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Buyers & Sellers
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Buyers & Sellers Grubb & Ellis is selling a 1,922 sq.ft. strip center on Gay Street in Phoenixville, PA for $235,000, or $12.27 psf. Space of 675 sq.ft. is available. The company is also selling a freestanding site of 1,458 sq.ft. on Juliustown Road in Browns Mills, NJ for $800,000, as well as a 1,056 sq.ft. Shell Oil Station in Gap, PA for $325,000. For more information regarding the Gay Street property, contact Theo Notaras, Grubb & Ellis; 610-879-4512. For more information regarding the Browns Mills site and Shell Oil Station site, contact Scott Martin and Matthew Devine; 856-334-2111 or 610-879-4532. The Richardson Group, LLC is selling parcels in Sarasota County, FL zoned commercial and totaling 5.29 acres. The properties front Jacaranda Boulevard, can be subdivided and can accommodate up to 40,000 sq.ft. with a drive-thru. Suitable users include fast food and convenience stores or a bank. Surrounding the properties is a Race Trac convenience store and a 120-room hotel. For more information, contact David J. Shafer, The Richardson
Group, LLC 2055 Wood Street, Suite 202, Sarasota, FL 34237; 941-953-9772 Ext.
304, Fax 941-365-9493; JE Capital Investments is selling an 11,040 sq.ft. center in Farmington Hills, MI for $2.05 million at a Cap rate of 8.59%. For more information, contact Eric Elbaz, JE Capital
Investments; 407-575-7323; NAI Capital is selling a 13,112 sq.ft. land parcel on Westwood Boulevard in Los Angeles, CA that can accommodate two buildings of 800 sq.ft. as well as a 5,200 sq.ft. building. The average daily traffic count is 33,000 vehicles. The company also represented the buyer in the sale of 111 Plaza, a 52,000 sq.ft. center on North Palm Canyon in Palm Springs, CA for $7.1 million. La Linda Estates, Inc., represented by Prestigious Properties, Inc., sold the site to 111 Plaza Partners, LLC. For more information regarding the property in Los Angeles,
contact Sy Schaffel or Cory Schaffel, NAI Capital, 1640 South Sepulveda
Boulevard, Suite 500, Los Angeles, CA 90025; 310-440-8500, Fax 310-440-8525; For more information regarding the property in Palm Springs,
contact Jennifer Ortado; 818-905-2400; Property Group International is looking to acquire a single-tenant NNN property. Potential acquisitions should be priced between $1 million to $5 million and have Cap rates of between 7% to 8%. For more information, contact Ethan Alvidrez, Property Group
International, 4695 MacArthur Court, 11th Floor, Newport Beach, CA
92660; 949-612-1720, Fax 949-606-0401; Jaime M. Weiss Realty Co., Inc. is selling a 20,517 sq.ft. parcel of land located at the intersection of Salem Road and Vauxhall Road in Union, NJ for $1.3 million. For more information, contact Jaime M. Weiss or Matthew
Weiss, Jaime M. Weiss Realty Co., Inc., 250 Moonachie Road, Mooanchie, NJ 07074;
201-814-1800, Fax 201-814-1811; M E Osbourne Properties is selling a freestanding The Vitamin Shoppe location in OH at a Cap rate of 7.5%. The store has a 10-year lease with rent increases in the sixth year. For more information, contact Doug Lloyd, M E Osbourne
Properties; 440-796-3409; Segal Commercial Real Estate is selling an 11,500 sq.ft. Old York Furniture location on Route 202 in Ringoes, NJ for $2.3 million. Situated on 3.9 acres, the site has an average daily traffic count of 41,700 vehicles. For more information, contact Anne LaBate, Segal Commercial Real Estate, 1545 Lamberton Road, Trenton, NJ 08611; 609-394-7557 Ext. 14, Fax 609-394-6894; Email: annelb@aol.com;
Continental Realty Services is looking to acquire centers with large vacancies of at least 20,000 sq.ft. in areas with large Hispanic populations throughout AZ, CA, CO, NV, TX and UT. The company is also looking to acquire regional malls with 50,000 sq.ft. to 300,000 sq.ft. vacancies. For more information, contact Robert G. Quintero, Continental Realty Services, 1633 Old Bayshore Highway, Suite 333, Burlingame, CA 94010; 650-259-9700, Fax 650-259-9220; Email: rgquintero@aol.com. Marcus & Millichap Real Estate Investment Brokerage Co. is selling the 7,739 sq.ft. Shawn’s Trading Post situated on a land area of 34,950 sq.ft. on Old Grand in Gurnee, IL for $1.2 million at a Cap rate of 8.48%. The net operating income is $101,723. Tenants include Curves, Dada’s Cleaners, Dinner By Design, Kirby Vacuum and a management office. The average daily traffic count is 49,400 vehicles. The company is also selling The Shops of Northwind, a 20,203 sq.ft. strip center situated on a land area of 2.6 acres and located on Northwind Boulevard in Libertyville, IL, for $3.29 million at a proforma Cap rate of 10.55%. The current net operating income is negative $14,542. Sal’s Deli tenants the center. The company is also selling Eastern Shore Point, a 7,728 sq.ft. strip center located on State Highway 181 in Spanish Fort, AL. The strip center is an outlot to a 560,000 sq.ft. lifestyle center and 300,000 sq.ft. of big box