GLENDALE, ARIZ. – The 86,225-square-foot Olive Square retail center in Glendale has sold to North American Realty Acquisition Corporation for $6.3 million. The center was built in 1974 and renovated in 2007. It is currently 92 percent leased. The seller, Westwood Financial Corp., was represented by Jan Fincham and Patrick Dempsey of Lee & Associates.
FAYETTEVILLE, N.C. — Crayton Commercial has completed the redevelopment of the 52,200-square-foot River Landing Shopping Center, located at the intersection of Ramsey Street and Law Road in Fayetteville. The repositioning included splitting a 43,200-square-foot former Kroger anchor space into four new spaces, redevelopment of the entire building facade to incorporate new storefronts, glass, doors, split-faced block, stucco and paint, addition of new rear loading pads and ramps, parking lot repair including repaving and restriping, all new site lighting, pylon signage and landscaping. Additionally, there was complete interior demolition and reconstruction including new HVAC, ceilings, lighting, framing/sheetrock, plumbing/restrooms and electrical systems.
JACKSONVILLE, FLA. — A 5,612-square-foot Ruby Tuesday, located at 1022 Hospitality Ln. in Jacksonville, has been sold for $2.3 million. Matt Mousavi and Rich Walter of Faris Lee Investments' Irvine, Calif., office represented the seller, Tennessee-based Ruby Tuesday, Inc., in the transaction and procured the buyer, New Jersey-based Schiff Enterprises. The sale-leaseback transaction included a new 15-year, triple-net lease for the property.
COLUMBIA, S.C. — Two tenants have signed anchor leases at the 200,000-square-foot Target Center, located on Two Notch Road in Columbia. Dicks Sporting Goods signed a 47,800-square-foot lease and Michaels signed a 23,400-square-foot lease. Michaels opened on Feb. 9 and Dick's is scheduled to open in the summer of 2012. A partnership between Charlotte, N.C.-based Selwyn Property Group, Richardson Properties, Gateway Holding and Return Holdings owns the center, which is currently undergoing redevelopment, and is also slated for completion in summer 2012. Charlotte-based The Navigator Group represented Dick's Sporting Goods in its lease negotiation. Selwyn Property Group represented the landlord.
FORT WAYNE, IND. — Dollar General has renewed its lease for 9,000 square feet at 1425 Goshen Rd. in Fort Wayne. Brad Sturges of CBRE/Sturges represented the landlord, Gateway Plaza Shopping Center in the transaction. He also represented the tenant.
EASTPOINTE, MICH. — Totally U Boutique, a fashion retailer, has signed a 1,556-square-foot lease in East Brooke Commons at 9 Mile Rd. in Eastpointe. Mid-America Real Estate-Michigan represented the landlord, East Brooke Commons Limited Partnership, in the transaction.
STRATFORD, CONN. — Urstadt Biddle Properties has received $28 million in mortgage financing for the company's 271,000-square-foot shopping center in Stratford. The Dock Shopping Center is anchored by a 60,000-square-foot Super Stop and Shop. ING Life Insurance and Annuity Co. provided the 10-year loan, which has a 30-year amortization schedule.
HILLCREST, CALIF. – The ground-floor retail space that is attached to the Atlas Condos mixed-use property in Hillcrest has sold to Hamon Properties, LLC for $2.4 million. Atlas Condos was built in 2009 and contains 140 units atop 5,348 square feet of retail. The four-unit retail space is fully leased to Pappalecco’s Gelato Café, Osteria Origano Italian Restaurant, Beauty By Dolly salon and Pure Barre fitness studio. Hamon was represented by Bill Shrader of Cushman & Wakefield. Chris Rink and Randee Stratton of Cassidy Turley BRE Commercial represented the seller, Western Pacific Housing, Inc/D.R. Horton, which was the original developer.
PALM SPRINGS, CALIF. — Lucent Capital has arranged $11.5 million in first-mortgage debt cross-collateralized by two Class A retail centers in Palm Springs. Both centers are owned by Wessman Development. They include the 42,434-square-foot Plaza Mercado and the 34,010-square-foot Plaza las Flores. The loan features a 10-year term and a 5.35 percent fixed interest rate.
LOUISVILLE, KY. — Stream Realty Partners has acquired the 101,000-square-foot Central Station Shopping Center, located at 3165 S. 2nd St. in Louisville. A 46,000-square-foot Kroger anchors the center, which is currently 85 percent leased to tenants including Starbucks, T-Mobile, FedEx Kinko's, H&R Block, Quizno's, Edward D. Jones, Little Caesar's and Supercuts. The Shopping Center Group has been retained to lease and manage the asset. Craig Collins of Louisville-based Commercial Kentucky represented the seller in the transaction. George Dickinson of Fletcher Bright & Co.'s Atlanta office arranged financing through Birmingham, Ala.-based Protective Life Insurance Co.