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Buyers & Sellers
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Buyers & Sellers Interstate Realty/Development is selling ground leases for a CVS and Applebee’s new construction slated to open next month. The net operating income is $210,000 with a Cap rate of 6%. The CVS shows $125,000 in annual rent, 25-year term with six renewals with 5% bumps. The Applebee’s rent is $85,000 annually, 15-year term with four renewals with 10% bumps every five years. The site has a traffic count of 29,000 vehicles. Area draws include Radford University, with 12,000 students. For more information, contact Ken Fabbri, Interstate Realty/Development, 2151 Volunteer Parkway, Bristol, TN 37620; 888-683-7788, Fax 423-764-7141.
Signature Associates negotiated the sale of 14,265 sq.ft. of retail space on Ford Road in Westland, MI. For more information, contact Steve Gordon or Bruce Baja, Signature Associates, 1 Towne Square, Suite 1200, Southfield, MI 48076; Emails: sgordon@signatureassociates.com and bbaja@signatureassociates.com.
Crye-Leike Realtors is selling a Dollar General store in southern AR for $290,000 with a Cap rate of 9%. For more information, contact Marshall Ghant, Crye-Leike Realtors, 870-919-0050, Fax 870-931-1430; Email: mghant@crye-leike.com.
DGH Consulting is looking to acquire value added, high vacancy shopping centers nationwide. The centers should have a GLA of at least 100,000 sq.ft, single asset or portfolio, with no upper limit. Potential properties must be true off market deals that have not been shopped on the open market or posted on any Web sites. The company prefers to deal only with principals or direct brokers. For more information, contact Duane Holliday, DGH Consulting; 519-943-2828; Email: dlholliday@sympatico.ca
Plaza Advisors, Inc. completed the sale of Town Center at Timber Springs in Orlando, FL for $12 million to SCI Acquisitions, LLC. The property is located at the intersection of Avalon Parkway and Timber Springs Road. The 75,204 sq.ft. center is anchored by a newly constructed Wal*Mart Neighborhood Market grocery store. Other tenants include a freestanding McDonalds, Washington Mutual and UPS Store. The company also completed the sale of College Park Plaza in Ocala, FL for $8.7 million to Flag Wharf, Inc. The 68,102 sq.ft. center houses numerous national and regional tenants, including Sherwin-Williams, Aaron Rents, Rent-A-Center, Allstate Insurance, Subway and Domino’s Pizza. For more information, contact Lenard L. Williams, Plaza Advisors, Inc., 3412 Bay to Bay Boulevard, Tampa, FL 33629; 813-837-1300 Ext. 102, Fax 813-831-2627; Email: lenard.williams@plazaadvisors.net; Web site: www.plazaadvisors.net.
U.S. Land Investments, LLC is representing a private real estate investment trust looking to acquire NNN leased investment grade retail or office space priced from $20 million to $750 million nationwide. There must be a minimum of 10 years on the initial lease from the anchors and a Cap rate of 7% or better. For more information, contact Tobin B. Knight, U.S. Land Investments, LLC, 1430 South Michigan Avenue, PH 2, Chicago, IL 60605; 312-235-2834, Fax 312-276-8429; Email: tbbkkcorp1@msn.com.
Keegan & Coppin Co., Inc. is selling a retail/residential development site on Hearn Avenue in Santa Rosa, CA for $9.274 million. The site has 19.79 acres available. The property is a portion of the Dutton Meadows project, which is a 58-acre master plan for 586 housing units and an 84,000 sq.ft. center. The company also is selling 74,005 sq.ft. of the 113,505 sq.ft. Evergreen Shopping Center located on South Main Street in Willits, CA for $9.3 million with a 7% Cap on proforma and a 5.65% Cap on actual income. The site is anchored by Ray’s Food Place, Rite Aid and Dollar Tree. For more information, contact Victor Shellenberg or Kenneth Bizzell, Keegan & Coppin Co., Inc., 1355 North Dutton Avenue, Santa Rosa, CA 95401; 707-528-1400, Fax 707-524-1419; Emails: kbizzell@keegancoppin.com and tlaugero@keegancoppin.com.
