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Buyers & Sellers
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Buyers & Sellers Faris Lee Investments sold County Fair Mall, a 400,000 sq.ft. mall located at the intersection of East Gibson and East Street in Woodland, CA for $15.1 million. The company represented the seller, Triple Net Properties. The center is situated on a land area of 35.23 acres and was 100% occupied at the time of the sale. Anchors include Gottschalks, Mervyns, Target and JCPenney. Cotenants include Foot Locker, Radio Shack, Citiwear, Pacific Sunwear, Washington Mutual and Cinemark Movie 5, as well as a variety of specialty stores and restaurants. For more information, contact Faris Lee Investments, 2301 Dupont Drive, Suite 100, Irvine, CA 92612; 949-221-1800, Fax 949-221-1830; Email: info@farislee.com ; Web site: www.farislee.com . Metro Commercial Real Estate, Inc. is selling the following Burger King locations: a 2,500 sq.ft. restaurant located in Pennsauken, NJ for $1.44 million with a Cap rate of 6.25% and a 2,520 sq.ft. restaurant located in Philadelphia, PA for $1.6 million with a Cap rate of 6.25%. For more information, contact Gregory Jones, Metro Commercial Real Estate, Inc., Eight Tower Bridge, 161 Washington Street, Suite 375, Conshohocken, PA 19428; 610-260-2673, Fax 610-825-5156; Email: gjones@metrocommercial.com . REZA Cos. represented Hager Pacific Properties in the sale of Baldwin Hills Crenshaw Plaza, an 850,000 sq.ft. mall in Los Angeles, CA to Capri Capital Advisors for $136 million. The center is anchored by the first three-story Wal*Mart, a 15-screen Magic Johnson Theater, Robinsons-May, Sears and Albertsons. Cotenants include T.J. Maxx, Walden Books, Hollywood Video, Radio Shack, Footlocker, H&R Block, Payless Shoes, Lane Bryant, Lerner Stores, Forever 21, Bath & Body Works, Bakers Footwear, Footaction USA, McDonald’s, Taco Bell, Hot Dog On a Stick, Panda Express, Sizzler, Fatburger and Quiznos. For more information, contact Desiree Hernandez, REZA Investment Group, Inc., 3 Park Plaza, Suite 550, Irvine, CA 92614; 949-271-1169; Email: desiree@rezacompanies.com Winick Realty Group and ABS Partners Real Estate, LLC are marketing and leasing space at 184 Fifth Avenue in New York, NY. The space is 3,500 sq.ft. on the ground floor and 3,000 sq.ft. on the lower level, creating a duplex retail unit at the base of the eight-story office building. For more information, contact Winick Realty Group, 655 Third Avenue, New York, NY, 10017; 212-792-2600, Fax 212-792-2660; Web site: www.winick.com . Lamar Cos. acquired Pineville Towne Market Shopping Center located at the intersection of North Carolina Route 51 and U.S. 521 in Pineville, NC. The 69,199 sq.ft. center is anchored by Food Lion, Dollar General and Goodyear and has spaces available of 1,200 sq.ft. to 2,946 sq.ft. Additionally, the property has a 0.61-acre outparcel which can accommodate up to 15,000 sq.ft. For more information, contact Virginia Ferrara, Lamar Cos., 44 Lawton Foster Road South, Hopkinton, RI 02833; 401-377-5000, Fax 401-377-4816. Friedman Real Estate Group, Inc. negotiated the sale of Shops at Sterling Ponds, a 144,174 sq.ft. center located at the intersection of Van Dyke Avenue and 14 Mile Road in Sterling Heights, MI to B/K/G Development, LLC. The sale includes 107,741 sq.ft. of inline space and 36,433 sq.ft. of six restaurant pad sites. The restaurants include McDonald’s, Don Pablo’s, Papa Vinos, T.G.I. Friday’s, IHOP and Joe’s Crab Shack. For more information, contact Friedman Real Estate Group, Inc., 34975 West Twelve Mile Road, Farmington Hills, MI 48331; 248.324.2000, Fax 248-848-4141; Email: samantha.moffett@freg.com ; Web site: www.friedmanrealestate.com .
Keller Williams Commercial is representing a client looking to acquire shopping centers nationwide from $8 million and up. The client will consider rehab properties with potential upside. For more information, contact Lila Nelson Beard, Keller Williams Commercial, 9430 Research Boulevard, Building IV, Suite 180; 512-637-8270, Fax 512-346-9634.
Sperry Van Ness sold Bricktown Square, a property consisting of seven buildings and 189,423 sq.ft. in Oklahoma City, OK. For more information, contact David Ebeling or Megan Monfort, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-225-1883/1894; Emails: ebelingd@svn.com and megan.monfort@svn.com .
