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Buyers & Sellers
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Buyers & Sellers One Liberty Properties, Inc. is a real estate investment trust specializing in the acquisition of single-tenant net leased properties of all credit qualities. The properties are a mix of retail, office, industrial, warehouse, restaurants, stadium-style movie theaters and ground leases. The company seeks to consummate sale leasebacks, acquisitions from existing owners and forward takeouts for developers. One Liberty Properties will also consider the acquisition of short-term leases, dark properties, non-investment grade credits and properties with unattractive financing, provided the yield is commensurate with the risk. Preferred sites include single properties or portfolios throughout the U.S. with a minimum price of $5 million and no maximum price. Transactions are all cash to seller with no financing contingencies. Recent acquisitions include a 91,400 sq.ft. building on a land area of 12.5 acres in Saco, ME for $5.02 million, as well as a portfolio of 11 Haverty’s furniture stores of approximately 612,130 sq.ft. throughout GA, KS, KY, SC, TX and VA for $51.2 million. For more information, contact Patrick Callan Jr. or Lawrence Ricketts Jr., One Liberty Properties, 60 Cutter Mill Road, Suite 303, Great Neck, NY 11021; 516-773-2795/2707; Emails: pcallan@1liberty.com and larryr@1liberty.com ; Web site: www.onelibertyproperties.com .
Fameco Real Estate is selling the following properties: Acme Commons at Bordentown, an 84,798 sq.ft. center, in Bordentown, NJ; Crossroads Mall, a 243,829 sq.ft. mall in Stroud Township, PA; Danville Plaza, a 24,052 sq.ft. center in Danville, PA and a 3,679 sq.ft. PNC Bank in Newtown Square, PA. For more information, contact Fameco Real Estate, 633 West Germantown Pike, Suite 200, Plymouth Meeting, PA 19462; 610-834-8000, Fax 610-834-1793; Web site: www.famecoretail.com .
Thor Equities, LLC is looking to acquire value-added urban shopping malls and strip centers from 150,000 sq.ft. and up for $25 million and up. The company prefers sites in densely populated markets nationwide. For more information, contact Charles Russo, Thor Equities, LLC, 139 5th Avenue, New York, NY 10010; 212-529-7504, Fax 212-460-9630; Email: crusso@thorequities.com ; Web site: www.thorequities.com .
U.S. Land Investments LLC is selling a land area of 14.17 acres on Interstate 80 in western NE. The land area will be subdivided into one-acre parcels. Asking price is $2.1 million, or $3.50 psf. The site has an average daily traffic count of 16,000 vehicles. Area retail includes Cabela’s, Wal*Mart Supercenter, Arby’s, McDonald’s, Pizza Hut, Motel 6 and Holiday Inn Express. For more information, contact Tobin B. Knight, U.S. Land Investments LLC, 1430 South Michigan Avenue, Penthouse 2, Chicago, IL 60605; 312-235-2834, Fax 312-276-8429; Email: tknight@uslandllc.com ; Web site: www.uslandllc.com .
Evergreen Commercial Real Estate is looking to acquire pad sites for a national AAA credit tenant throughout Bergen, Hudson, Essex, Passaic, Morris, Middlesex, Union, Sussex, Ocean and Monmouth, NJ. The company requires outparcels to shopping centers and freestanding locations with or without a structure. Space that can accommodate up to a 4,000 sq.ft. building with drive-thru approvals are preferred. For more information, contact Douglas Balduini, Evergreen Commercial Real Estate, 1037 Route 46 East, Suite 204, Clifton, NJ 07013; 973-470-9304, Fax 973-470-9821; Email: dougb@evergreencommercial.com ; Web site: www.evergreencommercial.com .
Aquila Realty, Inc. is selling a pad site at the Meridian Pointe Shopping Center, located at the intersection of Grand River Avenue and Park Lake Road in Meridian Township, MI. The site has an average daily traffic count of 32,300 vehicles and is situated on a land area of 6.31 acres. Anchor tenants include Marshall Fields, JCPenney and Mervyn’s. Area retail includes Home Depot, Target and Barnes & Noble. Area demographics include a population of 127,279 within five miles earning $61,590 as the average household income. For more information, contact Cathy P. Wilson or Steve Vanden, Aquila Realty, Inc., 550 Hulet Drive, Suite 103, Bloomfield Hills, MI 48302; 248-745-3530, Fax 248-334-1915; Emails: cwilson@talondev.com or stevev@talondev.com .
Hanley Brown Group Real Estate Advisors represented the buyer in the sale of a multi-tenant retail center in Desert Hot Springs, CA. The acquisition price was $5.6 million with a Cap rate of 6.6%. The 40,540 sq.ft. center, known as Desert Hot Springs Towne Center, is located at the intersection of Palm Drive and Two Bunch Palm Trail and is situated on a land area of 5.38 acres. The center is 100% occupied and is shadow-anchored by Vons, McDonald’s, Del Taco, World Savings and Big O Tires. The buyer was a private investor. The seller, which was represented by Sperry Van Ness was a private investor. For more information, contact Ed Hanley, Hanley Brown Group Real Estate Advisors, 949-585-7677; Email: edward.hanley@hanleybrown.com ; Web site: www.hanleybrown.com .