Woolbright Development, Inc. completed the sale of seven FL properties to Weingarten Realty Investors. The seven properties comprise approximately 1.25 million sq.ft. The properties include: Kendall Corners, a center located on the northwest corner of 127th Avenue and Kendall Drive in Kendall; South Dade Shopping Center located on the southeast corner of U.S. 1 and 184th Street in Cutler Bay; East Lake Woodlands located on the southeast corner of Tampa and East Lake Road in Palm Harbor; Palm Lakes Plaza located on the southwest corner of Atlantic Boulevard and Rock Island Road in Margate; International Drive Value Center located on Touchstone Drive in Orlando; Marketplace at Dr. Phillips located on the northwest corner of Dr. Phillips Boulevard and Sand Lake Road in Orlando; and Alafaya Square located at the northeast corner of Alafaya Woods Boulevard and State Road 434 in Oviedo. For more information, contact Gloria Kramer, Woolbright Development, 3200 North Military Trail, Fourth Floor, Boca Raton, FL 33431; 561-989-2265; Email: gkramer@woolbright.net; Web site: www.woolbright.net.
Metro Commercial Real Estate negotiated the sale of Ventnor Plaza for $19 million. The center, sold by Ventnor Plaza Realty, LLC, is located at the intersection of Wellington Avenue and Route 322 East in Ventnor, NJ. Metro Commercial Real Estate represented the buyer, Bellevue Properties Group, LLC. The 200,000 sq.ft. center was 70% leased at the time of sale with tenants including Pathmark Supermarket and Hollywood Video. For more information, contact Jamie Joffe, Metro Commercial Real Estate, Eight Tower Bridge 161 Washington Street, Suite 375, Conshohocken, PA 19428; 610-246-2606, Fax 610-825-5156; Email: jjoffe@metrocommercial.com.
CB Richard Ellis, Inc. is offering an investment opportunity for a portfolio disposition of 15 retail investment properties in northern and central CA and northern NV. The sites may be acquired as a single portfolio, in groups or as individual assets. These properties are being offered without a formal asking price on a best-offer basis. The company also is selling a 136,716 sq.ft. Sam’s Club store located on U.S. 76 in Anderson, SC for $13.205 million with a Cap rate of 6.15%. The store has a net operating income of $812,098 and seven years remaining on an absolute NNN lease. For more information, contact John DuBois, Jon Gianulias, Mark Denholm or Joe DuBois, CB Richard Ellis, Inc., 555 Capitol Mall, Suite 100, Sacramento, CA 95814; 916-446-8761/8787/8245/8280; Emails: john.dubois@cbre.com, jon.gianulias@cbre.com, mark.denholm@cbre.com and joe.dubois@cbre.com. For more information regarding the Sam’s Club store, contact Chris Bosworth, Will Pike or Mike Bukard, CB Richard Ellis, 3340 Peachtree Road, Suite 1050, Atlanta, GA 30326; 404-923-1486/1381, Fax 404-923-1241; Emails: chris.bosworth@cbre.com, will.pike@cbre.com and mike.bukard@cbre.com.
Hilco Real Estate, LLC is selling a 3,275 sq.ft. Hardee’s restaurant in Hamilton, AL for $1.156 million with a Cap rate of 8%. Rent is $92,500 with 1.5% annual increases. Net sales in the past three fiscal years have exceeded $1 million. 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.
Calkain Realty Advisors is looking to acquire NNN deals with a preference for the northeast, however sites nationwide will be considered. Tenants must have 10 years remaining on the term and a credit rating of at least BBB+. The company has $8.5 million to place as a 1031 Exchange. For more information, contact Michael R. O’Mara, Calkain Realty Advisors, 402 Amherst Street, Suite 200, Nashua, NH 03063; 603-689-2034, Fax 603-883-7413; Email: momara@calkain.com; Web site: www.calkain.com.
Upland Real Estate Group, Inc. is selling a 37,000 sq.ft. Sherwin-Williams store on 57th Street in Sioux Falls, SD for $1.396 million with a Cap rate of 6%. The net operating income is $83,748. For more information, contact Amanda Leathers or Art R. Brown II, Upland Real Estate Group, Inc., 90 South 7th Street, 3800 Wells Fargo Center, Minneapolis, MN 55402; 612-465-8522, Fax 612-376-4489; Emails: amanda@upland.com and art@upland.com; Web site: www.nnnsales.com.
Coldwell Banker Commercial NRT is selling a 1.76-acre site for $10 million on 1200 North Federal Highway in Fort Lauderdale, FL. The average daily traffic count is 66,000 vehicles. For more information, contact Robert Piccolo, Coldwell Banker Commercial NRT, 2400 East Commercial Boulevard, Fort Lauderdale, FL; 954-329-0711, Fax 954-337-0307; Email: robert.piccolo@flcomml.com.
