FORT OGLETHORPE, GA. — CBL & Associates Properties, a Chattanooga-based owner and developer of malls and shopping centers, plans to develop Parkway Plaza, a 134,100-square-foot retail property in Fort Oglethorpe. Construction on the property is set for June. Parkway Plaza, which is currently 90 percent pre-leased with committed retailers such as Hobby Lobby, Marshalls, Petco, Rack Room Shoes and Ross Dress for Less, is located at Battlefield Parkway next to the Walmart shopping center. A spring 2015 grand opening is set for the new development.
Retail
WASHINGTON, D.C. — Calkain Urban Investment Advisors has arranged the sale of a net-lease investment property in Washington, D.C.’s DuPont Circle neighborhood. A private equity group acquired the 9,718-square-foot DuPont Circle Starbucks building for approximately $16.3 million. Rick Fernandez and David Sobelman of Calkain represented the seller, LaKritz/Alder Development, in the transaction. The property is fully leased.
BATAVIA, ILL. — @properties Commercial has brokered the $2.4 million sale of a 10,500-square-foot retail center at 805-820 Randall Rd. in Batavia, a western suburb of Chicago. Dan Stratis and Lee Ffrench of @properties Commercial represented the buyer, Bally Doyle, a private investment firm. Jameson Commercial represented the seller, a private investor. The property was approximately 90 percent leased at the time of the sale. Current tenants include Accelerated Physical Therapy, Delnor Medical, Cartridge World and USA Cleaners.
RICHMOND, TEXAS — Marcus & Millichap has brokered the sale of Waterside Commons, a 39,779-square-foot shopping center in the southwest Houston suburb of Richmond, for $8.9 million. Constructed in 2008, the property is located at 9825 S. Mason Road and was 96 percent leased at the time of the sale to tenants including Ace Hardware, Las Mananitas Mexican Restaurant, Waterside Dental, Strong Martial Arts and Friendship Animal Hospital. Jerry Goldstein of Marcus & Millichap marketed the property on behalf of the seller, the original developer.
CARROLLTON, TEXAS — CBRE has brokered the sale of Josey Rosemeade Shopping Center, a 14,500-square-foot retail property in the Dallas suburb of Carrollton. The unanchored strip center, located at the northeast corner of North Josey Lane and East Rosemeade Parkway, was 100 percent leased at the time of the sale and garnered 20 offers during the marketing period. Jennifer Pierson and Beth Pierson of CBRE represented the unnamed seller in the transaction. Josey Rosemeade LLC, an affiliated entity of Raywood Hasten LLC, purchased the asset.
PHOENIX — Goodwill Industries of Central Arizona has signed a 10-year lease for 31,200 square feet at South Mountain Crossing in Phoenix. The space is located at the northwest corner of Southern Avenue and 35th Avenue. Goodwill was represented by Andy Kroot of Velocity Retail Group. The landlord was represented by Neil Board of Western Retail Advisors.
INDIANAPOLIS — Fast casual chain Corner Bakery Cafe has signed a multi-unit development agreement with a new franchisee to open several restaurants in Indianapolis later this year, and more in the next six years. Last month, the company announced plans to open nine new restaurants in California's Central Valley. Corner Bakery is actively seeking to expand into new markets including Alabama, Minnesota, Missouri, North Carolina, Ohio and Tennessee.
CHICAGO — Retrofit Chicago’s Commercial Buildings Initiative has accepted Michigan Plaza, located at 205 | 225 N. Michigan in Chicago into its program. The City of Chicago initiated the program in 2012 to promote and assist properties that were identified as candidates to lower energy consumption during a five-year period by 20 percent. As part of the Retrofit Chicago program, the City of Chicago is offering incentives to participating properties, including additional access to resources, permit prioritization and the recognition of achievements through promotional marketing. The city expects to reduce energy use by 20 percent in 24 million square feet within the next five years. This is the second property managed by MB Real Estate to be accepted into the Retrofit Chicago program. In 2012, the firm announced the participation of 333 N. Michigan as well. The Retrofit Chicago program is outlined by the federal government’s strategy to reduce energy costs in buildings.
SUSSEX CO., DEL. — Two new retail businesses, Creative Floors and Wings-to-Go, have opened in Sussex County, located in southern Delaware. Creative Floors, a national flooring provider franchise, leased 1,886 square feet at the Vineyards at Nassau County on Old Vine Blvd. in Lewes. The new store is the second to open in Delaware with the other located in Newark. Wings-to-Go, a national buffalo chicken wings franchise, leased 1,560 square feet in Bayshore Plaza, a new shopping center anchored by Giant Foods in Millsboro. The store is the 10th to open in Delaware. Ann Bailey of NAI Emory Hill’s Lewes office represented the landlords in both transactions.
DENTON, TEXAS — Transwestern has brokered the sale of Denton Town Center, a 77,592-square-foot shopping center in the suburb of Denton, about 40 miles north of Dallas. The property, which includes a pair of two-story buildings, is located across from the Golden Triangle Mall, in proximity to the interchange of I-35 and Loop 288. Long-term tenants include Cici’s Pizza, Vision Works, Sleep Experts, Carter Blood Care, Jason’s Deli and the U.S. Armed Forces. Larry Jordan, Frank Bullock and Steve Williamson of Transwestern represented the seller, a family trust. Dean Flowers and Pete Flowers of Dollar-Flowers Realty Partners represented the buyer, Greenway Investment Co.