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Buyers & Sellers
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Buyers & Sellers Marcus & Millichap is selling 103rd Street Plaza, a 65,109 sq.ft. center located in Jacksonville, FL, for $10.8 million at a Cap rate of 7.75%. The center includes national and regional tenants, most of which have NNN leases. Also, the company’s Ontario, CA office sold a 2,100 sq.ft. Wienerschnitzel restaurant, located on Madison Avenue in Murrieta, CA, for $2.5 million at a Cap rate of 5.76%. The transaction was a sale/leaseback in which the property was leased back to the tenant under a 20-year NNN lease. The restaurant sits on a land area of 20,473 sq.ft. and has a net operating income of $144,000. The company is also selling Jackson Square, a 93% leased center located along North County Line Road in Jackson NJ. The asking price for the 32,068 sq.ft. newly-constructed center is $10.75 million with a Cap rate of 6.53%. The company also completed the $4.65 million sale of the Philadelphia Sports Club, a 21,000 sq.ft. three-story building located along 5th Street in Philadelphia, PA. The Cap rate was 4.88%. Also, the company is selling a Garden Ridge located in Houston, TX. Demographics include a trade-area with an average household income of $109,000. The tenant is bound to a NNN lease with 13 years remaining. The asking price is $11.25 million with a Cap rate of 7.17%. The Cap rate for a cash-on-cash purchase is 9.34%. For more information regarding 103rd Street Plaza,
contact Jack Holly, Marcus & Millichap, 1900 Summit Tower Boulevard, Suite 650,
Orlando, FL 32810; 407-557-3800, Fax 407-557-3954. For more information
regarding the Wienerschnitzel site, contact Kevin Boeve or Donald Emas, Marcus &
Millichap, Ontario Office, 3281 East Guasti Road, Suite 800, Ontario, CA 97161;
909-456-3400, Fax 909-456-7041; For more information regarding Jackson Square, contact
Paul Hewitt, River Drive Center 3, 611 River Drive, Fourth Floor, Elmwood Park,
NJ 07407; 201-582-1000 Ext. 1014. For more information regarding Philadelphia
Sports Club, contact Spencer Yablon, 1628 John F. Kennedy Boulevard,
Philadelphia, PA 19103; 215-557-0900. For more information regarding the Houston
property, contact Lori Schneider, 5900 North Andrews Avenue, Suite 100, Ft.
Lauderdale, FL 33309; 954- 245-3400, Fax 954-245-3410; Preferred Realty Associates is selling a 22,000 sq.ft. shopping center located in Stockbridge, GA. For more information, contact Mike Pettis, Preferred Realty
Associates; 478-960-9371; GAIA Real Estate Investments is selling a Johnny Carino’s location in Cedar Park, TX for $3.1 million at a Cap rate of 6.78%. The NNN corporate-backed lease has 13 years remaining with 1% annual increases and two 10-year options also with 1% annual increases. Area retail includes Wendy’s, Jersey Mike’s Subs, Hollywood Video, Washington Mutual, Guaranty Bank, Sonic and Bank of America. The company is also selling a newly-constructed Pizza Hut in Scottsboro, AL. The 20-year NNN lease features 10% rent increases every five years. The asking price is $1.78 million with a Cap rate of 6.75%. The company is also selling a newly-constructed Samuel’s Diamonds in Grandville, MI. Demographics include a population of 195,819 within a five-mile radius earning an average household income of $81,898. The asking price is $2.3 million with a Cap rate of 7%. The company is also selling a newly-constructed Golden Corral Restaurant located at the intersection of South Randall Road and County Line Road in Algonquin, IL. The 20-year NNN lease is subject to a 1% rent escalation after the following year and a 1.5% annual rent escalation thereafter. The asking price is $5.687 million with a Cap rate of 8%. For more information regarding the Cedar Park, TX property,
contact Erika Carlson, GAIA Real Estate Investments; 858-488-0591; For more information regarding the Scottsdale, AL, Grandvlle,
MI and Algonquin, IL proerties, contact Tom Lambotte; Fax 866-229-0490; Cushman & Wakefield is selling a portfolio consisting of
three grocery-anchored shopping centers located in upstate NY. For more information, contact Robert Griffin, Andrew Merin,
