HOUSTON — Los Angeles-based Pacific Retail Capital Partners has committed $24 million for the redevelopment of its 1.07 million-square-foot West Oaks Mall, located at 1000 West Oaks Mall in Houston. The redevelopment includes a new grand entrance, lighting and furniture upgrades, a new pedestrian plaza, the addition of a 14-screen Edwards Theatre and several new restaurants. The redevelopment is slated for a fall 2012 completion.
WINDCREST — Whitestone REIT has signed SKECHERS USA to a 10,000-square-foot lease for a new outlet store inside the Windsor Park Centre, a shopping center located at 8610 Fourwinds Dr. in Windcrest. Other tenants in the center include The University of Phoenix, Michaels, Cavender's Boot City, Office Depot and PetSmart. Ross Dress for Less and Mattress FIRM are expected to be open for business in the center during 2012. Whitestone REIT was self-represented by Dan Nixon and Richard Vaughan in the lease transaction. Leslie Mayer of Cushman & Wakefield's Los Angeles office and Gene Williams of The Weitzman Group's San Antonio office represented the tenant.
UPLAND, CALIF. — Grandbridge Real Estate Capital has secured a $10.2-million first-mortgage loan for a Kohl’s Department Store in Upland. Kohl’s occupies a76,212-square-foot, single-tenant retail store that was built in 1978 and renovated in 2009. The self-amortizingloan features a 17-year term and a fixed rate that is below 5 percent. Financing was arranged by Grandbridge’s vice president Mikko Erkamaa through American United Life Insurance Company. He was assisted by senior real estate analyst Dean Huber.
LOMBARD, ILL. — Atlanta-based Floor & Decor Outlets of America has leased 87,385 square feet of retail space at the Landings of Lombard, located on I-355 and North Avenue in Lombard, Ill. Stuart Lenhoff, Barry Millman and Jason Lenhoff of Buffalo Grove, Ill.-based Horizon Realty Services represented the landlord, Midwest Real Estate Equities. Gil Fitzgerald and Kevin Gallagher of Fitzgerald Real Estate represented Floor & Decor in the transaction.
BIRMINGHAM, MICH. —National retailers J. McLaughlin and Paper Source are opening new stores in The Birmingham Shopping District in Birmingham, Mich. Paper Source, opening in November, will occupy approximately 3,200 square feet at 115 W. Maple Rd. J. McLaughlin is now open at 268 W. Maple Rd. in a 1,600-square-foot space across from Paper Source.
COPPELL — CBRE has secured $13.5 million in financing for the 90,225-square-foot Coppell Market, a grocery-anchored shopping center located at the northeast corner of North Denton Tap Road and Highway 121 in Coppell. The shopping center is anchored by a 69,800-square-foot Market Street store and was 97 percent leased at the time of closing. Scott Lewis of CBRE's Debt & Equity Finance Group in Dallas arranged the 10-year loan with a 30-year amortization schedule through Goldman Sachs Commercial Mortgage Capital on behalf of the borrower, an entity controlled by UCD Development and Rainier Capital Management.
LOS ANGELES — Colliers International has sold a 15,978-square-foot property along Los Angeles’ famed Melrose Avenue to Fresh & Easy for an undisclosed sum. The space was built in 1997 and resides along the Hollywood/Melrose retail corridor. Fresh & Easy was represented by Mike Grannis and Brent Cunningham of Highland Partners. The seller was represented by Fred Córdova, Tom Lagos, Morgan McEvoy, Frank Magana and Ryan Eddy of Colliers’ Downtown Los Angeles office, along with Mike Fay, who is the president of Colliers’ Miami office.
DORAVILLE, GA. — Burlington Coat Factory has opened a 70,000-square-foot store at Doraville Plaza, located at 5766 Buford Hwy. in Doraville. This is Burlington's 14th location for the state of Georgia.
BRONX, N.Y. — Houlihan-Parnes Realtors LLC, a real estate investment company, has closed a $5 million loan on a 12,250-square-foot retail property, located at 4174 White Plains Rd. in Bronx, N.Y. Tenants include T-Mobile, McDonald's and H&R Block. Jim Coleman and Jerry Houlihan represented Houlihan-Parnes in the transaction. The loan term is 10 years.
ROYAL PALM BEACH, FLA. — Continental Realty Corp. has purchased a 30,500-square-foot retail property, located at 101 S. State Rd. 7 in Royal Palm Beach. The property is fully leased to Office Depot and Mattress Giant. Clinton Texter of Marcus & Millichap's San Francisco office represented the buyer in the transaction.
