PETALUMA, CALIF. — Target Corporation has purchased 10 acres at the site of the East Washington Place shopping center in Petaluma. The company plans to develop a 140,000-square-foot store at the site, which will serve as the center’s anchor. The site was purchased from Regency Centers, which is developing the new center. Construction began on East Washington Place earlier this year. It anticipates a summer 2013 opening.
MIAMI — Marcus & Millichap has arranged the $3.18 million sale of the 8,971-square-foot Bentley Bay Retail Condominiums, three retail condo spaces located at 520 W. Ave. in Miami's South Beach. Kirk Olson and Drew Kristol of Marcus & Millichap's Miami office represented the seller, a Sunrise, Fla.-based bank, in the REO transaction and procured the buyer, a Miami-based private investor.
LILBURN, GA. — Burlington Coat Factory has signed a 54,817-square-foot lease to occupy a former Publix at the 112,990-square-foot Killian Hill Center, located at 4051 Hwy. 78 in Lilburn. The Shopping Center Group represented the tenant in the lease transaction, and The Bedrin Organization represented Killian Hill Acquisition LLC, the landlord. The store is slated to open this fall.
MOUNT LAUREL, N.J. — Marcus & Millichap has arranged the $19 million sale of Town Square Shopping Center, an 88,380-square-foot center in Mount Laurel, located 16 miles east of Philadelphia. The center is anchored by a 64,225-square-foot ShopRite supermarket. Built in 1996, Town Square is located at 829 Union Mill Rd. Brad Nathanson of the Philadelphia office of Marcus & Millichap represented the seller, a New Jersey-based private developer, in the deal. He also represented the buyer, a New Jersey real estate firm.
EDISON, N.J. — Seasons 52, a fresh grill and wine bar, plans to open a new location in Edison in the spring of 2013. The two-story restaurant will be located at Menlo Park Mall on the corner of Parsonage and Lafeyette roads. The restaurant will contain 12,000 square feet and include five private dining rooms as well as a chef's table. Seasons 52 is known for its seasonally inspired menu, which changes four times per year. Nothing on the menu is more than 475 calories. The Edison restaurant will also feature a custom-built wine cellar and piano bar with live music nightly.
CORPUS CHRISTI — Fort Worth-based Trademark Property, in a joint venture with Institutional Mall Investors (IMI), has acquired the 15.53-acre Staples Center and the 3.81-acre Mt. Vernon Center, located directly across from La Palmera Mall in Corpus Christi. The retail centers will undergo a rebranding and renovation, ultimately being named The Shops at La Palmera and totaling approximately 200,000 square feet. The redesign and renovations are slated to begin in late 2012 with a 2013 completion. Trademark will lease and manage the center.
MORRISTOWN, TENN. — A 47,600-square-foot Food City, located at 4100 Cool Springs Rd. in Morristown, has sold for $4.7 million. Food City has more than 10 years remaining on its lease for the stand-alone store. Nancy Miller and Sheree Strome Berk of Atlanta-based Bull Realty represented the seller, Foodmor Associates, in the transaction. Tom Kallenbach represented the buyer, B.B. & J. Holdings.
LITHIA, FLA. — NorthMarq Capital has arranged $4.81 million in first mortgage refinancing for the 59,895-square-foot Shoppes of Fishhawk, located at 16751 Fishhawk Blvd. in Lithia. Sweetbay Supermarket anchors the center. Alison Williams of NorthMarq's Tampa, Fla., office arranged the 10-year loan with a 25-year amortization on behalf of the Tampa-based borrower through UBS — CMBS Platform.
CHICAGO — Chicago-based Bally Total Fitness has agreed to sell 39 fitness clubs to Blast Fitness Group LLC, in eight markets including St. Louis and Milwaukee. Blast plans to honor all Bally memberships associated with these markets. The transaction is expected to close May 1. J.P. Morgan Securities LLC acted as exclusive financial advisor to Bally.
LAKEWOOD, OHIO — Visconsi Cos. has sold a freestanding Sherwin Williams store in Lakewood for $1.6 million. Sherwin has approximately 9 years remaining on its 15-year lease. Mark Luttner of Luttner Real Estate Services represented the seller in the transaction. He also represented the buyer.