The Investment Sales Group of Mid-America Real Estate Corp. coordinated the sale of LaGrange Crossing in downtown LaGrange, IL to UBS Realty Advisors. The fully leased LaGrange Crossing is a 67,696 sq.ft. center located at the intersection of Ogden Avenue and LaGrange Road and is anchored by Trader Joe’s, Borders Books & Music, Walgreens and Pier 1 Imports. Cotenants include Zales Jewelers, National City Bank, Baja Fresh Mexican Grill, Caribou Coffee and Corner Bakery. For more information, contact Mid-America Real Estate Group, Two Mid-America Plaza, Third Floor, Oakbrook Terrace, Illinois 60181-4713; 630-954-7300, Fax 630-954-7304/7306; Web site: www.midamericagrp.com .
Axis Realty Partners is representing a client looking to acquire 50,000 sq.ft. centers in the Mid-Atlantic states that are under performing because of vacancies, age, expansion issues with a tenant or other problems. The clients are financially capable and will settle within 60 to 90 days. For more information, contact John O’Dea, Jr., Axis Realty Partners, 610-687-4600 Ext. 301, Fax 610-687-0404; Email: jodea@axisrealtypartners.com .
Berkshire-Hudson Capital XI, LLC acquired a three-acre parcel on Goodwin Boulevard in Yorktown, VA. GVA Advantis represented the buyer and Atlantic Commercial represented the seller. JDH Capital will develop the property for a 14,000 sq.ft. Walgreens. An adjacent parcel is also available for development. For more information, contact Cindy Mackey, GVA Advantis, World Trade Center, 101 West Main Street, Suite 900, Norfolk, VA 23510; 757-213-8321, Fax 757-627-1901; Email: cmackey@gvaadvantis.com ; Web site: www.gvaadvantis.com .
Colliers International is selling a CapitalOne Bank ground lease in Houston, TX. The buyer of this investment will own the land and the tenant will own the building. The building is under construction and the lease will commence in October. Asking price is $2.2 million with a Cap rate of 5%. For more information, contact David M. Butler, Colliers International, 1300 Post Oak Boulevard, Suite 200, Houston, TX 77056; 713-830-2105; Email: dbutler@collierstexas.com .
The Royston Group is selling a 16-year fee simple ground lease for a KFC restaurant in Austin, TX for $1.38 million with a Cap rate of 6.25%. The site is an outparcel to an H-E-B supermarket and has 10% rent increases every five years. Area retail includes Starbucks, Quiznos and Verizon Wireless. The company also is selling a Comerica Bank site located in Houston, TX for $4.25 million. The site has a 20-year lease. The company also is selling an outparcel to South Park Meadows Mall in Austin, TX for $4.335 million. The center is tenanted by Jack In The Box, Starbucks and Jackson Hewitt. Area retail includes Wal*Mart, Target, PetSmart and Circuit City. For more information, contact Rob Sutton, The Royston Group, 1299 Ocean Avenue, Suite 316, Santa Monica, CA 90401-1054; 310-451-2100, Fax 310-395-3557; Email: rsutton@theroystongroup.com ; Web site: www.theroystongroup.com .
Arroyo & Coates, on behalf of Sansome Pacific Properties, Inc., is marketing a newly-built Walgreens store in Pasadena, CA for $8.636 million with a Cap rate of 5.50%. The property contains a 25-year absolute net lease with an annual rent of $475,000 and is located at the intersection of North Lake and Orange Grove. For more information, contact Paul Souza, Arroyo & Coates, 500 Washington Street, Suite 700, San Francisco, CA 94111; 415-445-7800 Ext. 184, Fax 415-723-7700; Email: psouza@a-c.com .
Investment Real Estate Solutions is selling a center located on U.S. 1 in Miami, FL for $12.25 million with a Cap rate of 7.4%. Most of the site’s leases expire in less than two years. The site has an average daily traffic count of 65,000 vehicles. The average existing lease rate is $13.35 psf, but the owner just signed a lease at $18 psf. Area demographics include a population of 209,241 within five miles earning $67,071 as the average household income. For more information, contact Ryan McDowell, Investment Real Estate Associates, 1200 Brickell Avenue, Suite 800, Miami, FL 33131; 305-808-7960, Fax 305-808-7962; Email: rmcdowell@irea-usa.com ; Web site: www.irea-usa.com .
Sperry Van Ness/Sentinel Realty Advisors, Inc. is looking to acquire a net leased property within a five hour drive of Chicago, IL priced at $5 million. The company also is selling a Burlington Coat Factory store in North Randall, OH for $4.59 million. The site has six years remaining on its lease and is located in a large mall that must be redeveloped. For more information, contact Tom Vincent, Sperry Van Ness/Sentinel Realty Advisors, Inc., 847-963-1031; Email: vincentt@svn.com .
