, Inc. is selling a 159,071 sq.ft. center located on Route 64 in Antigo, WI. The center was formerly anchored by Kmart and Copps Market and is situated on a land area of 14.02 acres. The company also sold a location on North Harlem in Niles, IL for $2.08 million. The site included an improvement of 29,000 sq.ft. on 48,000 sq.ft. of land. Plans for the site include a 15,000 sq.ft. retail development. For more information, contact Susan B. Silver, Millennium Properties, Inc., Two First National Plaza, 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3003, Fax 312-338-3008; Email: ssilver@mpirealestate.com.
Steven D. Bell & Co. acquired the following two centers, which total approximately 50,000 sq.ft. combined, in Charlotte, NC for approximately $17 million: Terraces at South Park located at the intersection of Sharon and Fairview Roads with an average daily traffic count of 90,000 vehicles; and Terraces at Cheshire located on W.T. Harris Boulevard, half way between Interstate 85 and 77. For more information, contact Ed Harrington, Steven D. Bell & Co., 823 North Elm Street, Suite 200, Greensboro, NC 27401; 336-272-7196.
Keller Williams Commercial is selling 24.5 acres at the intersection of East 470 and South Jordan Road in Parker, CO. The asking price is $5 psf. For more information, contact Max Wolkel, Keller Williams Commercial, 2757 Alcott Street, Suite 220, Denver, CO 80211; 303-539-5705, Fax 303-539-5850.
Net Lease Retail Properties, Inc. is selling Century Plaza, a 34,000 sq.ft. center located at the intersection of Century Boulevard and Yukon Avenue in Inglewood, CA. The center can be purchased in part for $6.6 million or whole for $20.2 million. New construction is planned to be completed by January. The center is shadow-anchored by Costco, and is tenanted by Washington Mutual, Wendy’s International and Del Taco. Area retail includes Home Depot, Target, Staples and Bally’s Fitness. For more information, contact Brian M. Tracy or Kevin P. Barry, Retail Net Lease Properties, Inc., 360 North Sepulveda Boulevard, Suite 1020, El Segundo, CA 90245; 310-252-7656, Fax 310-414-0040; Emails: briannlp@pacbell.net and kevinnlp@pacbell.net.
Spectrum Realty Advisors is selling Mountain East, an 83,284 sq.ft. Kroger-anchored center located in Stone Mountain, GA on behalf of Betwest Advisors. The company also is selling an 85,313 sq.ft. Wal*Mart Center in Riverdale, GA on behalf of Lexington Corporation Properties Trust. For more information, contact Joe Montgomery, Katherine Isakson, Tony D’Ambrosio or Jon Barry, Spectrum Realty Advisors, 5871 Glenridge Drive, Suite 400, Atlanta, GA 30328; 404-252-2288, Fax 404-252-8666.
Pinilis Store Brokers is representing a client looking to acquire a space from 8,000 sq.ft. to 15,000 sq.ft. in Bergen County, NJ. The client will purchase a one-acre site, will lease a freestanding building or occupy a space in a center. For more information, contact Larry Pinilis, Pinilis Store Brokers, 973-994-6620, Fax 973-994-7281; Email: storebrokers@aol.com.
LMS Commercial Real Estate is selling a 3,000 sq.ft. former Farmers First Bank located at the intersection of High Street and Route 24 in Red Lion, PA for $350,000. Area demographics include a population of 52,191 within five miles earning $57,609 as the average household income. The site has an average daily traffic count of 18,000 vehicles. For more information, contact LMS Commercial Real Estate, 120 North Pointe Boulevard, Suite 301, Lancaster, PA 17601; 717-569-9373, Fax 717-560-9909.
CB Richard Ellis, Inc. negotiated the sale of a 100,000 sq.ft. retail pad on the perimeter of Chandler Fashion Center in Chandler, AZ to the developers of a future La-Z-Boy furniture store. The property is located on West Chandler Boulevard and the store is slated for a mid-2005 opening. For more information, contact Katherine Haug, CB Richard Ellis, Inc.- Phoenix, 2415 East Camelback Road, Phoenix, AZ 85016-4290; 602-735-1782, Fax 602-735-5655; Email: katherine.haug@cbre.com; Web site: www.cbre.com/phoenix.
R.J. Brunelli & Co., Inc. is selling outparcels to a Home Depot-anchored center located at the intersection of Castor and Thompson Streets in Port Richmond, PA. Area demographics include a population of 633,539 within five miles earning $49,943 as the average household income. For more information, contact R.J. Brunelli & Co., Inc., 400 Perrine Road, Suite 405, Old Bridge, NJ 08857; 732-721-5800, Fax 732-721-9241; Web site: www.njretailrealty.com.
