TUALATIN, ORE. — Timberland Town Center, a 90,000-square-foot center, is set to break ground soon in Tualatin. The $30-million development will be located at N.W. 118thAve. It is scheduled to open in fall 2014. Oregon-based grocer Market of Choice will anchor the center. The new development is part of the Timberland Master Plan, which will eventually include additional housing, a middle school and a community garden. The center is being developed by Gramor Development and designed by LRS Architects. Leasing will be handled by New & Neville Real Estate Services.
Retail
HONOLULU — Bloomingdale's has announced its plans to enter the Hawaiian market. It will open a 167,000-square-foot, three-level store at the Ala Moana Center in Honolulu in fall 2015. The new store will be located in a portion of Ala Moana that is set to undergo a significant redevelopment, which will commence in 2014. Macy’s, Bloomingdale's parent company, already has an outpost at the center. Ala Moana is owned by General Growth Properties.
TIFTON, GA. — Jones Lang LaSalle (JLL) has brokered the sale of Tifton Corners, a 186,629-square-foot shopping center located at 21 Virginia Ave. South in Tifton. Tenants of the center include Big Lots, Save A Lot, Tractor Supply Co., Dollar Tree, Citi Trends and Hibbett Sports. Occupancy was 84 percent at the time of closing. JLL’s Margaret Caldwell and Kris Cooper represented the seller, Atlanta-based RCG Ventures. The buyer was a Georgia-based limited liability company. The acquisition price was not released.
DARIEN AND CHICAGO HEIGHTS, ILL. — Syndicated Equities Investment Sales Group has arranged the sale of two Walgreens-leased buildings in Darien and Chicago Heights for a combined total of $9.1 million. Each building spans 15,120 square feet and is leased to Walgreens on a long-term basis. The building in Darien sold for $4.9 million and the Chicago Heights property sold for $4.2 million. Isaac Metzger and Jason Schwartz of Syndicated Equities represented the sellers, separate ownership groups, in each transaction.
EVERMAN, TEXAS — Quantum Real Estate Advisors Inc. has brokered the sale of an 8,000-square-foot Family Dollar store in Everman. The property sold to an Iowa-based private fund for $1.2 million. The store is a build-to-suit for Family Dollar, which has 10 years remaining on its initial 10-year lease. Jordan Kaufman of Quantum represented the seller, a private developer, in the transaction.
ROANOKE, TEXAS — Cinemark Holdings Inc. has closed on its purchase of 10 acres of land in Roanoke, located at the junction of Highways 170 and 140. The site will be the location of a new 14-screen, all-digital movie theater. The new theater will showcase the company's new Cinemark NextGen design, which features wall-to-wall, ceiling-to-floor screens; enhanced sound systems; and 4K digital projection powered by Barco projectors. Cinemark XD, the company's exclusive large-screen format, will be utilized in the theater, which is slated to open in spring 2015. In addition, the theater will also feature a Cotton Patch Cafe restaurant.
TUALATIN, ORE. — Timberland Town Center, a 90,000-square-foot center, is set to break ground soon in Tualatin. The $30-million development will be located at N.W. 118th Ave. It is scheduled to open in fall 2014. Oregon-based grocer Market of Choice will anchor the center. The new development is part of the Timberland Master Plan, which will eventually include additional housing, a middle school and a community garden. The center is being developed by Gramor Development and designed by LRS Architects. Leasing will be handled by New & Neville Real Estate Services.
HONOLULU — Bloomingdale's has announced its plans to enter the Hawaiian market. It will open a 167,000-square-foot, three-level store at the Ala Moana Center in Honolulu in fall 2015. The new store will be located in a portion of Ala Moana that is set to undergo a significant redevelopment, which will commence in 2014. Macy’s, Bloomingdale's parent company, already has an outpost at the center. Ala Moana is owned by General Growth Properties.
VERO BEACH, FLA. — CB Richard Ellis (CBRE) has brokered the sale of South Vero Square, a 147,417-square-foot neighborhood retail center located in Vero Beach, for $7.8 million. Constructed in 1989, the center is situated at the corner of U.S. Highway 1 and Oslo Road. Its anchor tenant is Publix, and its outparcel tenants include Wendy’s, McDonald’s and Seacoast National Bank. Occupancy was 61.5 percent at the time of the sale. The CBRE team of David Donnellan, Todd Weintraub, Casey Rosen and Dennis Carson represented the seller, Florida-based Vero Beach Shopping Center Associates LP. The buyer was Indian River Holdings LLC.
HILLSBOROUGH, N.C. — Ziff Properties has acquired the small-shop retail portion of the Hampton Pointe shopping center in Hillsborough. The Class A property totals 38,253 square feet and is located at 525 Hampton Pointe Blvd. It was 81 percent occupied at the time of closing. Shadow anchors for the property include Walmart Supercenter and The Home Depot. The sale also included a pad site that can accommodate 35,000 square feet of future retail development. Christian Chamblee and Michael Pigg provided in-house representation for Ziff. Andrew Margulies of Marcus & Millichap represented the seller, Tribek Properties, who first developed the property in 2004.