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Buyers & Sellers
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Buyers & Sellers Raymour & Flanigan is looking to acquire sites throughout northern and central NJ, as well as Nassau, Suffolk and Westchester counties in NY and the five boroughs of New York, NY. The company prefers sites with GLAs of 35,000 sq.ft. to 70,000 sq.ft. in suburban markets and 20,000 sq.ft. to 40,000 sq.ft. in the boroughs. Sites can be second-generation space in a shopping center, standalone buildings or new construction, ground-up projects. For more information, contact Kathy Bordreau, Raymour &
Flanigan, 7248 Morgan Road, Liverpool, NY 13088; Realty World, Franklin R.E. Group is selling Bridge Pointe Plaza, a 100% leased 14,727 sq.ft. strip center in Canton, GA, for $4.75 million at a Cap rate of 7%. For more information, contact Carl V. Cooley, Realty World,
Franklin R.E. Group; 916-722-7373; Parkview Development Partners, LLC is looking to acquire sites of one to six acres in the Chicago, IL metropolitan area priced between $500,000 and $3 million. For more information, contact Parkview Development Partners, LLC, PO Box 33, Clarendon Hills, IL 60514; 630-323-9595. Eisner, Feldman & Grant, Inc. is looking to acquire large land parcels in FL from between 100 acres and 10,000 acres. The company will do joint venture or sale/leaseback deals. For more information, contact Natalie Feldman, Eisner,
Feldman & Grant, Inc.; 732-537-8283, Fax 727-942-1531; Robert H. Arnold is selling two 1,600 sq.ft. buildings on Post Avenue in Westbury, NY for $1.4 million. The sites are currently tenanted by Dunkin’ Donuts and a hair salon. The net operating income is $78,473. For more information, contact Robert H. Arnold, 38 Glen Cove
Road, Greenvale, NY 11548; 516-621-1000, Fax 516-621-1706; Reinauer Real Estate is selling a 7,365 sq.ft. former Copeland’s in Lake Charles, LA for $1.1 million. The 1.71-acre site is located at the intersection of Gerstner Memorial Drive and Dillard Loop. The site is a corner location at the entrance of a Lake Charles power center, anchored by Wal*Mart Supercenter, Lowe’s Home Improvement, United Artists Cinema, Circuit City, Academy Sports, Old Navy, Michaels, PetSmart, Home Depot and Ashley Furniture. The average daily traffic count is 42,722 vehicles. Area demographics include a population of 128,695 within 10 miles earning $37,454 as the average household income. For more information, contact Matanky Realty Group is selling Orchard Park Plaza, located in Park Forest, IL. The shopping center is anchored by a 56,000 sq.ft. Sterk’s Super Foods, which has four years remaining on its lease. Area demographics include a population of 84,485 within three miles earning $56,688 as the average household income. A 200-unit townhouse development is being built next to the center. For more information, contact James Matanky or Terri Cox,
Matanky Realty Group, 200 North LaSalle, Suite 2350, Chicago, IL 60601;
312-337-1001, Fax 312-337-5996; Stratilis, LLC is selling 11 acres in CT. The site is currently occupied by a retail/wholesale nursery. For more information, contact David Mieczynski, Stratilis,
LLC; 860-234-7435; Colliers Turley Martin Tucker is selling Shoppes of Mt. Vernon, an 11,086 sq.ft. shopping center situated on 1.86 acres in Mt. Vernon, OH, for $2.842 million at a Cap rate of 7.25%. The center is adjacent to Wal*Mart and Kmart. The company is also selling a 75,000 sq.ft. Big Kmart on Stringtown Road in Grove City, OH for $3.75 million at a Cap rate of 7.9%. The NN lease expires during 2010 and has options. For more information, contact Kevin James, Colliers Turley
Martin Tucker; 614-827-1705, Fax 614-241-4701; Allardt Enterprises is selling a 5,100 sq.ft. freestanding Tuffy Auto Service Center, located on Big Bend Road in Riverview, FL, for $2.27 million at a Cap rate of 6.5%. The net operating income is $147,600. The site has a 20-year corporate guaranteed NNN lease with two, five-year options. For more information, contact Alicia Muratori, Allardt
Enterprises, 211 South Walnut Street, Muncie, IN 47305; 765-288-8493 Ext. 211;
Fax 765-288-8496; Cresco Real Estate is selling a 33.47-acre site on Detroit Road in Sheffield Village, OH for $8.033 million. The site is tenanted by Willoway Nurseries, Inc. and has an average daily traffic count of 23,000 vehicles. Area demographics include a population of 130,243 within five miles earning $52,000 as the average household income. For more information, contact George J. Pofolk or Joseph V.