Gary Gabriel, Geoffrey Millerd or Mike d’Hemecourt, Cushman & Wakefield, 125
Summer Street, Suite 1500, Boston, MA 02110; 617-330-6966, 201-460-3358,
201-460-3352, 617-204-5927 or 617-204-4106; Fax 617-330-9499; Eshenbaugh Land Co. is selling a 4.6-acre outparcel located along County Line Road in New Tampa, FL. The asking price is $1.98 million. The company is also selling a 6.4-acre outparcel located along U.S. Highway 41/Broad Street in Brooksville, FL. The parcel is approved for a mixed-use development containing 30,000 sq.ft. of retail and 10,000 sq.ft. of office space. The asking price is $1.95 million. The company is also selling outparcels of Kings Mill, a mixed-use project that is under development situated on 28.6 acres at the intersection of State Route 60 and Mulrennan Road in Tampa, FL. The parcels, suitable for a drug store, fast food restaurant, bank and two small strip centers, range from .072 acres to 1.34 acres and are priced between $300,000 and $1.4 million. For more information, contact Bill Eshenbaugh or Nancy Surak,
Eshenbaugh Land Co., 2502 North Rocky Point Drive, Suite 675, Tampa, FL 33607;
813-287-8787, Fax 813-281-8785; Fameco Real Estate, LP is selling Scott Town Plaza, a 76,634 sq.ft. center situated on 10.37 acres in Bloomsburg, PA. The center is anchored by Tractor Supply Co. and is 88% leased. The company is also selling Upper Deerfield Plaza, a 110,728 sq.ft. center situated on 22 acres in Upper Deerfield, NJ. The company is also selling Warminster Square, an 86,971 sq.ft. shopping center situated on 10.78 acres in Warminster, PA. The center is 100% leased. The company is also selling The Shoppes at Absecon, a 7,200 sq.ft. center situated on 1.25 acres in Absecon, NJ. The center is anchored by PNC Bank and is 100% leased. For more information, contact Dan Shabel, Fameco Real Estate,
LP, 633 West Germantown Pike, Suite 200, Plymouth Meeting, PA 19462;
484-567-2356, Fax 610-834-1793; Tedeschi Realty Corp. sold a portfolio of 25 strip
centers located throughout MA to Dividend Capital Total Realty Trust for
$377 million. Among the centers sold were Tedeschi Plaza in Braintree, Kingsbury
Square in Kingston, Skaket Corners Plaza For more information, contact Tedeschi Realty Corp., 14 Howard Street, Rockland, MA 02370; 781-871-6900, Fax 781-871-6970; Email: www.tedeschirealty.com. Hanley Investment Group Real Estate Advisors represented the buyer and seller in the $16.1 million sale of Lompoc Corners, a 96,648 sq.ft. neighborhood shopping center situated on 9.04 acres at the intersection of Central Avenue and L Street in Lompoc, CA. Bascal Properties-II sold the site to a private partnership from Los Angeles, CA. The center is 100% occupied and is anchored by Wal*Mart, which was not part of the sale, and Kroger. Cotenants include Kragen Auto, Hollywood Video, Rent-A-Center, Dollar Tree, Wells Fargo Bank, Payless ShoeSource, Quiznos, Curves and Sally Beauty Supply. For more information, contact Eric Werner or Kevin Fryman, Hanley Investment Group Real Estate Advisors; 949-585-7678/7674; Web site: www.hanleyinvestment.com. Regency Centers sold a 1.35-acre parcel on Galveston Court in Woodbridge, VA to Chevy Chase Bank. The bank is slated to open this fall at the 113,000 sq.ft. center, which is anchored by Harris Teeter, Moe’s Southwest Grill and Tropical Smoothie Café. For more information, contact Don Stedham, Regency Centers; 703-442-4300; Email: dstedham@regencycenters.com. Signature Associates negotiated the sale of a one-acre parcel located along McCord Road in Springfield Township, OH. The company is also selling a 5,876 sq.ft. former Ponderosa Steakhouse located along West Saginaw Highway in East Lansing, MI. For more information regarding the Springfield property,
contact Tanya Pipatjarasgit, Signature Associates, Four SeaGate, Suite 608,
Toledo, OH 43604; 419-249-6321; Email: Jeffery Realty, Inc. brokered the $4.4 million sale of Miele Plaza Shopping Center, an 18,000 sq.ft. strip center located along Gills Lane in Iselin, NJ. Fano LLC acquired the property from Iselin Properties. For more information, contact John Lutz, Jeffery Realty,