Marcus & Millichap Louisville is selling a 20,000 sq.ft. Barnes & Noble store, plus 7,000 sq.ft. of inline space, in Mansfield, OH. The site is shadow-anchored by a regional mall and power center. Area retail includes Lowe’s Home Improvement, Wal*Mart and Best Buy. Barnes & Noble just completed a 10-year lease. The company also is selling the following properties in FL for a total of $23,649,400: Corner Lakes Plaza, a 100% occupied center located in Orlando. The center has 17 years left on a Publix lease and 11 years left on a Tractor Supply Company lease. The site is located three miles from the University of Central Florida. Area retail includes Walgreens, McDonald’s, Taco Bell, Long John Silver’s and Advance Auto; and Canoe Creek Plaza, a 100% occupied center located in St. Cloud. The center has 17 years left on a Winn-Dixie lease. For details, contact Larry Hausman, Marcus & Millichap Louisville, 9300 Shelbyville Road, Suite 605, Louisville, KY 40222; 502-329-5900, Fax 502-329-5910; Web site: www.marcusmillichap.com . For more information regarding the two FL centers, contact Al Taf, Marcus & Millichap, 678-942-4637; Email: ataf@marcusmillichap.com .
Ross Realty Investments, Inc. is selling two outparcel pads at Fountainview Commons, a center located at the intersection of Interstate 95 and St. Lucie West Boulevard in St. Lucie County, FL. The pads are site plan approved for approximately 8,000 sq.ft. of single-story retail or office on each pad. The remaining 2.5 acres can be sold fee simple. For more information, contact Ross Realty Investments, Inc., 3325 South University Drive, Suite 210, Davie, FL 33328-2020; 954-452-5000 or 800-370-4202, Fax 954-452-4700; info@ross-realty.com ; Web site: www.ross-realty.com .
BND Commercial Real Estate Solutions sold a land area of four acres off of Lima Road in Fort Wayne, IN. The site is planned for a CVS drugstore. For more information, contact BND Commercial Real Estate Solutions, 1021 South Calhoun Street, Suite One, Fort Wayne, IN 46801; 260-407-0900, Fax 260-469-7137.
A private investor is looking to acquire an NNN auto site or food-related investment properties with a corporate guarantee for $500,000 to $3 million. The client has cash and can close quickly. For more information, contact David Larson, broker, 813-363-7719, Fax 813-994-9889.
Advantis Real Estate Services Co. announced that its Pocklington, Pocklington and Forster Retail Investment Group closed on the sale of Casselberry Plaza, a 69,306 sq.ft. center located on East Semoran Boulevard in Casselberry, FL. The center is located adjacent to Sam’s Club and is tenanted by Lakeshore Learning Center, Freeman’s Fabrics and Wholesale Furniture Market. Pocklington, Pocklington and Forster Retail Investment Group represented both the buyer, a NJ-based private investment group, and seller, Orlando-based Global Resorts, Inc., in the $6.6 million transaction. The property was 100% occupied at the time of the sale. For more information, contact Sasha Pardy, Advantis Real Estate Services Co., 255 South Orange Avenue, Suite 750, Orlando, FL 32801; 407-999-4775, Fax 407-849-6010; Email: spardy@gvaadvantis.com ; Web site: www.gvaadvantis.com .
The Linder Co. is selling a two-tenant building located in Avon, IN for $2.2 million with a Cap rate of 7%. The site is tenanted by a 4,350 sq.ft. The Mattress Firm store that has approximately six years remaining on a seven-year initial term. The lease has upside via rent increases throughout the term. The site also is tenanted by a 1,450 sq.ft. Cartridge World store that has signed for a five-year lease. Area retail includes Meijer, Menards, Target, Bed Bath & Beyond, Panera Bread, Marshalls, Barnes & Noble, Michael’s, Outback Steakhouse, Red Lobster, T.G.I. Friday’s and Wal*Mart. For more information, contact Larry L. Davis, The Linder Co., 2325 Pointe Parkway, Suite 250, Carmel, IN 46032; 317-844-5313, Fax 317-574-3135; Email: ldavis@lindercompany.com ; Web site: www.lindercompany.com .
nnn1031.com is selling six Road Ranger locations throughout IL with a Cap rate of 7.50%. The sites have rent increases and 20-year NNN leases. For more information, contact nnn1031.com, 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 877-NNN-1031; Email: info@nnn1031.com ; Web site: www.nnn1031.com .
K-7 CRES, LLC is looking to acquire single tenant sites in major metropolitan areas from $3 million and up. For more information, contact Matthew Wells, K-7 CRES, LLC, 4739 Noreston, Shawnee, KS 66226; 913-515-7245.
A private investor is selling a Dollar General store located in Rhinelander, WI for $863,000 with a Cap rate of 7.75%. The site has a 10-year lease with four option periods. For more information, contact Grant Schwab, 920-203-1917; Email: grantschwab@schwabagents.com .
