Retail

CENTRO PROPERTIES GROUP ANNOUNCES NEW STORE OPENINGS

by admin August 11, 2011

CONNECTICUT and NEW JERSEY — Centro Properties Group US has announced the following store openings: Smoothie King has opened a 1,750-square-foot location at the Shoppes at Cinnaminson at the intersection of Route 130 and Church Road in Cinnaminson, N.J. Centro Properties owns the Shoppes at Cinnaminson and was represented in house by Jason Fox. China May has opened a 1,760-square-foot restaurant location in the Ocean Heights Shopping Center near the intersection of Route 9 and Ocean Heights Avenue on Bethel Road in Somers Point, N.J. Centro Properties owns Ocean Heights Shopping Center and was represented in house by Dina Berlin. T-Mobile has opened a 1,600-square-foot retail location in Stratford Square at the intersection of Route 1 and Longbrook Avenue in Stratford, Conn. Centro Properties owns Stratford Square and was represented in house by Nick Andreadis

August 11, 2011

CVS BUILDING SELLS FOR $7.95M

by admin August 11, 2011

VICTORVILLE, CALIF. – A 12,900-square-foot, single-tenant building in Victorville that is occupied by CVS Pharmacy has sold to 14426 Palmdale Rd. LLC for $7.95 million. This was a record-setting $616 per square foot, representing the highest price paid for a single-tenant drugstore building within the Inland Empire since 2007. CVS maintains a long-term, absolute NNN 25-year lease at the property, which was sold at a 6.5 percent cap rate. Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company represented the buyer. Nick Coo and Dennis Vaccaro of Faris Lee Investments represented the seller, NMC El Evado LLC.

August 11, 2011

Retail Western

COPPER PLAZA SELLS FOR $1.38M

by admin August 11, 2011

TUCSCON, ARIZ. – The 11,053-square-foot Copper Plaza shopping center has sold to 3122 N. Campbell Ave. LLC for $1.38 million. Copper Plaza was built in 2005, and was 75 percent occupied at the time of sale. CBRE’s Tim Healy and Robert DeLaney represented the buyer. CBRE’s Mike Chapman and Shannon Murphy represented the seller, Great Western Bank, which acquired the property through foreclosure.

August 11, 2011

Retail Southeast

SUNSET LAKE COMMONS SELLS FOR $12.82M

by admin August 10, 2011

HOLLY SPRINGS, N.C. — Marcus & Millichap has completed the sale of Sunset Lake Commons, an approximately 88,000-square-foot shopping center located in Holly Springs, for $12.82 million. Constructed in 2005 and located at 5277 Sunset Lake Road, the center is anchored by a 48,000-square-foot Harris Teeter, which has 14.5 years remaining on its ground lease. Additional tenants include Anytime Fitness, Click Computers, Great Clips, Rudino's Pizzeria, Ship On Site, The Paper Company and Wachovia. The center was 98 percent occupied at the time of closing. Sonny Molloy of Marcus & Millichap's Atlanta office and Brad Nathanson of the firm's Philadelphia office represented both undisclosed parties in the transaction.

August 10, 2011

Midwest Retail

REGENCY CENTERS BUYS ROCKRIDGE CENTER IN MINN. FOR $20.5M

by admin August 10, 2011

PLYMOUTH, MINN. — Regency Centers has purchased the 125,213-square-foot Rockridge Center in Plymouth from Hempel Properties for $20.5 million. An 89,219-square-foot Cub Foods anchors the shopping center, which is currently 99 percent leased to tenants such as Caribou Coffee, Qdoba Mexican Grill, Papa Murphy's, Subway and Fantastic Sam's. Joe Girardi from Mid-America Real Estate Corp. represented the buyer.

August 10, 2011

Midwest Retail

COOPER GROUP NEGOTIATES $5.5M RETAIL SALE IN OHIO

by admin August 10, 2011

COLUMBUS, OHIO — Cleveland-based The Cooper Commercial Investment Group has arranged the $5.5 million sale of the 34,316-square-foot The Neighborhood Shoppes at Polaris, a retail center located at 8457-8497 and 8491 Sancus Blvd. in Columbus. Dan Cooper represented Columbus-based Sancus Retail Partners II, the seller, in the transaction and procured the buyer, a Texas-based private group.

August 10, 2011

Retail Texas

CADENCE MCSHANE TO COMPLETE SITES AT TOMBALL MARKETPLACE

by admin August 10, 2011

TOMBALL — Weingarten Realty has awarded Cadence McShane Construction Co. the construction assignment to complete a series of new retail stores and expanded sitework in the Tomball Marketplace Shopping Center at the intersection of SH 249 and FM 2920 in Tomball. Cadence McShane’s assignment includes the comprehensive infrastructure for a new Kohl’s and the construction of two additional retail facilities. These include a 13,200-square-foot facility with a tiltwall exterior and glass storefronts and a 25,000-square-foot facility for a national retailer. These two developments are projected to be complete this October. Weingarten Realty has also awarded Houston-based CDA Architects to provide architectural services for the development.

August 10, 2011

Retail Southeast

CARTER ARRANGES SALE OF S.C. SHOPPING CENTER

by admin August 9, 2011

ROCK HILL, S.C. — Carter has negotiated the sale of a 132,929-square-foot shopping center, located on Dave Lyle Boulevard in Rock Hill. The property contains Kohl's and Hobby Lobby. Terms of the sale were undisclosed, but the asking price was $12.5 million. Drew Fleming and Mark Joines of the firm's Atlanta office represented the undisclosed seller in the transaction. Los Angeles-based The Royston Group represented the undisclosed buyer.

August 9, 2011

Midwest Retail

WHOLE FOODS TO BUILD 20,000 SF DETROIT STORE

by admin August 9, 2011

DETROIT — Whole Foods has signed a 20,000-square-foot lease to build a new store at the intersection of Mack Avenue and John R Street in Detroit. Completion is slated for late 2012 or early 2013. The landlord is Palm Beach Gardens, Fla.-based Ram Real Estate.

August 9, 2011

Northeast Retail

GOLDSTEIN GROUP BROKERS SALE OF TWO NEW JERSEY PROPERTIES

by admin August 9, 2011

MIDDLETOWN and UPPER SADDLE RIVER, N.J. — The Goldstein Group has brokered the sale of two retail properties in New Jersey: Shiki Realty Co., Inc. has sold a former Shiki Restaurant to D&D Management for $2.3 million. The 6,800-square-foot retail building is located at 1735 Route 35 in Middletown. Mark Handwerker and Chuck Lanyard of The Goldstein Group represented both buyer and seller in the transaction. D&D plans to convert the space into a funeral home. Markland 145 has purchased the former Ramsey Chevrolet dealership from Zorm 2009 for $2.65 million. The 17,000-square-foot free-standing building is located at 145 Route 17 in Upper Saddle River. Lew Finkelstein of The Goldstein Group represented Zorm 2009 in the transaction.

August 9, 2011

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