SALISBURY, MD., & WINCHESTER, VA. — H&R Retail has arranged two leases on behalf of Hobby Lobby: a 56,800-square-foot lease at North Point Plaza in Salisbury and a 55,793-square-foot lease at South Pleasant Valley Road in Winchester. David Ward and Ben Hoskins with H&R Retail's Baltimore office represented Hobby Lobby in both lease transactions. Jim Crilley of the firm's Bethesda, Md., office represented the landlord in the Salisbury transaction.
OCALA, FLA. — The Shopping Center Group has arranged two new leases for Bealls Outlet and Ross Dress for Less at the 222,000-square-foot Six Gun Plaza, located in East Ocala along Silver Springs Boulevard. Bealls Outlet signed a 7-year lease for 35,500 square feet and is expected to open this fall. Ross Dress for Less signed a 10-year lease for 32,000 square feet and is expected to open in 2012. Kevin Hipes of The Shopping Center Group's Orlando, Fla., office represented SouthEast Properties, the owner, in the lease transactions. John Dottore and Marc Sullivan of the same office represented Ross Dress For Less. Bealls was self-represented.
AVON, OHIO — Luttner Real Estate Investments Services has arranged the $3.82 million sale of a J.C. Penney ground lease in Avon. The property has 17.5 years remaining on the initial 20-year lease. Mark Luttner of Luttner's Chicago office represented the seller, The Richard E. Jacobs Group, and procured the buyer, a private investor.
PHILADELPHIA — The Great Atlantic & Pacific Tea Company, Inc. (A&P) is opening a new 51,000-square-foot Superfresh store at North 2nd Street and West Girard Avenue in Philadelphia’s Northern Liberties neighborhood. The new store will feature fresh seafood caught locally, full-service pharmacy, floral department, home delivery, bakery, sushi bar, gourmet deli and local meats and produce. The store is expected to bring more than 120 jobs to the community.
ALLEN — Eleven new tenants have joined The Village at Allen, a component of a 400-acre mixed-use development located at the intersection of U.S. Highway 75 and Stacy Road. Dallas-based The MGHerring Group developed the mixed-use property, which totals an aggregate 3 million square feet of commercial property. The new tenants comprise more than 35,000 square feet of retail space, including: Metro PCS, 1,115 square feet Pier 1 Imports, 10,416 square feet Rudy’s Bar-B-Q, 5,000 square feet Al’s Former Wear, 1,267 square feet Bliss Cupcakes, 1,265 square feet Barbeques Galore, 4,893 square feet Smoothie King, 1,321 square feet Raising Cane’s, 3,530 square feet Sprint, 2,449 square feet Bicycles Plus, 5,100 square feet Sun’s Tailor, 931 square feet
BAKERSFIELD, CALIF. — The East Hills Mall in Bakersfield will be auctioned at the Los Angeles Courthouse of the U.S. Bankruptcy Court, Central District of California, on Sept. 22. The 410,000-square-foot East Hills Mall sits on 36 acres and was originally built by the Hahn Company in 1988. The portion to be sold at auction consists of the mall shops and a theater, which contains about 178,000 leasable square feet on 17.8 acres. The mall was previously anchored by Mervyns and Gottschalks, but after both retailers were liquidated in 2009, East Hills struggled to pay its debts and its owner, BH Mall LLC, subsequently filed for bankruptcy. The auction’s minimum starting bid will be $4.1 million.
ST. LOUIS — Swansea, Ill.-based Holland Construction Services has started construction on the $7 million, 35,745-square-foot Mungenast Hyundai, located at 649 Dunn Rd. in St. Louis. HDA Architects' St. Louis office designed the new dealership, which features a waiting area with seating, television, beverage bar, power bar with Wi-Fi access and electronics chargers, and a children's area with toys, a television and a viewing window for parents. Completion is slated for March 2012.
MERIDEN, CONN. — BIG Y World Class Market has opened a new location in a 55,000-square-foot retail space in the Townline Square Shopping Center in Meriden. The center’s owner, Urstadt Biddle Properties Inc., a real estate investment trust, and Big Y jointly invested $3 million into the site’s redevelopment, formerly home to another grocery store tenant. The supermarket features a pharmacy, food court, bakery and a floral department, and it has approximately 150 employees. Big Y had previously signed a lease with Urstadt Biddle that extends through 2031.
DENTON — The Denton City Council has approved a $9.5 million Economic Development Program Grant Agreement for MGHerring Group and Cencor Realty Services for the redevelopment of Golden Triangle Mall at 2201 Interstate 35 E. in Denton. MGHerring and The Weitzman Group, an affiliate of Cencor, have been jointly leasing the mall since September 2010, and Cencor currently manages the property. MGHerring and Cencor have decided to form a joint venture known as GTM Development, Ltd. for the purchase/redevelopment of the mall. The $9.5 million grant is a piece of the $60 million expected for the redevelopment's total cost. The 765,000-square-foot mall is anchored by JC Penney, Dillard's, Macy's and Sears, and it houses tenants such as Ross Dress for Less, Hollister, Barnes & Noble, DSW, American Eagle, Aeropostale, Bath & Body Works, Victoria's Secret, The Limited, El Chico and Starbucks. The redevelopment will include a new exterior facade, redesigned entrances, updated tenant storefronts, new food court, new tenants, new flooring, new interior amenities (benches, landscape, fixtures, directories) and new exterior and interior graphics and lighting. The renovations are slated to be finished in time for a grand re-opening in fall 2012.
SAN DIEGO — Marcus & Millichap Real Estate Investment Services has sold two Rite Aid net-leased assets in Southern California. The Wildomar location was purchased by a private investor from a developer. The San Diego Rite Aid was purchased by a private investor from a family trust. M&M’s Alvin Mansour represented both the buyers and the sellers in each transaction. The two drugstores traded for a total of $6,484,500.