BRONX, N. Y. — Daffy's has opened a 28,000-square-foot store in the 1 million-square-foot Bay Plaza Shopping Center in the Bronx. Tenants of the center include Barnes & Noble, JC Penney, Old Navy, Marshall's, P.C. Richards, Kmart AMC Theaters and more. New Rochelle, N.Y.-based Welco Realty negotiated the lease on behalf of the landlord, Prestige Properties & Development Co.
Retail
DALLAS — Rosebriar Properties has acquired Anthony Plaza, located at 6038 Luther Ln. in Dallas. It contains 38,500 square feet of contiguous available retail space and lies directly between Preston Hollow and Highland Park/University Park neighborhoods. Bill Hanks, Ryan Stewart and Adam Sumrall of Rosebriar negotiated the acquisition.
GRANADA HILLS, CALIF. — Marcus & Millichap Real Estate Investment Services has brokered the sale of an $11.74-million shopping center. Built in 1959, the center is located at 17020 Chatsworth St. Tenants include Walgreens, Staples and El Pollo Loco. Marcus & Millichap’s Brandon Michaels, vice president investments in the firm’s Encino branch, represented the seller, an out-of-state owner.
CHANDLER, ARIZ. — Simon Property Group’s Premium Outlets division has partnered with Gila River Indian Community's Wild Horse Pass Development Authority to build the Phoenix Premium Outlets. Phase I of the project will contain about 360,000 square feet and 90 outlets. Construction is expected to commence in early 2012 in anticipation of a spring 2013 opening.
PHOENIX — NorthMarq Capital has arranged first mortgage financing of $5 million for the 31,001-square-foot Tatum Ranch Shopping Center in Cave Creek. Financing was arranged by NorthMarq through its correspondent relationship with Thrivent Financial. It was based on a 10-year term and 25-year amortization schedule. James DuMars, senior vice president and managing director of NorthMarq’s Phoenix regional office, and Michael Elmore, executive vice president and senior director of NorthMarq’s Los Angeles regional office, helped arrange the financing.
CRYSTAL LAKE, ILL. — The Boulder Group has brokered the sale of a 3,216-square-foot building located at 5745 Northwest Highway in Crystal Lake that is net-leased to PNC Bank. The property traded for $2.68 million. Randy Blankstein and Jimmy Goodman of Boulder represented both undisclosed, Chicago-based parties in the deal.
HOFFMAN ESTATES, ILL. — DeBartolo Development has entered the Chicagoland market with its acquisition of Prairie Stone Crossing, a 61,000-square-foot shopping center located in Hoffman Estates. The property is situated at the intersection of New Sutton Road and Hoffman Boulevard, adjacent to Prairie Stone Business Park. The center comprises a 42,000-square-foot Sports Authority; a 12,000-square-foot, multi-tenant building; and a 6,000-square-foot retail/restaurant building. Occupancy was 80 percent at the time of the closing. The purchase was made on behalf of DeBartolo Opportunity Fund I at a 49 percent discount to the property's outstanding loan balance. The seller's name was not released.
EAST PEORIA, ILL. — Homewood, Ill.-based Graycor Construction Co. is nearing completion for the newest Bass Pro Shops retail location. The 140,000-square-foot project is under construction in East Peoria. In addition to retail space, it will feature a restaurant, a bowling alley, a nature center and a boat showroom and service center. Completion is expected this summer. The store marks the fifth location Graycor has built for the retailer.
SAN ANTONIO —Developers Diversified Realty Corp. (DDR) has started redevelopments on two non-income producing shopping centers: Terrell Plaza in San Antonio and Tamarac Square in Denver. DDR is razing the centers to allow for sale of the parcels to Target for the construction of two new stores. Additionally, DDR intends to redevelop adjacent retail space at both centers to accommodate demand from other high-quality retailers. The combined gross investment for the two projects is $40 million. Upon completion, Terrell Plaza will feature a 138,000-square-foot target with an additional 90,000 square feet of value-oriented junior anchor retail space. Tamarac Square will have a 135,000-square-foot Target and the 33,000-square-foot adjacent convenience center will be redeveloped.
NEWPORT BEACH, CALIF. — Lucescu Realty has been quite active in 2011. According to Mark Lucescu, the firm’s president, his company has done about $500 million-worth of retail property transactions so far this year. This represents both completed transactions and transactions that are in escrow. Lucescu Realty has also expanded its operation with a new office at Howard Hughes Center in Las Vegas. In 2010, Lucescu was recognized for being one of the most active brokerage firms in the nation when it came to the sale of shopping centers valued at $25 million or more.