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Buyers & Sellers
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Buyers & Sellers Marcus & Millichap Real Estate Investment Brokerage Co. is marketing Independence Promenade, a 90,281 sq.ft. center located on Independence Boulevard in Charlotte, NC for $12.5 million. The center is currently 96% leased with national and local tenants. The site has an average daily traffic count of 60,000 vehicles. Area retail includes T.G.I. Friday’s, Harris Teeter and McDonald’s. For more information, contact Mac McCall, Marcus & Millichap Real Estate Investment Brokerage Co., 1100 Abernathy Road, Suite 600, Atlanta, GA 30328; 770-393-1700, Fax 586-461-1337; Email: wmccall@marcusmillichap.com.
Equity Properties is selling the following sites: a land area of 1.95 acres at Franklin Mills Circle in Philadelphia County, PA for $950,000. The center is tenanted by Bed Bath & Beyond, Boscov’s, Burlington Coat Factory, Marshall’s and Modell’s; a 15,000 sq.ft. restaurant located at the intersection of Route 9 and Massachusetts Avenue in Somers Point, NJ for $1.7 million; and a land area of .76 acres on Hurfville Road in Sewell, NJ for $1.5 million. For more information, contact Equity Properties, 600 Haverford Road, Suite 204, Haverford, PA 19041; 610-645-7700, Fax 610-645-5454.
Coldwell Banker Commercial – Investment Services Group is representing a client who is closing on the sale of a retail property and needs a replacement property with the following criteria: multi-tenant centers located throughout the western and southern U.S., a minimum Cap rate of 7%, some national and credit tenants and an upside in rent escalations or minor retenanting. The client is looking to acquire properties for between $2 million and $6 million. For more information, contact Shawn Collins, Coldwell Banker Commercial – Investment Services Group, 1340 Bayshore Highway, Burlingame, CA 94010; 650-344-4300 Ext. 24, Fax 650-344-4311; Email: spcollins@coldwellbanker.com.
CB Richard Ellis, Inc./The Dalton Team sold a 112,216 sq.ft. center located in Vacaville, CA. The company also sold a 100,953 sq.ft. Big K store in Granite City, IL. For more information, contact Gregory M. Dalton, CB Richard Ellis, Inc., 1512 Eureka Road, Suite 100, Roseville, CA 95661-3040; 916-781-4816; Email: greg.dalton@cbre.com; Web site: www.cbre.com.
Staubach Retail is selling Allendale Shopping Center, a 199,740 sq.ft. center located at the intersection of Route 9 and Merrill Road in Pittsfield, MA for $14.5 million with a Cap rate of 7.74%. The center is anchored by Big Lots, Brooks Pharmacy, KB Toys and Tractor Supply. For more information, contact David T. Wojciechowski, Staubach Retail, 12 East 49th Street, 31st Floor, New York, NY 10017; 212-418-2600, Fax 212-418-2675; Email: dtwoj@staubach.com; Web site: www.staubachretailne.com.
The Howard Group is selling a 9,340 sq.ft. restaurant located on Columbia Turnpike in East Greenbush, NY for $995,000. The site has an average daily traffic count of 21,553 vehicles. For more information, contact Kevin Parisi, The Howard Group, 401 New Karner Road, Second Floor, Albany, NY 12205; 518-452-1881 Ext. 11, Fax 518-452-1940; Email: kparisi@howardgroup.com.
Capital Pacific is selling the following sites: a Hollywood Video in Hanford, CA for $2.4 million with a Cap rate of 7%; a Starbucks located in Duncanville, TX for $1.76 million with a Cap rate of 7%; a 7-Eleven in Carrollton, TX for $1.685 million with a Cap rate of 6%; a Dollar Tree in Crescent City, CA for $1.46 million with a Cap rate of 7% and a Family Dollar in Bryan, TX for $787,500 with a Cap rate of 7.44%. For more information, contact Karen Mai, Capital Pacific, 4 Embarcadero Center, Suite 2570, San Francisco, CA 94111; 415-274-2708, Fax 415-274-2710; Web site: www.capitalpacific.com.
Combined Properties, Inc. acquired 8.5 acres at the intersection of Antelope and Scott Roads in Murrieta, CA for $3 million. For more information, contact Linda Dreyer, Combined Properties, Inc., 1255 22nd Street, 6th Floor, Washington, DC 20037-1225; 202-293-4500, Fax 202-833-3013; Web site: www.combined.biz.
Charter Realty & Development Corp. acquired a former Kmart located at the intersection of Route 2 and Route 117 in Warwick, RI. The vacant store is part of the Shaw’s and Michael’s-anchored marketplace center. Charter will be subdividing the store into three anchors. For more information, contact Dan Zelson, Charter Realty & Development Corp., 183 Westport Avenue, Westport, CT 06880; 203-227-2922, Fax 203-227-8388; Web site: www.chartweb.com.
CORE Properties is selling a site located at the intersection of U.S. Highway 21 and Regent Parkway in Fort Mill, SC. For more information, contact Keely Simerville, CORE Properties, 831 East Morehead Street, Suite 445, Charlotte, NC 28202; 888-590-CORE.
Richman Realty Associates is selling the following properties: an Eckerd in Augusta, GA for $4.5 million with a Cap rate of 7%; an Eckerd in Stone Mountain, GA for $2.83 million with a Cap rate of 7%; a Winn-Dixie Shopping Center in Orlando, FL for $6.1 million with a Cap rate of 8.7%; a Publix Shopping Center in the Orlando, FL area for $7.9 million with a Cap rate of 6.25%; and Walgreens located in CA, CO and WI for $7.5 million, $5.6 million and $4.8 million, respectively. For more information, contact Seymour I. Richman, Richman Realty Associates, 21597 Juego Circle, Suite 6C, Boca Raton, FL 33433; 561-852-7090, Fax 561-852-8346; Email: syrich@adelphia.net.