retailers. Tenants include Starbucks, Verizon and Select Comfort. The asking price is $3.8 million. The company also brokered the sale of a Rite Aid location in Washington, PA for $3.8 million at a Cap rate of 7.1%. The store is located on Jefferson Avenue and was acquired in a 1031 exchange. The company represented the buyer and seller. For more information regarding Shawn’s Trading Post, The Shops at Northwind and Eastern Shore Point, contact Marcus & Millichap Real Estate Investment Brokerage Co.; 333 West Wacker Drive, Suite 200, Chicago, IL 60606; 312-327-5400, Fax 312-327-5410; Web site: www.marcusmillichap.com. For more information regarding the Rite Aid location, contact Jeffrey Algatt; 215-557-0900. Millco Investments is selling a Family Dollar location in Jacksonville, FL for $1.478 million at a Cap rate of 7.25%. The lease commenced this month and the annual rent is $107,165. Area demographics include a population of 185,500 within five miles. The company is also selling a Family Dollar store in Clayton, NJ for $1.359 million at a Cap rate of 7.25%. The annual rent is $98,500 and the lease commenced last month. Nearby draws include Rowan University. Area demographics include a population within five miles earning $77,500 as the average household income. The company is also selling a Dollar General location in Tarkio, MO for $669,677 at a Cap rate of 7.75%. The annual rent is $51,900. In addition, the company is selling an Advance Auto Parts location in Greenville, MI with a GLA of 6,888 sq.ft. and situated on a land area of 1.31 acres. Area retail includes Rite Aid, Walgreens, KFC, McDonald’s, Meijer, Blockbuster Video, Wal*Mart, Kmart, JCPenney, Wendy’s and Pizza Hut. Area demographics include a population within one mile earning $65,000 as the average household income. For more information, contact Kelly Huang, Millco
Investments, 19 South LaSalle Street, Suite 1000, Chicago, IL 60603;
312-377-7800 Ext. 106, Fax 312-377-7898; Midland Atlantic Investment acquired Parkside Square, a 166,000 sq.ft. center located at the intersection of Highway 90 and Ocean Springs Road in Ocean Springs, MS. Sav-A-Center anchors the center, which is 78% occupied and tenanted by Aaron’s Rents, Subway and H&R Block. Two outparcels will be developed on the site and will accommodate 5,000 sq.ft. and 15,000 sq.ft. of space. There is 37,000 sq.ft. available at the center for lease. For more information, contact Midland Atlantic Investment,
8044 Montgomery Road Fameco Real Estate negotiated the $1.5 million sale of a one-acre parcel located at the intersection of Broad Street and Clay Street in Newark, NJ. The company represented the buyer, DJM Realty, and the seller, YUM Brands, in the transaction. The freestanding site was formerly a KFC and will be redeveloped for an automotive use. For more information, contact Diane Weinberg, Fameco Real Estate, 633 West Germantown Pike, Suite 200, Plymouth Meeting, PA 19462; 610-834-8000, Fax 610-834-1793. Letovsky Real Estate Corp. is looking nationwide to acquire NNN single-tenant freestanding sites. The company will consider credit and non-credit deals and ground leases. For more information, contact Clifford Letovsky, Letovsky
Real Estate Corp., 1310 Greene Avenue, Suite 210, Montreal, Quebec H3Z 2B2;
514-933-4300, Fax 514-933-5430; Net Leased Investment Co. is selling net leased properties nationwide tenanted by CVS, Walgreens, automotive and tire stores, restaurants, supermarkets, fast food restaurants, banks and other retail sites. For more information, contact Bill Ellison, Net Leased
Investment Co., 120 Alexandria Boulevard, Suite 18, Oviedo, FL 32765;
407-977-2448, Fax 407-977-0775; Wellesley Real Estate Advisors is representing a client looking to acquire a triple net property with 90% loan-to-value, financing already in place for a pay-down/re-advance transaction. The buyer has $9 million available in a 1031 exchange account. For more information, contact Eric Packer, Wellesley Real
Estate Advisors, 177 Worcester Street, Wellesley, MA 02481; 781-239-1187, Fax
781-239-0288; Heim Realty, LLC is looking to acquire freestanding single-tenant buildings and strip centers throughout NJ priced at $5 million with a 7% Cap rate. The potential acquisitions must have GLAs of at least 25,000 sq.ft. For more information, contact Richard F. Heim, Heim Realty,
LLC; 973-335-7691, Fax 973-335-0466; Sperry Van Ness is selling a retail redevelopment opportunity in West Palm Beach, FL for $2.588 million. Nearby draws include a convention center. For more information, contact Shari Murriello, Sperry Van
Ness, 1645 Palm Beach Lakes Boulevard, Suite 150, West Palm Beach, FL 33401;
561-616-6262, Fax 561-616-6264; Bedore International is selling a 13,300 sq.ft. newly constructed strip center in Las Vegas-Henderson, NV for $4.25 million at a 6.25% Cap rate. The center sits on land area of 1.56 acres. For more information, contact David Howes, Bedore International, 8691 West Sahara Avenue, Suite 210, Las Vegas, NV 89117; 702-873-3100, Fax 702-873-3131. |