Stan Johnson Co. is selling a 3,840 sq.ft. Mazzio’s Italian Eatery located on North Aspen in Broken Arrow, OK for $1.2 million with a Cap rate of 7.50%. The restaurant is situated on a land area of 0.8035 acres. The site has an absolute net lease and the tenant is responsible for all expenses, including roof, structure, taxes, insurance and CAM. For more information, contact David Larsen, Stan Johnson Co., Two Warren Place, 6120 South Yale Avenue, Suite 813, Tulsa, OK 74136; 918-494-2690; Email: dlarsen@stanjohnsonco.com .
Income Property Specialists is selling three Family Dollar stores in OH, TN and VA with Cap rates of 7%. The sites have NN leases and 10-year leases with bumps at option periods. For more information, contact Shaun Gindi, Income Property Specialists, 1871 Folsom Street, Boulder, CO 80302; 303-441-2033 Ext. 202, Fax 303-442-8962; Web site: www.myips.com .
Weichert Realtors is selling a land area of two acres that can be divided just south of County Line Road in Pasco County, FL for $499,000. For more information, contact David Heroux, Weichert Realtors, 20375 Cortez Boulevard, Brooksville, FL 34601; 352-398-8137; Email: david.florida@yahoo.com .
Johnson Capital brokered a $110.4 million deal for a portfolio of six outlet centers totaling 1.3 million sq.ft. The properties are located in CA, GA, MI, MN, MO and NV. The properties were acquired by Prescott Capital Management from affiliates of Horizon Group Properties, Inc. The properties in the portfolio include: a 226,405 sq.ft. center in Tulare, CA anchored by Gap, Polo Ralph Lauren, Tommy Hilfiger, Reebok, Liz Claiborne, Coach, Nautica and Mikasa; a 256,741 sq.ft. center located in Laughlin, NV anchored by Gap, Reebok, Factory Brand Shoes, Dress Barn and Oshkosh B’Gosh; a 199,963 sq.ft. center located in Warrenton, MS anchored by Nike, Gap, Liz Claiborne, Factory Brand Shoes, Levi, Bass and Carters; a 223,960 sq.ft. center located in Medford, MN anchored by Gap, Nike, Eddie Bauer, Liz Claiborne and Carters; a 153,975 sq.ft. property in Traverse City, MI anchored by Old Navy, Gap, Bass, Lenox, Oshkosh B’Gosh and Pendleton; and a 198,110 sq.ft. center located in Darien, GA anchored by Gap, Polo Ralph Lauren, Tommy Hilfiger, Reebok, Liz Claiborne, Coach, Nautica and Mikasa. For more information, contact Daniel Lisser, Johnson Capital, 212-888-9261, Fax 212-888-9265; Email: dlisser@johnsoncapital.com . Or contact, Kristen Hayes, Johnson Capital, 18101 Von Karman Avenue, Suite 1050, Irvine, CA 92612; 949-660-1999.
Inland Real Estate Corp. is selling a land area of 0.75 acres located on North Avenue in Lombard, IL for $1.088 million. The company also is selling a land area of 2.25 acres, with one acre of usable land, on South Wolf Road in Orland Park, IL for $799,900. The company is looking to acquire strip and power centers located in Dupage, Kane, Kendall, Lake and Will Counties in IL for $500,000 to $15 million with Cap rates of 8% or higher. The company is looking for distressed centers with upside potential. For more information, contact Inland Real Estate Corp., 2901 Butterfield Road, Oak Brook, IL 60523; 888-331-4732; Web site: www.inlandrealestate.com .
NAI BT Commercial is selling a site leased to Gold’s Gym International for 14 years in the St. Louis, MO area. The site has an annual rent of $588,000 and two, five-year renewal options. There is an increase of 5% after 10 years, and similar increases in option periods. The tenant is responsible for taxes, insurance and maintenance including the parking lot. The landlord is responsible for the roof and structure. St. Louis Tan Co., Inc. sublets 2,580 sq.ft. for a period commencing October 2005 and ending on the same date as the primary lease with Gold’s St. Louis, LLC. The sublease tenant pays the prorata share of rent and operating expenses to the sublessor. For more information, contact Michael Maffia, NAI BT Commercial, 415-677-0478, Fax 415-956-3381; Email: pdaily@naibtcommercial.com ; Web site: www.naibtcommercial.com .
Shane Investment Property Group is selling The Plaza at Windward, a center located on Windward Parkway in Atlanta, GA for $62.195 million. Demographics include a trade-area population of 80,000 earning $100,000 as the average household income. The site has an average daily traffic count of 140,000 vehicles. For more information, contact Jenn Enck, Shane Investment Property Group, 100 North Point Center East, Suite 150, Alpharetta, GA 30022; 678-347-2220, Fax 678-347-2221.
Millennium Properties, Inc. is selling a retail/commercial development site in Richton Park, IL. The approximately 9.5 acre site is located on Cicero Avenue. For more information, contact Susan B. Silver, Millennium Properties, Inc., 20 South Clark Street, Suite 630, Chicago, IL 60603; 312-338-3001, Fax 312-338-3008.
