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.
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.
SEATTLE — Queen Anne Marketplace, a 70,000-square-foot shopping center in Seattle, has sold to a joint venture between Weingarten Realty Investors and Bouwinvest for an undisclosed sum. The center is located at 604 1st Ave. North. It is anchored by Metropolitan Market. The joint venture is hoping to invest about $275 million in high-quality community and neighborhood shopping centers that are anchored by market-dominant retailers. This is the joint venture’s first acquisition.
MIAMI — Marcus & Millichap has completed the sale of a retail building located at 2121 Biscayne Blvd. in Miami for $17.38 million. Staples occupies the building on an 15-year net lease that began in 2008. The property is certified LEED-Gold and is zoned for up to 36 stories of future development. Alvin Mansour of Marcus & Millichap’s San Diego office partnered with Alex Zylberglait and Ryan Shaw of the firm’s Miami office to represented the seller, 2121 Biscayne Blvd. LLC, as well as the undisclosed buyer.