DELRAY BEACH, FLA. — Deerfield Beach, Fla.-based SIKON Construction Co. has broken ground on the 258,000-square-foot Delray Marketplace, a lifestyle center located at the intersection of West Atlantic Avenue and Lyons Road in Delray Beach. The center will include a 46,000-square-foot Publix, a 12-screen Frank Theatres and a 16-lane bowling alley, as well as retail shops and restaurants including Chico's, White House Black Market, Charming Charlie, Jos A. Bank, Bobby Chan Apparel, Max's Grille, Japango Sushi Thai Asian Cuisine, Shula Burger and Terra Fiamma. Indianapolis-based Kite Realty Group owns the property, and Orlando-based Cuhaci & Peterson designed it.
Retail
GAINESVILLE, VA. — Calkain Cos. has arranged the approximately $3 million sale of a 7,440-square-foot retail property, located in Gainesville. Tenants include 7-Eleven and a local veterinarian. Jeff Bogart of Calkain Cos.' Reston, Va., office represented Buchanan Partners, the seller, in the transaction. Ui Chung of Annandale, Va.-based Hana Realty represented the buyer, a local investor.
CINCINNATI, FORT SMITH, ARK. — Phillips Edison's Strategic Investment Fund I has closed two CMBS loans totaling $94.5 million. The 10-year loans are secured by shopping centers in Cincinnati and Fort Smith. The Cincinnati property is Bridgewater Falls, a 600,000-square-foot center anchored by Target, JCPenney and Dick's Sporting Goods. Fort Smith Pavillion in Fort Smith is a 400,000-square-foot shopping center anchored by Target and Dick's Sporting Goods. Both properties are more than 95 percent occupied.
EXPORT, PA. — Alside, a manufacturer and distributor of exterior residential building products, has opened its 100th supply center in the U.S. and second location in the Pittsburgh area. The new 37,000-square-foot center opened Jan. 2 at 3003 Venture Court in Export. The center includes Alside-manufactured products such as vinyl siding, as well as garage doors, stone, fencing and decking products.
JOSHUA — Tyler-based Brookshire Grocery Co. (BGC) has purchased a 6.33-acre tract and plans to build a 37,400-square-foot Brookshire's Food & Pharmacy store at the site, located at the intersection of State Highway 174 and Stadium Drive Boulevard in Joshua. The development will be part of the mixed-use development Joshua Station. The new store will feature a gas station, an in-store pharmacy with a drive-thru window and a full-service bakery and deli.
SAN DIEGO — Torrey Pines Bank has signed a new seven-year lease for 27,834 square feet at 12220 El Camino Real in Del Mar Heights. This lease expansion is valued at $8 million and has allowed the bank to absorb the balance of space on the building’s first and second floors. Torrey Pines Bank was represented by Dave Odmark of Cassidy Turley BRE Commercial. The building’s owner, Cognac Del Mar, LLC, was represented by Odmark, along with Rick Reeder and Joe Anderson, who are also with Cassidy Turley.
RANCHO CUCAMONGA, FONTANA, CALIF. – Two single-tenant properties have recently sold in the Inland Empire for a combined total of $5,527,000. A Rancho Cucamonga-based retail property that is currently occupied by Farrell’s Ice Cream Parlour Restaurant has sold to 4021 LLC for $3,292,000. The sale of the 7,841-square-foot property closed at a 7.5 percent cap rate. The buyer was represented by Acadia Corporation. The seller, Bengard-Foothill LLC, was represented by Jeff Conover and Rich Walter of Faris Lee Investments. The second property, a 10,000-square-foot retail building in Fontana that is currently occupied by Big 5 Sporting Goods, has sold to Kalmuk Trust for $2,235,000. The property resides within the Shops at Sierra Lakes and sold at a 6.47 percent cap rate. The all-cash buyer was represented by Opics Properties. The seller, PRP Investors Fontana, LLC, was represented by Conover and Matt Mousavi of Faris Lee.
VIRGINIA BEACH, VA. — A 34,000-square-foot retail property, located at 5565 Virginia Beach Blvd. in Virginia Beach, has sold for $2.75 million. Mark Warlick of S. L. Nusbaum Realty Co.'s Norfolk, Va., office represented the seller, CS Commercial Properties, in the transaction. The buyer was Royal Retail Realty.
EXPORT, PA. — Alside, a manufacturer and distributor of exterior residential building products, has opened its 100th supply center in the U.S. and second location in the Pittsburgh area. The new 37,000-square-foot center opened Jan. 2 at 3003 Venture Court in Export. The center includes Alside-manufactured products such as vinyl siding, as well as garage doors, stone, fencing and decking products.
HOUSTON — Jones Lang LaSalle has arranged a senior mortgage loan for the 312,676-square-foot CITYCENTRE Retail, a Class A retail center in Houston. The center is part of the 1.8 million-square-foot CITYCENTRE, a master-planned community. Tom Fish, Paul House and John Ream of Jones Lang LaSalle's Houston office arranged for AEGON to provide the loan through Transamerica on behalf of the borrower, Midway Cos. and a pension fund advised by L&B Realty Advisors.