Bennett's Blog

Shopping Center Listed For Sale in Grove City, Ohio

2008-09-24T09:23:21Z

Bennett Group Marcus & Millichap has been retained to list for sale the Shoppes at Grove City in Ohio. The 24k square foot center is listed at $7,831,000 and has very attractive assumable financing.

– Sep 23, 2008 – Marcus & Millichap is pleased to present for sale the Shoppes at Grove City in the growing Columbus suburb of Grove City, OH.

This 24,207 SF shopping center is a perfect opportunity for an investor to acquire a stable asset at 91 percent occupancy, with strong leasing history, in one of the major retail corridors in the Columbus, OH metro area. With an extremely strong tenant base consisting of mostly national tenants (Verizon Wireless, Saturday's, Check 'n Go, Panda Express Ground Lease) coupled with the regional tenant base the Shoppes at Grove City is a very attractive retail asset.

Built in 2005, the Shoppes at Grove City is located in a prime retail location. Located adjacent to the 800,000 square foot Parkway Centre, the Shoppes at Grove City is surrounded by retailers such as Home Depot, Dick's Sporting Goods, Best Buy, Kohl's, Wal-MArt Supercenter, TJ Maxx, Starbucks and more.

The investment also features attractive assumable financing which allows an investor to realized double digit cash on cash returns Year 1.
/08
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2008 Marcus & Millichap

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The Bennett Group of Marcus & Millichap specializes in selling shopping centers and small office buildings throughout the Midwest.

The Bennett Group of Marcus & Millichap Gears Up for First Thursdays

2008-08-25T14:42:00Z

Aug 25, 2008 - Each quarter the Bennett Group of Marcus & Millichap hold their First Thrusday's Event. This quarter it will take place on October 9th, 2008 at 7PM. This event is targeted at Commercial Real Estate Investors in the Midwest area. Most invitees are from the Chicagoland area or NW Indiana area.

This is an informal event where attendees can hold an informal round table discussion about events and happenings in the industry. 10-15 people are selected for the complimentary, dinner and drinks, invite only event.

Previous attendees include the Cloverleaf Group, Gateway Builders & Properties, The Crown Group, Interra Development Partners, Baum Realty, Martin Capital Group, Walton Street Capital, Ruttenberg Companies, Vision Realty Partners, The Bradford Real Estate Companies, Vernick Associates, Craig Yale Associates, and others.

If you would like to be considered to receive an invitation please email event coordinator W. Walker Robinson Jr. at wrobinson@marcusmillichap.com. Please include all your current contact information.

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The Bennett Group of Marcus & Millichap specializes in selling shopping centers and small office buildings throughout the Midwest.

Two of Indiana’s One National Bank Properties Change Hands

2008-08-25T10:16:24Z

August 25, 2008

Marcus & Millichap Real Estate Investment Services recently brokered the sale of two One National Bank (ONB) properties, located in Bicknell and Portland, IN, for $1,145,000 and $621,820 respectively.

ONB in Bicknell and Portland, IN boasts corporate guarantees by Old National Bancorp who recorded $652M in Net Worth and holds an S&P rating of BBB (Investment Grade). The leases are absolute triple net, with no management responsibilities whatsoever. These very attractive investment opportunities sold at 98% of the list price.

W. Michael Bennett, Associate Vice President Investments and John Glass, Senior Vice President Investments were listed as agents for the transaction.

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Oleander Point in North Carolina Listed For Sale

2008-08-25T10:14:56Z

August 25, 2008

Marcus & Millichap Real Estate Investment Services recently listed Oleander Pointe Shopping Center in Wilmington, NC for $5,250,000.

Oleander Pointe is a 20,885 Square Foot retail center shadow-anchored by Toys R' Us (not included in the sale). It’s 95% occupied with a strong mix of regional and local tenants including Alltel Cellular, Vision Works, Caproni’s Deli, Hair Pointe, and Columbia Beauty. The property was built in 1990 and the roof carries a warranty from Firestone through March of 2010. All tenants reimburse for Taxes, Insurance, CAM and Management Fee (15% of CAM). Several tenants have annual rent increases, and several tenants recently renewed at this location.

Oleander Pointe is located at the signalized intersection of Oleander Drive and South College Road (82,000+ Cars Per Day). It’s 1-mile from Independence Mall (Dillard’s, JC Penney, Sears) and less than 2-miles from the campus of UNC-Wilmington (11,000 students). The area is densely populated with more than 121,000 people within five miles of the property.

