TALLAHASSEE, FLA. — A joint venture between Cousins Properties Incorporated, Watkins Retail Group and New Horizon Retail Development has started construction on the $25 million, 150,000-square-foot Mahan Village, located at the intersection of Capital Circle and Mahan Drive in Tallahassee. A 45,600-square-foot Publix — scheduled to open November 2012 — and a 67,664-square-foot Academy Sports & Outdoors — scheduled to open October 2012 — will anchor the center, which is 79 percent preleased.
Retail
BOCA RATON, FLA. — CB Richard Ellis (CBRE) has negotiated the $18.5 million sale of the 68,9760-square-foot Palms Plaza, a shopping center located at 22191 Powerline Rd. in Boca Raton. Casey Rosen, Dennis Carson and Nikolas Kozy of CBRE's Miami office represented Greensboro, N.C.-based Bell Partners, the seller, in the transaction. The buyer was North American Development Group.
ST. LOUIS — Q10 Triad Capital Advisors has closed $28 million in financing for the 197,500-square-foot Brentwood Square, a shopping center located at 1519-1909 Brentwood Blvd. in St. Louis. A life insurance company provided the 10-year loan.
CARROLLTON — Singh Theaters LLC has purchased a 56,057-square-foot building at Crestview Corners at 2661 Midway Rd. in Carrollton. The property is a former Albertsons, and Singh plans to open a Parthenon Theaters location there in early 2012. Venture Commercial Real Estate's John Zikos and Christopher Gibbons represented the seller, Albertsons LLC, while Kerri Rushing of Grand Realty Services represented Singh.
CARY, N.C. — Marcus & Millichap has brokered the $14.32 million sale of the 85,499-square-foot Stonebridge Village, located at 3430 Ten Ten Rd. in Cary. Harris Teeter anchors the center. Additionally, the sale includes the assumption of a 10-year loan. Sonny Molloy of Marcus & Millichap's Atlanta office represented the seller, First Carolina Properties. The buyer was undisclosed.
MANCHESTER, MO. — NorthMarq Capital has secured $4 million in financing for the 126,179-square-foot Lafayette Center, located in Manchester. Jeff Chaney with NorthMarq's St. Louis office secured the 10-year loan with a 30-year amortization schedule through PPM Finance.
MANCHESTER, CONN. — Christmas Tree Shops, Inc. has signed a $8 million, 12-year lease renewal to remain the anchor tenant at Hale Road Plaza at 120 Hale Rd. in Manchester. The store occupies 58,000 square feet in the 112,000-square-foot center. The center is 91 percent leased to other tenants including Guitar Center, The Dog House and Namco.
COLLEYVILLE, MULESHOE AND WEATHERFORD — Tommy Tucker and Kevin Catalani of United Commercial Realty (UCR) Investment Sales have represented the sellers in the following sales of three retail properties: Centennial Real Estate has purchased Village Park at Colleyville, a 45,057-square foot shopping center at the Colleyville Boulevard and Glade Road intersection in Colleyville. Tenants in the property include Import One, Prudential Texas Properties and Autographs Inc. A private REIT has purchased United Supermarkets, a 25,825-square-foot freestanding grocery store on American Boulevard in Muleshoe, from J.E. Robert Co. The property features a fueling station. A Texas-based investor has purchased Weatherford Commons, a 34,448-square-foot retail center in Weatherford, from LNR Partners. Weatherford Commons tenants include Starbucks, Payless ShoeSource, Hallmark, GameStop, Palm Beach Tan, Great Clips, Cotton Patch Cafe, WingStop and Cash Store.
VICTORIA — Houston-based Baker Katz has executed a 18,710-square-foot lease with Gold's Gym Express for its first Victoria location in the Northcross Shopping Center at 5201 N. Navarro St. Other tenants in the Northcross development include Ashley's Furniture, Jason's Deli, Dollar Tree and GameStop. The fitness center is the second corporate owned Gold's Gym in the state — the other one is in Brownsville. Baker Katz's Jamie Weaver represented Gold's Gym, while Warren Houser of Centcom Realty Corp. represented the landlord in the transaction.
SAN DIEGO — A 2,982 square foot, single-tenant building in Downtown San Diego that is currently occupied by Jack in the Box has sold to an undisclosed buyer for $2,770,000. The sale was executed at a 5.49 percent cap rate. Jack in the Box also signed a new 20-year lease at the building, which is located at 1619 Pacific Highway, that includes four five-year options to renew. The buyer was represented by Peter Nisbet and Scott Morasch of Marcus & Millichap’s Seattle office. The seller was represented by Jack in the Box.