LEVITTOWN, PA. — Levittown Partners LLC has purchased the former Giant supermarket at 4595 New Falls Road in Levittown. The 40,045-square-foot building was sold by Levittown – ARC L.P. for an undisclosed price. Situated on 4.6 acres, the property is being redeveloped into a new shopping center that will be anchored by Retro Fitness and Dollar Tree. The property has a 12,000-square-foot end-cap space and a 5,000-square-foot future pad site available for lease. Retro Fitness signed a 10-year lease to occupy a 13,000-square-foot space and Dollar Tree signed a 10-year lease for 12,000 square feet in the redeveloped building. Richard Soloff and David Dunkelman of Soloff Realty & Development represented the buyer and seller in the transaction.
Retail
ERIE, PA. — Cooper Commercial Investment Group has brokered the leasehold interest sale of a Rite Aid store located along Peach Street in Erie. A Cleveland-based private investment group purchased the 10,908-square-foot property for $1.14 million. The property is on an absolute triple-net lease structure that leaves ownership with no daily management responsibilities. Dan Cooper of Cooper Commercial represented the buyer in the transaction.
REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Mountain Grove at Citrus Plaza, a 670,000-square-foot retail, dining and entertainment district in Redlands. The project will be located at the intersection San Bernardino Avenue and Citrus Plaza Drive, just off the 210 Freeway. The first phase will include 468,000 square feet. The completed project will feature tenants like Nordstrom Rack, buybuy Baby, T.J. Maxx/HomeGoods, Hobby Lobby, h.h. gregg, Tilly’s and 24-Hour Fitness. Mountain Grove is the sister project to Citrus Plaza. The two centers will eventually offer a total of 1.2 million square feet of retail, hospitality and entertainment uses. Mountain Grove is scheduled to open next summer.
LAHAINA, HI — The Outlets of Maui has undergone a $28-million redevelopment. The 10-building, 147,000-square-foot center received new storefronts, expanded walkway overhangs, outdoor seating areas, and significant improvements to common areas and site signage. It is located on 12 acres at 900 Front Street. The outlet center is currently 91 percent leased to tenants like Michael Kors, Guess, Tommy Hilfiger, Calvin Klein, Coach, Izod, Lucky Brand, Brooks Brothers, Carter’s, Banana Republic, Gap, Adidas and Sketchers. It also includes restaurants like Hard Rock Café and Ruth’s Chris Steak House. Notable Hawaiian retailers, including Hilo Hattie, ABC Stores and Warren & Annabelle’s, also reside at the center. Watt Advisors, the commercial investment arm of Watt Companies, joined with local development partners in April 2013 to convert the aging, traditional shopping center into Maui’s first outlet center. The Outlets of Maui is one of only two outlet centers in Hawaii. Watt and its partners plan to add 50,000 square feet to the center by the end of next year.
STAUNTON, VA. — Phillips Edison-ARC Grocery Center REIT II Inc. has acquired its second grocery-anchored shopping center, the 80,265-square-foot Staunton Plaza in Staunton. Martin’s grocery store anchors the center, which also includes a Five Guys Burgers and Fries, Fantastic Sams and a gas station.
UNION CITY, N.J. — Moonachie, N.J.-based Weiss Realty Co. has brokered the sale of a Walgreens property in Union City. Located at 3333 Park Ave., the 11,000-square-foot property sold for $5.25 million. Jaime Weiss and Arnold Litt of Weiss Realty represented both the seller and the 1031 buyer in the transaction.
MIDDLETOWN, N.Y. — Colliers International has brokered the sale of The Plaza at Crystal Run at 400 North Galleria Dr. in Middletown. NorthEnd Equities purchased the 95,000-square-foot shopping center for $3.95 million. Built in 1994, the property comprises a two-story, 86,000-square-foot building tenanted by Petco and Off Track Betting; a 9,000-square-foot, free-standing building occupied by Pier 1 Imports; and a shadow-anchor Olive Garden. Jacklene Chesler of Colliers International’s Parsippany, N.J., office represented the undisclosed seller in the transaction.
LEWISVILLE, TEXAS — Cencor Realty Services will break ground later this week on the first phase of a 350,000-square-foot Kroger-anchored shopping center in the Dallas/Fort Worth suburb of Lewisville. The first phase will include space for the 123,000-square-foot grocery anchor, as well as 40,000 square feet of in-line retail space and several pad sites for restaurants. The Weitzman Group is leasing the property. Kroger is slated to open in the first quarter of 2015. Located on the southwest corner of SH-121 and Josey Lane, the center will serve the Castle Hills master-planned community and surrounding areas.
LOS ANGELES — In-N-Out Burger and Tilly’s have joined the tenant roster at the newly constructed Shoppes at Westlake Village. The 240,000-square-foot, open-air retail center is located on Russell Ranch Road in the Los Angeles submarket of Westlake Village. Other notable tenants that have recently signed onto the center include Target, Total Woman Gym + Spa, Hook Burger, Gallery Seafood and Chop House, Bowl of Heaven, All Tressed Up, Carriere, Kirk Jewelers, Olio e Limone and Jeannine’s. The center is now 80 percent leased. The landlord, Selleck Development, was represented by Stephanie Skrbin and Mike Tingus of Lee & Associates-LA North/Ventura.
FALMOUTH, MASS. — Cambridge Capital Advisors has brokered the sale-leaseback of Inner Harbor Marketplace at 77 Scranton Ave. in Falmouth. Scranton Holdings Corp. sold the 35,000-square-foot shopping center for $9.4 million to Falmouth Retail LLC. The shopping center is anchored by a Windfall Market, which executed a new 15-year triple-net lease upon close of escrow. Additionally, West Marine, which has occupied the center since 1994, exercised a 5-year lease option. Michael Scanio of Cambridge Capital Advisors represented both the seller and buyer in the transaction.