HOUSTON — Sawyer Heights Village, a 107,626-square-foot retail power center located near Houston’s central business district at the intersection of Interstate 10 and Taylor Street, has been purchased for approximately $35 million by a joint venture between Inland Western Retail Real Estate Trust, Inc. and RioCan Real Estate Investment Trust. Staples and PetSmart anchor the Houston retail property and it is shadow-anchored by Target. Houston-based Property Commerce developed the property in 2004. This expands Oak Brook, Ill.-based Inland Western’s presence in the Houston market to more than 1.5 million square feet under management.
LEWISVILLE — Bright Realty is planning to break ground on Phase III of Castle Hills Village Shops and Plaza, located at 2560 King Arthur Blvd. in Lewisville, in the coming year. Currently in its pre-leasing phase, Phase III will include approximately 20,000 square feet for retail and dining, including an expanded outdoor dining and entertainment area. Second floor office space will feature approximately 25,000 square feet and is successfully pre-leased. Phases I and II of Castle Hills Village Shops and Plaza are 90 percent leased and include more than 82,861 square feet of retail and office space. With the addition of Phase III, Castle Hills Village Shops and Plaza will total 128,000 square feet of office and retail space.
HOT SPRINGS, ARK. — Oak Brook, Ill.-based Inland Real Estate Acquisitions has purchased the 155,206-square-foot Fairgrounds Crossing in Hot Springs for $24.5 million. The center is anchored by Best Buy, Dick’s Sporting Goods and Bed Bath & Beyond. The buyer was self-represented by Lou Quilici.
MACON, GA. & BREWTON, ALA. — Atlanta-based Blue Ridge Capital has acquired two retail properties for a total of $1.4 million. Steve Massell of Massell Commercial Real Estate represented Blue Ridge in the purchase of the 20,900-square-foot The Shoppes of Ansley Village, located in Macon. The seller, LMIW I, was represented by Sembler. Blue Ridge’s acquisition of the 114,891-square-foot Douglas Square in Brewton, John Vallas of Vallas Realty represented Regions Bank, the seller. The center includes a former Wal-Mart box of 73,338 square feet and a 16,849-square-foot Goody’s.
MINNEAPOLIS — Regency Centers has purchased Calhoun Commons, a 66,150-square-foot neighborhood retail center located in Minneapolis, for $21 million. The property was acquired in an off-market deal from Doran Companies, the center's original developer. Constructed in 1999, the fully leased center is anchored by Whole Foods Market. Additional tenants include Chipotle Mexican Grill, Caribou Coffee, Ben & Jerry's, and Noodles & Company. More than 94 percent of the gross leasable area is is occupied by first-generation tenants. Regency currently owns four retail centers in the Minneapolis market totaling more than 550,000 square feet and has a fifth center under contract.
NORMAL, ILL. — Thompson National Properties has acquired the debt secured by Constitution Trail Centre, a retail center located in Normal. Constructed in 2007, the property consists of 197,739 square feet as well as 28.74 acres of land available for future expansion. Occupancy was 65 percent at the time of closing. The center's anchors include Schnucks Market and Starplex Cinemas. Other tenants include Dollar Tree, Subway, H&R Block, Great Clips and Wendy's. The tenant leases have staggered expirations between 2012 and 2029. Thompson purchased the debt on behalf of TNP Strategic Retail Trust, the company's non-traded REIT that invests in grocery- and pharmacy-anchored necessity retail properties.
WAUKESHA AND MIDDLETON, WIS. — Net Lease Retail Investors, a joint venture between Dallas-based Rainier Capital and Southlake, Texas-based N3 Real Estate, is developing two new locations for Tires Plus Total Car Care in Wisconsin. The two stores will be located in Waukesha and Middleton. Completion is slated for this fall. The projects come on the heels of a Bridgestone Firestone Complete Auto Care Center that was developed by the joint venture in Milwaukee and sold in May. Rainier is currently raising $50 million in equity to provide national retailers fast track expansion opportunities. N3 has the capacity to develop and acquire approximately $400 million in retail real estate over the next two years.
SPRING HILL, VERO BEACH & ST. AUGUSTINE, FLA. — Phoenix-based Cole Real Estate Investments has acquired three retail properties in Florida in separate transactions totaling $48.5 million. The properties include: the 226,000-square-foot Nature Coast Commons in Spring Hill for $29 million; the 107,000-square-foot Century Town Center in Vero Beach for $14.8 million; and a 57,000-square-foot Hobby Lobby and a 5,000-square-foot Color Wheel in Riverside Center in St. Augustine for $4.7 million.
AUGUSTA, GA. — Dallas-based The MGHerring Group has broken ground on a new 142,000-square-foot Costco at the Village at Riverwatch, a shopping center under development at the intersection of Interstate 20 and River Watch Parkway in Augusta. The store will anchor the first phase of the center and is set to open in late 2011.
ELY, MINN. — The Boulder Group has brokered the sale of a 32,100-square-foot retail property located at 1500 E. Sheridan St. in Ely for $2.65 million. Constructed in 2008, the building is leased to grocer Pamida on a triple-net basis for the next 17 years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Minneapolis-based partnership, as well as the buyer, a 1031 exchange investor.