SAN JOSE, CALIF. — Bay Area Family Fitness Centers has leased 38,133 square feet at Gould Shopping Center in San Jose. The space, located at 1035 E. Capitol Expressway, is the fitness center’s second location. It is anticipated to open by the end of the year. The company also plans to open one more Bay Area location in 2011. Robin Newton of Grubb & Ellis’ Retail Group represented Bay Area Family Fitness Centers in the lease transaction. The landlord, H.K.N. IV LLC, was represented by Todd Oliver of Terranomics Retail Services.
LAUDERHILL, FLA. — Deerfield Beach, Fla.-based SIKON Construction has broken ground on the $2.5 million renovation of the 40,000-square-foot Shoppes of Inverrary, located at West Oakland Park and Inverrary boulevards in Lauderhill. The project includes the addition of a 2,500-square-foot building, parking lot improvements and new storefronts and facades. Completion is slated for November 2011.
POMPANO BEACH, FLA. — The 20,521-square-foot Waverly Shopping Center, located at 437 E. Atlantic Blvd. in Pompano Beach, has been sold for $1.6 million. David Donnellan of CB Richard Ellis' Boca Raton, Fla., office, along with Todd Weintraub of CBRE's Miami, Fla., office represented JR Enterprises, the seller, in the transaction. Gene Snyder Co. represented Waverly Pompano Center, LLC.
BROOKLYN, MINN. — Kraus-Anderson Construction Co. and Gatlin Development Co. have broken ground for a $100 million, 682,000-square-foot renovation of the former Brookdale Center, located at the corner of Xerxes Avenue North and Country Road 10 in Brooklyn Center. The renovation will include a new 182,000-square-foot Wal-Mart and 500,000 square feet of additional retail space. Current tenants Sears, Kohl's and Applebee's will remain open during construction. Richard Kauffman, senior project manager for Gatlin Development Co., says the project is anticipated to take 2 years for completion, depending on leasing.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc., through its sponsor, has entered into a purchase and sale agreement to acquire four retail condominiums, totaling approximately 7,080 square feet, located at 122 Greenwich Ave. in New York City's Greenwich Village, and a free-standing Duane Reade pharmacy, located at 163-30 Cross Bay Blvd. in Queens' Howard Beach neighborhood, for a combined $36.5 million. The Greenwich Village properties consist of two units leased to TD Bank, one leased to Starbucks and the other vacant. The properties are 78 percent occupied. The acquisition of these properties is slated to be complete in November. The Duane Reed pharmacy is 100 percent leased to Duane Reed and consists of approximately 9,767 square feet. The acquisition of this property is slated to close in late September.
HOUSTON — Last Call Studio by Neiman Marcus has signed an 18,000-square-foot lease to open its fourth U.S. store at the 200,000-square-foot Post Oaks Shopping Center, a retail development located at the intersection of Post Oak Boulevard and Westheimer Road in Houston that is currently 100 percent leased. The store is slated to open in the second half of 2012. Other tenants in Post Oaks include Gallery Furniture, DSW, The Container Store, Whole Earth Provision Co., Starbucks, Maggiano's and Sports Authority.
LOS ANGELES — Marcus & Millichap has sold two Southern California-based net-leased assets for a total of $6.3 million. They include a 25,998-square foot former Ralphs in Lomita that sold for $5.1 million, or $196 per square foot, and a 52,340-square-foot Albertsons in Downey that sold for $1,275,000, or $24 per square foot. Alex Kozakov and Patrick Wade of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller of the former Ralphs. The supermarket’s lease expired earlier this month, and it did not have the option to renew. It was sold to a private REIT by two family trusts. The duo also worked on the Albertsons’ sale, in which a Southern California-based developer sold to a local 1031 Exchange buyer.
MILWAUKEE — The Redmond Co. has finished renovations for the 21,000-square-foot Silver Terrace Shopping Center, located at 5803 W. Silver Spring Dr. in Milwaukee. The project included exterior facade improvements such as new storefronts, masonry, EIFS and roofing. Interior improvements included relocation of existing tenants into new spaces and preparations for a new AutoZone.
QUINCY, MASS. — A joint venture between the City of Quincy, Street-Works Development and National Realty and Development Corp. (NRDC) will develop and lease approximately 400,000 feet of anchor retail space in the new Quincy Center, a $1.6 billion transit-oriented mixed-use development in downtown Quincy. The new retail space will be known as Market Center. NRDC is providing pre-development capital as part of the joint venture arrangement, and Street-Works will upgrade Quincy's infrastructure using private money. Quincy's investment of public funds occurs after the redevelopment produces new tax revenues.
EGG HARBOR, N.J. — NorthMarq Capital has arranged $1.6 million in first mortgage financing for the 50,000-square-foot Tilton Times Plaza, a multi-tenant retail property in Egg Harbor. Pep Boys anchors the center. David Henrich of NorthMarq's Philadelphia office arranged the financing with a 10-year term and a 25-year amortization schedule through Symetra Life Insurance Co. on behalf of the borrower.