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Buyers & Sellers
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Buyers & Sellers CB Richard Ellis/Hubbell Commercial and its Iowa Private Client Group completed a $4.45 million sale with Walters Investments International, Inc. for Westmark Plaza II, a 34,560 sq.ft. site anchored by Walters Investments International and located on 86th Street in Urbandale, IA. For more information, contact CB Richard Ellis/Hubbell Commercial, 6900 Westown Parkway, West Des Moines, IA 50266-2520; 515-224-4900; Web site: www.cbrehc.com.
Sperry Van Ness completed the $1.29 million sale of a 5,156 sq.ft. vacant site to CI 826, LLC, an affiliate of Cigars International, Inc. The property is located on Nazareth Pike in Bethlehem, PA and will be tenanted by Cigars International for its flagship store. Sperry Van Ness represented the seller, private investors from Clinton, NJ. Emerald Realty represented the buyer. Area retail includes Shop Rite, Wal*Mart, Home Depot, Sears Essentials and a proposed Wal*Mart Supercenter. For more information, contact David Ebeling, Sperry Van Ness; 949-225-1883; Email: david.ebeling@svn.com; Web site: www.svn.com.
NAI Atlantic Coast Realty is selling for $2.5 million a 2.5-acre lot in Vineland, NJ at the intersection of South Delsea Drive and West Butler Avenue. The one-story site can be used as a restaurant and has 2,000 sq.ft. of office space and 4,000 sq.ft. of garage space. For more information, contact Arthur E. Williamson, Jr., NAI Atlantic Coast Realty, 1415 Hooper Avenue, Toms River, NJ 08753-2887; 732-736-1300 Ext. 303, Fax 732-736-1018; Email: awilliamson@nai-atlantic.com; Web site: www.nai-atlantic.com.
NAI Friedland Realty, Inc. is selling a 1.26-acre site in Yorktown Heights, NY on Crompond Road. Nearby retail includes McDonald’s, Bed Bath & Beyond, Staples and BJ’s Wholesale Club. The company is also selling a 1.02-acre property on Route 59 in Nanuet, NY. Area retailers include Barnes & Noble, Macy’s, Panera Bread, Stop & Shop, Sears, Marshalls, Petco and Auto Zone. For more information regarding the property in Yorktown Heights, NY, contact Joan Simon, NAI Friedland Realty, Inc., 656 Central Park Avenue, Yonkers, NY 10704; 914-968-8500 Ext. 17; Email: jsimon@friedlandrealty.com. For more information regarding the property in Nanuet, NY, contact Robin Herko or Steve Lorenzo; 914-968-8500; Emails: s.lorenzo@friedlandrealty.com and rherko@friedlandrealty.com.
NAI James E. Hanson is selling a restaurant site in Morris County, NJ for $1.6 million. The 3,200 sq.ft. property sits on a land area of 0.6 acres. The sale would include a liquor license. For more information, contact Ronald A. Fotiu or Robert P. Rubin, NAI James E. Hanson, 235 Moore Street, Hackensack, NJ 07601; 201-488-5800 Ext. 124/144; Emails: rfotiu@naihanson.com and rrubin@naihanson.com.
Goldschmidt & Associates is selling for $4.3 million a Laguna Restaurant site on East Post Road in White Plains, NY. The 12,000 sq.ft. site is located in a CD-1 zone. Area demographics include a population of 73,445 within three miles earning $114,581 as the average household income. For more information, contact Eric S. Goldschmidt, Goldschmidt & Associates, One Chase Road, Scarsdale, NY 10583; 914-723-1616, Fax 914-723-7720; Email: eric@ga-re.com.
Jaime M. Weiss Realty Co., Inc. is selling for $725,000 a 2,200 sq.ft. retail storefront property on Bergenline Avenue in Guttenberg, NJ. The company is also selling a property on Pleasant Valley Way in West Orange, NJ for $800,000. The 26,000 sq.ft. site consists of three parcels on a land area of 0.6 acres. Area demographics include a population of 456,058 within five miles earning $88,221 as the average household income. The average daily traffic count is 8,800 vehicles. For more information regarding the property in Guttenberg, NJ, contact Christopher Morgan or George Gines, Jaime M. Weiss Realty Co., Inc., 250 Moonachie Road, Moonachie, NJ 07074; 201-814-1800, Fax 201-814-1811. For more information regarding the property in West Orange, NJ, contact Jaime Weiss; Email: jweiss@jweissrealty.com; Web site: www.jweissrealty.com.
