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Buyers & Sellers
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Buyers & Sellers Hogan Real Estate is selling a newly constructed 17,000 sq.ft. Walgreens in Lexington, KY. Asking price is $3.1 million with a Cap rate of 6.75%. Area demographics include a population of 200,000 within five miles earning $57,000 as the average household income. The site is located at the intersection of Nicholasville Road and Reynolds Road with an average daily traffic count of 54,195 vehicles. Area retail include Target, Wal*Mart Supercenter, Lowe’s and Fayette Mall, which is anchored by Macy’s, Dillard’s, Sears, JCPenney, and Dick’s Sporting Goods. The company is also selling Cane Run Place Shopping Center in Louisville, KY. The 61,328 sq.ft. center is situated on a land area of 6.89 acres and is located on Can Run Road. Asking price is $3.5 million with a Cap rate of 10.91%. Cotenants include Subway, Advance American, Simply Fashions and Chinese Express. For more information, contact Justin R. Phelps or Kevin Schreiber, Hogan Real Estate, 420 West Liberty Street, Louisville, KY 40202; 502-426-1050, Fax 502-426-1223; Emails: jphelps@hogandev.com and kschreiber@hogandev.com; Web site: www.hogandev.com.
Sperry Van Ness completed the sale of Town Center West to Samantha Marketplace, LLC. The four- building, 83,433 sq.ft. retail center sold for $18.575 million. The building is located at the 405 and 710 Freeways in Signal Hill, CA. Grubb & Ellis represented the seller, Town Center West, LLC. The supermarket-anchored center is situated on a land area of 7.58 acres and is 100% NNN leased with 90% of the center occupied by tenants including Food 4 Less, McDonald’s, Chevron, Nextel and Starbucks. Sperry Van Ness also completed the sale of a newly constructed, 6,500 sq.ft. Chili’s Restaurant to a private trust for $2.025 million. The property is located on Monte Vista Avenue in Montclair, CA. Sperry Van Ness represented the seller, Passco Montclair Entertainment Plaza, LLC, as well as the buyer. The building is situated on 22,302 sq.ft. and is 100% NNN leased to Chili’s Restaurant. For more information, contact David Ebeling, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-225-1883, Fax 949-251-9200; Email: david.ebeling@svn.com.
Swanson Developments is selling Victory Station P.U.D. in Nashville, TN. The 206-acre site is located at the intersection of Old Fort Parkway West and Fortress Boulevard and is anchored by Publix. Asking price is $77.83 million. The company is also selling a 27,000 sq.ft. center situated on a land area of two acres, located near Shelbyville, TN. Area retail includes Antique Malls, Cracker Barrel and hotels. Asking price is $2.12 million and an additional seven acres may also be available. For more information, contact Tom Tritschler, Swanson Developments, 1188 Park Avenue, Murfreesboro, TN 37129; 615-896-0000 Ext. 15, Fax 615-895-0000; Email: tom@swansondev.com; Web site: www.swansondev.com.
Crye-Leike Realtors is selling a Dollar General store in central AR with a Cap rate of 7.5%. A new lease will commence in August, with four, five-year options. For more information, contact Marshall Ghant, Crye-Leike Realtors, 2907 South Caraway Road, Jonesboro, AR 72401; 870-919-0050; Email: mghant@crye-leike.com; Web site: www.crye-leike.com.
KMO Development Group, Inc. is selling a Fuddrucker’s restaurant in Owasso, OK. Area retail includes Target, Belk, PetSmart and Hobby Lobby. There are 18 years remaining on the lease, with 10% rent increases every 10 years. Asking price is $3.17 million with a Cap rate of 7.75%. The company is also selling a Houlihan’s restaurant in Chicago, IL with a 15-year absolute net lease and rent increases of 1.5% annually. Asking price is $2.7 million with a Cap rate of 8.65%. Cotenants include Best Buy, PetSmart, Pottery Barn, Williams-Sonoma, Borders and Dick’s Sporting Goods. For more information, contact Grant Stewart, KMO Development Group, Inc., 224 East 8th Street, Tulsa, Oklahoma 74119; 918-743-3456, Fax 918-743-4084; Email: gstewart@kmodevelopment.com; Web site: www.kmodevelopment.com.
Hilco Real Estate, LLC is selling two Uno’s Chicago Grill restaurants, one in Orlando, FL and the other in Amherst, NY. The NNN leased properties are both on 20-year terms, which began in October 2005. Both sites are situated on over two acres of land. For more information, contact Andrew S. Becker, Hilco Real Estate, LLC, One Northbrook, Place, 5 Revere Drive, Suite 320, Northbrook, IL 60062; 847-504-2464, Fax 847-897-0788; Email: abecker@hilcorealestate.com; Web site: www.hilcorealestate.com.
CB Richard Ellis is selling Regatta Bay in Virginia Beach, VA. The property is located at the intersection of Rosemont Road and Virginia Beach Boulevard and is currently 94% leased. Asking price is $5.7 million for the 57,761 sq.ft. project with a Cap rate of 8.54%. For more information, contact Christopher C. Read or Hal Yuill, CB Richard Ellis, 150 West Main Street, Suite 1100, Norfolk, VA 23510; for Christopher C. Read, 757-228-1803, for Hal Yuill, 757-228-1819, Fax 757-490-1200; Emails: chris.read@cbre.com and hal.yuill@cbre.com; Web site: www.cbre.com.
Thalhimer/Cushman & Wakefield negotiated the sale of Chesapeake Crossing Shopping Center in Chesapeake, VA. 452, LLC acquired the 287,600 sq.ft. center from FUCMS 2000-CS Crossing Shopping, LLC for $12.01 million. Cotenants include Home Emporium, Big Lots, A.J. Wright, Freight Liquidators, The Salvation Army and Dollar Tree. For more information, contact Eric Robinson, Thalhimer Investment Brokerage Group, 1313 East Main Street, Suite 400, Richmond, VA 23219; 804-697-3475, Fax 804-697-3479; Email: eric.robinson@thalhimer.com.
The Broadbent Co. is selling Lafayette Place in Indianapolis, IN. The 391,171 sq.ft. center is situated on a land area of 47.30 acres and is located at the intersection of West 38th Street and Lafayette Road. Anchors include Hobby Lobby, Office Depot, Dollar General, Shoe Carnival and Blockbuster Video. For more information, contact Dave Cheslyn, The Broadbent Co., 201 North Illinois Street, 23rd Floor, Indianapolis, Indiana 46204; 317-237-2900, Fax 317-237-2912; Email: dcheslyn@broadbentco.com; Web site: www.broadbentcompany.com.
Colliers International represented Sansome Pacific Properties in its acquisition of five acres of undeveloped land located at the intersection of Lone Tree Way and Empire Avenue in Brentwood, CA. The land, which was purchased for $2.07 million, will be used for the development of Brentwood Junction, a 60,000 sq.ft. center. Best Buy has signed a lease for approximately 30,000 sq.ft. Walgreens and First Bank have also signed leases at the center. Morningstar Properties represented the seller. For more information, contact John Sechser, Colliers International, 1850 Mount Diablo Boulevard, Suite 200, Walnut Creek, CA 94596; 925-279-5588; Email: jsechser@colliersparrish.com; Web site: www.colliers.com. |