BAKERSFIELD, CALIF. — The East Hills Mall in Bakersfield will be auctioned at the Los Angeles Courthouse of the U.S. Bankruptcy Court, Central District of California, on Sept. 22. The 410,000-square-foot East Hills Mall sits on 36 acres and was originally built by the Hahn Company in 1988. The portion to be sold at auction consists of the mall shops and a theater, which contains about 178,000 leasable square feet on 17.8 acres. The mall was previously anchored by Mervyns and Gottschalks, but after both retailers were liquidated in 2009, East Hills struggled to pay its debts and its owner, BH Mall LLC, subsequently filed for bankruptcy. The auction’s minimum starting bid will be $4.1 million.
ST. LOUIS — Swansea, Ill.-based Holland Construction Services has started construction on the $7 million, 35,745-square-foot Mungenast Hyundai, located at 649 Dunn Rd. in St. Louis. HDA Architects' St. Louis office designed the new dealership, which features a waiting area with seating, television, beverage bar, power bar with Wi-Fi access and electronics chargers, and a children's area with toys, a television and a viewing window for parents. Completion is slated for March 2012.
MERIDEN, CONN. — BIG Y World Class Market has opened a new location in a 55,000-square-foot retail space in the Townline Square Shopping Center in Meriden. The center’s owner, Urstadt Biddle Properties Inc., a real estate investment trust, and Big Y jointly invested $3 million into the site’s redevelopment, formerly home to another grocery store tenant. The supermarket features a pharmacy, food court, bakery and a floral department, and it has approximately 150 employees. Big Y had previously signed a lease with Urstadt Biddle that extends through 2031.
DENTON — The Denton City Council has approved a $9.5 million Economic Development Program Grant Agreement for MGHerring Group and Cencor Realty Services for the redevelopment of Golden Triangle Mall at 2201 Interstate 35 E. in Denton. MGHerring and The Weitzman Group, an affiliate of Cencor, have been jointly leasing the mall since September 2010, and Cencor currently manages the property. MGHerring and Cencor have decided to form a joint venture known as GTM Development, Ltd. for the purchase/redevelopment of the mall. The $9.5 million grant is a piece of the $60 million expected for the redevelopment's total cost. The 765,000-square-foot mall is anchored by JC Penney, Dillard's, Macy's and Sears, and it houses tenants such as Ross Dress for Less, Hollister, Barnes & Noble, DSW, American Eagle, Aeropostale, Bath & Body Works, Victoria's Secret, The Limited, El Chico and Starbucks. The redevelopment will include a new exterior facade, redesigned entrances, updated tenant storefronts, new food court, new tenants, new flooring, new interior amenities (benches, landscape, fixtures, directories) and new exterior and interior graphics and lighting. The renovations are slated to be finished in time for a grand re-opening in fall 2012.
SAN DIEGO — Marcus & Millichap Real Estate Investment Services has sold two Rite Aid net-leased assets in Southern California. The Wildomar location was purchased by a private investor from a developer. The San Diego Rite Aid was purchased by a private investor from a family trust. M&M’s Alvin Mansour represented both the buyers and the sellers in each transaction. The two drugstores traded for a total of $6,484,500.
NORTH LAS VEGAS — TNP Strategic Retail Trust has sold a land parcel at Craig Promenade in North Las Vegas to a private entity. Craig Promenade is a 109,250-square-feet retail center that was built in 2005 and purchased by TNP Strategic Retail Trust in March 2011. TNP intends to use the proceeds from the Popeyes land parcel sale to purchase Topaz, a Hesperia, Calif., center that is anchored by Fresh & Easy, through a 1031 Exchange.
HAVANA, FLA. — Marcus & Millichap has brokered the $1.55 million sale of the 35,416-square-foot Green Acres Shopping Center, located at 801 North Main St. in Havana. Leon Brockmeier of Marcus & Millichap's Tampa office and Patrick O'Halloran of the Atlanta office represented the seller, a Tallahassee, Fla.-based limited liability company. Evan Halkias and Michael Marks of the Chicago Downtown office represented the Indiana-based buyer.
BALLWIN, MO. — Fairview Heights, Ill.-based IMPACT Strategies has completed the renovation and build-out of a $6 million, 50,000-square-foot West County Nissan dealership, located on Manchester Road in Ballwin. The owners moved the dealership from Ellisville to the new location.
MANSFIELD — Arch-Con Construction has recently broke ground on a 12,000-square-foot multi-tenant retail center at Hwy. 287 at FM 157 in Mansfield for Pittsburgh-based Kossman Development Co. The retail center is part of a planned 400,000-square-foot retail development. The retail center is slated to be finished in December.
NEW YORK CITY — A joint venture of SL Green and Wharton Acquisitions has purchased a 15,000-square-foot retail property at 1552 Broadway from the Riese Org. for $136.55 million. The property, known as the I. Miller Building, is four stories and houses a four-story TGI Friday’s and two billboard spaces. The Jones Lang LaSalle team of Jon Caplan, Richard Baxter, Ron Cohen and Scott Latham handled the transaction.