National Retail Properties, Inc. is selling four Eckerd Pharmacy locations throughout GA and NJ for between $2 million and $2.5 million with Cap rates of 7.30% to 7.50%. The sites have absolute NNN leases with rent increases, and eight to 11 years left on the leases with four, five-year options. For more information, contact Rebecca Gittens, National Retail Properties, Inc., 450 South Orange Avenue, Suite 900, Orlando, FL 32801; 407-650-1253, Fax 407-650-1046; Web site: www.nnn1031.com .
Foundation Commercial is selling a land area of 11 acres at the intersection of Gravois and Highway PP in High Ridge, MO. The site is located adjacent to a Wal*Mart Supercenter. Asking rent is $6 psf. Area retail includes Shop N Save. For more information, contact John T. Beckman, Foundation Commercial, 618 Spirit Drive, Suite 250, St. Louis, MO 63005; 314-862-4220, Fax 636-532-7847.
Kaplan Real Estate Co., Inc. is representing a client looking to acquire underperforming centers with a major upside. The company prefers locations in the Midwest. For more information, contact Scott Bernstein, Kaplan Real Estate Co., Inc., 1000 Macklind Avenue, St. Louis, MO 63110; 314-652-7000, Fax 314-652-2228; Web site: www.kaplanrealestate.com .
Bird Realty Group Treasure Coast, Inc. is selling a land area of 23.3 acres on U.S. Highway 1 in Sebastian, FL for $7.57 million. The site has an adjacent 2.95 acres available. The company also is selling a land area of six acres on St. Lucie Boulevard in St. Lucie County, FL for $1.6 million. The company also is selling Meadowbrook Court Plaza Shopping Center located on South Federal Highway in Stuart, FL for $1.99 million. For more information, contact Art Krieger, Bird Realty Group Treasure Coast, Inc., 772-778-2131, Fax 772-778-8502; Email: artkrieger@birdrealty.com . For more information regarding the site in St. Lucie County, contact Tom Wilson, Bird Realty Group Treasure Coast, Inc., 847 20th Place, Vero Beach, FL 32960; 772-778-2131, Fax 772-778-8502; Email: tomwilson@birdrealty.com . For more information regarding Meadowbrook Court Plaza Shopping Center, contact Lois E. Maltese or Carolyn Karpinski at 772-220-4096.
Horn Cos., LLC is selling a land area of one acre on Milton Avenue in Camillus, NY. The site is shadow-anchored by Home Depot, Aldi, Grossman’s Bargain Outlet and Staples. The company also is selling a land area of one acre on Clark Street in Auburn, NY for $250,000. The site is shadow-anchored by Bass Pro Outlets, Aldi, Home Depot, Kohl’s and Best Buy. The company also is selling a land area of one acre on Brookside Drive in Auburn, NY for $395,000. The site is shadow-anchored by Wal*Mart, Lowe’s Home Improvement, Staples and BJ’s Wholesale Club. For details, contact Douglas F. Morrison, Horn Cos., LLC, 4502 East Genesee Street, DeWitt, NY 13214; 315-857-3922, Fax 315-449-4509; Email: doug@horncompanies.com .
Gannaway & Associates, LLC is selling a 26,000 sq.ft. center located in CT for $3.55 million. Most of the center’s leases have just been renewed for five years and there is an opportunity to build 20 units above of the center. For more information, contact Denise El-Tayyeb, Gannaway & Associates, LLC, 589 Bedford Street, Stamford, CT 06901; 203-252-2200.
Bows Real Estate is looking to acquire supermarket-anchored neighborhood and community shopping centers, redevelopment situations, land that is zoned for retail development, value-added opportunities and portfolio acquisitions from $5 million to $25 million throughout the eastern U.S. The company prefers 100% ownership, but will consider joint ventures. Preferred tenants include national and regional supermarket chains. The company is selling a 15,000 sq.ft. outparcel shadow-anchored by a 150,000 sq.ft. Wal*Mart Supercenter in Dayton, TN for $1.972 million. The company also is selling a land area of 5.75 acres at the intersection of Interstate 75 and Wade Green Road in Cobb County, GA for $1.2 million. For more information, contact David Bows, Bows Real Estate, PO Box 52225, Atlanta, GA 30355; 404-842-1677; Email: djbows@mindspring.com . For more information regarding the site in Dayton, TN, contact Lamar Fields, Bows Real Estate, 404-812-6801; Email: plfields54@yahoo.com .
