ALLEN — The owners of Jumpstreet have purchased a 62,332-square-foot retail property that was once leased to Albertsons. The property is located at 2031 W. McDermott Drive in Allen. John Zikos, Christopher Gibbons, Amy Pjetrovic-Hunnicut and Chris Booras of Venture Commercial represented the seller, Albertsons, in the transaction. The Venture Commercial brokers are representing Albertsons in the disposition of all their north Texas stores. Dallas-based Newmark Real Estate and Mike Quinlan of Denver-based Newmark Knight Frank Frederick Ross represented the buyer in the transaction.
DENVER — Cabela's, a national sporting goods and outdoor store, has purchased a 10.68-acre retail site in Denver for $3.7 million. It is located on the Southwest corner of Interstate 25 and Ridgegate Parkway. A 105,000-square-foot Cabela's is set to be constructed on the site. It is scheduled to open in spring 2013. The site is part of a 30-acre retail master-planned development.
CHULA VISTA, CALIF. — A 15,000-square-foot retail property in Chula Vista that is occupied by CVS has sold to JWCI Chula Vista, LLC for $6.7 million. It is located at 16 3rd Ave. Extension. The buyer was represented by Cushman & Wakefield. The seller, Butte Properties, was represented by Ryan Litrich of Lee & Associates’ North San Diego County office.
CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties Inc. will renovate and redevelop Chattanooga’s Northgate Mall. Phase I will include redevelopment of the adjacent T.J. Maxx-anchored retail center with Ross Dress For Less and Michaels as new tenants. Construction will begin in early 2013 and is scheduled for completion in fall 2013. Additionally, CBL will renovate the interior and exterior of Northgate Mall. Remodeling will include updates to the main entrance, repaving of the parking lot, and new flooring inside.
HOFFMAN ESTATES, ILL. — Leopardo has broken ground on a new, 50,000-square-foot Audi dealership in Hoffman Estates. Located at 1200 Golf Road, the dealership will be the first in Chicagoland to use the “terminal” prototype design by Munich-based architecture firm Allmann Sattler Wappner. The design combines efficiency, performance and environmental themes. When completed in June 2013, the facility will feature a 12-car showroom, service/workshop and customer service center. Dobbins Group is the architecture of record and Behles & Behles is the schematic designer. Leopardo is the construction manager.
TOMS RIVER, N.J. — Diversified Equities Corp. has acquired a triple net leased retail property at 1199 Route 37 E. in Toms River for $3.2 million. The 10,205-square-foot building is situated on 1.8 acres and is home to AAA Mid-Atlantic Car Care Center, which offers AAA member services and full-service auto repairs. Gregory Panayoti of The Goldstein Group represented the buyer in the transaction. Berkeley Capital Advisors represented the seller, HNM Toms River LLC.
MIAMI BEACH, FLA. — Miami Beach-based Savitar Realty Advisors has converted South Beach’s Lincoln Theatre from a historic movie theater and symphony hall into a 35,000-square-foot retail property. It is scheduled to open in November and will house Swedish retailer H&M’s 30,000-square-foot flagship store as well as smaller tenants like Swatch; Sabon; 4D Gelato; and 100 Montaditos, a Spanish tapas and sandwich style restaurant. Savitar Realty Advisors and a group of investors acquired Lincoln Theatre for $21.5 million in February 2010. The historic building was designed and built in 1935 by cinema architect Thomas Lamb in classic art deco style.
HOUSTON — UCR Investment Sales has arranged the sale of The Shops at Copper Crossing, a 19,949-square-foot REO shopping center located at FM 529 and Highway 6 in west Houston. The property is shadow-anchored by a Hobby Lobby and Walmart Supercenter. Cooper Crossing is fully leased to tenants such as Payless Shoes, Ace Cash Express, Cricket Wireless and Home Smart. Tommy Tucker of UCR represented the seller in the transaction.
CHULA VISTA, CALIF. — A 15,000-square-foot retail property in Chula Vista that is occupied by CVS has sold to JWCI Chula Vista, LLC for $6.7 million. It is located at 16 3rd Ave. Extension. The buyer was represented by Cushman & Wakefield. The seller, Butte Properties, was represented by Ryan Litrich of Lee & Associates’ North San Diego County office.
ROCHESTER, N.H. — Grossman Development Group has started site work for the 330,000-square-foot Granite Ridge Marketplace, a 57-acre shopping center development in Rochester. The center will feature a mix of anchor retail, junior anchor retail, restaurants and entertainment. The project is located on Route 11, the gateway to the Lake Region of New Hampshire and close to the Maine border. The project is slated for completion in the spring of 2014.