ALGIERS, LA. — N3 Real Estate and PMAT Cos. have acquired the 150,000-square-foot Algiers Plaza Shopping Center, located at General de Gaulle and Holiday drives in Algiers for $32 million in a related party sale. PMAT previously owned the center with a different partner. Winn Dixie and Walgreens anchor the center, which is 92 percent leased. The partnership plans to expand the center to 250,000 square feet. New tenants will include Ross Dress For Less, Petco and Burke's Outlet, which are scheduled to open in February 2013. Construction is expected to last 24 months.
OSWEGO, ILL. — Marcus & Millichap has arranged the $4.3 million sale of Meijer Outparcel Retail Center, an 18,651-square-foot retail property at 1500-1550 Douglas Road in Oswego. The center was built in 2007 and is fully occupied. Tenants include Buffalo Wild Wings, Men's Wearhouse and Sprint. John Abuja and Jason St. John of Marcus & Millichap represented the seller, a developer. They also secured the buyer, a private investor.
STROUDSBURG, PA. — Construction has started on The Crossings at Marshalls Creek, a 103,000-square-foot shopping center development in Stroudsburg. The plaza will be anchored by Price Chopper Grocery, Rite Aid, STS Tire and Auto Centers and Family Dollar. The center will also feature about 22,000 square feet of stores and restaurants. A grand opening is scheduled for June 2013. CBL Associates Properties Inc. announced plans to acquire the property in June. The project is located 10 miles from CBL's 420,000-square-foot Stroud Mall.
DALLAS — Houston-based AmREIT Inc. has taken a $14 million loan for its Uptown Plaza Dallas property, a 34,250-square-foot retail center located at 222 McKinney Ave. in Dallas. The property is fully leased to tenants including Morton's Steakhouse, Salon 2222, Aqua Medical Spa, The CupCakery, Wells Fargo, The Texas Rangers, Pei-Wei, Potbelly, Smashburger and Verizon Wireless. AmREIT's existing $10.4 million loan was refinanced with a 10-year loan with a 30-year amortization schedule. HFF arranged the loan through the Life Insurance Co. of the Southwest, an affiliate of Sentinel Investments.
THOUSAND OAKS, CALIF. – The Village Trader Market and Deli will open at The Village at Dos Vientos Ranch, a retail and office complex in Thousand Oaks, on Aug. 9. The 6,400 square-foot retailer will be the first grocery store in the Dos Vientos Ranch master-planned community. The complex is owned by Paradise Capital Group.
FRANKLIN, TENN. — Beauty Basics has acquired a 16,900-square-foot former car dealership, located adjacent to Cools Springs Galleria in Franklin, for $2.2 million. The buyer plans to utilize the property as a cosmetology school. Brian Forrester of The Shopping Center Group represented the seller, Nashville, Tenn.-based Richland South, in the transaction. Lynn Barrington of Christian Commercial represented the seller.
CHICAGO RIDGE, ILL. — Chicago Ridge Mall is set to debut its newly renovated AMC Lowes 6 Theater Aug. 9 and has announced several new tenants that will join the 833,000-square-foot shopping center in Chicago Ridge. Upgrades to the theater include a new lobby, ticket kiosks, concession area and new leather seats. CBL & Associates, which owns and manages the property, has also signed four new tenants to the shopping center: Crazy 8, Old Navy, Kids Foot Locker and Wetzel's Pretzels.
NEW YORK CITY — Savanna has acquired 14,000 square feet of retail space in the luxury apartment building known as 40 Mercer Street in New York City for $57 million. The building was designed by renowned architect Jean Nouvel and is located at 465 Broadway in the SoHo Historic District. The sale consists of 9,400 square feet of at-grade retail space and 4,700 square feet of below-grade space. The steet-level space is fully leased to Bose, Wells Fargo, Dermalogica and Vivienne Tam. Woody Heller, Will Silverman and Eric Negrin of Studley represented the seller, GLL Real Estate Partners, in the transaction. They also represented Savanna.
EAST HARTFORD, CONN. — Acorn II has purchased a retail property in East Hartford for $5.9 million. The single-tenant property is leased to Rite Aid Corp. Steven Calcagni and Lisa Whitney of Calcagni Associates Real Estate represented the buyer in the transaction. The seller is RA East Hartford.
RICHMOND — Westwood Financial Corp. has purchased the 123,000-square-foot Waterside Marketplace, a Kroger-anchored retail center located at 8011 Grand Parkway in Richmond. The center is 93.8 percent leased to tenants such as Wells Fargo Bank, Great Clips, State Farm, H&R Block, Kumon Learning and II Primo Wings. George Cushing of Jones Lang LaSalle represented the seller, Regency Centers, in the transaction.