GRIFFIN, GA. — The Kroger Co. and Collins & Arnold have broken ground on a $12 million, 94,000-square-foot Kroger and an 18-pump Kroger Fuel Center at the 102,000-square-foot Griffin Pavilion, located at GA Highway 16 and GA Highway 19/41 in Griffin. The Sofran Group developed the center, which includes tenants such as Lowe's Home Improvement, O'Reilly Auto Parts and Wells Fargo Bank. Completion is slated for November 2012.
GAITHERSBURG AND FREDERICK, MD. — Fitness First has purchased two properties for a total of $5.34 million. The company acquired a 17,670-square-foot flex/retail building, located at 18810 Woodfield Rd. in Gaithersburg from Sumo Holdings Maryland. Bill Quay and Ro Waldron of McShea represented the seller in the transaction. In Frederick, the company purchased the 23,011-square-foot former Frederick Athletic Club, located at 5245 Westview Dr., from Even Par. Rick Farren and Brad Benna of McShea represented the seller. Christopher Coccaro, Jeff Massie and Nick Finelli of Broad Street represented the buyer in both transactions. The former Frederick Athletic Club will continue to operate and gradual changes will be made to transition to the Fitness First model. The inside of the Woodfield property will be reconstructed and open by year's end.
GREEN BAY, WIS. — Greg Maloney of Jones Lang LaSalle has been appointed receiver of the East Town Mall, a 198,000-square-foot shopping center in Green Bay. Under Maloney's leadership, Jones Lang LaSalle's retail leasing and management team has assumed immediate oversight of the mall and is working to stabilize the asset. The East Town Mall was built in 1982 and has been remodeled three times over the years. Anchor tenants include Hobby Lobby, Petco and Fashion Bug. The mall will remain open. As receiver, Maloney will control and direct the asset until a resolution between the lender and borrower is achieved.
CHICAGO — Kohlberg Kravis Roberts & Co. in partnership with YTC Retail, has purchased the Yorktown Center Mall for $196 million from a consortium of individuals, including Bob Long, son-in-law of Ed Pehrson, the developer who built the mall in 1968. The 1.5 million-square-foot mall is in Lombard, about 20 miles from Chicago. Tenants include The Capital Grille restaurant, AMC Theatres, Gap and JC Penney. YTC Pacific, a partnership between Pacific Retail Capital Partners, Collarmele Partners and Peter Fair will manage the day-to-day operations of Yorktown. The group is also a co-investor. Upgrades are planned, including lighting, signage, food court and entrance improvements.
PRESCOTT, ARIZ. — Depot Marketplace, a 91,461-square-foot, grocery-anchored shopping center, has sold to Depot Marketplace Investors LLC for $11.2 million. The property was redeveloped in 1991 and currently boasts a 92 percent occupancy rate. Bob Young, Glenn Smigiel, Steven Brabant, Rick Abraham and Nancy Romanovsky of CBRE’s Phoenix office, along with Bebe Wright of Arizona Commercial in Prescott, represented the seller, Depot Marketplace Owners LLC, in this transaction.
ONTARIO, CALIF. — Pacific Plaza Shopping Center in Ontario has sold to Westwood Financial Corp. for $7.4 million. The 49,901-square-foot shopping center was built in 1989. It is located at 2544-98 South Archibald. The center is currently 58 percent leased. Notable tenants include 24-Hour Fitness, Taco Bell, Manila Bay Seafood, Pizza Hut, Frazee Industries, Bank of America and Vineyard of Hope. Westwood was represented by Alan Kruger of Marcus & Millichap in this transaction.
SAN DIEGO – A 15,459-square-foot retail building that currently hosts a CVS Pharmacy has sold to Wateridge Kiffmann Investors, LLC for $7.2 million. The property is located at 4404 El Cajon Blvd. Wateridge was represented by Michael Campbell of Cassidy Turley San Diego. The seller was represented by the firm’s Chuck Klein and Kevin Held.
MOUNT JULIET AND SMYRNA, TENN. — Academy Sports + Outdoors has plans to build two new stores in Tennessee. Construction has started on the 71,250-square-foot store at the 365,000-square-foot The Paddocks, a shopping center located at the intersection of Mount Juliet and Pleasant Grove roads in Mount Juliet. Academy Sports + Outdoors acquired the land from The Gipson Company. In May, the company will also break ground on a 71,250-square-foot location at the 185,000-square-foot The Gateway Centre, located at the intersection of Ridley Parkway and Wolverine Drive in Smyrna. Academy Sports + Outdoors purchased the land from GCAG Gateway. Drew Chorney and Brian Forrester of The Shopping Center Group's Nashville, Tenn., office represented both sellers in the transactions. GBT Realty represented Academy Sports + Outdoors in the land acquisition at The Gateway Center. Completion for both stores is slated for early fall.
FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $6.82 million sale of a 19,176-square-foot Fresh Market, located at 400 N. Federal Hwy. in Fort Lauderdale. Lior Regensteif of Marcus & Millichap's Encino, Calif., office, along with Kirk Felici of the firm's Miami office, represented the seller, a developer, in the transaction.
MCALLEN — Sam's Club has opened a new, 139,000-square-foot store, located in the Valencia Marketplace at 7601 N. 10th St. in McAllen. The new store is expected to hire approximately 178 employees.