PARAGOULD, ARK. — Belk, the mid-range department store chain, is expanding and remodeling its store at the Town West Shopping Center in Paragould, located in northeast Arkansas. The $1.8 million project will add 10,000 square feet of space for a total of 48,000 square feet. The remodeling project will also include updated decor, new paint, carpet, tile aisles and lighting. The expansion will be complete in late September, prior to the store's grand reopening in October.
ALBANY, ORE. — Hobby Lobby has finally entered the Oregon market. The arts and crafts chain recently leased a 61,000-square-foot outpost at the Heritage Mall in Albany. It will occupy the former Gottschalks building. Hobby Lobby is expected to open in the first quarter of 2014. It will join fellow mall tenants such as Target, Sears, Ross Dress for Less, Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works. The mall is owned by Vintage Real Estate. It is currently undergoing a renovation and repositioning.
MOBILE, ALA. — Deerwood Real Estate Capital has arranged a $20.7 million nonrecourse loan for the acquisition of a 381,000-square-foot power center in Mobile. The center is 80 percent leased. Rafi Frankel and Mark Silbersher of Deerwood arranged the 10-year loan, which includes two years of interest-only payments, followed by a 28-year amortization schedule.
CHICAGO — Ascend Real Estate Group, Team4 Development LLC and Intercontinental Real Estate Corp. have broken ground on The Madison at Racine, a nine-story, 216-unit luxury apartment midrise in downtown Chicago. The multifamily property is located at the northwest corner of Madison Street and Racine Avenue in the West Loop. The real estate firms formed a joint venture with the Intercontinental US REIF fund to develop the project. The building will include one- and two-bedroom units, 227 parking spaces and 10,000 square feet of ground-floor retail space. The first residential occupancies are scheduled for fall 2014. FitzGerald Associates Architects designed the building.
NEW YORK CITY — Manhattan-based commercial real estate owner Hidrock Realty has acquired 512 Broome St., a single occupancy retail building, for $2.8 million as part of a 1031 tax deferred exchange. The property, which is located off of West Broadway in New York City’s SoHo neighborhood, includes 1,100 square feet of ground-floor space and 1,000 square feet of basement space. Michael Rothstein and Eleas Mathios of Marcus & Millichap represented both Hidrock and the seller, RHS Ventures, in the transaction.
BELLEVUE, WASH. – The Marketplace at Factoria, a 510,000-square-foot shopping center in Bellevue, has sold to Kimco Realty Corp. The company had maintained a 50 percent ownership interest in this property before acquiring its joint venture partner’s ownership interest. The center is 94.3 percent leased to tenants like Walmart, Target, Nordstrom Rack, TJ Maxx, Petco, DSW Shoe Warehouse, Old Navy, Rite Aid and Safeway. The transaction was based on a gross value of $130.7 million.
LAS VEGAS — The Grand Canal Shoppes inside Las Vegas’ Venetian and Palazzo resorts has sold to a partnership between General Growth Properties (GGP) and TIAA-CREF for $410 million. The shops are 99 percent leased and contain a total of 774,000 square feet throughout both resorts. GGP had owned 100 percent of the property prior to this transaction. Both companies will now have a 50-50 share, though GGP will continue to provide management and leasing services.
LOUISVILLE, KY. — Granite City Food & Brewery Ltd. plans to open a new location in Louisville. The company signed an agreement to buy 2.5 acres along South Hurstbourne Parkway in the Vinings development. The new Granite City Food & Brewery will be the chain's 31st restaurant and will feature a contemporary, upscale design. The site is located one-half mile from the University of Louisville's ShelbyHurst Campus and is east of two regional malls — Mall St. Matthew's and Oxmoor Mall. The restaurant is slated to open in spring 2014 and will include a wrap-around bar, exposed kitchen and central wood-fired pizza oven. The company also entered a sale-leaseback agreement to sell the restaurant building and land to Store Capital upon completion of the building.
BELLEVUE, WASH. – The Marketplace at Factoria, a 510,000-square-foot shopping center in Bellevue, has sold to Kimco Realty Corp. The company had maintained a 50 percent ownership interest in this property before acquiring its joint venture partner’s ownership interest. The center is 94.3 percent leased to tenants like Walmart, Target, Nordstrom Rack, TJ Maxx, Petco, DSW Shoe Warehouse, Old Navy, Rite Aid and Safeway. The transaction was based on a gross value of $130.7 million.
LAS VEGAS — The Grand Canal Shoppes inside Las Vegas’ Venetian and Palazzo resorts has sold to a partnership between General Growth Properties (GGP) and TIAA-CREF for $410 million. The shops are 99 percent leased and contain a total of 774,000 square feet throughout both resorts. GGP had owned 100 percent of the property prior to this transaction. Both companies will now have a 50-50 share, though GGP will continue to provide management and leasing services.