Barna, Cresco Real Estate, 3 Summit Park Drive, Suite 200, Cleveland, OH 44131;
216-525-1469/1464; The Good Group is selling a Sonic Drive-In restaurant situated on 1.8 acres in Orlando, FL for $1.2 million. The NNN lease has a 10-year term with increases every five years and two, five-year options. The primary lease term is slated to expire during 2012. 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; Coldwell Banker Commercial is looking to acquire shopping centers east of the Mississippi River with GLAs of at least 40,000 sq.ft. and priced under their appraised value. For more information, contact John M. Yatsco, Coldwell Banker
Commercial, 4615 Gulf Boulevard, Suite 118, St. Pete Beach, FL 33706;
727-456-4001, Fax 813-864-0144; Adelphia Properties is selling a 100% leased 75,000 sq.ft. shopping center, with an outlot, in IL for $7.895 million. For more information, contact George Spirrison, Adelphia
Properties; 630-455-4495, Fax 630-455-4496; The Shumacher Group is selling a 3,100 sq.ft. freestanding former Backyard Burger in Alpharetta, GA. For more information, contact Harold Shumacher, The Shumacher
Group, The Smith Co. is selling an 18,680 sq.ft. former furniture store located in Corpus Christi, TX for $375,000, or $20 psf. The site has an average daily traffic count of 24,000 vehicles. Nearby draws include a community college and regional hospital. For more information, contact Jeff Stan Johnson Co. is selling a 9,600 sq.ft. three-tenant center situated on 1.11 acres on North Longstreet Street in Kingstree, SC for $1.584 million at a 7.5% Cap rate. The center is tenanted by AutoZone and TitleMax/CheckMax. A third tenant has a one-year master lease. AutoZone operates more than 3,700 stores throughout the U.S., Puerto Rico and Mexico. TitleMax provides short-term consumer loans at its 220 stores located throughout the Southeast. CheckMax is a branch of TitleMax, providing payday loan services. For more information, contact Rod Pickney or Gill Warner,
Stan Johnson Co.; 918-494-2690; Hanley Brown Group Real Estate Advisors and Lee & Associates represented the buyer and seller in the $9.8 million sale of Mountain View Plaza, a neighborhood shopping center in Hemet, CA. The property was sold at a Cap rate of 5.82% in an all-cash transaction. Located at the intersection of East Florida Avenue and Ramona Expressway, the 54,747 sq.ft. multi-tenant neighborhood shopping center is anchored by Stater Bros., Longs Drugs and Blockbuster Video. The buyer was Jade Enterprises, LLC and the seller was Mountain View Retail, LLC. The company also negotiated the sale of several properties in CA, including: Washington Mutual in Riverside for $3.2 million; Washington Mutual in Apple Valley for $2.311 million; Garden Grove Retail Center in Garden Grove for $2.96 million; Warner Springdale Plaza in Huntington Beach for $7.55 million; College Country Center in Huntington Beach for $12.4 million; 2300 Bristol Plaza in Newport Beach for $2.535 million; Wienerschnitzel/Tastee Freez, Hungry Howie’s Pizza combination restaurant in Lake Elsinore for $2.7 million and Reseda Auto Center in Reseda for $1.825 million. Hanley Brown Group represented the seller in the $1.9 million sale of a freestanding 5,000 sq.ft. Jiffy Lube plus self-service car wash in Moreno Valley, CA. The buyer, Lavariega Family Trust, LLC, was represented by Baxley Properties. The seller was a private investor. For more information, contact Eric Werner, Hanley Brown Group Real Estate Advisors; 949-585-7678. William S. Lebo & Co. is selling a 20,000 sq.ft. freestanding former Pep Boys building, situated on three acres on North State Road 7 in Lauderdale Lakes, FL, for $3.1 million. For more information, contact Bill Lebo, William S. Lebo &
Co.; 954-476-2600, Fax 954-476-9823; Schonberger Associates, LLC is selling a Café Capri location in Hillsdale, NJ for $1.8 million. The price includes a liquor license. The restaurant can seat 98 customers. For more information, contact Sandy Schonberger, Schonberger