W. Michael Bennett, Associate Vice President Investments and Andrew Margulies, Agent, of the Chicago Downtown Office have listed the property. For more information please call 312-327-5415

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Current Commercial Property Listings in Midwest

2008-08-21T11:26:28Z

National City • 4715 Indianapolis Boulevard • East Chicago, IN

SALE PENDING

Price	$875,000
Down Payment	$875,000 (100%)
Rentable Square Feet	3,998
CAP Rate	6.29%
Lot Size	0.72 acres
Year Built	2003
No. of Locations	Over 1,400
Lease Type	Ground Lease

Lease Term	20 Years
Lease Expiration Date	1/1/2023
Increases	10 Percent
Options	Four Five-Year Options
Sales	$12.9 Billion
Lease Guarantor	Corporate Guarantee
Ownership	Public

This investment opportunity is a corporately guaranteed NNN 15 year ground lease in East Chicago, IN. The AAA credit rated National City occupies a free standing 4,000 square foot building with drive through

McKelvey Center • 12187 St. Charles Rock Road • Bridgeton, MO

Price	$2,410,000
Down Payment	$602,500 (25%)
Gross Leasable Area	11,726
Price/Square Foot	$205.53
CAP Rate	7.00%
Lot Size	1.31
Year Built	2005

The Mckelvey Center is a brand new shopping center with national credit tenants such as Autozone (BBB+), Verizon Wireless, and Edward Jones. The property shares the intersection with a Kohls and Target anchored shopping centers.

Rusty Road Shopping Center • 4121 Elm Park • St. Louis, MO

Price	$3,050,000
Down Payment	$762,500 (25%)
Gross Leasable Area	10,056
Price/Square Foot	$303.30
CAP Rate	7.60%
Lot Size	1.02
Year Built	2006

The Rusty Road Shopping Center is a brand new 100% leased shopping center in St. Louis Missouri that is situated on the outlot to a Costco and Target. The property boasts a tenant roster of national such as AT&T, Lenny's Sub Shop, and Teacher Lounge.

1250 South Michigan Avenue • Chicago, IL

Price	$6,200,000
Down Payment	$6,200,000 (100%)
Gross Leasable Area	9,388
Price/Square Foot	$660.42
CAP Rate	6.08%
Lot Size	36,693 SF
Year Built	2005

Marcus & Millichap is pleased to offer a fee simple street level retail space on historic Michigan Avenue.

Fenton Shopping Center • 645 Gravois Road • Fenton, Mo

SALE PENDING

Price	$1,530,000
Down Payment	$382,500 (25%)
Gross Leasable Area	10,910
Price/Square Foot	$140.24
CAP Rate	9.28%
Lot Size	.95
Year Built	1956

Major Tenants	Kentucky Fried Chicken
	Wallpaper Paint & More
	Fenton Chiropratic
	Doctor Johns

Marcus & Millichap is pleased to present for your acquisition review the Fenton Shopping Center, in Fenton Missouri.

Festus Pointe • 1300 Veterans Drive • Festus, MO

Price	$3,240,000
Down Payment	$972,000 (30%)
Gross Leasable Area	14,952
Price/Square Foot	$216.69
CAP Rate	7.28%
Lot Size	1.5
Year Built	2007

Major Tenants	Cecil Whitakers
	Sprint
	JD Nails
	Pro Rehab
	Jimmy John's

Marcus & Millichap is pleased to offer sale Festus Pointe Shopping Center, a brand new 14,952 SF shopping center located in Festus Missouri.

The Shoppes of New Philadelphia • 513 Mill Road • New Philadelphia, OH

PRICE REDUCED

Price	$3,094,000
Down Payment	$966,300 (30%)
Gross Leasable Area	15,165
Price/Square Foot	$212.40
CAP Rate	6.98%
Lot Size	1.5 Acres
Year Built	2007

Major Tenants	Cici's Pizza
	Verizon Wireless
	American Gen'l Finance
	Great Clips
	UPS
	Vacant
	Common Area Space

Marcus & Millichap is pleased to offer for sale The Shoppes of New Philadelphia, a new high quality constructed 15,000 Square Foot multi-tenant retail strip.