Coldwell Banker Commercial NRT is selling a site located at the intersection of Highway 77, Minnesota Avenue and 24th Street in Lynn Haven, FL for $8.5 million. The site has 589 feet of frontage on Highway 77, 645 feet on 24th Street and 1,583 feet on Minnesota Avenue. Area retail includes a Publix-anchored center and a Winn-Dixie-anchored center, AmSouth Bank, Burger King, Bank Trust, McDonald’s, Taco Bell and Wingate Inn. The site has an average daily traffic count of 29,000 vehicles. The company also is selling a land area of 11 acres at the intersection of Chamberlain Boulevard, Miner Avenue and Pollard Avenue in North Port, FL for $2.37 million. The company also is selling a land area of 38 acres at the intersection of Toledo Blade Boulevard and Interstate 75 in North Port, FL for $22 million. Project plans include a town center comprising of stores, restaurants and offices. The plan specifies four building stages within the coming 12 years. Area retail includes Wal*Mart, Home Depot, Walgreens, Publix and Lowe’s Home Improvement. For more information, contact Jim Everitt, Coldwell Banker Commercial NRT, 2112 Highway 77, Lynn Haven, FL 32444; 850-265-0777, Fax 850-271-0342; Email: jim.everitt@flcomml.com . For more information regarding the site in North Port sites, contact Robin Hill or Mike Carr, Coldwell Banker Commercial NRT, 3701 Tamiami Trail North, Naples, FL 34103; 239-261-1113.
Grubb & Ellis Co./Commercial Florida is selling a 3,450 sq.ft. site located on West Bay to Bay Boulevard in Tampa, FL for $1.6 million. Area demographics include a population of 97,380 within three miles earning $67,582 as the average household income. For more information, contact Richard Andretta or Lill Hanson, Grubb & Ellis Commercial Florida, 3030 North Rocky Point Drive West, Suite 560, Tampa, FL 33607; 813-639-1111, Fax 813-639-1919; Emails: randretta@commercialfl.com and lhanson@commercialfl.com ; Web site: www.commercialfl.com .
Cornerstone Capital Corp. is selling a 3,077 sq.ft. Wendy’s restaurant located on Columbia Pike in Spring Hill, TN for $1.73 million. The restaurant is situated on a land area of one acre. Area retail includes Kroger and Publix. The company also is selling a 9,014 sq.ft. Dollar General store on U.S. Route 36 West in Saint Paris, OH for $657,750. The company also is selling an 8,496 sq.ft. Family Dollar store located on East Blagrove Street in Richwood, OH for $800,000. For more information, contact Peter Paras, Jr. or Andrew Kraus, Cornerstone Capital Corp., 655 Metro Place South, Suite 720, Dublin, OH 43017; 888-773-3222, Fax 614-761-7609; Emails: pparas@cornerstonecapitalcorp.com and akraus@cornerstonecapitalcorp.com ; Web site: www.cornerstonecapitalcorp.com .
Crossman & Co. is looking to acquire a variety of retail asset product types throughout the central FL area. The company offers short due diligence periods, development and redevelopment abilities, timely closing abilities, and quick assessments. The company prefers to target supermarket-anchored centers and other product types with vacancy problems, deferred maintenance, and/or suffering from functional obsolescence. The company also specializes in acquiring real estate requiring development, redevelopment and/or repositioning. Crossman also acquires neighborhood supermarkets, specialty centers, power centers and community centers, and focuses on the acquisition of single-tenant, net-leased retail and restaurant properties with limited tenant term or credit. The company is looking for transaction sizes ranging up to $100 million. For more information, contact Crossman & Co., 3333 South Orange Avenue, Suite 201, Orlando, FL 32806; 407-423-5400.
The Shopping Center Group, LLC served as the broker in the sale of a 3,071 sq.ft. Bojangles restaurant located on Highway 369 in Gainesville, GA. The company also served as broker in the sale of Northlake Quadrangle, a 77,787 sq.ft. center located on Northlake Parkway, adjacent to Interstate 285 at the Lavista Road interchange, in Tucker, GA. The center is currently 84% occupied with a mix of retail and office tenants. For more information, contact Janice Wetter, The Shopping Center Group, LLC, 3101 Towercreek Parkway, Suite 200, Atlanta, GA 30339; 770-955-2434, Fax 770-951-0054.
Mack Reynolds Realty, LLC is selling a land area of 1.4 acres at the intersection of Highway 29, Youngs Mill Road and Commerce Avenue in LaGrange, GA for $450,000. There is an old house on the site that has been used as a restaurant for the past 20 years. For more information, contact Jason Scott Stewart, Mack Reynolds Realty, LLC, PO Box 100, 229 South Highway 29, Hogansville, GA 30230; 706-637-8431, Fax 706-706-637-6602; Email: stewart_jason@bellsouth.net .
Equity One is selling the following sites: Colony Square, a 50,000 sq.ft. Dollar Tree and dark Food Lion-anchored center located in Fitzgerald, GA; WestTowne Square, an 89,596 sq.ft. Big Lots and Tuesday Morning-anchored center located in Rome, GA; Lancaster Shopping Center, a 29,047 sq.ft. Sweet Union Furniture-anchored center located in Lancaster, SC; Bandera Festival, a 195,438 sq.ft. Beall’s, Blockbuster Video, Starbucks and Dollar Tree-anchored center located in San Antonio, TX; Wurzbach, a 59,771 sq.ft. center anchored by Blockbuster Video in San Antonio, TX and Smyth Valley Crossing, a 126,841 sq.ft. Wal*Mart and Ingles-anchored center located in Marion, VA. For more information, contact Equity One, 1600 NE Miami Gardens Drive, North Miami Beach, FL 33179; 305-947-1664, Fax 305-947-1734; Web site: www.equityone.net .
