OMAHA, NEB. — The Lerner Company has unveiled plans for Burlington Coat Factory to open its second store in Omaha at Eagle Run Shopping Center, located at 4004 N. 132nd St. The new store will occupy a portion of the former Kmart, which closed in December 2014. The new 40,408-square-foot store will open in spring 2017. The opening will bring approximately 50 to 100 new jobs to the Omaha community. Eagle Run Shopping Center is one of The Lerner Company’s joint venture entities.
HOLTSVILLE, N.Y. — Stalco Construction, as construction manager, has completed the expansion and renovation of H.O. Penn’s parts and service departments and retail area at the company’s 42,000-square-foot building, located at 660 Union Ave. in Holtsville. The scope of the 5,000-square-foot project included relocating the entrance of the retail and parts departments, updating the reception lobby, the demolition of preexisting offices and retail area and the installation of a new storefront-type entrance, retail section, customer support counter and a new office for the department manager. Additionally, the renovated sales floor features seven desks for sales staff and a private manager’s office. The project team included Rosebery Architectural Studio, The Maude Group, 2 Gang Electric and KK Signs.
RANCHO SANTA MARGARITA, CALIF. — Faris Lee Investments has arranged the sale of Plaza El Paseo at Rancho Santa Margarita Town Center, located at the corner of El Paseo and Alma Aldea in Rancho Santa Margarita. K&G El Paseo 1 & 2 LLC sold the property to Plaza El Paseo Center LLC for $56.6 million. Built in 2002, the 107,000-square-foot property is anchored by Bed, Bath & Beyond, BevMo and Wood Ranch BBQ. Rick Chichester, Nicholas Coo and Chris DePierro of Faris Lee represented the seller and buyer in the deal.
MONROVIA, CALIF. — Calmwater Capital has provided $19.8 million in financing to 723 EHD LLC for the acquisition and lease-up of Shamrock Center, a retail center located at 723-727 E. Huntington Drive in Monrovia. The financing consists of a $9 million senior term loan for the acquisition of the property and $10.8 million in additional potential funding for future leasing and tenant improvements. At the time of sale, the 98,000-square-foot property was 90 percent vacant due, in part, to the loss of its anchor tenant, a 70,000-square-foot Albertson’s that closed as a result of a consolidation strategy.
LAGUNA BEACH, CALIF. — Newmark Realty Capital has arranged $10 million in financing for the acquisition of Gelson Market’s in Laguna Beach. The 34,478-square-foot grocery store is located on Pacific Coast Highway. George Mitsanas and Doug Tisdale of Newmark arranged the fixed-rate, non-recourse financing for the borrower, a Beverly Hills-based developer. The 10-year loan, provided by a life insurance company, features interest-only payments during the first five years and a 30-year amortization schedule.
LOS ANGELES — RCG Ventures has expanded to the West Coast by opening a new office in Los Angeles. The company promoted Scott Tarbet to senior vice president and director of acquisitions – western region. In this role, Tarbet will oversee the new office. RCG Ventures currently owns 90 shopping centers, totaling 10 million square feet in 20 states. The company plans to acquire $250 million in value-add shopping centers.
HOUSTON — Marcus & Millichap has negotiated the sale of Inwood Forest Shopping Center, a 77,553-square-foot, Foodarama-anchored retail property at the northeast corner of Antoine and Victory drives in Houston. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, Brixmor Property Group. Goldstein also represented the buyer, a limited liability company. The grocery-anchored shopping center was built in 1985 and is 96 percent leased to tenants including UT Physicians Clinic, City Gear and Wingstop. Inwood Forest Shopping Center is located at 7320-7372 Antoine Drive.
CARROLLTON, TEXAS — The Vitorino Group has arranged the sale of Christian Brothers Automotive, a 4,790-square-foot auto mechanic located in Carrollton. James Mangum of The Vitorino Group marketed the property on behalf of the seller, a private investor from Colorado. The buyer, a Texas-based investor, was represented by an outside broker and bought the asset to fulfill a 1031 tax-deferred exchange.
EDINA, MINN. — Carlyle Realty Partners V LP has sold Centennial Shops in Edina to Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust for $32 million. The sale of the shopping center, located along France Avenue at 3825 Gallagher Drive, is the largest transaction by dollar amount for a retail property in the Minneapolis-St. Paul market so far this year. The 85,200-square-foot lifestyle center was 100 percent leased at the time of sale and includes tenants such as West Elm and the Container Store. George Good, executive vice president in CBRE’s Chicago office, and Jim Leary, senior vice president in Minneapolis, marketed the property for sale.
CLARKSBURG, MD. — Simon has opened Clarksburg Premium Outlets, a 392,000-square-foot outlet mall located at 22705 Clarksburg Road in Clarksburg, about 30 miles north of Washington, D.C. Simon developed the property in a joint venture arrangement with New England Properties and Streetscape. Retailers operating at Clarksburg Premium Outlets include a Nike Factory Store, Under Armour, Ann Taylor Factory, Banana Republic Factory, Gap Outlet, Armani Outlet, Kate Spade New York, Michael Kors, Saks Fifth Avenue OFF 5th, All Saints and Tory Burch. The property is the country’s first two-story outdoor outlet shopping center and Simon’s second LEED-certified Premium Outlet center.