HUNTSVILLE, ALA. — Construction commenced in late March on a 64,000-square-foot Kohl's in Huntsville. When the site opens in November, it will be the second Kohl's located in Alabama. The stand-alone building is located near the intersection of Ledges and Carl T. Jones Drive. RBJ Signature Holdings, the owner, was represented by The Shopping Center Group's Don Beck of the Hunstville office in negotiations for a long-term ground lease. UCR Dallas represented Kohl's. Terms were not disclosed.
HUNTINGTON STATION, N.Y. — Kimco Realty Corp. has purchased a Long Island shopping center from Centro Properties Group for $7.9 million. Turnpike Plaza is a 53,000-square-foot property located at 695-731 E. Jericho Turnpike in Huntington Station. It was 95 percent leased at the time of closing, and its anchors include Waldbaum's, whose lease will expire soon, and Rite Aid. The Cushman & Wakefield team of Gary Gabriel, Andrew Merin, David Bernhaut and Grace Braverman arranged the deal.
NEW YORK CITY — Madison International Realty has made a $172.3 million equity investment in a portfolio of New York City metro area retail properties owned by Forest City Enterprises. For its investment, Madison International will obtain a 49 percent interest in the partnership, with Forest City controlling the other 51 percent and maintaining leasing and management duties. The portfolio is valued at $851.5 million including $500 million in debt. The properties include three centers each in Brooklyn, the Bronx and Queens; two centers each in Manhattan and Staten Island; and one center in North Bergen, N.J.
FORT WORTH — Cinemark Holdings, Inc., a motion picture exhibitor, has plans to construct a 14-screen, all-digital movie theater that will feature its Cinemark NextGen design concept in Presidio Junction, located eight miles north of downtown Fort Worth. Presidio Junction is a 300-acre master-planned, mixed-use development by LNR Property LLC located at the intersections of Interstate 35 West, SH 287 and North Tarrant Parkway. Cinemark Holdings purchased 10 acres within the property to build the Cinemark NextGen theater, which is scheduled to open in time for the 2012 summer movie season. All of the stadium-seated auditoriums will offer a state-of-the-art viewing environment with wall-to-wall screens, complete digital projection and digital surround sound. Marc Marrocco, Brian Glaser and Herb Weitzman of The Weitzman Group and Jay Jostrand of Graco negotiated the transaction between Cinemark Holdings and LNR Property.
AURORA, COLO. — Marcus & Millichap has presided over the $2.23 million sale of the 57,800-square-foot Kingsborough Crossing, located at 16724 East Iliff Ave. in Aurora. The retail property was renovated in 2007 and approximately 87 percent leased at time of closing. In a transaction involving two limited-liability companies, Marcus & Millichap’s Barry Higgins and Jason Ferdig represented the buyer, and Higgins represented the seller.
LORTON, VA. — Madison Marquette purchased Guston Plaza in Lorton for $28 million from Philips Edison & Company. Guston Plaza, located along Route 1 has 204,000 square feet of space divided between retail and office, and is anchored by Bloom, Gold's Gym and Dollar Tree. The 184,000 square feet of retail space is almost fully leased. Of the 20,000 square feet of office space, approximately 70 percent is leased. Joseph French of the Sperry Van Ness White Plains, N.Y., office was the sole broker in the transaction.
ORLANDO, FLA. — Ultimate Power Martial Arts & Fitness Center has leased 10,500 square feet of space at Airport Industrial Center at 7480 Narcoossee Rd. in Orlando for 3 years. The landlord, Columbus, Ohio-based Airport Investment Properties LLC was represented by Michael Heidrich of the NAI Realvest Maitland office. He was the sole broker in the deal.
SHOREWOOD, ILL. — An undisclosed limited liability company has acquired a 4,800-square-foot retail property in Shorewood. Located at 691 Brook Forest Ave., the property, which is leased by Citibank, sold for $3.22 million. The building is a hard corner pad site to a The Home Depot-anchored retail center. Jamie Medress and Mark Ruble of Marcus & Millichap's Phoenix office represented the buyer. John Przybyla, also of Marcus & Millichap, assisted in the transaction. The seller was not disclosed.
PHILADELPHIA — Metro Development Co. has broken ground for Bakers Square, a 220,000-square-foot shopping center located in the Hunting Park West submarket of Philadelphia. The project will be constructed on the site of the former corporate headquarters and production facility for Tasty Baking Company. The anchor will be a 71,000-square-foot ShopRite. US Realty will assist in leasing the center. The completion date was not released. Future development of the site calls for the preservation and redevelopment of the original 460,000-square-foot factory into a mixed-use project containing retail, office, educational and institutional space.
SILSBEE — Stan Johnson Co. has completed the sale of a 14,550-square-foot, free-standing Walgreens at 496 Hwy. 96 South in Silsbee, located north of Beaumont. Brandon Duff and Brad Feller of Stan Johnson Co. represented the seller, a Houston-based developer, while Stan Johnson Co.'s Jim Gibson represented the buyer, an individual investor also based in Houston, in the transaction. The free-standing Walgreens is situated on 1.71 acres.