Millennium Properties Real Estate, Inc. is selling a land area of 31,565 sq.ft. at the intersection of 172nd Street and Halsted Street in South Holland, IL for $1.65 million. For more information, contact Ala Jedrzejek, Millennium Properties Real Estate, Inc., 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3000, Fax 312-338-3008; Email: abj@mpirealestate.com.
Rushing Real Estate, Inc. is selling a total of five lots on Pacific Boulevard in Albany, OR for $749,900. The total of all five lots is 0.85 acres. For more information, contact Liz Beaty or Bo Rushing-Barnes, Rushing Real Estate, Inc., 3110 25th Street, Salem, OR 97302; 503-588-8500, Fax 503-588-8744; Emails: liz@rushinggroup.com and bo@rushinggroup.com.
Arroyo & Coates, Inc. is selling a 41,981 sq.ft. Smith’s Grocery Store located off of Highway 80 in the southeastern region of WY for $4.2 million with a Cap rate of 9%. The building is situated on a land area of 5.31 acres. 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 .
Miller-Valentine Realty, Inc. is selling a land area of 26 acres and a land area of 17 acres at the intersection of Benchwood Road and Interstate 75 in north Dayton, OH. Area retail includes Wal*Mart Supercenter and Sam’s Club. For more information, contact Pete Nichols, Miller-Valentine Realty, Inc., PO Box 744, Dayton, OH 45401; 937-297-3259, Fax 937-913-5447; Email: pete.nichols@mvg.com ; Web site: www.mvg.com .
NAI Avant brokered the sale of Belleview Square Shopping Center located on East Main Street in Rock Hill, SC. The center is anchored by Bi-Lo. For more information, contact Philip White, NAI Avant, 1901 Main Street, Suite 200, Columbia, SC 29201; 803-744-9854, Fax 803-744-9875; Email: pwhite@naiavant.com . Colliers International is selling a 32,100 sq.ft. center located at the intersection of Lyons Avenue and Shotwell in Houston, TX for $2.8 million with a Cap rate of 8.3%. The center is currently 100% occupied and is situated on a land area of 1.44 acres. Area retail includes Blockbuster Video, Texas State Optical, Fiesta Mart, Payless Shoe Source, Radio Shack and Fallas Paredes. For more information, contact Colliers International, 1300 Post Oak Boulevard, Suite 200, Houston, TX 77056; 713-830-2105, Fax 713-986-4405; Email: dbutler@collierstexas.com ; Web site: www.collierstexas.com . Marcus & Millichap Real Estate Investment Brokerage Co. sold Sinaloa Plaza, a 60,139 sq.ft. center located on West Los Angeles Avenue in Simi Valley, CA for $12.5 million. The center is situated on a land area of 12 acres and is tenanted by Vons, Goodwill, Frazee Paint, Denny’s, Washington Mutual, Subway, H&R Block, Fantastic Sam’s and Postal Annex. For more information, contact Kevin Assef, 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 .Wissman Commercial Real Estate is representing a client who is looking for single tenants for retail, office, industrial or medical for $5 million and up with a Cap rate of 7.5% or higher. The client prefers leases that have eight or more years remaining. For more information, contact Joe Wissman, Wissman Commercial Real Estate, 23439 Michigan Avenue, Suite 3W, Dearborn, MI 48124; 313-561-1900, Fax 313-561-1903; Email: propone@ix.netcom.com . Coldwell Banker Commercial Communities is selling an NNN Movie Gallery site located on Harrison Street in Batesville, AR for $649,500 with a Cap rate of 8.16%. The lease has seven years remaining with three, three-year options. For more information, contact Bill R. Fritz, Coldwell Banker Commercial Communities, 2704 South Culberhouse Street, Suite A, Jonesboro, AR 72401; 870-897-2357, Fax 870-935-4581; Email: bizmstr@cox.net . AAG Management, Inc. is selling two Rite Aid locations in the northeastern U.S. The sites have long NNN leases with options and Cap rates of 7.25%. For more information, contact Marone Guriel, AAG Management, Inc., 421 7th Avenue, 15th Floor, New York, NY 10001; 212-564-7250, Fax 212-564-7512; Email: mguriel@aagmgmt.com . The Good Group is selling an NNN Sonic Drive-In investment property in Orlando, FL for $1.3 million with a Cap rate of 7%. The restaurant is situated on a land area of approximately two acres. For more information, contact Mike Sheerin, The Good Group, 1000 North Orlando Avenue, Suite A, Winter Park, FL 32789; 407-628-9555, Fax 407-386-6101; Email: msheerin@thegoodgroup.com . Cutting Edge Realty is looking to acquire NNN properties nationwide from $30 million to $100 million. The company will acquire office, industrial, retail, government, medical or restaurant properties with eight to 20 years remaining on the lease. The company prefers anchor-dominant centers. For more information, contact Douglas Schwartz, Cutting Edge Realty, 2597 Corbyton Court, Orlando, FL 32828; 407-282-7103, Fax 407-386-6692; Email: dougandtammy@adelphia.net . Quine & Associates, Inc. is selling two centers located in suburban Dallas/Fort Worth, TX for $3.3 million cash. For more information, contact Douglas Wilder, Quine & Associates, Inc., 301 South Sherman, Suite 100, Richardson, TX 75081; 972-669-8440 Ext. 242, Fax 972-783-8901; Email: dwilder@quine.com .
