LITTLETON, COLO. – The 79,545-square-foot Broadridge Shopping Center in Littleton has sold to a limited liability company for $4.7 million. It was a lender-approved short sale. The shopping center was 70 percent leased at the time of sale. Notable tenants include Ace Hardware, Carquest and PROformance Apparel. Garrette L. Matlock and Jon Hendrickson of Marcus & Millichap’s Denver office represented both the buyer and the seller, Broadridge Jero LLC and Broadridge Brad LLC, in this transaction.
WASHINGTON, D.C. — Clarion Partners has commenced construction on the $32 million renovation of Chevy Chase Pavilion, a mixed-use development located at 5335 Wisconsin Ave. in Washington, D.C. Included in the property is a 198-room hotel, 154,292 square feet of retail space and a 200,248-square-foot office tower. The renovation will include new finishes, the removal of the atrium canopy, new vertical transportation and a new media venue with a 30-by-60 foot, synchronized LED wall. In addition, a 14,000-square-foot RANGE restaurant will be added, as well as the 5,500-square-foot The Civil Lounge, a small plate eatery and cigar lounge. Completion is slated for mid-September.
JEFFERSON, GA. — The Shopping Center Group has negotiated the $5.25 million sale of the 29,800-square-foot shops portion of Loggins Corners, located at the intersection of Old Pendergass Road and U.S. Highway 129 in Jefferson. A 78,829-square-foot Kroger and Fuel Center shadow-anchors the small shop space, which is 97 percent leased to tenants including Beef 'O' Brady's, H&R Block, Northeast Georgia Health System, State Farm, Little Caesars and Verizon Wireless. The Shopping Center Group represented the seller, an Atlanta-based development company, in the transaction. The buyer was a Colorado-based private investor.
ATLANTA — An Atlanta-based retail real estate services provider has expanded its reach to the northeast after merging with one of New York's top 10 retail brokerage firms. Northwest Atlantic Real Estate Services, best known as the Manhattan representative for Starbucks Coffee and Whole Foods, is joining The Shopping Center Group (TSCG), and will take the TSCG banner. The merger adds one office and 13 employees to TSCG. The firms decided to merge in order to broaden Northwest Atlantic's services into investment sales and landlord representation, and to give TSCG a foothold in the northeast, specifically New York. Headquartered in White Plains, N.Y., North Atlantic represents some of the strongest names in retail, including Costco and Staples. The firm completed more than half a million square feet of deals in the Northeast last year.
CRYSTAL LAKE, ILL. — Marcus & Millichap arranged the $3.2 million sale of a Harris Bank ground lease in Crystal Lake. The 87,120-square-foot ground lease is located on an outparcel to a Walmart Supercenter along Route 31. Jeff Rowlett and Jason Ladner of Marcus & Millichap's Milwaukee office represented the seller, an Illinois developer, in the transaction. The buyer was a private investor.
MEMPHIS, TENN. — Greenville, S.C.-based RealtyLink has sold an 18,000-square-foot Staples, located at 2321 N. Germantown Pkwy. in Memphis, for $3.33 million. RealtyLink was self-represented by Tyson Glasser in the transaction. The buyer was a Texas-based institutional investment company.
WINCHESTER, KY. — Nashville, Tenn.-based Baker Storey McDonald Properties (BSM) has purchased the 53,989-square-foot Kroger Plaza, located at 1661 Bypass Rd. in Winchester. Prior to acquiring the center, BSM executed a 20,000-square-foot lease with Burke's Outlet, which is slated to open at the end of March. The property is 90 percent leased to tenants including Cato, The UPS Store, Papa John's, NovaCare and Hallmark. Brentwood, Tenn.-based First Southern Mortgage arranged financing on behalf of BSM through Protective Life Insurance Co.
CHARLOTTE, N.C. — Crosland Southeast has started construction on the 20,000-square-foot Blakeney Square, the final phase of the 600,000-square-foot Blakeney, a multi-use development located in Charlotte. Target and Harris Teeter anchor the original retail component, which is 300,000 square feet, and Best Buy and PetSmart anchor Blakeney Crossing, the second retail phase of the property. BB&T, Chick-fil-A and Firestone have each signed leases for freestanding stores, which are slated to open by the end of the year. Bank of America provided construction financing, Osborne Co. is the general contractor and W.D. Smith is working on grading/earthwork.
DALLAS — H-E-B Central Market has opened its first small prototype store, a 30,000-square-foot facility, located at the Preston Oaks center at the intersection of Royal Lane and Preston Road in Dallas' Preston Hollow neighborhood. The store is the ninth Central Market store and the fifth in the Dallas/Fort Worth area. Fort Worth-based Trademark Property Co. owns the Preston Oaks center.
DALLAS — Preston Center Dance has signed a 7,000-square-foot lease at The Corner at Preston Center, a retail redevelopment project located at 6030 Luther Lane in Dallas. The landlord, Rosebriar Properties, was self-represented by Mackenzie Brittingham, Adam Sumrall, Ryan Stewart and Bill Hanks in the lease transaction. Chris Teesdale of Colliers International's Dallas office and Steve Rosenthal represented the tenant. Construction on the facility is expected to begin in March, and the new dance studio is slated to open on August 1, 2012.