PETALUMA, CALIF. – Safeway has opened a new 63,467-square-foot lifestyle store at a former Mervyns location within the Washington Square Shopping Center in Petaluma. The team of Mark Koenig, John Schaefer, Dan Wald, James Chung, Patrick McGaughey and Sam Finne of Terranomics Retail Services represented Macerich, which owns the former Mervyns space, in this transaction.
PHOENIX — Colliers International of Greater Phoenix has sold the 26-unit Metro 1 Townhomes and 64-unit Casa Nueva apartment community in two separate transactions for a combined total of $5,475,000. Metro 1 sold to Calista Real Estate, LLC for $3,375,000 from IMH. The transaction included 22 units that were acquired as fee simple and three units acquired by notes secured by the individual units. Casa Nueva was sold to California Capital Real Estate Advisors for $2.1 million from ATC Realty One, LLC. Colliers’ Bill Hahn, Jeffrey Sherman and Trevor Koskovich represented the buyers and the sellers of both transactions.
VANCOUVER, WASH. — Watumull Properties Corp. has purchased a 61,350-square-foot light industrial building in Vancouver for $3,150,000. Watumull was represented by Greg Nesting of Norris and Stevens. Brian Sullivan of Coldwell Banker Bain Commercial represented the seller, Dekas, LLC. Norris and Stevens will manage the property.
TAMPA, FLA. — EastGroup Properties has purchased a 16-property, 1.1 million-square-foot industrial portfolio, located in Tampa, from an undisclosed seller. After disposing of six non-core buildings, the company will retain 1.07 million square feet with a projected total investment of approximately $55.4 million. The core portfolio is currently 92 percent leased.
BOCA RATON, FLA. — Archstone has purchased the 252-unit Vinings at Town Center, an apartment community located at 5881 Town Bay Dr. in Boca Raton, from AEW Capital Management for $42 million. The buyer plans to renovate the amenities and units during the next year, and the property will be renamed Archstone Boca Town Center. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton office represented the seller in the transaction.
CUMMING, GA. — Choate Construction Co. has broken ground on the first phase of the $27 million Villas at Canterfield, a seniors housing community located 745 Atlanta Rd. in Cumming. The first phase includes 91 assisted living units, and the second phase will include 84 free-standing independent living villas and senior apartments. Amenities will include a library, salon, parlor, exercise room, transportation, arts and crafts room and a multi-purpose theater and presentation center. Medical Development Corp. is developing the property and The Corcoran Ota Group is the architect.
MACON, GA. — McShane Construction Co. has completed the $9.5 million redevelopment and renovation of the 100-unit Felton Homes Apartments, an affordable housing community located at Felton Avenue and Sessions Drive in Macon, for Felton Parters LP on behalf of the Macon Housing Authority. The renovation included new entryways, porches, roof lines, energy efficient windows and new siding. The interiors received low-flow plumbing fixtures, energy efficient heating and air conditioning and Energy Star rated light fixtures and appliances. The project was constructed in compliance with Enterprise Green Communities standards. HUD funded the project through the American Reinvestment and Recovery Act. Private revenue from a bond issuance and LIHTC supplemented the funding for the project. Brittain Thompson Bray Brown provided architectural services.
MORROW, GA. — DDRTC, a joint venture between DDR Corp. and TIAA, has sold the 530,000-square-foot Southlake Pavilion Shopping Center, located at 1912-1947 Mount Zion Rd. in Morrow, to U.S. Properties Group. Tenants include Ashley Furniture, Shoppers World, LA Fitness, Ross Dress for Less, hhgregg, Sears, Staples, Barnes & Noble and Old Navy. Target, The Home Depot and an AMC 24-screen theater shadow-anchor the center. CBRE represented the seller in the transaction.
GREENWOOD, IND. — KYB Americas Corp. has signed a 153,748-square-foot lease at Southpoint Business Park, located at 850 North Graham Rd. in Greenwood. Franklin, Ind.-based KYB manufactures shocks, struts and suspension components. The company will use the space to distribute products to aftermarket customers in the U.S. and Canada. Mark Bell and Sean McHale of Colliers International represented KYB in the transaction. The landlord, IDI, was represented by Doug Armbruster of IDI.
NORMAL, ILL. — TNP Strategic Retail Trust, a public non-traded REIT, has secured $10 million in financing for Constitution Trail Centre in Normal. The 5-year loan was financed through American National Insurance Co. Wally Reid of HFF arranged the financing. Construction Trail Centre is a 197,739-square-foot retail center, anchored by Schnucks Market and Starplex Cinemas.