RICHMOND, KY. — Developers Diversified Realty Group has sold the 134,701-square-foot Carriage Gate Shopping Center, located at 833-847 Eastern Bypass in Richmond, to The Rouse Cos. for an undisclosed amount. Hobby Lobby, Dunham's Sports, The Office Depot, Dollar Tree and Cato anchor the recently renovated center, which it currently 92.5 percent leased. Rebecca Wells of Cassidy Turley's Indianapolis office and Robert Taylor, Jr., of the firm's Cincinnati office represented the seller and Steve Pewitt of Commercial Real Estate Advisors represented the buyer.
ROSWELL, GA. — The Shopping Center Group has arranged the $5.3 million sale of the 15,126-square-foot Mabry Village, located at the intersection of State Route 92 and Mabry Road in Roswell. The center is 100 percent leased to Starbucks Coffee, FedEx Office, Five Guys Burgers and Fries, Wireless Zone and Prudential Georgia Realty. Daniel Earles of The Shopping Center Group's Tampa, Fla., office represented the seller, an Atlanta-based development company, and Greg Craft of Atlanta-based The Trilogy Group represented the buyer, a Colorado-based private investor.
ORLANDO, FLA. — Orlando-based Smith Equities Real Estate Investment Advisors has negotiated the all-cash acquisition of the approximately 100,000-square-foot University Shoppes, located at University Boulevard and Alafaya Trail in Orlando, adjacent to the University of Central Florida. Craig Bayhi of CMB Realty represented the seller, M&H University Shoppes, and Paul Guyet of Smith Equities represented the undisclosed buyer.
ATLANTA — RHP Partners, a joint venture between Frank Buonanotte and Jeff Stein, has acquired 7,600 square feet of the 9,000-square-foot retail property located at the intersection of Roswell, Piedmont and Habersham roads in Atlanta from Eli Property. The center will undergo renovations, after which it will be rebranded Buckhead Pointe. Construction is slated to begin September 1 with completion slated for November. The Shopping Center Group has been secured as the leasing agent.
PENNSYLVANIA — Sunoco, Inc., a transportation fuel provider, has acquired leasehold interests in 14 retail locations in central Pennsylvania from Shipley Stores. Each location will be operated by Sunoco and include an APlus convenience store. The conversion of these 14 properties is expected to be completed by the end of the year. Shipley Stores will refocus its operations to Tom’s travel centers and Arby’s restaurants in Pennsylvania.
SYRACUSE, N.Y. — The Kempner Corporation of White Plains, N.Y., has purchased Western Lights Shopping Center, a 243,000-square-foot grocery-anchored shopping center in Syracuse, for $22 million. The center sits on 26 acres on Onondaga Boulevard and is 97 percent occupied by tenants like Price Chopper Supermarket, Fashion Bug and Aspen Dental. First mortgage financing was provided by New York City-based Ladder Capital Finance. Franklin Cohen of Donald Zucker Co. acted as the mortgage broker in the transaction.
HIGHLAND VILLAGE — Soma Intimates and Megan’s Lifestyle Boutique have leased space in Regency Centers’ The Shops at Highland Village in Highland Village. Soma, an intimate apparel store, has leased 2,793 square feet and is set for an August opening. Megan’s has leased 2,000 square feet and is slated for an October opening. The Shops, located at the intersection of FM 2499 & FM 407, is a 352,000-square-foot mixed-use center anchored by AMC 12 Theatres and Barnes & Noble Booksellers. Other tenants include Ann Taylor, Bath & Body Works and Banana Republic. Soma went forward without brokerage representation, and Jim Hanking of Legend Realty Services represented Megan’s in the transaction.
TEMECULA, ROSEVILLE, RANCHO CUCAMONGA, CALIF. –Hobby Lobby has agreed to occupy three former Meryvn’s locations throughout California. The retailer has signed leases for a 76,211-square-foot facility in Temecula; a 76,248-square-foot space in Roseville; and a 74,991-square-foot location in Rancho Cucamonga. All three stores are anticipated to open in fall 2011. The space was leased through Inland Western MDS Portfolio LLC, a wholly owned subsidiary of Inland Western Retail Real Estate Trust.
FAYETTEVILLE, N.C. — Crayton Commercial has commenced construction for the 54,000-square-foot River Landing Shopping Center, to be located at 3650 Ramsey St. in Fayetteville. The redevelopment will include the conversion of the former 43,780-square-foot Kroger into four new tenant spaces. Three of the spaces have already been leased to Dollar Tree, It’s Fashion Metro and Shoe Show. Other construction will include redevelopment of the building façade to incorporate new storefronts, glass, doors, split-faced block, stucco and paint. Crayton Commercial will also install new rear-loading pads and ramps, HVAC units, lighting, plumbing and electrical systems. Completion is scheduled for early 2012.
NAPLES, FLA. — Stan Johnson Co. has negotiated the $5.35 million sale of a 13,824-square-foot retail property fully leased to CVS/pharmacy, located at 6800 Collier Blvd. in Naples. Mike Parker and Jim Gibson of Stan Johnson Co.'s Houston office represented the seller, Phoenix-based S3G Holdiings, and Lincoln, Neb.-based RTG, the buyer, was self-represented.