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Buyers & Sellers
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Buyers & Sellers The Staubach Co. negotiated the sale of Memorial Bend Shopping Center, a 177,283 sq.ft. center located at the intersection of Memorial Drive and Rays Road in Stone Mountain, GA. The center is tenanted by Publix, T.J. Maxx, Hollywood Video, Dollar Tree, CATO, Payless Shoes, Rainbow Women’s Retail, Foot Locker, IHOP and Pizza Hut. For more information, contact The Staubach Co., 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 800-944-0012; Email: info@staubach.com; Web site: http://www.staubach.com.
Marcus & Millichap Real Estate Investment Brokerage Co. sold a center located on West Foothill Boulevard in Claremont, CA for $3.4 million. The company also sold a retail auto shopping center located on West 6th Street in Corona, CA for $5.40 million. For more information, contact Marcus & Millichap Real Estate Investment Brokerage Co., 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800, Fax 909-605-1832; Web site: www.marcusmillichap.com.
Ray Schneider Co. is selling a site located at the intersection of 59th and West Northern in Phoenix, AZ. The site, which is slated to open by January, is an outparcel situated on a land area of 2.46 acres in a center anchored by Lowe’s Home Improvement and Wal*Mart. The lease on the property is for 20 years with 10% bumps every five years. The property is being listed at $5.952 million with a Cap rate of 6.25%. For more information, contact Jason Hisey, Ray Schneider Co., 6850 North Oracle, Tucson, AZ 85719; 520-331-3533; Email: jhisey@fastmail.fm.
Realty USA is selling Ridge Hatch Plaza, a center located on Ridge Road in Webster, NY for $1.1 million. The site is located on a land area of eight acres. For more information, contact Tom Lockwood, Realty USA, 57 Monroe Avenue, Pittsford, NY 14534; 585-381-4400 Ext. 296, Fax 585-381-4451.
Marlin Properties, LLC is selling land areas of one acre to two acres at the intersection of Martin Luther King Boulevard and Highway 3040 in Houma, LA for $13.50 psf. The company also is selling Grand Van Park, a 15,440 sq.ft. center located in Houma, LA for $1.325 million with a Cap rate of 8%. The center is currently 100% occupied. For more information, contact Henry J. Richard, Marlin Properties, LLC, PO Drawer 4035, Houma, LA 70361; 985-856-5203, Fax 985-872-9160.
Baum Realty Group, Inc. arranged the acquisition of Fountainbleu Court Shopping Center, a 38,546 sq.ft. center located on 183rd Street in Hazel Crest, IL for $5.4 million. The property was purchased by a private investor and sold by RMS Properties. The center is tenanted by Bank One, Radio Shack and Blockbuster Video. For more information, contact Baum Realty Group, Inc., 1030 West Chicago Avenue, Suite 300, Chicago, IL 60622; 312-666-3000, Fax 312-666-7970; Web site: www.baumrealty.com.
JP Investments, LLC is looking to acquire properties with the following criteria: single-tenant NNN retail, office or industrial properties with a minimum BBB-/Baa3 credit for between $3.5 million to $25 million with a Cap rate of 8%. The site must have at least eight years remaining on its lease. The company prefers leases of at least 15 to 20 years with remaining options and fixed-rent escalations. Preferred cotenants include GSA, Target, Home Depot, Wal*Mart, Sam’s Club, Publix, Lowe’s Home Improvement, Kohl’s, Walgreens, CVS, Staples, Wells Fargo, Citibank, AmSouth, Bank of America, LaSalle Bank, BB&T, JPMorgan, RBC Centura and Wachovia. The company does not require financing, will not assume any existing debt and can close quickly. For more information, contact Gerald G. Justice, JP Investments, LLC, 4411 Mar Escarpa, San Clemente, CA 92763; 415-946-3398.
Glimcher Realty Trust is selling the majority of its remaining shopping center assets. In addition to three centers currently under contract, the company has or will enter into exclusive listing agreements with real estate brokers to market and sell an additional nine centers. The company expects proceeds of approximately $32 million from the sale of the properties currently listed or under contract. The company will retain ownership of four of its centers, including Morgantown Commons in Morgantown, WV; Polaris Towne Center in Columbus, OH; Ohio River Plaza in Gallipolis, OH and Knox Village Square in Mount Vernon, OH. For more information, contact Glimcher Realty Trust, 150 East Gay Street, Columbus OH 43215; 614-621-9000, Fax 614-621-9321; Web site: www.glimcher.com.