Inc., 116 Route 22 North, Plainfield, NJ 07060; 908-668-9600, Fax 908-668-5225;
Duckworth Realty, Inc. is selling Northgate, a mixed-use redevelopment site located on North State Street in Jackson, MS, for $2.1 million. Situated on 7.77 acres, with an additional 2.64 acres that is undeveloped, the site includes a 38,306 sq.ft. commercial building and a 24,616 sq.ft. two-level office/retail facility. Area demographics include a population of 128,849 within five miles earning $54,382 as the average household income. The average daily traffic count is 32,000 vehicles. For more information, contact John Michael Holtmann,
Duckworth Realty, Inc.; 601-914-0800, Fax 601-949-7882; Gill Properties is selling a 25,300 sq.ft. center located in Memphis, TN that is 91% leased to a national credit tenant occupying 12,500 sq.ft. Area demographics include a population of 141,000 within five miles earning $90,000 as the average household income. For more information, contact Jennifer Stewart, Gill Properties, 8556 Macon Road, Cordova, TN 38018; 901-758-1100, Fax 901-751-0724. HSS Management Co. sold University Plaza, located on North University Avenue in Peoria, IL, to Baceline Investments, LLC for $11.775 million. The 133,252 sq.ft. center is tenanted by Dunham’s Sports, Hobby Lobby, FedEx Kinko’s and Blockbuster Video. Payless ShoeSource occupies a 3,057 sq.ft. freestanding site that is adjacent to an available 2.66-acre outparcel. CB Richard Ellis represented the seller. For more information, contact Michael J. Horne, HSS
Management Co., 4801 West Golf Road, Suite 200, Skokie, IL 60077; 847-677-9100,
Fax 847-677-9106; REcor Real Estate Corp. of America is selling two strip centers located in Waconia and Owatonna, MN that are 100% leased and have a combined GLA of 18,000 sq.ft. The asking price is reflects a Cap rate of 7.5% and the sites have a combined net operating income of $310,216. Tenants include Dunn Bros. Coffee, Altell, Fantastic Sams, Liberty Tax, Chinese Buffet, Citi Financial, Dojo’s Karate, Papa’s Shoe Repair and D’Vinci’s Pizza. For more information, contact Jeffrey S. Draxten, REcor Real
Estate Corp. of America, 1907 East Wayzata Boulevard, Suite 140, Wayzata, MN
55391; 952-278-2742, Fax 952-278-2744; Newmark Knight Frank is selling a portfolio including seven industrial, five retail and 10 flex buildings on 70 acres in Clark, NJ. The portfolio, with a GLA of one million sq.ft., is 97% leased and includes as tenants L’Oreal, Shop Rite, A&P and Rite Aid. For more information, contact Rich Mirliss, Hope Brodsky,
Christopher LoSapio, David Noonan or Jennifer Schwartzman, Newmark Knight Frank,
301 Route 17 North, Rutherford, NJ 10017; 201-460-5160/5110/5166 or
212-372-2268/22005; Nashville Commercial Real Estate Services, LLC is selling the Shoppes of South Rutherford, a 19,000 sq.ft. center located in Murfreesboro, TN. The project, built in two phases, features a 12,000 center that is 80% occupied and a 7,000 sq.ft. center that is 40% occupied. Area retail includes Starbucks and Wal*Mart Supercenter. For more information, contact Dominic Zabriskie, Nashville
Commercial Real Estate Services, LLC, 4560 Trousdale Drive, Suite 100,
Nashville, TN 37204; 615-727-7400, Fax 615-727-7427; Sperry Van Ness/Sentinel Realty Advisors, Inc. is selling a land parcel on 159th Street in Orland Park, IL for $7.435 million. The site is zoned retail and has an average daily traffic count of 25,000 vehicles. The company is also selling Randall Park Mall, a 163,000 sq.ft. center located in North Randall, OH. The center is anchored by Burlington Coat Factory. The asking price is $3.1 million. For more information, contact Tom Vincent, Sperry Van
Ness/Sentinel Realty Advisors, Inc., 1803 Hicks Road, Suite D, Rolling Meadows,
IL 60008; 847-963-1031, Fax 847-358-7634; Caton Commercial is selling a 1.58-acre parcel located at the intersection of Taylor Street and Old Budler Road in Romeoville, IL for $13 psf. The site can house a 15,000 sq.ft. building and has an average daily traffic count of 6,400 vehicles. Area demographics include a population of 135,299 within five miles earning $97,566 as the average household income. For more information, contact Bryan Woldman or Tricia Murphy,