Continental Realty Services is representing clients seeking to acquire office and retail properties throughout the U.S. from $15 million and up. For more information, contact Evan Realty Services, 1633 Old Bayshore Highway, Suite 333, Burlingame, CA 94010; 650-714-3826.
Jamie M. Weiss Realty Co., Inc. is selling a land area of 30 acres on 22nd Street in Decatur, IL. The site can accommodate 315,000 sq.ft. of retail space, has pad sites available for restaurants from 3,500 sq.ft. to 8,200 sq.ft. and big box retail sites from 10,300 sq.ft. to 110,000 sq.ft. The space is the former 147-acre Bridgestone/Firestone tire manufacturing warehouse facility. The site can be divided to create a separate 30-acre retail commercial tract. The remaining warehouse will be sold or leased separately in its entirety or part. For more information, contact Jaime Weiss, Jaime M. Weiss Realty Co., Inc., 250 Moonachie Road, Moonachie, NJ 07074; 201-814-1800, Fax 201-814-1811; Email: jweiss@jweissrealty.com ; Web site: www.jweissrealty.com .
Capital Realty Advisors, Inc. represented Spring Park Plaza Associates, LTD Partnership in the sale of Spring Park Plaza, a 136,604 sq.ft. center located in Denham Springs, LA. The center is tenanted by Rite Aid, Radio Shack, Wells Fargo and Fantastic Sam’s. The property sold for $7.1 million. For more information, contact Kim Profaci, Capital Realty Advisors, Inc., 600 Sandtree Drive, Suite 109, Palm Beach Gardens, FL 33403; 561-624-5888, Fax 561-624-5827.
The Rotella Group, Inc. is selling Quince Station Shopping Center, a 101,271 sq.ft. center located on Quince Road in Memphis, TN for $5.8 million. The property is situated on a land area of 8.49 acres and is currently 97% occupied. Tenants include Walgreens, Blockbuster Video, Family Dollar and All Star Bowling. For more information, contact Steve Miller, The Rotella Group, Inc., 3300 North Federal Highway, Suite 200, Fort Lauderdale, FL 33306; 954-568-9015, Fax 954-568-9597; Email: steve@rotellagroup.com .
CB Richard Ellis, Inc. is selling an 8,800 sq.ft. site located at Old Town Front Street, a center located in Temecula, CA for $3 million. The property includes Country Garden Restaurant & Bakery and Alberto’s Mexican Restaurant. The company also is selling the following Advance Auto Parts stores: in Lake City, TN for $1.456 million; Bowling Green, KY for $1.635 million; Whitley City, KY for $1.389 million; Houston, TX for $1.968 million; St. Paul, VA for $1.304 million; Erwin, TN for $1.379 million; Gray, TN for $1.418 million; Wartburg, TN for $1.217 million; on North Fry Road in Houston, TX for $1.824 million; on Highway 6 in Houston, TX for $2.028 million and at the intersection of 249 and NW Park in Houston, TX for $1.792 million. The company also is selling the following Starbucks locations throughout TN: on North Houston Levee Road in Cordova with a Cap rate of 6.50%; on Madison Street in Clarksville with a Cap rate of 6.50%; at the intersection of Brainerd Road and Eastgate Loop in Chattanooga with a Cap rate of 6.50%; on Old Hickory Boulevard in Nashville with a Cap rate of 6.50%; on Dominican Drive in Nashville with a Cap rate of 6.50%. The sites have 10-year terms with 10% bumps in year six and can be bought individually. The company also is selling a 7,000 sq.ft. Advance Auto Parts store on Onondaga Boulevard in Syracuse, NY for $1.745 million with a Cap rate of 7.10%. The site sits directly in front of the Price Chopper Shopping Center and across from a Wegmans-anchored center. Other area retail includes Eckerd, Monroe Muffler, Big Lots, Fashion Bug, Burger King, Pizza Hut, A.J. Wright and McDonald’s. Area demographics include a population of over 100,000 within three miles. The company also is selling a freestanding 41,423 sq.ft. Piggly Wiggly supermarket in Cochran, GA for $4.581 million with a Cap rate of 8%. The store is subject to a 25-year lease which began in October of 1999. Area retail includes Fred’s, Dollar General and Moores. The company also is selling Plaza Del Sol, a 166,216 sq.ft. center located on Sherman Way in Burbank, CA for $27.963 million. The site has a net operating income of $1.957 million. The center is anchored by Vallarta Supermarkets and is co-anchored by Powerhouse Gym. Area demographics include a population of 515,300 within five miles earning $62,027 as the average household income. For more information regarding Old Town Street Front and Plaza Del Sol, contact Philip D. Voorhees, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8500, Fax 949-725-8545; Email: phil.voorhees@cbre.com ; Web site: www.cbre.com . For more information regarding the Advance Auto Parts sites and the Starbucks sites, contact Will Pike, CB Richard Ellis, Inc., 404-923-1381; Email: will.pike@cbre.com . For more information regarding the Advance Auto Parts store in Onondaga, NY and the Piggly Wiggly site in Cochran, GA, contact Chris Bosworth, CB Richard Ellis, Inc., 3340 Peachtree Road, Suite 1050, Tower 100, Atlanta, GA 30326; 404-923-1200, Fax 404-923-1241; Email: chris.bosworth@cbre.com .