Marcus & Millichap National Retail Group is selling a 45,000 sq.ft. center located in Las Vegas, NV for $9.6 million. The company also is selling a 15,847 sq.ft. Walgreens in northwest Las Vegas, NV for $5.893 million with a Cap rate of 6% and a 14,987 sq.ft. Walgreens in southeast Las Vegas, NV for $5.596 million with a Cap rate of 6%. The company also is selling a 36,059 sq.ft. center in Bullhead City, AZ for $7.2 million. For more information, contact Steven J. Terry, Marcus & Millichap National Retail Group, 3993 Howard Hughes Parkway, Suite 120, Las Vegas, NV 89109; 702-693-5800 Ext. 107, Fax 702-543-4771.
Aston Properties, Inc. acquired the following three centers in the Carolinas: New Market Square, a 124,545 sq.ft. center located in Burlington, NC anchored by Harris Teeter and T.J. Maxx; New Market Plaza, a 119,006 sq.ft. center located in Kernersville, NC anchored by Food Lion and Panera Bread and Market Place on Harden, a 72,105 sq.ft. center located in Columbia, SC anchored by Food Lion and Office Depot. For more information, contact Kevin M. Flynn, Aston Properties, Inc., 6525 Morrison Boulevard, Suite 300, Charlotte, NC 28211; 704-319-4923, Fax 704-366-7337.
NAI Olympia Partners sold Arlington Square Shopping Center, a 56,606 sq.ft. center located on North Arlington Avenue in Indianapolis, IN for $2.95 million. For more information, contact Maria Stein, NAI Olympia Partners, 320 North Meridian Street, Suite 700, Indianapolis, IN 46204; 317-264-9400, Fax 317-264-9406; Web site: www.naiolympia.com.
Advantis Real Estate Services Co./GVA Worldwide closed on the sale of Sand Lake Plaza, a 27,500 sq.ft. center located on West Sand Lake Road in Orlando, FL for $10.25 million. Area retail includes the Florida Mall. The seller was Retlaw, LP and the buyer was a private investor from Boca Raton. For more information, contact Donna Trombley, Advantis Real Estate Services Co./GVA Worldwide, 255 South Orange Avenue, Suite 1350, Orlando, FL 32801; 407-849-6600; Email: dtrombley@advantisgva.com.
H. Smith Realty, Inc. is selling Market Place, a 46,544 sq.ft. center located on Macon Road in Columbus, GA for $4.635 million with a Cap rate of 9%. The center is tenanted by Dairy Queen and is currently 100% occupied. For more information, contact Harriet Smith, H. Smith Realty, Inc., 5051 Warm Springs Road, Columbus, GA 31909; 706-565-0560.
Mid-States Development, Inc. is selling SouthRidge Center, a 65,000 sq.ft. supermarket-anchored strip center located in Rice Lake, WI for $6.575 million. The center is situated on a land area of five acres and is 100% occupied. Area retail includes Wal*Mart, Shopko, Menards, Kmart and Cedar Mall. For more information, contact David K. Sanders, Mid States Development, Inc., 2160 EastRidge Center, Eau Claire, WI 54701; 715-833-2225, Fax 715-833-0808; Email: dsanders@midstatesdevelopment.com.
Aegis Realty Partners, Inc. is representing a client looking to acquire strip centers east of the Mississippi River. The client prefers sites from 8,000 sq.ft. to 30,000 sq.ft. with an occupancy of 60% or higher, but not fully occupied. The company also is looking for older repositioning plays and re-tenanting situations. For more information, contact Rick Dimidjian, Aegis Realty Partners, Inc., 3445 Butler Street, Pittsburgh, PA 15201; 412-770-9157, Fax 412-291-3076; Email: rdimidjian@aegisrealtypartners.com.
Southeast Capital Investments, Inc. is selling a site located 1.5 blocks from Huntsville Hospital complex in Huntsville, AL. Area demographics include a population of 6,250 within one mile earning $47,859 as the average household income. The company also is selling a land area of 5.48 acres in Anniston, AL for $1.5 million and a land area of 11.58 acres in Anniston for $2.3 million. Area retail includes Wal*Mart Supercenter and Wachovia Bank. For more information, contact Brent Kent, Southeast Capital Investments, Inc., 1021 Noble Street, Suite 206, Anniston, AL 36201; 256-238-8778, Fax 256-238-8775.
Commercial Brokerage Corp. is selling Wichita Falls Shopping Center, a 22,003 sq.ft. center located on Central Freeway North in Wichita Falls, TX for $3.5 million. The center is currently 100% leased and is tenanted by Radio Shack, Fashion Bug, Dollar Tree, GameStop and Pro-Cuts. The center is situated on a land area of 2.56 acres. For more information, contact Cheri White, Commercial Brokerage Corp., 1452 Hughes Road, Suite 200, Grapevine, TX 76051; 817-912-3737, Fax 817-912-3770; Email: cheri.ccim@usa.com. |