SANTA CLARITA, CALIF. – A Wickes Furniture building in Santa Clarita has been successfully converted into an Ashley Furniture HomeStore. Inland Empire-based Hodgdon Group negotiated the $3.7-million acquisition of this 41,850-square-foot building for Ashley Furniture. The seller, C-III Loan Asset Management, was represented by Lee & Associates' Matthew Sullivan. Hodgdon-Miank Construction acted as the design-build contractor and carried out the renovation for the new Ashley Furniture. The new store is located within the 650,000-square-foot Centre Pointe Marketplace.
Retail
ORANGE CITY, FLA. — Hobby Lobby has signed a 20-year lease with Forness Properties to build a 51,010-square-foot store in Saxon Crossing shopping center in Orange City. Michael Collard Properties will develop the Hobby Lobby, which is scheduled to open in 2012 on a two-acre, Phase II outparcel of the center. Additional tenants include an LA Fitness, Lowe's and Target. Forness represented the landlord, Saxon Crossing Partners, and Concordia Equity's Ron White and Paul Burkhart represented Hobby Lobby.
HOMESTEAD, FLA. — Kennedy Contractors will begin construction on a freestanding, 27,000-square-foot hhgregg at the 375,000-sqaure-foot Homestead Pavilion shopping center in July. The project, which is scheduled for an early 2012 opening, will complete Phase I of the development. Developers Diversified Realty develops and owns Homestead Pavilion, which is the largest retail center in Homestead.
HARTSDALE, N.Y. — H Mart Supermarket has closed on a 37,000-square-foot lease for the former Pathmark Supermarket space in Hartsdale. Fern Wagner of Goldschmidt & Associates' Scarsdale, N.Y. office represented H Mart in the transaction and Nick Andreadis represented the landlord, Centro Properties Group.
DUBLIN, OHIO — Marcus & Millichap has brokered the sale of a 3,660-square-foot, freestanding building that is net-leased to Arby's. The restaurant is located at 5864 Sawmill Road in the Columbus, Ohio, suburb of Dublin. An out-of-state investor purchased the property for $1.82 million at an 8 percent cap rate. Dan Yozwiak and John Reehil of Marcus & Millichap's Columbus office represented the seller, a private investor.
GRAND RAPIDS, MICH. — CB Richard Ellis (CBRE)/Grand Rapids has brokered the sale of the former Big Boy restaurant located at 2817 Kraft Ave. in Grand Rapids. The buyer, Cascade Burgers Real Estate, plans to open a new Bagger Dave's Legendary Burger Tavern location in the 6,488-square-foot building. This will be Bagger Dave's fifth location, and a sixth location is set to open soon in East Lansing, Mich. The Grand Rapids location will open by the end of the year. CBRE's Robert Lotzar represented the seller, Union Bank, in the deal.
CRANBERRY TOWNSHIP, PA. — Butler Promenade, LP., has broken ground on the first phase of the 218,000-square-foot Cranberry Promenade, located at the intersection of Route 19 and Ogle View Road in Cranberry Township. Phase I will include an 18,500-square-foot ALDI, a bank with drive-through service and other unnamed tenants. Construction is scheduled for completion in the second quarter of 2012, with Phase II construction to begin subsquently. Jared Imperatore and J. R. Yocco of Grant Street Associates are the leasing agents for the development.
HUNTLEY, ILL. — The ribbon cutting has been held for the new General RV dealership located at 1400 Automall Drive in Huntley, within the Huntley Automall. Completed by Principle Construction Corp., the project consisted of a 35,244-square-foot showroom and sales area, a 14,500-square-foot vehicle service area and parking for 152 recreational vehicles.
MUSKEGON, MICH. — A new Ulta is is opening at Lakes Crossing, which is located on Harvey Street in Muskegon. The new store will be 11,000 square feet. Michael Lippitt and Richard Shlom of Farmington Hills, Mich.-based Landmark Commercial Real Estate Services represented Ulta in lease negotiations. Brian Mychajluk and Tony Michalak provided in-house representation for the landlord, Centro Properties Group.
ARLINGTON — Arlington-based SkyWalker Property Partners will raze and redevelop the 33,625-square-foot Precinct Center at 1432 Precinct Line Rd. in Arlington. Precinct Line Center, formerly called Old Towne Square, was most recently leased to Marshall's, Subway and Mattress Giant. The 3.4-acre site is being scraped and carved into pad sites, one of which has already been sold to a bank to develop a new branch. According to SkyWalker Property Partners, the site will support one or two more pad sites.