Foundation Commercial is selling approximately 12 acres of land in St. Louis, MO adjacent to a proposed Wal*Mart Supercenter slated for opening in the second quarter of 2008. Area retail will include a new Shop N Save. The site has utilities to the street, a curb cut on Gravois Road, and fronts Highway 30, which has a daily traffic count of 34,000 vehicles. For more information, contact John T. Beckman III, Foundation Commercial, 618 Spirit Drive, Suite 250, St. Louis, MO 63005; 314-862-4220, Fax 636-532-7847.
Fishman Realty Group is selling a land area of 2.25 acres on Route 25 in Westbrook, ME for $2.25 million. For more information, contact J. Lee Nelson, Fishman Realty Group, 2 Cotton Street, Portland, ME 04101; 207-775-6561 Ext. 211, Fax 207-871-0914.
Desert Pacific Properties, Inc. is selling a land area of 12.86 acres at the northwest corner of Avenue 52 and Monroe Street in Indio, CA for $6.772 million. The site is located across from the Madison Club. For more information, contact Susan Harvey or Paula Turner, Desert Pacific Properties, Inc., 77-899 Wolf Road, Suite 101, Palm Desert, CA 92211; 760-341-3176 or 760-360-8200, Fax 760-360-7580; Email: admin@dppllc.com.
The Everest Group is selling a National Amusements-Showcase Cinemas location in a suburb of Cincinnati, OH for $12.5 million. The theater has a 20-year ground lease and is situated on a land area of 20.46 acres. Area retail includes Target and Wal*Mart Supercenter. For more information, contact Chris Nachtrab, The Everest Group, 9912 Carver Road, Suite 100, Cincinnati, OH 45242; 513-769-2500, Fax 513-769-2512; Email: chris.nachtrab@everestrealestate.com.
Staubach Retail is selling the following sites: a 14,830 sq.ft. Walgreens store located at the intersection of Route 202 and Torrington Street in Torrington, CT for $5.32 million with a Cap rate of 6%. The site has a net operating income of $319,207; a 2,500 sq.ft. Starbucks store located on Post Road in Fairfield, CT for $2.4 million with a Cap rate of 5%; a 10,125 sq.ft. CVS store located at the intersection of Second Avenue and 112th Street in Lansingburgh, NY for $4.42 million with a Cap rate of 6.25%; and a 10,125 sq.ft. CVS store located on State Street in Schenectady, NY for $3 million with a Cap rate of 6.45%. 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.
Space Source, Inc. is selling a 71,624 sq.ft. center located in Holland, MI for $5.935 million with a Cap rate of 9.22%. The company also is selling an 84,933 sq.ft. center located in Jenison, MI for $5.6 million with a Cap rate of 8.78%. The center is currently 100% occupied. For more information, contact Kirk R. Driesenga, Space Source, Inc., 169 Monroe Avenue NW, Grand Rapids, MI 49503; 616-456-2000, Fax 616-456-2006; Email: kdriesenga@spacesource.net.
California Realty Partners, Inc. is representing an investor looking to acquire one or more shopping centers anywhere in the U.S. for between $5 million and $30 million. Properties must either have a strong anchor tenant or a high percentage of national credit tenants. The investor is looking to close by the end of the year and prefers to pay cash. For more information, contact Diane N. Pechenick, California Realty Partners, Inc., 20656 Ventura Boulevard, Woodland Hills, CA 91364; 818-348-8700 Ext. 20, Fax 818-348-8707; Email: dianep@carealtypartners.com.
Jeffery Realty, Inc. is selling a 34,000 sq.ft. center for $3.5 million on Route 46 in Elmwood Park, NJ. Area retail includes Wendy’s. The average daily traffic count is 21,788 vehicles. Area demographics include a population of 653,205 within five miles earning $65,548 as the average household income. For more information, contact Steve Battista or Bill Farkas, Jeffery Realty, Inc., 116 Route 22, North Plainfield, NJ 07060; 908-668-9600, Fax 908-668-5225; Emails: sbattista@jefferyrealty.com or bfarkas@jefferyrealty.com; Web site: www.jefferyrealty.com.