The Shoppes of Ashland • 1443 Claremont Avenue • Ashland, OH

Price	$1,019,000
Down Payment	$305,700 (30%)
Gross Leasable Area	4,200
Price/Square Foot	$242.62
CAP Rate	8.25%
Lot Size	19,200 S.F
Year Built	2006

Major Tenants	Verizon Wireless
	Cashland Financial Services

Marcus & Millichap is pleased to offer for sale the Shoppes of Ashland in Ashland, OH.

Dodge Street Commons • 3431 Dodge Street • Dubuque, IA

Price	$3,945,000
Down Payment	$1,183,500 (30%)
Gross Leasable Area	10,400
Price/Square Foot	$379.33
CAP Rate	7.75%
Lot Size	1.644 Acres
Year Built	2008

Major Tenants	Aspen Dental
	Verizon Wireless
	Eye Mart Express

The Shoppes at Flint Shopping Center • 3540 Miller Road • Flint, MI

Price	$2,047,000
Down Payment	$614,100 (30%)
Gross Leasable Area	5,412
Price/Square Foot	$378.23
CAP Rate	8.25%
Lot Size	N/A
Year Built	2008

Major Tenants	Aspen Dental
	T-Mobile

The Shoppes of Flint is a 5400 Square foot two tenant shopping center in the heart of Flint, Michigan's most prominent retail corridor.

1250 S. Michigan Ave.| 6 Retail Spaces | Just Listed | 100% Occupied | $6,200,000

2008-06-25T11:23:33Z

100% Leased Shopping Center | Bridgeton, MO | $2,410,000 | 11,726 SF

2008-05-23T13:42:19Z

100% Leased Shopping Center | St. Louis, MO | $3,152,000 | 10,056 SF

2008-05-23T13:38:07Z

Difficulty Selling your Retail Property?

2008-05-12T16:59:23Z

Do you currently own commercial real estate that you are having a difficut time selling?

Let the Bennett Group of Marcus & Millichap help!

Top 10% of the 1,400 M&M agents

Top 20 Agent in the National Retail Group

Company Sales Award 2005,2006,2007

Chicago Association of Realtors 2007 Investment Broker of the Year

What can the nation's largest real estate investment services firm do for you?

Provide access to the industry's largest pool of qualified private and institutional retail investors
Close more retail transactions annually than any other firm
Deliver a national marketing platform backed by local market expertise and superior transaction knowledge
Drive value for retail investors with industry-leading research and top advisory services

Contact us today for a personalized market assessment.

Ideal time to evaluate risk vs. reward scenarios for property
Ideal time to ecaluate long-term investment vs. sale
Evaluate product type shift, geographic shift, value-add strategy, product quality upgrade

New 2008 May Listings

2008-05-08T11:33:37Z

Sale-Leaseback Transactions for Commercial Real Estate

2008-04-28T15:48:36Z

What is a Sale-Leaseback?

In a sale-leaseback transaction, an owner/user decides it would be beneficial to lease the space it currently occupies and owns, rather than continuing to own it. The property is marketed to an investor who agrees to lease the space back to the selling entity.

Benefits of a Sale-Leaseback Transaction

Improved Balance Sheet- By selling appreciated real estate, a long-term liquid asset can be replaced with a liquid asset (cash). In addition, a mortgage appears on the balance sheet as a liability, while an operating lease does not.
Improved Income Statement- The real estate sale can reduce the negative impact of depreciation and interest on your income statement
Access to Capital- The equity received from the transaction can be deployed in core operations that yeild higher returns than appreciation of real estate. The proceeds also can be used to pay down debt.
Improved Stock Value- An increase in liquid assets and a reduction in debt can project a better financial picture and result in increased stock value for a public company.
Better Access to Long-Term Capital Markets- With an improved balance sheet and income statement a company can inprove its credit status.
Favorable Rent Payments- The lease payment may prove relatively inexpensive compared to the return the company gets on the sale of the property
Tax Benefits- By leasing its facility, a firm can write off its entire rent payment, rather than just the interest portion of a mortgage payment.
Maintain Control- The lease agreement can be structured so that the tenant maintains full operating control over the space it occupies
Property Management- By selling its real estate and leasing it back from the new owner, a company may elect not to manage the property in an effort to free up time, energy, and capital resources.

PetsMart For Sale | East Peoria, IL | $5,196,000 | 19,868 Square Feet | NN 10 Year Lease

2008-04-27T22:54:08Z