Caton Commercial; 630-688-7898 or 815-260-1045; Vintage Real Estate, a division of Vintage Capital Group, LLC, acquired Hamilton Crossings Shopping Center, located at the intersection of Erie Highway and Lincoln Avenue in Hamilton, OH. The 210,000 sq.ft. center is anchored by Kmart and Marsh Supermarkets. For more information, contact Brenton Watson or Fred Sands,
Vintage Capital Group, 11611 San Vicente Boulevard, Suite 100, Los Angeles, CA
90049; 310-979-9090 or 310-820-0044, Fax 310-820-6584; CB Richard Ellis - Phoenix negotiated the $15.6 million sale of The Shoppes at Rogers Ranch, a 47,840 sq.ft. shopping center located at the intersection of 51st Avenue and Baseline Road in Phoenix, AZ. The center is anchored by a CVS and cotenanted by AutoZone and Taco Bell. Walker Family Trust acquired the center from Aspen Baseline 51, LLC. For more information, contact Katherine Haug, CB Richard
Ellis – Phoenix, 2415 East Camelback Road, Phoenix, AZ 85016; 602-735-1782, Fax
602-735-5655; Primerica Group One, Inc. is selling a 23,000 sq.ft. strip center in FL for $5.55 million. Tenanted by Starbucks, Radio Shack, Blockbuster Video and Quiznos, the site has a net operating income of $399,642. The company is also selling a freestanding building in southwest FL currently tenanted by Publix under a NN lease. The asking price is $5.7 million. For more information regarding the strip center, contact Don
Ianitelli, Primerica Group One, Inc.; 407-774-8914, Fax 407-774-9332; For more information regarding the freestanding center,
contact Lou Fabrizio or Mike Fabrizio; CB Richard Ellis is selling a 65,933 sq.ft. Wal*Mart store situated on 8.73 acres on East 16th Street in Cordele, GA for $2.9 million at a Cap rate of 9%. The absolute NNN lease is guaranteed by Wal*Mart Stores, Inc. and has eight years remaining. The tenant pays annual rent of $3.97 psf. For more information, contact Gregory M. Dalton or Claudia
Loveland, CB Richard Ellis, 1512 Eureka Road, Suite 100, Roseville, CA 95661;
916-781-4851; Universal Realty, Inc. represents a client looking to acquire one or two strip centers in a $20 million 1031 exchange at Cap rates of 7%. Preferred sites include centers with national or semi-national tenants and no big box tenants and no debt. For more information, contact Zeke Wimert, Universal Realty,
Inc.; Mack Reynolds Realty, LLC is looking to acquire shopping centers located in the Southeast priced at $2 million and up with Cap rates of at least 7%. 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 706-637-6602; Chase Development, LLC and Chase Acquisitions, LLC are looking to acquire sites from 0.5 acres to five acres throughout the Midwest. Other locations will be considered, however. Preferred sites are hard corners adjacent to big box tenants, such as Wal*Mart, Lowe’s Home Improvement, Home Depot and Meijer. For more information, contact Daniel C. Jacobs, Chase
Development, LLC and Chase Acquisitions, LLC; 317-313-3607, Fax 866-396-4218;
Blackrock Retail Property Advisors is selling a 45,600 sq.ft. freestanding Publix located at Montclair Place on Montclair Road in Birmingham, AL. For more information, contact Anthony Blanco, Blackrock
Retail Property Advisors, 5201 Blue Lagoon Drive, Suite 560, Miami, FL 33126;
305-266-7700 Ext. 204, Fax 305-266-7887; JE Capital Investments is looking to acquire sites throughout FL with GLAs of at least 10 acres that are zoned for retail, multi-family or office use. For more information, contact Joshua A. Emory, JE Capital
Investments; 305-761-3509, Fax 305-670-0228; 2020 Acquisitions, LLC is looking throughout DE, southern FL, MD, NJ, NY, PA and Washington, DC for short-term value-added strip centers, power centers and malls. For more information, contact Alice Jemal, 2020 Acquisitions,
LLC, 40 West 23rd Street, New York, NY 10010; 917-262-3900, Fax
917-262-3910; Fairfield Development is looking to acquire a one- to five-acre site located in Charlotte, Greensboro or Raleigh-Durham, NC for a national tenant. Preferred sites are outparcels with full access. For more information, contact Debbie Clark, Fairfield
Development; 972-369-0050; Coyote Management, LP acquired Alton Square Mall,