Retail Investment Group, LLC is selling a Pier 1 Imports store on Pardee Road in Taylor, MI for $2.756 million at a Cap rate of 7%. The site is located across from Southland Center. The company also is selling the Fidelity Investment Center building on Town Center Parkway in Jacksonville, FL at the St. Johns Center. The property is selling for $4.87 million and is on a long-term net lease. For more information, contact Steven I. Davis, Retail Investment Group, LLC, 12 Highland Avenue, Suite 100, Great Neck, NY 11021; 516-829-2625, Fax 516-977-2635; Email: steven@retail1031.com.
Colliers International is selling a 3,200 sq.ft. single-tenant retail building at Anderson Marketplace on Rhonda Road in Anderson, CA for $1.08 million with a Cap rate of 5%. The 20-year ground lease NNN has a 15% bump every five years. Currently under construction, the site is leased to Butte Community Bank and is anchored by a Wal*Mart Supercenter. Area demographics include a population of 95,304 earning $54,976 as the average household income. For more information, contact Gary Gallelli, Jr. or Stuart Wright, Colliers International, 1400 Rocky Ridge Drive, Suite 150, Roseville, CA 95661; 916-784-7550, Fax 916-784-2098; Emails: gary.gallelli@colliers.com and stuart.wright@colliers.com; Web site: www.colliersroseville.com.
CJG Properties, Inc. is looking to acquire NNN deals for retail projects of four units and up in southeast MI; Toledo, OH and Jacksonville, FL. The company’s preferred price range is up to $3 million with a Cap rate of 9%. For more information, contact Pat Gage, CJG Properties, Inc., 33006 7 Mile Road, Suite 423, Livonia, MI 48152; 734-422-0419, Fax 734-422-6168; Email: pgage@cjgpropertiesinc.com; Web site: www.abuyernow.com.
Cushman & Wakefield of FL, Inc. represented Citizens Associates, Ltd. in the sale of College Park Plaza for $8.7 million to Flag Wharf, Inc. College Park is a 68,102 sq.ft. shopping center located on College Road in Ocala, FL. Tenants include SAS Shoes, Sherwin-Williams, Rent-A-Center and Thai Ruby. For more information, contact Sheri Scanlon, Cushman & Wakefield of FL, Inc., One Tampa City Center, Suite 3600, Tampa, FL 33602; 813-204-5375; Email: sheri.scanlon@cushwake.com.
The Kalikow Group partnered with Shalik Realty Ventures in the sale of Trexlertown Plaza Shopping Center in Trexlertown, PA for $33.9 million to Cedar Shopping Centers, Inc. Trexlertown Plaza is a 241,625 sq.ft. shopping center adjacent to the Trexlertown Mall. For more information, contact Lena M. Baldasty-Thomas, The Kalikow Group, Kaled Management Corp., 7001 Brush Hollow Road, Westbury, NY 11590; 516-780-8359 Ext. 359, Fax 516-876-6811; Email: 7lb01@kaled.com.
E.J. Schottenstein Real Estate Co. is selling a 1,200 sq.ft. former Valvoline Instant Oil Change for $225,000 on South Hamilton Road in Columbus, OH. The company also is selling a 4,850 sq.ft. building on .45 acres for $450,000 on Cleveland Avenue in Columbus, OH. For more information, contact Steve Master, E.J. Schottenstein Real Estate Co., 4016 Townsfair Way, Suite 202, Columbus, OH 43219; 614-428-6105, Ext. 2262, Fax 614-428-0080; Email: steven@ejschottenstein.com.
Real Property Specialists, Inc. is selling Shoppes at International Plaza in Orlando, FL at the intersection of International Drive and Kirkman Road. The 72,852 sq.ft. retail plaza includes an 8,542 sq.ft. freestanding retail building and is anchored by Beall’s Outlet and Casual Male Big & Tall. Nearby draws include Universal Studios, Wet ‘N’ Wild, Belz Factory Outlet Mall and Festival Bay Entertainment Center. The net operating income at the end of year one is projected to be $952,000. For more information, contact Real Property Specialists, Inc.; 407-291-9000.