Vision Realty Partners, Ltd. acquired the following properties for a total of $7 million: Timmerman Commons, a 13,435 sq.ft. center located on Silver Spring Drive in Timmerman Commons, WI; a site on 27th Street in Oak Creek, WI. The property consists of an operating Mobil gas station, convenience store, car wash and 2,800 sq.ft. of retail space; and a four-acre site to be rezoned for commercial development in Beach Park, IL. For more information, contact Vision Realty Partners, Ltd., 1141-J Lake Cook Road, Deerfield, IL 60015; 847-405-0700, Fax 847-405-0770; Web site: www.visionrp.com .
Great American Capital is selling Desert Center Plaza located on State Highway 160 in Pahrump, NV for $2.8 million. The center is situated on a land area of two acres, while the remaining 1.4 acres and the existing water rights will support additional future development. The company also is selling retail pads at the intersection of Durango Drive and Rochelle Avenue in Las Vegas, NV. Pads one and three are for sale for $1.76 million, while pad two is $1.33 million. Lease rates range from $2.50 psf to $3 psf NNN. For more information, contact Hillary Stoltz or Michael Boscia, Great American Capital, 702-253-5751.
Property Specialists, Inc. is selling two centers in the Tampa Bay, FL market. One center is located on U.S. Highway 19 in Pinellas, FL, while the other is located on North Dale Mabry in Hillsborough. Both centers are anchored by national tenants. Some features of the centers include the following: 100% leased NNN, turnkey, tenants paying actual operating expenses, room to build and upside. The Pinellas center has a GLA of 28,209 sq.ft., a net operating income of $387,000 and is selling for $5.8 million, while the 35,510 sq.ft. Hillsborough center has a net operating income of $426,000 and is selling for $6.5 million. For more information, contact Neil Mirchandani, Property Specialists, Inc., 6401 First Avenue South, St. Petersburg, FL 33707-1301; 727-384-2334, Fax 727-384-5255; Email: neilm@psiflorida.com .
Illustrated Properties Real Estate, Inc. is selling a 3,596 sq.ft. bank building located at the intersection of Donald Ross Road and U.S. 1 in Juno Beach, FL for $2.3 million. The property is in close proximity to the residential neighborhoods of Bears Club, Ritz Carlton, Frenchmen’s Creek, Admiral’s Cove and Abacoa. For more information, contact Peter Kernan, Illustrated Properties Real Estate, Inc., 5500 Military Trail, Jupiter, FL 33458; 561-400-3535, Fax 561-626-5572; Email: peterkernan@earthlink.ne t.
NAI Latter & Blum, Inc. is selling a Wal*Mart Supercenter shadow-anchored center in southern LA for $1.5 million with a Cap rate of 7.5%. The center had credit tenants. For more information, contact Austin T. Earhart, NAI Latter & Blum, Inc., 10455 Jefferson Highway, Suite 200, Baton Rouge, LA 70809-7248; 225-297-7455, Fax 225-295-0888; Email: aearhart@latterblum.com .
Net Leased Real Properties is selling a Kragen Auto Parts and Sherwin-Williams-anchored center located at the northwest corner of Western and Lemon Grove Avenues in Los Angeles, CA for $4.4 million with a Cap rate of 5.88%. The center has a net operating income of $258,814 and is currently 100% occupied. The site has long-term NN leases and a corporate deal with 12% increases every five years. The company also is selling a 2,624 sq.ft Wendy’s restaurant located on South 6th Street in Klamath Falls, OR for $800,000 with a Cap rate of 8.9%. There is currently one year left on the NNN lease. The company also is selling a portfolio of Rite Aid locations throughout WA with a combined GLA of 54,436 sq.ft. for $30.25 million with a Cap rate of 7%. The sites have a net operating income of $2.117 million. The properties can be bought as a portfolio or individually. Every site is brand new construction and all have NN 20 year leases commencing in the later part of this year. The properties are located in Kirkland, Bremerton, Olympia and Kent. For more information, contact Shawn Jass, Net Leased Real Properties, 1090 Joshua Way, Suite B, Vista, CA 92081; 760-734-1130 Ext. 100, Fax 760-634-1160; Email: shawn@1031nnnsearch.com ; Web site: www.1031nnnsearch.com . |