MINNETONKA, MINN. — Marcus & Millichap has arranged the sale of a 38,096-square-foot retail property in Minnetonka, a southwestern suburb of Minneapolis, for $6.2 million. Glen Haven Center was 100 percent occupied at the time of sale and is located at 14400 Excelsior Blvd. Sean Doyle, Cory Villaume, Matthew Hazelton, AJ Prins and Brian Klancke of Marcus & Millichap worked in conjunction with two other brokerages to close the transaction. Both the buyer and the seller are undisclosed limited liability companies.
BEDFORD, TEXAS — Marcus & Millichap has arranged the sale of Shops at Cheek Sparger, a 27,413-square-foot, multi-tenant retail property located in Bedford. Bill Jordan of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Jordan also secured the buyer, a private investor. Shops at Cheek Sparger is located at 3700 Cheek Sparger Road. The project was developed in three phases and is 94 percent occupied.
BEAUMONT, TEXAS — NAI Wheeler has changed its name to Wheeler Commercial. This change represents a DBA (Doing Business As) change only. KenWheel Inc. remains unchanged. The president of the company, Lee Wheeler, has been serving southeast Texas for more than 16 years and has been in the commercial real estate business for more than 18 years. The structure and personnel of the company has not changed. Wheeler Commercial specializes in commercial real estate and brokerage services including sales, leasing, consulting and property management.
BROOKHAVEN, PA. — Maple Shade, N.J.-based Retail Sites LLC has broken ground on The Shoppes at Brookhaven, a 25-acre shopping center located in Brookhaven. The 155,000-square-foot center will be occupied by a 67,000-square-foot Giant Food, as well as LA Fitness, Starbucks Coffee, Smashburger, Pet Valu, Hair Cuttery, Mavis Tire, Sport Clips and a Pennsylvania Wine and Spirits Store. The $33 million shopping center is slated to open in fall 2016. As part of the development, the Borough of Brookhaven will receive more than 10 acres of new public recreation land and will receive a new baseball field valued at more than $700,000. The project will generate in excess of 235 new full-time jobs and 225 additional jobs during the development and construction of the site.
DALLAS — Steve Jarvie has joined E Smith Realty Partners as president. Jarvie will lead the growth initiative for Dallas tenant representation services and will serve on the company’s executive committee, assisting with strategic direction for the company. Prior to joining E Smith Realty, Jarvie served as executive vice president at Jones Lang LaSalle (JLL) and The Staubach Co., focusing on the development of new business and management of client transactions. Jarvie has accounted for more than 10 million square feet of leases during his career. Jarvie earned his Bachelor of Arts degree from Baylor University in Waco.
CLIFTON HEIGHTS, PA. — New York Life Real Estate Investors has acquired Home Depot Plaza, a shopping center located in Clifton Heights, an infill suburban submarket of Philadelphia. The property sold for an undisclosed price. The 299,634-square-foot grocery-anchored center was 98 percent occupied at the time of sale. Tenants include The Home Depot, Acme Supermarket, Modell’s and Petco.
CLINTON TOWNSHIP, PA. — Bennett Williams Realty Inc. has arranged the sale of a retail property located at 2020 State Route 54 in Clinton Township. SRI Gopal Properties LLC purchased the 9,100-square-foot property from MDC Development LP for $1.4 million. Chad Stine, Brad Rohrbaugh and Adam Hagerman of Bennett Williams Realty represented the seller in the transaction.
CHARLOTTE, N.C. — Developers Crosland Southeast and Childress Klein have added two new retailers to the 90-acre Waverly development located near the intersection of Providence and Ardrey Kell roads in south Charlotte. CycleBar, an indoor cycling fitness studio, will lease 3,246 square feet, and PetPeople, a pet foods and supplies retailer, will lease 4,900 square feet. CycleBar plans to reach 100 locations by the end of 2016, with eight planned for the Charlotte metro area. In addition to the Waverly location, PetPeople, which currently operates 28 stores in the Midwest, is adding a location in Cornelius, N.C. Whole Foods Market will anchor Waverly’s 250,000-square-foot retail portion. The development will also feature the 375-unit Solis Waverly apartment community and 150 single-family homes and townhomes.
DES PLAINES, ILL. — Associated Bank has completed a $19.3 million loan for the land acquisition and construction of a Mariano’s Fresh Market grocery store in Des Plaines, approximately 20 miles northwest of Chicago. Golf Road Ventures LLC, a joint venture of Abbott Land and Investment Corp. and WBS Equities, is the borrowing entity. When complete, the 73,317-square-foot store will be located at 10 E. Golf Road. Construction will begin this spring and completion is slated for the spring of 2017. Working with the Illinois Department of Transportation, Golf Road Ventures is funding over $1 million in improvements to the traffic intersection, including the addition of a turn lane and traffic signals. Working with the Des Plaines Park District, the developer is also contributing approximately $750,000 toward road, parking and field improvements for nearby Blackhawk Park.
The retail market for Louisville has continued to improve over the past year. New ground-up developments, which have been virtually nonexistent the past five years, are now open for business. Vacancy rates are falling, new tenants are entering the market, and retail investment sales continue to be in high demand. The $2.5 billion Louisville- Southern Indiana Ohio River bridges project is on track for a 2016 opening. New developments in downtown and northeast Louisville, as well as Southern Indiana, are looking to capitalize on the new infrastructure. GBT Realty is looking to expand its presence in the market with a proposed 220,000-square-foot joint venture project across the river in Jeffersonville, Ind. The site is located within in the 170-acre master-planned Jefferson Town Center on Veterans Parkway. Menards is opening a new 200,000-square-foot property this fall across the street from GBT’s proposed development. In addition to GBT Realty’s newly opened Middletown Commons and Jefferson Commons in Louisville, the three projects are from developments that were planned before the Great Recession and now have new life. The Outlet Shoppes of the Bluegrass, located in Simpsonville, Ky., has been a major success since opening in late 2014. After just six months, an expansion …