a 634,181 sq.ft. regional mall located in Alton, IL. The mall is anchored by
Macy’s, JCPenney and Sears. Demographics include a trade-area population of For more information, contact Kymberley Scalia, Coyote
Management, LP, 16475 Dallas Parkway, Suite 250, Addison, TX 75001;
972-248-9375;
For more information, contact George Spirrison, Adelphia
Properties; 630-455-4495, Fax 630-455-4496; Leading Edge Commercial Real Estate Services represented the sellers, Meridian Park South, Inc. and Lyons Park, LLC, in the sale of four parcels totaling 1.3 acres in Greenwood, IN to Hook-SupeRx, LLC, which plans to develop a CVS. Midland Atlantic Properties represented the buyer. The site is located at the intersection of Smith Valley Road and State Road 135 and CVS is slated to open this fall. For more information, contact Lori Pfeiffer, Leading Edge
Commercial Real Estate Services; 317-889-0909; Terra Realty Services is selling a planned retail project located in Hainesville, IL. The project has approvals for a 19,200 sq.ft. center in addition to two outlots. The average daily traffic count for the area is 37,700 vehicles. The asking price is $2.2 million. For more information, contact Lynn Ridley or Steve Schwab,
Terra Realty Services, 14044 Petronella Drive, Suite 1, Libertyville, IL 60048;
847-366-7116 or 847-845-8500, Fax 847-996-1073 or 847-655-6008; Charles Wayne Properties, Inc. is selling a 7,846 sq.ft. Damons Grill location situated on 2.11 acres on Bagley Road in Middleburg Heights, OH for $3.4 million at a Cap rate of 8.25%. The tenant has a 20-year NNN lease slated to expire during 2026 and pays base rent of $280,500 plus 2% annual escalations. For more information, contact Sam Nasrallah, Charles Wayne
Properties, Inc., 480 Spoonbill Lane, Melbourne, FL 32951; 321-725-0051, Fax
321-725-1075; Colliers International is selling San Jacinto Plaza, a
two-building development totaling 124,704 sq.ft. situated on 9.76 acres in
Houston, TX. The center is 17% occupied and the asking price is $7.5 million.
Demographics For more information, contact Martin O’Malley, Colliers
International, 1300 Post Oak Boulevard, Suite 200, Houston, TX 77056;
713-830-2158, Fax 713-986-4958; Henry S. Miller Commercial represents an investor looking to acquire retail properties throughout the South. The company prefers value-added properties with Cap rates of at least 7.5%. For more information, contact Kent Arnold, Henry S. Miller
Commercial; Phillips Edison & Co. is looking to acquire properties and portfolios of neighborhood and community shopping centers nationwide. The company prefers value-add properties. Recently, the company acquired 63 properties in a $600 million deal. For more information, contact John Bessey, Phillips Edison &
Co.; 800-875-6585 Ext. 1221; Jones Lang LaSalle is selling a Super Stop & Shop location in Coventry, RI. The 63,130 sq.ft. supermarket is leased through December 2026 and backed by a parent guarantee from Royal Ahold. For more information, contact James M. Koury or Nathaniel T.
Heald; 617-531-4163/4167; The Merrill Group is looking to acquire anchored shopping centers nationwide with GLAs of 300,000 sq.ft. to one million sq.ft. For more information, contact Alexander Z. Ghatan, The
Merrill Group, 5850 Canoga Avenue, Suite 650, Woodland Hills, CA 91367;
818-887-9797, Fax 818-887-6666; Colliers Arnold closed the $550,000 sale of a 38,850 sq.ft. parcel located at the intersection of U.S. 301 and Riverview Drive in Tampa, FL. Norman Properties, LLC, represented by ERA The Polo Group, Inc., acquired the property from Elmwood Holdings, LLC. For more information, contact Pat Duffy, Colliers Arnold,
17757 US Highway 19 North, Suite 275, Clearwater, FL 33764; 727-442-7184, Fax
727-449-2428; The Ridgestone Group, LLC is looking to acquire NNN properties within a four-hour drive of New York, NY for up to $10 million at Cap rates of 7.75%. Properties can be either multi-tenant centers with three to five years remaining on a NNN lease or freestanding single-tenant sites with at least 10 years remaining on a NNN lease. For more information, contact Isaac Klein, The Ridgestone
Group, LLC; 718-501-4033; |