Associates, 615 West Mount Pleasant Avenue, Livingston, NJ 07039; 973-758-9890,
Fax 973-758-9899; MCA is selling an 80,000 sq.ft. parcel on Highway 50 South in Lake Tahoe, CA for $1.5 million. For more information, contact Bruce Mitchell, MCA, 20781
Highway 50, South Lake Tahoe, CA 96155; 510-501-9026; Children of America/Visitel Enterprises Corp. is looking to acquire NNN freestanding sites in DE, IL, MD, MI, NJ, NY, PA and VA. For more information, contact Essie Kronstat, Visitel
Enterprises Corp., 5300 West Atlantic Avenue, DeBartolo Development, LLC is looking to acquire power centers and malls in primary or secondary metropolitan markets throughout the U.S. with Cap rates of 9%. The value-added sites should have GLAs of at least 150,000 sq.ft. For more information, contact Mitchell Davis, DeBartolo
Development, LLC, 7526 East Camelback Road, Scottsdale, AZ 85251; 480-941-6961,
Fax 480-483-7375; David & Yonathen, LLC is looking to acquire sites with GLAs of up to 100,000 sq.ft. in Manhattan, Queens and Long Island, NY for up to $50 million. For more information, contact Fred Khalili, David & Yonathen, LLC, 105-05 Cross Bay Boulevard, 2nd Floor, Ozone Park, NY 11418; 516-382-8000, Fax 718-843-1456. The Prakas Group, Inc. brokered the sale of Pineapple Grille, a 4,000 sq.ft. Caribbean-infused restaurant located on Palm Trail in Delray Beach, FL. The company represented the buyer and seller. The company also completed the sale of Conine’s Clubhouse Grille in Hollywood, FL, representing the buyer and seller. The 7,300 sq.ft. full-menu sports bar is located on Sheridan Street and offers live entertainment. For more information, contact The Prakas Group, Inc.;
561-368-0003; Fickling & Co. is selling a 2.243-acre outparcel of Plantation Mill shopping center, located on Russell Parkway in Warner Robins, GA. The site can be subdivided. Area demographics include a population of 122,786 within 10 miles earning $51,016 as the average household income. The center is anchored by Sweet & Sassy and cotenanted by Classic Bottle Shoppe and Hangers. For more information, contact Ginny Wyatt or Bill Coley,
Fickling & Co., 124 Osigian Boulevard, Suite B, Warner Robbins, GA 31088;
478-971-8000, Fax 478-971-8008; Letovsky Real Estate Corp. is looking to acquire single-tenant freestanding NNN sites nationwide. The company is seeking credit and non-credit deals, ground leases, high leverage zero flow properties and sites that are 100% occupied. For more information, contact Continental Realty Services is looking to acquire centers with vacancies of at least 20,000 sq.ft. in areas with a large Hispanic population in AZ, CA, CO, NV, TX and UT. The company is also looking to acquire regional malls with vacancies of 50,000 sq.ft. to 300,000 sq.ft. For more information, contact Warren & Co. – Commercial Properties is selling two outparcels located on Race Track Road in Jacksonville/St. Johns County, FL that are approved for 20,000 sq.ft. of retail and 55,000 sq.ft. of office/medical office space. Area demographics include a population of 55,000 within five miles earning $79,000 as the median household income. Area retail includes a Publix-anchored shopping center. For more information, contact Simon S. Garwood, Warren & Co. – Commercial Properties, 9838 Old Baymeadows Road, Suite 287, Jacksonville, FL 32256-8101; 800-645-0664, Fax 866-251-6874. Midland Realty & Development sold Butterfield Centre Shopping Plaza, a 19,500 sq.ft. shopping center located on Butterfield Road in Glen Ellyn, IL, for $3.75 million. Butterfield Plaza, LLC acquired the center from Butterfield Centre Associates, LLC. Tenants include Edward Jones, Dunkin’ Donuts and State Farm Insurance. The buyer plans to renovate and re-tenant the center. For more information, contact Andrea Martini, Midland Realty & Development, One Trans Am Plaza, Suite 310, Oakbrook Terrace, IL 60181; 630-620-1500 Ext. 108, Fax 630-620-1501. Segal Commercial Real Estate is selling an Old York Furniture location on Route 202 in Ringoes, NJ for $2.3 million. The 11,500 sq.ft. site is situated on 3.9 acres and has an average daily traffic count of 41,700 vehicles. For more information, contact Anna LaBate, Segal Commercial
