LIBERTY, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Liberty Crossing Shopping Center, a 10,276-square-foot retail property located at 2121 Highway 146 Bypass in Liberty. Philip Levy of Marcus & Millichap represented the buyer, a private investor, and the seller, 2121 146 Bypass LLC, in the transaction. The center is currently 88 percent occupied. Workforce Solutions occupies 68 percent of the gross leasable area, and Ice Ventures leases space in Liberty Crossing’s parking lot.
LAKE OSWEGO, ORE. – Kruse Village, a 65,000-square-foot retail and restaurant center, will soon break ground in Lake Oswego. The six-building center will be located at 4591 S.W. Carman Drive. This five-acre site represents the last parcel of homestead land that is owned by the Kruse family. Construction is expected to commence later this year and should be complete by fall 2014. It will be developed by Gramor Development. Commercial Realty Advisors will oversee the leasing efforts.
ALEXANDRIA, LA. — David Cronheim Mortgage Corp. has secured $10.8 million in permanent financing for a shopping center in Alexandria. Alexandria Commons contains 185,336 square feet of space. Its anchors include Best Buy, Michaels, Old Navy, Marshalls and PetSmart. David Turley and Anna Westhoff of Croheim arranged the loan, which carries a 4.45 percent fixed interest rate for 10 years over a 30-year amortization schedule. The borrower’s and lender’s names were not released.
MINNEAPOLIS — Grandbridge Real Estate Capital has closed a $2.2 million first mortgage loan secured by 11,750 square feet of retail space in the Uptown area of Minneapolis. The retail component is part of the larger mixed-use Lumen on Lagoon project. The property also includes four floors of condominium units above the retail and underground parking below. A life insurance company provided the self-amortizing, 15-year loan, which carries a four percent interest rate. Tony Carlson originated the loan.
SHERMAN, TEXAS — United Commercial Realty (UCR) Dallas aided Office Depot in signing a 16,909-square-foot, build-to-suit lease at Sherman Commons, a 241,000-square-foot community shopping center located in Sherman. Dan Shoevlin and Carter Butler of UCR represented the landlord and Claudia Hutchinson and Myles Kelley of Realty Ventures represented the tenant. UCR Asset Services has begun construction on the property. The grand opening will be later this year. Other notable tenants at Sherman Oaks include Kohl’s, Academy Sports + Outdoors, Jo Ann Fabrics and Crafts and PetSmart.
LAKE OSWEGO, ORE. – Kruse Village, a 65,000-square-foot retail and restaurant center, will soon break ground in Lake Oswego. The six-building center will be located at 4591 S.W. Carman Drive. This five-acre site represents the last parcel of homestead land that is owned by the Kruse family. Construction is expected to commence later this year and should be complete by fall 2014. It will be developed by Gramor Development. Commercial Realty Advisors will oversee the leasing efforts.
GARDEN GROVE, CALIF. – Rachas Garden Grove LP, dba Chuze Fitness, has signed a 10-year lease for 36,000 square feet at Pavilion Plaza in Garden Grove. The plaza is located at 12145 Brookhurst Street. The lease is valued at nearly $5 million. Rachas was represented by Chad Iafrate of Cassidy Turley San Diego. The landlord, 12151 Brookhurst, LLC, was represented by Ross Melodia of Pride Property Services.
SANTA CLARA, CALIF. – A 4,926-square-foot retail building in Santa Clara has sold to an unnamed buyer for $2.1 million. It is located at 3180 El Camino Real. The property was initially built in 1969 to house a Carrows Restaurant. The restaurant held a net lease at the building through this past April. The seller, an individual/personal trust, was represented by David Ching of Marcus & Millichap’s Oakland office.
ROSEMONT, ILL. — Englewood Construction’s retail group has started construction on Ports 1961, a 2,162-square-foot luxury apparel store located within Fashion Outlets of Chicago development in Rosemont. Santa Monica, Calif.-based Montalbo Architects Inc. is designing the space. The 530,000-square-foot Fashion Outlets of Chicago will open in August. This is Ports 1961 first store in the Chicago area.
LAREDO, TEXAS — Horizon Group Properties Inc. has unveiled its plans for the development of a 350,800-square-foot outlet center to be named The Outlet Shoppes at Laredo. The center will be located at the Gateway to the Americas near Highway 35 and will open in 2015.The Outlet Shoppes at Laredo will house 80 to 90 stores, bringing an estimated 1,000 new jobs to the Laredo area as well as generating more than $130 million in annual sales.