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.
NORTH LAS VEGAS — TNP Strategic Retail Trust has sold a land parcel at Craig Promenade in North Las Vegas to a private entity. Craig Promenade is a 109,250-square-feet retail center that was built in 2005 and purchased by TNP Strategic Retail Trust in March 2011. TNP intends to use the proceeds from the Popeyes land parcel sale to purchase Topaz, a Hesperia, Calif., center that is anchored by Fresh & Easy, through a 1031 Exchange.
HAVANA, FLA. — Marcus & Millichap has brokered the $1.55 million sale of the 35,416-square-foot Green Acres Shopping Center, located at 801 North Main St. in Havana. Leon Brockmeier of Marcus & Millichap's Tampa office and Patrick O'Halloran of the Atlanta office represented the seller, a Tallahassee, Fla.-based limited liability company. Evan Halkias and Michael Marks of the Chicago Downtown office represented the Indiana-based buyer.
BALLWIN, MO. — Fairview Heights, Ill.-based IMPACT Strategies has completed the renovation and build-out of a $6 million, 50,000-square-foot West County Nissan dealership, located on Manchester Road in Ballwin. The owners moved the dealership from Ellisville to the new location.
MANSFIELD — Arch-Con Construction has recently broke ground on a 12,000-square-foot multi-tenant retail center at Hwy. 287 at FM 157 in Mansfield for Pittsburgh-based Kossman Development Co. The retail center is part of a planned 400,000-square-foot retail development. The retail center is slated to be finished in December.
NEW YORK CITY — A joint venture of SL Green and Wharton Acquisitions has purchased a 15,000-square-foot retail property at 1552 Broadway from the Riese Org. for $136.55 million. The property, known as the I. Miller Building, is four stories and houses a four-story TGI Friday’s and two billboard spaces. The Jones Lang LaSalle team of Jon Caplan, Richard Baxter, Ron Cohen and Scott Latham handled the transaction.
NEW YORK CITY — Walgreens has renewed its lease on the ground floor of the Empire State Building, and exchanged 10,000 square feet of retail space on the concourse level to 10,000 square feet on the second floor near the Observatory exit elevators. The all-glass second floor store is slated for a first quarter 2012 completion. Walgreens’ lease in the Empire State Building is for a 15-year term and totals 18,818 square feet. The vacated space on the concourse level is expected to house a fitness center. Andrew Goldberg, Eric Gelber and Matt Chmielecki represented the landlord, W&H Properties, in house for both the lease renewal and lease reconfiguration.
WILMINGTON, N.C. — Renovations have been completed for the 104,380-square-foot Market Plaza Shopping Center, located at Market Street and Kerr Avenue in Wilmington. The $1 million improvements included updated facade renovations, new parking lot lighting, parking lot resurfacing and two pylon signs. The Wilmington Development Co. handled construction management, and Theys Construction Co. was the general contractor for the project.
CLEVELAND AND CANTON, OHIO, AND INDIANAPOLIS — Steve Hryszko of CB Richard Ellis' Self-Storage Advisory Group's Cleveland office has negotiated the sale of a self-storage portfolio, containing five properties in Canton, five properties in Cleveland and eight properties in Indianapolis, in an off-market transaction. The facilities total 7,870 storage units. Hryszko represented the buyer, a joint venture between Flagship Investment Group and Kayne Anderson Real Estate Advisors. The seller was U Store It Self-Storage Facilities.