Real Estate, 1545 Lamberton Road, Trenton, NJ 08611; 609-394-7557 Ext. 14, Fax
609-394-6894; Park Avenue Commercial is selling a 17,000 sq.ft. strip center in Henrietta, NY for $3.2 million. The center has a net operating income of $288,000. For more information, contact Howard D. Kravetz, Park Avenue
Commercial, 649 NAI Capital Commercial represents an investor looking to do a 1031 exchange for a Walgreens or CVS location in CT, FL, NJ, NY or PA for between $3 million and $10 million. The store should have a NNN lease or be near completion and able to close by June. The company will also consider ground leases. The company is also selling a corner lot on Westwood Boulevard in Los Angeles, CA. The 13,112 sq.ft. parcel of land has two 800 sq.ft. buildings and one 5,200 sq.ft. building. The average daily traffic count is 33,000 vehicles. The company also represented the buyer in the acquisition of a 52,000 sq.ft. retail center in Palm Springs, CA for $7.1 million. The buyer, 111 Plaza Partners, LLC, sold the site to La Linda Estates, Inc., who was represented by Prestigious Properties, Inc. For more information regarding acquisitions, contact Laurence
Saper, NAI Capital Commercial; 310-532-9080, Fax 310-327-6259; Email: lsaper@naicapital.com.
For more information regarding the Los Angeles property, contact Sy Schaffel or
Cory Schaffel, NAI Capital, 1640 Sepulveda Boulevard, Suite 500, Los Angeles, CA
90025; 310-440-8500, Fax 310-440- ADI Real Estate, Inc. is selling a mixed-use development site on Lake Norman in Cornelius, NC for $10.4 million. The site is approved for 250,000 sq.ft. and could potentially allow for an additional 85,000 sq.ft. For more information, contact Lesley Williams, ADI Real
Estate, Inc., 149 Plantation Ridge, Suite 180, Mooresville, NC 28117;
704-799-4607 Ext. 204, Fax 704-662-9545; Commercial Retail Advisors is selling outparcels of 48,560 sq.ft.; 61,719 sq.ft. and 115,027 sq.ft. located at the intersection of Wilmot Road and Interstate 10 in Tucson, AZ. Tenants of the center include Quiznos, Shell, Starbucks and Carl’s Jr. Area demographics include a population within five miles earning $40,952 as the average household income. For more information, contact Linda Montani, Commercial
Retail Advisors, 2990 North Campbell Avenue, Suite 230, Tucson, AZ 85719;
520-290-3200; JBG Rosenfeld Retail sold Backlick Plaza, an 86,000 sq.ft.
community shopping center located on Backlick Road in Springfield, VA. The
company sold the property to Crow Holdings. The For more information, contact JBG Rosenfeld Retail;
301-657-0700; Excess Space Retail Services, Inc. is selling Walgreens locations nationwide, including: a 28,360 sq.ft. endcap location at Bashas Plaza, located at the intersection of Southern Avenue and McClintock Avenue in Tempe, AZ; a 1,900 sq.ft. freestanding location in Huntington Beach, CA on Garfield Avenue; a 0.6-acre site in Santa Rosa, CA on Marlow Road; a 0.8-acre site on Beville Road in Daytona Beach, FL; a one-acre site on South Cleveland Avenue in Ft. Myers, FL; a site located at the intersection of Ten Mile Road and Cherry Lane in Meridian, ID; a 0.94-acre location on Quincy Avenue in Quincy, MA; an 8,900 sq.ft. inline site on West Sherman in Muskegon, MI; a 0.66-acre site on Center Ridge Road in Rocky River, OH; a 1.36-acre site on West State Street in Bristol, TN; a 0.94-acre site on Highway 411 in Madisonville, TN and a 0.92-acre land parcel located at the intersection of 10th Street and Maple Avenue in Odessa, TX. For more information, contact Michael Burden, Excess Space