NewMark Merrill Cos. acquired Cottonwood Corners for $9.2 million at the intersection of College Avenue and Horsetooth Road in Fort Collins, CO. The 80,276 sq.ft. shopping center is anchored by Albertson’s. The company also acquired the 105,064 sq.ft. Bloomfield Plaza for $10.2 million. The shopping center is located in Bloomfield, CO at the intersection of 120th and Sheridan Boulevard and is anchored by Hobby Lobby. For more information, contact Heather Danko, NewMark Merrill Cos., 5850 Canoga Avenue, Woodland Hills, CA 91367; 818-710-6100, Fax 818-710-6116; Email: hdanko@newmarkmerrill.com
Hanley Brown Group Real Estate Advisors represented a private investor in the sale of Diamond Valley Shopping Center for $4.995 million. The 57,818 sq.ft. multi-tenant retail center is located at the intersection of State Street and Stetson Avenue in Helmet, CA. The center is shadow-anchored by Henry’s Market and Chevron. The property consists of two buildings situated on a land area of 5.14 acres and was 83% occupied at the time of sale. The company also represented the buyer and seller of Sante Fe Crossroads for $3.76 million. The 19,730 sq.ft. multi-tenant retail center is located at the intersection of Santa Fe Avenue and Bobier Drive in Vista, CA. It is anchored by McDonald’s, Payless ShoeSource and T-Mobile. The site consists of two separate buildings and was 100% occupied at the time of sale. The company also represented the seller in the sale of Hollywood Video for $1.715 million at a Cap rate of 6.1%. The 8,000 sq.ft. pad building is located at the intersection of West Valley Boulevard and La Cadena Drive in Colton, CA. The store is adjacent to Stater Bros., McDonald’s, Denny’s, Burger King, Citizens Business Bank and Mobil. There were five years remaining on the initial lease term. The company also represented the seller in the sale of Pacific Dental for $1.6 million with a Cap rate of 5%. The 5,000 sq.ft. single tenant building is located at the entrance of Orangecrest Town Center at the intersection of Trautwein Road and Bountiful Avenue in Riverside, CA. Cotenants include Kohl’s, Walgreen’s, Washington Mutual, Wendy’s, Carl’s Jr., Pizza Hut and Chevron. The sale was an all-cash transaction and the buyer was in a 1031 exchange. Hanley Brown Group Real Estate Advisors also represented the buyer and seller in the sale of Chapman Heights Shopping Center, a 90,269 sq.ft. center located at the northwest corner of Yucaipa Boulevard and 4th Street in San Bernardino, CA for $12.245 million. The seller was PASSCO Real Estate Enterprises, Inc. The company also represented the buyer in the sale of a 40,000 sq.ft. Gold’s Gym site located at the intersection of McDermott Freeway and DeZavala Road in San Antonio, TX for $6.125 million with a Cap rate of 7.75%. The gym is situated on a land area of 3.55 acres at Fiesta Trails and cotenants with H.E.B., Target, Barnes & Noble, Ashley Furniture HomeStore, OfficeMax, Marshalls, Logan’s Roadhouse and Joe’s Crab Shack. The seller was B-Bachs, Inc. The company also represented the seller in the sale of Harbor City Plaza, a 6,589 sq.ft. center located at the intersection of Normandie Avenue and West Lomita Boulevard in Harbor City, CA, for $2.3 million with a Cap rate of 5.78%. The center is currently 100% occupied and features nine local tenants. The buyer was represented by Barteld Realty. For more information, contact Edward B. Hanley, Hanley Brown Group Real Estate Advisors, 2569 McCabe Way, Suite 100, Irvine, CA 92614; 949-585-7677, Fax 949-585-7611; Email: info@hanleybrown.com.
LaVista Associates, Inc. is selling Safeway Plaza in Duluth, GA at the intersection of Peachtree Industrial Boulevard and Chattahoochee Trail for $3.25 million. Safeway Plaza has approximately 16,789 sq.ft. of rentable space. The average daily traffic count is 47,420 vehicles. The company also is selling Rosebud Commons in Atlanta, GA for $4.5 million. Located at the intersection of Highway 78 and Rosebud Road, the site has 42,999 sq.ft. of rentable space within two buildings. For more information, contact Phil Ryan, LaVista Associates, Inc.; 770-729-2843; Email: pryan@lavista.com.
Melaver Mouchet is selling outparcels in Port Wentworth, GA featuring eight acres that can be divided from 1.28 acres to 2 acres. The company also is selling outparcels at Town Center in Port Wentworth, GA adjacent to Mulberry Park Boulevard for $250,000 an acre. The company also is selling The Exchange at Berwick in Savannah, GA, an 84-acre, three-phase commercial development located on U.S. Highway 17. The site is anchored by Kroger Grocery and outlots are available of 1.47 acres, 1.71 acres and 2.2 acres. For more information, contact Rhett Mouchett or Michael Bone, Melaver Mouchet, 114 Barnard Street, Suite 2B, Savannah, GA 31401; 912-238-5416.