NAI/Pyramid Brokerage Co. is selling a 4,200 sq.ft. two-tenant property in Elmira, NY for $375,000. Domino’s Pizza has been in the location for 20 years and the current lease goes until 2009. The other unit is a laundromat that has option periods through 2019 with increases in each option. For more information, contact Matthew T. 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 .
CB Richard Ellis, Inc. is selling four NNNN ground leases, including Joe’s Crab Shack, Red Robin, Outback Steakhouse and a pad site located at the intersection of Harbor Boulevard and Chapman Avenue in Garden Grove, CA for $11.989 million. For more information, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8452, Fax 949-725-8545; Email: phil.voorhees@cbre.com .
Green Realty Co., LLC is representing a client looking to acquire larger NNN properties with credit rated tenants nationwide. The client is looking for a term of at least 10 years and Cap rates in the 6.25% range. For more information, contact Michael Green, Green Realty Co., LLC, 1020 North Broadway, Milwaukee, WI 53202; 414-431-3700, Fax 414-272-9973; Email: mgreen@nnnbroker.com .
Staubach Investment Sales represented Centennial Trinity Oaks Partners LP in the sale of Trinity Oaks Shopping Center, a 28,164 sq.ft., one-story center located at the intersection of Trinity Mills Road and Midway Road in Carrollton, TX. The center is situated on a land area of 2.37 acres and is currently 100% occupied. For more information, contact Staubach Investment Sales, 15601 Dallas Parkway, Suite 400, Addison, TX 75001; 972-361-5422; Web site: www.staubach.com .
Selective Real Estate Investments acquired a land area of eight acres on Auto Center Drive in Oxnard, CA for $13.6 million. For more information, contact Jonathan Steier, Selective Real Estate Investments, 15840 Ventura Boulevard, Suite 310, Encino, CA 91436; Web site: www.selectivere.com .
Blue Ridge Capital, LLC acquired Jackson Square, a 328,761 sq.ft. center located at the intersection of Interstate 55 and Interstate 20 in Jackson, MS. The property is well located for redevelopment and the company intends to explore retail and non-retail options. The company also acquired Rhea County Shopping Center, a 112,000 sq.ft. center located along the Highway 27 corridor between Chattanooga and Interstate 40 in Dayton, TN. For more information, contact Blue Ridge Capital, LLC, 340 East Paces Ferry Road, Atlanta, GA 30305; 404-364-9094, Fax 404-364-9095; Email: contact@blueridgecapital.com .
LMG Investments, LLC is selling a pad site at The Village of Pleasant Run, a 43,000 sq.ft. center located at the intersection of Polk and Pleasant Run in Desoto, TX. Area retail includes Albertsons, Walgreens, Braums, Bank One, Beall’s, Boston Market and Hallmark. The company also is selling a pad site at the Lewisville Old Town Center located at the intersection of Business Highway 121 and Main Street in Lewisville, TX. For more information, contact Randall Gonzalez or Marci Lindsey, LMG Investments, LLC, 4570 Westgrove Drive, Suite 250, Addison, TX 75001; 972-233-8888, Fax 972-233-1615; Email: info@lmginvestments.com .
Investment Real Estate Associates is looking to acquire anchored or unanchored centers located throughout FL for up to $30 million. For more information, contact Richard Zafrani, Investment Real Estate Associates, 1200 Brickell Avenue, Suite 800, Miami, FL 33131; 305-808-7950, Fax 305-808-7962; Email: rzafrani@irea-usa.com .
Scott Hodges Commercial Services is representing a client looking for a 1031 replacement in SC. The client can spend up to $15 million and prefers NNN retail, office and commercial. The client prefers a strong Cap rate or value-added component. For more information, contact Scott Hodges, Scott Hodges Commercial Services, 902 Savannah Highway, Charleston, SC 29407; 843-769-5100, Fax 843-224-2057; Email: scott.hodges@agentowned.com . |