DETROIT — Banner Supermarket will soon expand its store in northwest Detroit. The $5.8 million project will bring the independent grocery store located at 14424 Schaefer Highway to 40,000 square feet. The expansion is a part of the Detroit Economic Growth Corp.’s Green Grocer Project (GGP).GGP aims to improve the quality of the grocery sector by assisting grocers in addressing operational and store development needs to ensure the highest-quality fresh affordable food in Detroit stores. Detroit Economic Growth Corp. is the primary economic development agency in the city of Detroit. Upon completion, the expansion project will add a pharmacy, a bakery, a hot food deli, and a seafood counter. The renovation includes a new entrance and parking lot and landscaping improvements. The store is staying open during both phases of construction. The first phase is expected to be completed in November and the second phase early next year. The store is expected to add 25 new jobs after the expansion. GGP provided a technical assistance grant and facilitated financing through Invest Detroit, Chase Bank and a New Market Tax Credit set up by Capital Impact Partners for the project.
Retail
MILFORD, OHIO — Cooper Commercial Investment Group has arranged the $2.7 million sale of Milford Shoppes, a 12,000-square-foot retail center in Milford, a suburb of Cincinnati. The property, built in 2008, is shadow-anchored by Meijer, Kohl’s and Home Depot, and is fully occupied with triple-net leases in place. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment firm. A Connecticut-based private investor purchased the property at full price, representing a 7.4 percent capitalization rate.
GLENDALE, ARIZ. – A 15,549-square-foot retail building in Glendale has sold to Wadsworth Development Group for $2.1 million. The building is located at 7650 West Bell Road. It is fully occupied by Terri's Consignment. Wadsworth was represented by Darren Pitts of Velocity Retail Group. The seller, Ariwah LLC, was represented by Sharon Reeves, Barbara Lloyd and Lane Neville of NAI Horizon.
DALLAS — UCR Investment Sales has announced the sale of three properties totalling 178,407 square feet with a combined value of $36,625,500. Cross Pointe Center is a 45,465-square-foot retail center located at 1441 North Saginaw Boulevard in Saginaw, Texas. Shops at Abilene is a 62,511-square-foot shopping center at the southeast corner of Southwest Drive and Catclaw Drive in Abilene, Texas. The third transaction is listed as confidential and is located in Fort Worth. Adam Howells, Jace Hinderland and Jessica Donnelli marketed the properties for separate ownerships.
WATERBURY, CONN., AND PITTSFIELD, MASS. — Cronheim Mortgage has secured $16 million in financing for two retail properties owned by affiliates of Phoenix Realty Management. Cronheim arranged $8 million for Phoenix Waterbury LLC to secure Waterbury Crossing, a 69,400-square-foot retail center in Waterbury. The property is 100 percent occupied by Sports Authority and PetSmart. Additionally, Cronheim arranged $8 million on behalf of Phoenix Merrill Road LLC for a two-building retail center in Pittsfield. Eight tenants, including TJ Maxx, Petco, Home Goods, Sally Beauty Supply and Planet Fitness occupy the 126,800-square-foot property. Dev Morris, Allison Moravec and Andrew Stewart of Cronheim Mortgage arranged the financings, which were both structured on a 10/30 basis.
NEW YORK CITY — Itzhaki Acquisitions has completed the ground-up development of a 14,000-square-foot retail building at 117-02 – 117-10 Guy Brewer Blvd. in Queens. Additionally, the company has fully leased the single-story building to two tenants: Family Dollar and Afro-American Parents Education Center. Family Dollar signed a 10-year lease for 9,000 square feet and Afro-American Parents Education Center leased 5,000 square feet for five years. David Feit, Esq., represented the ownership in the lease transactions. Itzhaki Acquisitions purchased the property in 2012 and demolished the existing buildings to construct the retail property.
RIVER FOREST, ILL. —Mid-America Asset Management Inc. has arranged three retail leases at River Forest Town Center in River Forest, Ill., a western suburb of Chicago. Massage Envy, Accelerated Rehabilitation and Native Foods signed leases at the property located at the corner of Lake Street and Harlem Avenue. Massage Envy signed a lease for 3,946 square feet; Accelerated Rehabilitation signed a lease for 3,077 square feet; and Native Foods signed a lease for 2,500 square. All three tenants are set to open this fall. Anchors at the 145,133-square-foot retail center include Whole Foods Market, Ulta, Petco, Walgreens and DSW. Liz Krebs of Mid-America represented the landlord in the transactions. Peter Scannell of Mid-America Real Estate Corp. represented Massage Envy. Jack Siragusa of Cushman & Wakefield represented Native Foods. Accelerated Rehabilitation represented itself in the transaction.
GARLAND, TEXAS — Westmount Realty Capital LLC has announced two new leases at the Logistics Pointe/Garland property located at 2600 McCree Road in Garland, Texas, near Dallas. The property is adjacent to Interstate 635 and includes 1.1 million square feet on a 66-acre, rail-serviced site. Calavo Growers Inc., a publicly traded provider of fresh foods, extended its lease of 149,000 square feet for an additional 15 years. H&M Bay, a provider of temperature-controlled freight solutions, signed a new 10-year lease for 67,800 square feet.
HOUSTON — Marcus & Millichap has announced the sale of 1515-1507 West Gray Street, a collection of retail properties totalling 16,000 square feet in Houston. Derek Gargrove and Justin Miller with Marcus & Millichap’s Houston office facilitated an assemblage of the properties to affiliates of Braun Enterprises. The properties are located just east of the River Oaks Shopping Center.
PALM COAST, FLA. — Atlanta-based Branch Properties LLC, in conjunction with Michael Collard Properties, plans to commence the $40.8 million redevelopment of Palm Harbor, a Publix-anchored shopping center in Palm Coast. Branch and Michael Collard purchased the 28.7-acre site from The Inland Real Estate Group in May. Plans call for an additional 50,000 square feet of new retail space at the center. As part of the expansion, Publix signed a lease for a new 53,785-square-foot store, approximately 20 percent larger than the existing store. The shopping center, which will be renamed Island Walk, will be revitalized in three phases. Phase I includes the addition of several small shop tenants and will be completed by spring 2015. Phase II includes the new Publix store and additional small shops and will be completed by fall 2015. The final phase is the addition of retail space to the east of the new Publix and will be completed by mid-2016. Construction is slated to kick off in the fall. Synovus Bank provided a construction loan for the project.