Stan Johnson Co. is selling seven Taco Bell/KFC properties in AR, MO, OK and TX and can be purchased individually, in groups or as a portfolio. In AR, the Taco Bell sites are located in Fort Smith and Little Rock. The 2,250 sq.ft. Fort Smith site and 2,300 sq.ft. Little Rock sites are selling for $923,459 at a Cap rate of 6.65%. There are two Taco Bell stores for sale in Springfield, MO, including a 2,350 sq.ft. unit on South National selling for $1.055 million at a Cap rate of 6.65% and a store on East Sunshine selling for $1.451 million at a Cap rate of 6.65%. In OK, the properties are located in Claremore and Grove. The Claremore Taco Bell is 3,000 sq.ft. and is selling for $989,414 at a Cap rate of 6.65%. The Grove location is a 2,850 sq.ft. Taco Bell/KFC store selling for $1.286 million at a Cap rate of 6.65%. In TX, the Taco Bell is located on New Boston Road in Texarkana and is listed for $785,627 at a Cap rate of 6.7%. For more information, contact Mike Mantle, Stan Johnson Co.; 918-494-2690, Fax 918-794-9719; Email: mmantle@stanjohnsonco.com.
MCap Investment Properties is selling a 1,794 sq.ft. Church’s Chicken Restaurant on U.S. Highway 51 North in Covington, TN for $866,667 at a Cap rate of 6.75%. The lease is for 15 years NNN, with rent increases of 1.5% after the second year and has three, five-year renewal options. For more information, contact Jamie Martin Broker, MCap Investment Properties, 745 North Main Street, Clayton, GA 30525; 706-782-4302, Fax 706-782-7681; Email: jamie@martincap.com; Web site: www.martincap.com
Pillar Realty is selling a 13,000 sq.ft. center in Grand Rapids, MI for $1.45 million with a Cap rate of 9.45%. The center is anchored by Rite Aid and a local nurses aid training school recently signed a 10-year lease. The net operating income is $137,025. For more information, contact Jim Faber, Pillar Realty; 616-667-2715; Email: j.farber24@sbcglobal.net.
Cornerstone Capital Corp. is selling a Family Dollar on East Blagrove Street in Richwood, OH for $800,000. The building is 8,496 sq.ft. The net lease has approximately seven years left, ending June 30, 2013. The lease has six, five-year renewal options. The company also is selling a Dollar General on U.S. Route 36 West in Saint Paris, OH for $657,750. The building is 9,014 sq.ft. The lease is a net lease with a 10-year term from the first day of the month following possession. The renewal options are five, five-year options. For more information, contact Peter Paras, Jr. or Andrew Kraus, Cornerstone Capital Corp., 655 Metro Place South, Suite 720, Dublin, OH 43017; 614-761-3585/3812; Emails: pparas@cornerstonecapitalcorp.com and akraus@cornerstonecapitalcorp.com; Web site: www.cornerstonecapitalcorp.com.
Coldwell Banker Commercial Scalzo Group is selling two adjacent retail centers on Boston Post Road in Milford, CT. One location is a 4,970 sq.ft. two-store retail center listed for $1.2 million. The second location is a 4,604 sq.ft. three-store retail center selling for $1.05 million. The average daily traffic count is 30,000 vehicles. For more information, contact Jack M. Lynch and Tamara Peterson, Coldwell Banker Commercial Scalzo Group, 6 Stony Hill Road, Suite 200, Bethel, CT 06810; 203-205-7660/7659; Emails: lynch@coldwellbankerscalzo.com and peterson@coldwellbankerscalzo.com.
Marcus & Millichap Real Estate is selling a Tuffy Auto Service Center on South Randall Road in Batavia, IL. The 4,216 sq.ft. site is on a land area of 22,894 sq.ft. The investment is a double net lease with a 20-year term with approximately 15 years remaining. The property shows a Cap rate of 7.2% in the first five years of ownership. The rent increases are 10% every five years and the lease has two, five-year options. For more information, contact Donald Wenzel, Marcus & Millichap Real Estate, 8750 West Bryn Mawr Avenue, Suite 650, Chicago, IL 60631; 773-693-0700, Fax 773-693-2114; Email: ewolok@marcusmillichap.com.
