Retail

KRAUS-ANDERSON SELECTED FOR 293,378-SQUARE-FOOT MALL RENOVATION

by admin January 25, 2012

EDINA, MINN. — Kraus-Anderson Construction Co. has been selected to renovate Southdale Center in Edina. The 293,378-square-foot renovation will include a new concourse, food court and entrances, as well as new elevators, stair cores and general mall finishes. Construction is expected to be completed this December. Kraus-Anderson will operate in two shifts to complete the renovation before the holiday's shopping season. Baltimore-based JP2 is the architect for the project. The mall opened in 1956.

January 25, 2012

NORTHMARQ ARRANGES $12.2 MILLION FOR SUMMERHILL MARKETPLACE

by admin January 25, 2012

EAST BRUNSWICK, N.J. — Deanna Polizzo and Ernest DesRochers of NorthMarq Capital's New York City office have arranged $12.2 million for the first mortgage refinancing of Summerhill Marketplace, an 88,700-square-foot retail property in East Brunswick. Located at 675 Route 18, the center is anchored by a Stop & Shop. The Royal Bank of Scotland provided the 10-year loan, which has a 30-year amortization schedule.

January 25, 2012

Retail Texas

CORNERSTONE SHOPPING CENTER IN MIDLAND SELLS

by admin January 25, 2012

MIDLAND — Gordon Cornerstone Partners, an entity of Houston-based Gordon Partners, has purchased the 100,000-square-foot Cornerstone Shopping Center, located at the corner of Loop 250 and Midland Drive in Midland, from KB Cornerstone Group. The property is 92 percent leased to tenants including Gold's Gym, AT&T, Pizza Hut, One Main Financial, My Community Credit Union and Chito's Mexican Restaurant. The buyer was self-represented by Scott Gordon and Matthew Gordon.

January 25, 2012

Retail Texas

HFF ARRANGES $5.1M FOR SOUTHCROSS PLAZA IN AUSTIN

by admin January 25, 2012

AUSTIN — HFF has secured $5.1 million in first lien financing to refinance the 34,051-square-foot Southcross Plaza, a retail center located at 3601 W. William Cannon Dr. in Austin. The property features tenants such as State Farm Insurance, Thundercloud Subs and Texas State Optical. Travis Anderson of HFF's Dallas office led the team to arrange the 5-year loan through First National Bank & Trust of McAlester on behalf of the borrower, Cencor Realty Services.

January 25, 2012

Retail Western

NORTH PARK PLAZA SELLS FOR $13M

by admin January 25, 2012

PHOENIX — North Park Plaza, a 101,361-square-foot neighborhood shopping center in Phoenix, has sold to an entity formed by Westwood Financial Corporation for $13 million. The center was built in 1963 and is anchored by Safeway. The center underwent improvements in 1986 and 2007. Ryan Schubert and Michael Hackett with Cassidy Turley BRE Commercial’s Retail Capital Markets Group and Bob Buckley with the firm’s Capital Markets Group represented both the buyer and the seller, Aegon USA Realty Advisors.

January 25, 2012

Retail Southeast

BRANDY HILL PLAZA SELLS FOR $3.3M

by admin January 24, 2012

MECHANICSVILLE, VA. — The 112,000-square-foot Brandy Hill Plaza, a retail and office property located at 7053-7095 Mechanicsville Tpke. in Mechanicsville, has been sold on Auction.com for $3.3 million. 7055 Brandy Hill Plaza Associates purchased the note on the center as a deed in lieu of foreclosure and will retain the center as an investment. Richard Thalhimer of Cushman & Wakefield/Thalhimer's Richmond, Va., office represented the buyer in the transaction.

January 24, 2012

Retail Southeast

M&M ARRANGES $2.97M SALE OF CHASE BANK

by admin January 24, 2012

ALTAMONTE SPRINGS, FLA. — Marcus & Millichap has brokered the $2.97 million sale of a 3,578-square-foot, net-leased Chase Bank, located at 971 N. State Rd. 434 in Altamonte Springs. The property is in a Publix-anchored shopping center. Ray Turchi and Chris Travis of Marcus & Millichap's Orlando office represented the seller, a private investor, in the transaction. Judson Kauffman and Glen Kunofsky of the firm's Manhattan office represented the seller in the transaction.

January 24, 2012

Retail Southeast

CVS SELLS FOR $2.96M

by admin January 24, 2012

MURFREESBORO,TENN. — A 10,125-square-foot CVS/pharmacy, located at 607 SE Broad St. in Murfreesboro, has been sold for $2.96 million. CVS is on a 20-year, triple-net lease. Dan Cooper of Cleveland-based The Cooper Group arranged the sale on behalf of the seller, a New York-based private company, in the transaction and procured the buyer, a Texas-based private group.

January 24, 2012

Midwest Retail

ADVANCE AUTO PARTS PROPERTY SELLS FOR $1.5 MILLION

by admin January 24, 2012

MACHESNEY PARK, ILL. — The Boulder Group has completed the $1.5 million sale of an Advance Auto Parts property, located at 1535 W. Lane Rd. in Machesney Park. Advance Auto Parts is the sole occupant of the 6,124-square-foot building that was developed in 2011. The company has 14 years remaining on its lease. Randy Blankenstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois developer, in the transaction. The buyer was a California-based private investment firm.

January 24, 2012

Northeast Retail

BOTTOM DOLLAR FOODS OPENS STORES IN GREATER PITTSBURGH AREA

by admin January 24, 2012

PITTSBURGH — Discount grocer Bottom Dollar Foods is opening 14 stores in greater Pittsburgh and Youngstown, Ohio. The first stores open Jan. 26. The retailer plans to include Pittsburgh Steelers players at each location for the Pennsylvania openings at 7:30 a.m. Stores include 12012 Frankstown Road, Penn Hills, Pa. (Randy Grossman); 1160 Washington Ave., Carnegie, Pa. (LC Greenwood); 1155 Washington Pike, Bridgeville, Pa. (Louis Lipps); 300 Eden Park Blvd., McKeesport, Pa.(Mike Meriweather); 2011 Sheffield Road, Aliquippa, Pa. (John Banaszak); 7350 Saltsburg Road, Pittsburgh (Mike Wagner); 5239 Brownsville Road, Pittsburgh (Robin Cole). Four additional Bottom Dollar Food stores will also open in Pennsylvania Feb. 9.

January 24, 2012

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