CHARLOTTESVILLE, VA. — A new Fresh Market grocery store has opened at Albemarle Square, located at 100 Albemarle Square in Charlottesville. The grand opening took place Feb. 6. Albemarle Square is located 70 miles west of Richmond, Va., along Route 29 North, and is home to a mix of local and national restaurants and retailers. Dumbarton Properties manages the property.
TULSA AND OKLAHOMA CITY, OKLA. — Stan Johnson Co. has secured the sale of two Garden Ridge stores in Oklahoma totaling $19.6 million. The properties are located at 11015 E. 51st St. S. in Tulsa and 701 S. Macarthur Blvd. in Oklahoma City. Ken Hedrick, Andrew Ragsdale and Jerry Hopkins of Stan Johnson Co. represented the seller, New York-based W.P. Carey Inc., in the transaction. The buyer was Arizona-based STORE Capital. Both properties have been fully leased by Garden Ridge Corp. since 1996. The two stores feature 11.5 years remaining of primary lease term, with four five-year renewal options.
FORT WORTH, TEXAS — NorthMarq Capital has arranged $18.25 million in first mortgage refinancing for the 200,000-square-foot Chapel Hill Shopping Center, located at Interstate 30 and Hulen Street in Fort Worth. Chapel Hill's tenants include H-E-B Central Market, The Container Store and World Market. Phillip Bankhead of NorthMarq's Dallas office arranged the 10-year, interest-only loan through a CMBS lender.
HONOLULU – A pair of Honolulu-based office buildings have sold to KZ DevCo LP for a total of $15.2 million. The buildings, which are located at 1026 & 1030 King Street, were purchased on behalf of Longs Drugs Stores. Longs plans to develop a 19,960-square-foot drugstore with a drive-thru on the sites. Construction began in April and should be complete by summer 2014. Longs also recently leased an 8,860-square-foot space at the Davies Pacific Center in Downtown Honolulu. This store is currently under construction and is scheduled to open in the fourth quarter of 2013. Finally, Longs is also completing construction on a 23,008-square-foot, free-standing drive-thru location in Waimea on the Big Island. It is scheduled to open this June. KZ DevCo also assisted with these lease negotiations and construction processes.
SALT LAKE CITY — Big O, an automotive tire distributor, has signed a lease renewal for more than 100,000 square feet at Summit Distribution Center in Salt Lake City. The 275,000-square-foot facility is located just south of the Salt Lake City Airport. The center is owned by Chambers Street Properties.
DALLAS — The Plaza at Preston Center, an upscale shopping destination located in the affluent Park Cities neighborhood in Dallas, has added new tenants and will experience expansions to existing retailers. International retailers LUBLU Kira Plastinina and Aftershock London have selected The Plaza for their flagship U.S. stores. LUBLU will occupy 1,096 square feet and Aftershock London will occupy 1,850 square feet on the ground floor of a new building currently under development. Other new tenants include Sprinkles Ice Cream and True Food Kitchen, which are both making their Texas debut with these new restaurants. Sprinkles will occupy 1,135 square feet and True Food Kitchen will occupy 4,419 square feet. Additionally, Sprinkles Cupcakes and Calypso St. Barth are expanding and/or relocating their stores in The Plaza. Calypso will occupy 3,173 square feet. Other new and/or returning retailers include Dallas jewelry maker Matthew Trent (1,600 square feet) and Bag'n Baggage (3,419 square feet). With the new additions and expansions, The Plaza is nearly 100 percent leased. Mike Geisler and Easley Waggoner of Venture Commercial represented the landlord in the lease negotiations. Rand Horowitz of First Resource Realty represented Bag'n Baggage, Zachary Porter of Retail Street Advisors represented LUBLU, Lisa Streidl of …
HOUSTON — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $5.4 million, fixed-rate acquisition loan for Edgebrook Shopping Center in Houston. Fiesta Grocery Store anchors the 69,450-square-foot property. Todd McNeill of MCA arranged the 10-year, 4.2 percent loan with a 30-year amortization schedule through a Wall Street conduit lender.
SALT LAKE CITY — Big O, an automotive tire distributor, has signed a lease renewal for more than 100,000 square feet at Summit Distribution Center in Salt Lake City. The 275,000-square-foot facility is located just south of the Salt Lake City Airport. The center is owned by Chambers Street Properties.
NORTH MYRTLE BEACH, S.C. — Burroughs & Chapin Co. Inc. has purchased the Barefoot Landing entertainment complex, which features more than 100 specialty stores and restaurants surrounding a 27-acre lake along Highway 17 in North Myrtle Beach. The purchase price was $43 million, according to The Post and Courier. The property opened in 1988 and was one of the first outdoor festival shopping concepts along the Grand Strand, a stretch of beaches extending 60 miles along the East Coast. Barefoot Landing attracts nearly 7 million visitors annually. The acquisition includes all of the buildings and land within the main complex. The three outparcels will remain independently owned, yet the entire property will continue to be marketed as one entertainment destination.
PITTSBURGH — Forest City Enterprises Inc. has acquired 100 percent interest in the Mall at Robinson and sold its interest in the Plaza at Robinson Town Center. Prior to the transaction, Forest City had approximately 72 percent interest in the mall and 50 percent interest in the strip center. The Mall at Robinson is located at 100 Robinson Centre Drive, and Plaza at Robinson Town Center is located at 15205 Park Manor Blvd. in Pittsburgh. The transaction resulted in net cash proceeds to Forest City of $7.7 million. Forest City Enterprises worked with its partner, Zamagias Properties, on the transactions.