Commercial Services Group is selling a one-acre parcel in Charleston, SC for $1.6 million. Area retail includes Lowe’s Home Improvement, Harris Teeter, Publix and Chick-Fil-A. Nearby draws include Folly Beach. Area demographics include a population within five miles earning $44,000 as the median household income. The average daily traffic count is 35,000 vehicles. For more information, contact Scott Hodges, Commercial Services Group, 902 Savannah Highway, Charleston, SC 29407; 843-224-2057.
Sandrella Development is selling a Barnes & Noble location in Mansfield, OH for $3.68 million at a Cap rate of 9.5%. The 27,000 sq.ft. center includes 7,500 sq.ft. of small shop space and is 100% occupied. There are 19 months remaining on the Barnes & Noble lease. The location’s NOI is $350,000. For more information, contact Jon Sandrella, Sandrella Development Thoroughbred Commercial Real Estate; 4125 Woodmont Park Lane, Louisville, KY 40245, Fax 615-523-1157; Email: jons_4@yahoo.com or j.r.s@insightbb.com.
JBG Rosenfeld Retail, with its affiliated partner and equity fund, JBG Investment Fund V, acquired Pike Center, an Office Depot-anchored shopping center located at the intersection of Rockville Pike and Bou Avenue in Rockville, MD. The 74,000 sq.ft. center is tenanted by T.G.I.Friday’s, Goodyear Tire Center, Catherine’s, Mattress Warehouse, Shell and United Bank. For more information, contact JBG Rosenfeld Retail at 301-657-0700; Web site: www.jbgr.com.
National Retail Properties, Inc. is selling eight Logan’s Roadhouse locations in Tuscaloosa and Florence, AL; Tampa, FL; Johnson City, TN; Houston and Waco, TX and Fairfax, VA. Prices range from $2.1 million to $5 million with annual rent increases of 1.75%. 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.
Marcus & Millichap Real Estate Investment Brokerage Co. is selling a Zaxby’s Restaurant location in Columbia, SC for $1.649 million at a 8.3% Cap rate. The 3,210 sq.ft. location has a 20-year lease, NNN, with 10% rent increases every five years. For more information, contact Brian T. Southworth, Marcus & Millichap Real Estate Investment Brokerage Co., 900 East 96th Street, Suite 150, Indianapolis, IN 46240; 317-218-5320, Fax 317-218-5310; Email: bsouthworth@marcusmillichap.com.
Foundation Commercial is selling a 12-acre property adjacent to a proposed Wal*Mart Supercenter in St. Louis, MO for $5.90 psf. The average daily traffic count is 34,000 vehicles. For more information, contact John T. Beckham III, Foundation Commercial, 618 Spirit Drive, Suite 250, St. Louis, MO 63005; 314-862-4220, Fax 636-532-7847.
Net Leased Real Properties is selling an IHOP location on North Highway 67 in Florissant, MO for $2.73 million at a 6.11% Cap rate. The company is also selling a Tires Plus site on Bethlehem Pike in Flourtown, PA for $4 million at a 6.2% Cap rate. That rate goes up to 6.7% in October 2007. In addition, the company is selling a corporate Circle K location on U.S. Highway 41 in Gibsonton, FL for $750,000 at a 6.7% Cap rate. The company is also selling a Family Dollar location on North 30th Street in Omaha, NE for $550,000 at a 7.64% Cap rate. The company is also looking to acquire properties priced between $500,000 and $800,000 with Cap rates exceeding 8%; a corporate Burger King site from $800,000 to $1.2 million; a long-term NNN lease property from $1.25 million to $1.7 million and a single-tenant property, however they have no interest in Walgreens, from $15 million to $25 million. For more information, contact Shawn Jones, Net Leased Real Properties, 1090 Joshua Way, Suite B, Vista, CA 92801; 760-734-1130 Ext. 100, Fax 760-560-1607; Email: shawn@1031nnnsearch.com .
Dolphin Partners Group, Inc. is looking to acquire single- or multi-tenant properties in the U.S. or Europe for at least $4 million. The company prefers lease terms with eight years remaining or a 10-year remaining term that can be negotiated. For more information, contact Olympia Hostler, Dolphin Partners Group, Inc., 4 Mountain View Way, Sea Bright, NJ 07760; Email: olympiahostler@comcast.net.
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