Sperry Van Ness completed the sale of a freestanding Starbucks drive-thru on Main Street in Hesperia, CA for $1.71 million at a Cap rate of 5.1%. The undisclosed buyer paid in cash and closed in 45 days. Starbucks occupies a 1,750 sq.ft. single-tenant building. Area retail includes a proposed Home Depot. 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.
Robert Stuart is a broker representing a group looking to acquire NNN properties nationwide. The group’s minimum price on any individual property is $25 million. They would also buy portfolios. The group prefers single-tenant offices and industrial buildings, but will consider any property type that meets the minimum price. For more information, contact Robert Stuart, 13064 Bender Drive, Moreno Valley, CA 92553; 951-247-2426; Email: rubobstu@verizon.net.
Jeffrey Byers is representing a buyer interested in acquiring retail properties with GLAs of at least 40,000 sq.ft. in Atlanta, GA. The buyer also is interested in larger properties in AL, FL, GA, NC, SC and TN, with a concentration in Charlotte, NC; Charleston, SC and Bi-Lo-anchored centers throughout SC and Nashville, Knoxville and Chattanooga, TN. For more information, contact Jeffery Byers; 706-781-2921.
Capital B Realty, LLC is selling a Family Dollar Store for $775,000 in Hugo, OK. The location is across from Wal*Mart Supercenter. The store has a 10-year lease commencing this month at $61,000 in annual rent, in addition to a 3% override with five, five-year options with bumps. For more information, contact Nicholas Baskin, Capital B Realty, LLC, 656 East Lake Drive, Livingston, TX 77351; 936-327-4345, Fax 936-327-4321; Email: nicholasbaskin@livingston.net; Web site: www.capitalbrealty.com.
Georgetown Investing is looking to acquire NNN single-tenant freestanding, strip centers or power centers priced between $500,000 and $20 million throughout the northeast. For more information, contact Bert Distelburger, Georgetown Investing, 21 Georgetown Oval, New York, NY 10950; 845-548-8400, Fax 720-294-3600; Email: bdistel21@aol.com; Web site: www.georgetowninvesting.com.
Weichert Commercial Brokerage, Inc. is selling a 4,290 sq.ft. location on North 1st Street in Bangor, PA for $465,000. For more information, contact Glenn D. Fritts or William Winterburn, Weichert Commercial Brokerage, Inc., 2350 Schoenersville Road, Bethlehem, PA 18017; 610-861-9855, Fax 610-861-0564; Emails: gfritts@weichertcommercial.com and wwinterburn@weichertcommercial.com.
GMH Capital Partners Real Estate Resources & Solutions is selling the 161,088 sq.ft. Bayshore Mall on Bayshore Road in North Cape May, NJ. The mall is 94% occupied by 18 tenants including Acme, Big Lots and World Gym. Future development at the site includes two pad sites of 5,000 sq.ft. to 8,000 sq.ft., a freestanding site of 10,000 sq.ft. and an inline space of 35,000 sq.ft. The company also is selling Oxford Square on North 3rd Street in Oxford, PA. The 119,893 sq.ft. shopping center is anchored by Redner’s Warehouse Market and tenants include Tractor Supply Store, Rite Aid, Dollar General, Burger King and First Financial Bank. The site is 100% occupied. The company also is selling Priest Point at the intersection of Blackwood Drive and Pleasant Hill Road in Nashville, TN for $10.8 million at a Cap rate 7%. The 105,335 sq.ft. location is anchored by Food Lion and Fred’s. The net operating income is $757,712. For more information for Bayshore Mall and Oxford Square, contact Eric Mattson or Morgen Busch, GMH Capital Partners Real Estate Resources & Solutions, 10 Campus Boulevard, Newtown Square, PA 19073; 610-355-8186, Fax 610-355-8486; Emails: emattson@gmh-inc.com and mbusch@gmh-inc.com; Web site: www.gmhcp.com. For more information regarding Priest Point, contact David Forrest or Randall Calvert, GMH Capital Partners, 10 Campus Boulevard, Newtown Square, PA 19073; 610-355-8233/8259, Fax 610-355-8533; Emails: dforrest@gmh-inc.com and rcalvert@gmh-inc.com; Web site: www.gmhcp.com. |