DELRAN, N.J. — Party City has signed a 10,126-square-foot lease at Millside Plaza, located at Route 130 and Haines Mill Road in Delran. Party City joins tenants such as Rite Aid and Panera Bread at the 77,583-square-foot center. Rob Samtmann of Equity Retail brokers represented the tenant in the transaction. Kimco Realty is the property owner.
DENTON, TEXAS — Cadence McShane Construction Co. has been selected to renovate and construct the final phases of the approximately 765,000-square-foot Golden Triangle Mall, located at Interstate 35 East and Loop 288 in Denton. The new construction includes renovating the food court, renovations to retail spaces and modifications to the mall's entrance and parking lots. The community's anchors include Dillard's, Macy's, JC Penney and Sears. GTM Development Ltd. is the owner of the mall, which features more than 70 retailers. C.M. Architecture is providing design services for Phase II and Brockette/Davis/Drake Inc. is providing civil engineering services for Phase III. Cadence McShane will conduct most of the construction work after the close of business hours.
SAN LUIS, ARIZ. — The San Luis Shopping Center, a 40,256-square-foot, multi-tenant shopping center in San Luis, has sold to an entity of SimonCRE for $2.2 million. The center is located on the U.S. border with Sonora, Mexico. It is shadow-anchored by a Super Wal-Mart and boasts a 61 percent occupancy rate. Other notable tenants include Dollar Tree, Rue 21, The Shoe Depot and Sally Beauty Supply. The seller, CRM Mid-Atlantic Properties, was represented by Andrew Fosberg and Steve Fernandez of CBRE’s Phoenix office.
ALBANY, ORE. — Vintage Real Estate LLC has acquired the 406,500-square-foot Heritage Mall, an underperforming shopping center in Albany, from a consortium of lenders for an undisclosed sum. Albany is one of the fastest growing cities in Oregon.A major shopping destination for the city and Linn County, Heritage Mall features 52 major retailers, boutiques and restaurants. Among the retailers are Target, Sears, Ross Dress for Less and Old Navy, Maurices, rue21, Zumiez, Famous Footwear, GameStop and Bath & Body Works.Heritage Mall is located on 33 acres west of Interstate 5 and just north of Corvallis, home of Oregon State University and its more than 26,000 students. The mall, which opened in 1988, was remodeled in 2006 and currently is 50 percent occupied. This transaction removed $38 million in debt from the property.
LOS ANGELES — Westwood Center, a 34,136-square-foot shopping center in Los Angeles, has received $5.5 million in financing. The center is located at 2180 Westwood Blvd. It is fully occupied by tenants such as Subway, Fast Frame, Beauty Supplies and MB Nails. The seven-year loan was used to refinance existing debt. It boasts a 5 percent fixed interest rate. The loan was arranged for Westwood Center, LLC by HFF’s James Fowler.
HOLLY SPRINGS AND CARY, N.C. — CBRE/Raleigh has finalized a co-leasing agreement with Kite Realty Group to lease Holly Springs Towne Center, a 545,000-square-foot regional shopping center in Holly Springs, and Parkside Town Commons, a 572,000-square-foot mixed-used development in Cary. Kite Realty Group owns both retail developments. Holly Springs Towne Center is under construction and includes tenants Target, Dick’s Sporting Goods, Marshalls, Michaels and Petco. Target and other retailers are expected to open in March. Parkside Town Commons will break ground this spring and will be anchored by Target and Harris Teeter. Charlie Coyne, Reagan Crabtree, Spencer Borders and Lisa Dorminey of CBRE/Raleigh will handle retail leasing for both developments.
RALEIGH, N.C. — The 183,500-square-foot Falls Village Shopping Center has sold in Raleigh for an undisclosed price. Anchor tenants include TJ Maxx, HomeGoods and Dollar Tree. Casey Rosen and Mike Burkard of CBRE’s National Retail Investment Group represented the seller, an affiliate of Greensboro, N.C.-based Bell Partners Inc. A joint venture between New York-based DRA Advisors LLC and Atlanta-based RCG Ventures LLC purchased the retail property, which was built in 1973 and renovated in 2002.
MINNEAPOLIS, INDIANAPOLIS AND MIDLOTHIAN, ILL. — Viking Partners has acquired three shopping centers in the Midwest as part of its Fund II portfolio. Viking acquired a fee simple ownership in the 28,289-square-foot Kensington Park in Minneapolis, and tenants include Starbucks, Chipotle and Sprint. The company also acquired a fee simple interest in Indian Creek Commons, a 59,782-square-foot center in Indianapolis. Tenants include FedEx Kinko's, Deals and GameStop. Additionally, Viking bought a non-performing loan secured by Mid Oak Shopping Plaza, a 77,249-square-foot property in Midlothian, 20 miles south of Chicago.
ALBANY, ORE. — Vintage Real Estate LLC has acquired the 406,500-square-foot Heritage Mall, an underperforming shopping center in Albany, from a consortium of lenders for an undisclosed sum. Albany is one of the fastest growing cities in Oregon. A major shopping destination for the city and Linn County, Heritage Mall features 52 major retailers, boutiques and restaurants. Among the retailers are Target, Sears, Ross Dress for Less and Old Navy, Maurices, rue21, Zumiez, Famous Footwear, GameStop and Bath & Body Works. Heritage Mall is located on 33 acres west of Interstate 5 and just north of Corvallis, home of Oregon State University and its more than 26,000 students. The mall, which opened in 1988, was remodeled in 2006 and currently is 50 percent occupied. This transaction removed $38 million in debt from the property.
LOS ANGELES — Westwood Center, a 34,136-square-foot shopping center in Los Angeles, has received $5.5 million in financing. The center is located at 2180 Westwood Blvd. It is fully occupied by tenants such as Subway, Fast Frame, Beauty Supplies and MB Nails. The seven-year loan was used to refinance existing debt. It boasts a 5 percent fixed interest rate. The loan was arranged for Westwood Center, LLC by HFF’s James Fowler.