Kaplan Real Estate Co. is selling a 4,654 sq.ft. building located on Glen Ellyn Road in Bloomingdale, IL for $625,000. Area demographics include a population of 266,422 within five miles earning $80,924 as the average household income. For more information, contact David Wright, Kaplan Real Estate Co., 1000 Macklind, St. Louis, MO 63110; 314-652-7000 Ext. 103; Email: david@kaplanre.com.
Griffin Restaurant Group is selling a Daly Burgers Drive-In located on South Beech Daly Street in Dearborn Heights, MI. For more information, contact Griffin Restaurant Group, 29433 Southfield Road, Suite 200, Southfield, MI 48076; 248-443-9000, Fax 248-443-9001; Web site: www.griffinrestaurantgroup.com.
Centdev Properties is looking to acquire centers with at least 25,000 sq.ft. available or land areas of at least three acres throughout FL. For more information, contact Dale Tweedy, Centdev Properties, LLC, 16930 West Catawba Avenue, Suite 206, Cornelius, NC 28031; 704-895-1535 Ext. 17, Fax 704-895-1504; Email: dtweedy@alltell.net; Web site: www.centdev.com.
Sperry Van Ness sold a land area of 24.57 acres in Nazareth, PA for $3.6 million to J.G. Petrucci Co. The land is located on Jandy Boulevard. Petrucci plans to develop the land into a retail site. For more information, contact David Ebeling or Megan Monfort, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-225-1883, Fax 949-553-1697; Emails: david.ebeling@svn.com and megan.monfort@svn.com.
Landmark Commercial Real Estate, Inc. sold TowneCenter located at on West Greenway in Derby, KS for $2.75 million with a Cap rate of 8.9%. The center is currently 89% occupied and is anchored by Dillons, Weekend Furniture and TruValue Hardware. The center is situated on a land area of 9.3 acres. For more information, contact Linda Hickam, Landmark Commercial Real Estate, Inc., 155 North Market, Suite 501, Wichita, KS 67202; 316-262-2442 Ext. 106, Fax 316-262-2696.
Stan Johnson Co. is selling a 19,699 sq.ft. Tractor Supply Company store located on Haynes Street in Talladega, AL for $2.66 million with a Cap rate of 6.75%. Area retail includes Wal*Mart Supercenter. For more information, contact Ryan Butler or Gill Warner, Stan Johnson Co., Two Warren Place, 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690, Fax 918-494-2692; Email: rbutler@stanjohnsonco.com and gwarner@stanjohnsonco.com; Web site: www.stanjohnsonco.com.
Grubb & Ellis/Harrison & Bates sold a former American Hero Express location on West Broad Street in Richmond, VA for $1.75 million to 8017, LLC. The 2.18-acre site is currently improved with a 9,180 sq.ft. restaurant. The space was also approved for a WaWa and a car wash on the site. For more information, contact Lynn McDaniel, Grubb & Ellis/Harrison & Bates, 6606 West Broad Street, Suite 400, Richmond, VA 23230; 804-788-1000 Ext. 213, Fax 804-782-1145; Email: lynn.mcdaniel@harrison-bates.com; Web site: www.harrison-bates.com.
TriStar Realty Group, LLC is representing a client looking for opportunities along the west coast of FL. Preferred sites include supermarket-anchored centers and mom and pop strip centers and NNN properties in Hillsborough, Pinellas, Manatee and Sarasota Counties. For more information, contact Peter R. Logan, TriStar Realty Group, LLC, One Mack-Cali Center, 501 East Kennedy Boulevard, Suite 1220, Tampa, FL 33602; 813-272-9700 or 727-442-9500, Fax 813-272-9725; Web site: www.tristarrealtygroup.com.
NewBridge Retail Advisors, Inc. and O’Leary Partners, Inc. are selling Greenbridge Mall, a 795,390 sq.ft. mall located off Interstate 285 and Langford Parkway in southwest Atlanta, GA. For more information, contact Gary T. Saykaly, NewBridge Retail Advisors, Inc., Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588.
The Cotswold Group acquired Frankford and Cottman Shopping Center, a 20,000 sq.ft. center located at the intersection of Frankford and Cottman Avenues in Philadelphia, PA. For more information, contact Pamela Giambalvo, The Cotswold Group, Inc., 229 Beechmont Drive, New Rochelle, NY 10804; 914-654-0035, Fax 914-654-0188.
CRIC Capital, LLC acquired 30 Valvoline properties for Great Lakes Quick Lube Limited Partnership as a sale/leaseback transaction. The service centers are located throughout IL and WI. For more information, contact CRIC Capital, LLC, One Exeter Plaza, Boston, MA 02116; 617-303-4400, Fax 617-303-4440.
NAI Pyramid Brokerage Co. is selling a 7,570 sq.ft. former Midas garage for $350,000 in Elmira, NY. The property is a clean site, is in turn-key condition and includes parking for 35 cars. For more information, contact Matthew Lynough, NAI Pyramid Brokerage Co., 8 Denison Parkway East, Suite 401, Corning, NY 14830; 607-937-9720, Fax 607-937-9252; Email: mlynough@pyramidbrokerage.com; Web site: www.pyramidbrokerage.com.
GVA Williams of Connecticut sold DB Plaza, a 33,332 sq.ft. center located on West Main Street in Branford, CT for $6.1 million. The center was acquired by JMM, LLC from Mercator Capitol. The center is tenanted by Blockbuster Video, Dress Barn, Nextel, Strawberries and Meineke Mufflers. For more information, contact GVA Williams, 380 Madison Avenue, Third Floor, New York, NY 10017; 212-716-3500, Fax 212-716-3566. |