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Buyers & Sellers
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Buyers & Sellers Transwestern is selling Hurst Plaza, a 7,700 sq.ft. center located on Grapevine Highway in Hurst, TX for $1.872 million at a Cap rate of 7.6%. MetroPCS anchors the center. For more information, contact Mason Bishop, Transwestern, 5001 Spring Valley, Dallas, TX 75244; 972-774-2507, Fax 972-774-2524; Email: mason.bishop@transwestern.com. Al Taf Group of Marcus & Millichap is selling Lower Burrell Shopping Center, a 213,408 sq.ft. center situated on a land area of 17.9 acres on Leechburg Road in Westmoreland County, PA, for $6.5 million. The three-building center has 170,000 sq.ft. available and is tenanted by Dollar Tree and First National Bank of Pennsylvania. The center also includes an outparcel. Area retail includes Sherwin Williams, Eckerd, Wendy’s, Payless ShoeSource, Ponderosa, Dollar General, Fashion Bug, Jo-Ann Fabrics, Steve & Barry’s and Famous Footwear. The average daily traffic count is 25,000 vehicles. Area demographics include a population within one mile earning $55,644 as the average household income. The company is also selling Widewaters Commons, a 77,632 sq.ft. community center located in Waynesburg, PA, for $5.5 million at a Cap rate of 8.25%. The center is 94% leased and has 4,690 sq.ft. available in three spaces. Shop ‘n Save anchors the center and cotenants include Cato, Dollar Tree, Movie Gallery and Rent Way. Area retail includes Wendy’s, McDonald’s, Subway, Giant Eagle, CVS, Sears, Big Lots and Family Dollar. Nearby draws include Waynesburg College. The average daily traffic count is 26,000 vehicles with area demographics including a population within three miles earning $44,888 as the average household income. In addition, the company is also selling a JP Morgan Chase ground lease in East Rockaway, NY for $5.4 million at a Cap rate of 5.19%. Nearby draws include JFK Airport. The average daily traffic count is 15,000 vehicles. Area demographics include a population of 500,000 within five miles. For more information, contact Al Taf Group of Marcus & Millichap; 678-808-2776, Fax 770-200-1517; Email: ataf@marcusmillichap.com. Steve-Ike Realty Corp. is looking to acquire retail sites and strip malls in CT, NJ, PA and south TX for $1 million to $20 million with Cap rates of at least 8%. For more information, contact Debra Betesh, Steve-Ike Realty Corp., 57 West 38th Street, 4th Floor, New York, NY 10018; 212-398-8785, Fax 212-398-8781; Email: deb@steveike.com; Web site: www.steveike.com. Cushman & Wakefield of Georgia, Inc. is selling Haynes Bridge Village, a 101,610 sq.ft. neighborhood center located at the intersection of Haynes Bridge Road and Old Alabama Road in Alpharetta, GA. The center sits on a land area of 13.9 acres and is anchored by Publix, which occupies 55,999 sq.ft. Cotenants include Lamp & Shade City, Pak Mail, Wild Birds Unlimited, Great Clips, T-Mobile, H&R Block, GNC, Domino’s Pizza, El Azteca Mexican Restaurant, Starbucks and Brooklyn Bagel. The center has a net operating income of $1.358 million. Area demographics include a population of 166,912 within five miles earning $90,974 as the median household income. For more information, contact Kris J. Cooper and Margaret K. Caldwell, Cushman & Wakefield of Georgia, Inc., 1201 West Peachtree Street, Suite 3300, Atlanta, GA 30309; 404-853-5376/5364, Fax 404-853-5259; Emails: kris.cooper@cushwake.com and margaret.caldwell@cushwake.com. GVA Advantis is selling a McDonald’s ground lease situated on 1.118 acres in Homestead, FL for $1.8 million at a Cap rate of 5%. Located at the intersection of Southwest 152nd Avenue and Southwest 312th Street, the site is an outparcel to a Publix-anchored shopping center. Other outparcels are occupied by Walgreens, Starbucks, Community Bank of Florida and SunTrust. The NNN lease runs 20 years with four, five-year options and 10% rent increases every five years. Area demographics include a population of 103,933 within five miles earning $48,321 as the average household income. For more information, contact Brad C. Luger or Lawrence T. Randolph, GVA Advantis, 3000 Bayport Drive, Suite 100, Tampa, FL 33607; 813-342-4707/4701, Fax 813-342-4015; Emails: bluger@gvaadvantis.com and lrandolph@gvaadvantis.com. Centerplan College Square, LLC acquired a land parcel in New Haven, CT for the proposed development of Residences and Shoppes at College Square, a 706,576 sq.ft. mixed-use tower located on College Street, between George Street and Crown Street. Proto Group will handle the leasing. The project will consist of a 19-story high-rise building that will include 51,367 sq.ft. of retail space on the first and second floors and 272 luxury condominiums. The retail component will consist of lifestyle boutique retailers, including a gourmet grocery, fine dining restaurant, a health club and day spa. Nearby draws include Long Island Sound, the City Green and Yale University. For more information, contact Robert A. Landino, Centerplan Development Co.; 860-275-6874. Prudential CRES Cincinnati is selling Village Plaza, a 5,400 sq.ft. shopping center situated on 0.46 acres on Reading Road in Sharonville, OH, for $380,000 at a Cap rate of 8.3%. The 100% leased center is tenanted by Twig’s Drive Thru and CDS Signs. The company is also selling Family Dollar Shopping Center, a 25,760 sq.ft. strip center located on Reading Road in Cincinnati, OH, for $1.84 million at a Cap rate of 8.8%. The center is 90% occupied and anchored by Family Dollar, Ace Check Cashing and Real Net. For more information, contact Coldwell Banker Commercial represents several large investors and REITs looking to acquire existing retail centers with GLAs of at least 500,000 sq.ft. located in Atlanta, GA; Chicago, IL and the Austin, Dallas and Houston, TX metropolitan areas. The centers should be 70% occupied with national tenants. For more information, contact Bill R. Fritz, Coldwell Banker Commercial; 870-897-2357, Fax 870-935-4581; Email: bizmstr@suddenlink.net. Millco Investments is selling an Advance Auto Parts store in Greenville, MI for $1.734 million at a Cap rate of 7%. The site has a net operating income of $121,384 and the tenant has a 15-year NNN lease. Area retail includes Walgreens, Meijer, Wal*Mart, Wendy’s, KFC, McDonald’s, Arby’s, Rite Aid, Subway, JCPenney, Kmart and Pizza Hut. Area demographics include a population of 18,232 within five miles earning $53,994 as the average household income. For more information, contact Jordan J. Kaufman, Millco Investments, 19 South LaSalle Street, Suite 1000, Chicago, IL 60603; 312-377-7800 Ext. 103, Fax 312-377-7898; Email: jordan@millcoinvestments.com; Web site: www.millcoinvestments.com. Hilco Real Estate is looking nationwide to acquire retail and industrial properties in 1031 exchanges with Cap rates of at least 9%. The company will acquire single-tenant NNN sites, sale/leasebacks, vacant assets and any other value-added opportunities. For more information, contact Matt Darin or Josh Joseph, Hilco Real Estate; 847-504-2456/2459; Emails: mdarin@hilcorealeastate.com and jjoseph@hilcorealestate.com. |