Retail Services, Inc.; 516-365-6400 Ext. 224, Fax 516-365-5125; Dickinson-Klotz is selling an 8,000 sq.ft. strip center on Edgewood Avenue in Jacksonville, FL for $550,000 at a Cap rate of 10.5%. The center consists of eight 1,000 sq.ft. units and sits on a land area of 0.67 acres. For more information, contact Jeff Klotz, Dickinson-Klotz; 904-514-1090, Fax 904-246-5333. Property Group International represents a client looking to acquire a single-tenant NNN property nationwide at a Cap rate of 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; Email: ethan@pgire.com. Income Property Advisor is selling a portfolio of two shopping centers located in the Midwest. Anchor tenants include Kmart, JCPenney and Marshalls. The portfolio is priced under $40 million. For more information, contact Norman Neinchel, Income
Property Advisor, 190 Bedore International is selling a newly constructed 13,300 sq.ft. neighborhood strip center situated on a land area of 1.56 acres in Las Vegas-Henderson, NV for $4.25 million at a Cap rate of 6.2%. The average base rent is $1.64 psf monthly NNN, or $19.69 psf NNN annually. Estimated CAM is $0.27 psf monthly. For more information, contact RJS Realty Group, Inc. sold North Palm Marketplace, a 100,621 sq.ft. shopping center situated on 24 acres on U.S. Route 1 in North Palm Beach, FL, for $18.815 million. The center, formerly anchored by Winn-Dixie, is 36% occupied and tenanted by Carrabba’s Italian Grill, Body Max Gym, Avakian’s Rugs and Sun Kong Chinese Restaurant. The company represented the seller, Wolfchase Associates, LLC, in the sale to CFO2 Palm Beach III, LP. For more information, contact Bob Sullivan or Steve Miskew, RJS Realty Group, Inc., 222 Lakeview Avenue, Suite 500, West Palm Beach, FL 33401; 561-659-9771 Ext. 105/102. Marcus & Millichap is selling Red Rock Plaza, a 38,729 sq.ft. strip center located on West El Monte Way in Dinuba, CA, for $8.735 million at a Cap rate of 6.95%. National credit tenants make up 44% of the center, including Kragen Auto Parts, Check Into Cash and Dollar Tree. The company is also selling Tributary Point, a 22,471 sq.ft. strip center located on Tributary Lane in Gold River, CA, for $7.9 million at a Cap rate of 6.7%. La-Z-Boy Furniture and Sleep Train tenant the center. In addition, the company is selling a 22,410 sq.ft. strip center located on Colusa Avenue in Yuba City, CA for $5.4 million at a Cap rate of 6.38%. The average daily traffic count is 44,500 vehicles. Jo-Ann, Pizza Hut and Sierra Central Bank tenant the site. For more information, contact Brett Christopoulos, Marcus &
Millichap, 3741 Douglas Boulevard, Suite 200, Roseville, CA; 916-677-4100, Fax
916-677-4170; Casto acquired Coddle Creek Market, a 79,720 sq.ft. neighborhood shopping center located in Charlotte, NC at the intersection of George W. Liles Parkway and Poplar Tent Road. The center is anchored by Harris Teeter and includes 30,896 sq.ft. of retail, upscale restaurants and office tenants. Nearby draws include University of North Carolina at Charlotte, University Research Park, University Hospital, Lowe’s Motor Speedway, Lake Norman and Verizon Amphitheater. Area demographics include a population of 23,000 within three miles earning $79,199 as the average household income. For more information, contact Diane Coulson, Casto;
704-892-5885; Meagher & Tomlinson is selling North Pointe Shopping Center, a 22,267 sq.ft. strip center on Live Oak Boulevard in Yuba City, CA, for $4 million. The center is anchored by Quick Stop and cotenanted by Full House Restaurant, The Look Salon and Paradise Tans. The price includes a 0.33-acre pad site. The company is also selling a mixed-use building at the intersection of 5th Street and Highway 70 in Marysville, CA for $495,000. The center has 6,400 sq.ft. of ground-floor retail and 3,000 sq.ft. on the second floor. Tenants include Sign Worx and Cingular Wireless. For more information, contact Karen Tabler, Meagher &
Tomlinson, 1007 Live Oak Boulevard, Suite A4, Yuba City, CA 95991; 530-671-0000
Ext. 18, Fax 530-671-2717; |