Jim O’Hara Realty Associates, LLC is selling a site located at the intersection of Kirkwood Highway and Exmore Avenue in Wilmington, DE with an average daily traffic count of 30,000 vehicles. Area demographics include a population of 204,000 within five miles. For more information, contact Jim O’Hara Realty Associates, LLC, 630 Churchmans Road, Newark, DE 19702; 302-266-8490, Fax 302-266-8492.
Sperry Van Ness is selling a strip center located in Torrance, CA for $1.4 million. The center is shadow-tenanted by Starbucks. Demographics include a trade-area population earning $80,000 as the average household income. For more information, contact Robert Lee, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 562-432-9111 Ext. 211, Fax 949-251-9200; Email: robert.lee@svn.com.
Trammell Crow Co. closed on the sale of two Atlanta, GA-area centers totaling 409,431 sq.ft. for $26.8 million. New Plan Excel paid Capri/Capital Advisors $19.5 million for the 347,197 sq.ft., 69% leased Stone Mountain Festival in Stone Mountain, GA. The center is located on Rockbridge Road and is anchored by a 235,000 sq.ft. Wal*Mart Supercenter. The company negotiated a $7.3 million sale price for the 62,234 sq.ft. Jonesboro Corners in Jonesboro, GA. The center is currently 98% leased and is anchored by Publix supermarket. For more information, contact Trammell Crow Co., 1200 Abernathy Road, Building 600, Suite 1600, Atlanta, GA 30328; 770-698-2200, Fax 770-698-2222; Web site: www.trammellcrow.com.
SCI Real Estate Investments acquired University Marketplace, a center located in Pembroke Pines, FL. SCI acquired the property with 10 other tenant-in-common investors who are completing 1031 exchanges, and with SCI’s private investor group. For more information, contact Adam J. Bryan, SCI Real Estate Investments, 11620 Wilshire Boulevard, Suite 300, Los Angeles, CA 90025; 310-470-2600 Ext. 130, Fax 310-470-6609; Email: abryan@sciproperties.com; Web site: www.sciproperties.com.
Arroyo & Coates, Inc. is marketing the following sites throughout CA: Copeland Sports located on East Hammer Lane in Stockton for $5 million with a Cap rate of 7.21% and a Foot Locker located on Mission Boulevard in San Francisco for $1.167 million with a Cap rate of 6%. The site has a new 10-year lease with annual bumps. For more information, contact Paul Souza, Arroyo & Coates, Inc., 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800 Ext. 184, Fax 415-723-7700; Email: psouza@a-c.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is selling a 10,000 sq.ft. center located in Betsy Lane, KY for $838,100 with a Cap rate of 8%. The center is tenanted by an 8,000 sq.ft. Family Dollar and a 2,000 sq.ft. Mountain Rehab and Sports. The company also is selling Eastway Village Shopping Center, a 52,915 sq.ft. center located off the FM 1960 Bypass in Humble, TX for $2.645 million with a Cap rate of 7.9%. The center is tenanted by Omega Carpet of TX, Papa John’s Pizza, Thrift Pharmacy and A&S Restaurant. For more information, contact Brian Southworth, Marcus & Millichap Real Estate Investment Brokerage Co., 101 West Ohio Street, Suite 1550, Indianapolis, IN 46204; 317-955-2600, Fax 317-955-0091. For more information regarding the Humble, TX site, contact Marcus & Millichap, 777 Post Oak Boulevard, Suite 900, Houston, TX 77056; 713-626-3040, Fax 713-626-1304.
NAI Rohde, Ottmers & Siegel Realty Services is selling the following shopping centers throughout San Antonio, TX: 25-acre Culebra at Tezel; 60-acre Pontranco at Highway 211; 16-acre Huebner at Eckhert; 38-acre Potranco at Loop 1604; 4.6-acre IH 10 at Fair Oaks; 23-acre Potranco at Richland Hills; 6.6-acre Loop 1604 at New Guilbeau; 32-acre Roosevelt at Loop 410; 57-acre Pearsall at Loop 410 and 12-acre Walzem at Gibbs Sprawl. For more information, contact NAI Rohde, Ottmers & Siegel Realty Services, 85 Northeast Loop 410, Suite 100, San Antonio, TX 78216; 210-366-1400, Fax 210-366-0246.
A private investor is looking to acquire sites anywhere in the U.S. for up to $2.5 million with Cap rate of 7% to 8%. The investor prefers sites that are 95% to fully occupied and NNN leased. For more information, contact Harvinder Saink, 787 Regent Park Drive, San Jose, CA 95123; 408-363-3613, Fax 408-363-3613; Email: harvisaini@hotmail.com.
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