DENVER — Developers Diversified Realty Corporation plans to raze Tamarac Square, a two-story mall that is currently 90 percent vacant. Once razed, the non-income producing parcel will be sold to Target, which plans to build a new 135,000-square-foot location. DDR notes that Tamarac Square is in a high barrier-to-entry market that contains about 720,000 people within a seven-mile trade area. DDR also plans to renovate a 33,000-square-foot convenience center that is adjacent to the parcel. Upon completion of the new Target and the neighboring renovation, the project will be about 98 percent leased. The firm is also razing the Terrell Plaza shopping center in San Antonio, Texas, to accommodate a new Target location.
Retail
FLOWERY BRANCH, GA. — Kimco Realty Corp. has acquired the 92,985-square-foot, Publix-anchored Village Shoppes of Flowery Branch from institutional investors advised by J.P. Morgan Asset Management — Global Real Assets for $13.7 million. Located at 5900 Spout Springs Rd. in Flowery Branch, close to the Interstate 985/Spout Springs Road interchange, the shopping center is 92 percent leased. It was built in 2002. Richard Reid and Jim Hamilton of HFF represented the seller.
COMMERCE, GA., AMITE, LA., AND DESTIN, FLA. — Marcus & Millichap has facilitated the sale of three Walgreens. The 14,500-square-foot Walgreens, located at 2100 Broad St. in Commerce, sold for $5.15 million. The seller was represented by Lori Schneider of Marcus & Millichap's Fort Lauderdale, Fla., office. The buyer was represented by Lane Schwartz of Marcus & Miliichap's West Los Angeles office. Next, the 14,550-square-foot Walgreens, located at 300 West Oak St. in Amite, was sold for $4.99 milion. The seller was represented by Schneider. Finally, the 14,430-square-foot Walgreens, located at 977 Highway 98-E in Destin, was sold for $2.8 million. The seller was represented by Schneider. Marc Strauss of Marcus & Millichap's Fort Lauderdale office and Michael Jaworski and Benjamin Berry of the Tampa, Fla., office represented the buyer.
AVENTURA, FLA. — Coconut Grove, Fla.-based Aztec Group has secured $8.5 million in bridge financing for the 44,500-square-foot Biscayne Harbour Shops, located at 181st Street and Biscayne Boulevard in Aventura. Howard Taft and Charles Penn of Aztec Group secured the financing through a New York-based real estate finance company. Terms of the 2 year facility include a 60 percent loan-to-value ratio and a floating rate. The buyer is Blue Green Capital, an affiliate of Aventura-based Triarch Investment Group.
ST. CHARLES, MO. — A joint venture between New York-based Cohen Commercial Properties and New York-based DRA Advisors has purchased the 300,000-square-foot Mark Twain Shopping Center, located in St. Charles. The open-air center is anchored by Bass Pro Shops, Gordman's Department Store and Aldi's Supermarket. Local, regional and national tenants and 7 restaurants are included in the property. There is also approximately 30,000 square feet of vacant space and the potential to develop over 4 acres of adjacent land.
NORTH OLMSTED, OHIO — The 4,886-square-foot, two-building Domino's Pizza Plaza, located on Lorain Avenue in North Olmsted, has sold for an undisclosed price. The building is 100 percent leased to Domino's and Hanna's Pub. Kyle Hartung and Rob Yaskanich of Cleveland-based Goodman Real Estate Services Group were the exclusive listing agents for the property.
NEW YORK CITY — Equity One has acquired a fee interest in a Manhattan retail condo for $55 million. The property totals 56,870 square feet and is located at 161 W. 16th St. in Chelsea. Loehmann's leases the space until March 2016. The seller's name was not released.
SOMERSET, N.J. — Colliers International has brokered the sale of a 20,164-square-foot retail center located at 464 Elizabeth Ave. in Somerset for $8.9 million. The center was constructed in 2009 and is tenanted by Rite Aid, Dunkin Donuts and New Millennium Bank. The buyer was a regional investor. William Aiello and George Lulos of Colliers' Harrisburg, Pa., office partnered with Ian Schroeder and Maurice Nieman of the firm's Irvine, Calif., office to represent both parties in the deal.
HOUSTON — The 36,645-square-foot Copper Grove Shopping Center has changed hands. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a local partnership. The buyer, an Oklahoma partnership, was also secured by Goldstein. Copper Grove Shopping Center is located at 8955 N. Hwy. 6 in Houston. It was built in 2007 and sits on 175,982 square feet of land.
PEARLAND — ARA has facilitated the sale of three REO land sites — Pearland, Trails at Seabourne and Village East. Tim Dosch and David Marshall of ARA represented the seller, BBVA Compass Bank, in all three transactions. Both Trails at Seabourne and Village East were purchased by local buyers, Woodcreek Mortgage Corp. and Larry Hollman, respectively, who plan to develop the sites for single-family homes. The 40-acre Pearland site, however, was purchased by Parkside Capital, LLC, a Houston-based company that focuses on land investment opportunities in Houston, Austin, San Antonio and Dallas. Parkside Capital plans to develop the land and sell sites for retail use. The Pearland site is located on the northwest corner of SH 288 and CR 59 in Pearland.