On the Market: 5 Interesting Listings for December
This month's listings include a redevelopment-ready property in Richmond, Va.; a recently completed luxury community in Philadelphia; and other opportunities.
On the Market is a monthly department curating the most interesting recent for-sale CRE assets for less than $10 million. If you have a commercial real estate asset that you’d like to share with our readers, please email it to Associate Editor Roxana Baiceanu.
Silverado Plaza. Image courtesy of CBRE
Silverado Plaza
Location: 105 S. Houghton Road & 10352 E. Broadway Blvd., Tucson, Ariz.
Price: $8,500,000
Building Size: 77,686 square feet
Property Type: Retail
Highlights: The grocery-anchored center is almost entirely leased to Safeway and Wells Fargo and has no existing financing in place. This allows an investor to obtain a new loan at historically low rates. The Net Operating Income is estimated to grow nearly 33 percent through the lease up of vacant space.
Contact: Philip Vorhees (949-725-8521), Jimmy Slusher (949-725-8507) and Sean Heitzler (949-725-8468) of CBRE
39525 W. 14 Mile Road. Image courtesy of The Jonna Group
39525 W. 14 Mile Road
Location: Novi, Mich.
Price: $4,698,000
Building Size: 23,267 square feet
Property Type: Medical Office Building
Year Built: 2001
Highlights: The building is anchored by Henry Ford Health System and has another 10 more tenants signing the roster. It sits adjacent to Newberry Plaza and is minutes away from Henry Ford System’s West Bloomfield Hospital. The area offers dynamic retail activity and strong demographics, with 69,000 households. Among the nearby retailers are Costco, Home Depot, Target, Michael’s, PetSmart and CVS Pharmacy.
Contact: Simon Jonna from The Jonna Group. Tel. 248-415-2625
Pacific Plaza. Image courtesy of CBRE
Pacific Plaza
Location: 2550 S. Archibald Ave., Ontario, Calif.
Price: $7,242,000
Building Size: 20,259 square feet
Property Type: Retail
Highlights: Located immediately off the 60 Freeway, the property benefits from a high-traffic location and the presence of several other retailers nearby, including 24 Hour Fitness, Starbucks, Taco Bell, McDonalds, KFC and Arby’s. It is fully leased to 11 tenants of national and regional popularity such as Nutrition Zone, Sherwin-Williams Paints, Code Ninjas and Kumon Learning Center. No financing for the asset is in place.
Contact: John Read (949-725-8606), Sean Heitzler (949-725-8468) and Jimmy Slusher (949-725-8507) of CBRE
SoKo Commons
Location: 2004-20 N. 5th St., Philadelphia
Price: $8,250,000
Building Size: 32 units
Property Type: Multifamily
Year Built: 2018
Highlights: The community is located in the South Kensington neighborhood, north of NoLibs, west of Fishtown and east of Temple University’s main campus. Residents can easily commute to downtown via the Berks Station of the Market Frankford line and have access to a number of restaurants and café shops in the area. Units feature hardwood floors, recessed lighting, granite countertops and stainless steel appliances as well as a green roof. The community is going to open in spring 2019.
Contact: Berkshire Hathaway; Tel. 215-338-3200
115 N. Jefferson St., Richmond, Va. Photo courtesy of One South Commercial
115 N. Jefferson St.
Location: Richmond, Va.
Price: $5,000,000
Building Size: 38,000 square feet
Property Type: Mixed-use
Highlights: The property is a value-add opportunity located in the Richmond Arts District. It offers potential for redevelopment as a multifamily, creative office or a mixed-use project. Developers could preserve the original Mission-style façade and demolish the structure, or retain the entire building. The site is a few blocks from Virginia Commonwealth University campus and the Institute for Contemporary Art.
Contact: Ann Riley (804-723-0446), Lory Markham (804-248-2561) and Tom Rosman (804-539-3017) from One South Commercial
All information is property of the respective brokerage firms or broker.
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