LOS ANGELES — Watt Commercial Properties has completed a $14 million redevelopment of Palo Woods Shopping Center, encompassing the entire nine-acre property in the Harbor City area of Los Angeles. Watt converted the existing 77,000-square-foot Kmart building into two separate retail spaces, which will be occupied Ross Dress for Less and LA Fitness. Wilson Commercial Real Estate represented the developer in the respective 29,105-square-foot and 44,000-square-foot lease deals. Watt is also developing two new retail pads to front Sepulveda Boulevard.
ALEXANDRIA, VA. — PACE-Beacon Hill has acquired a Walgreens store, which is located at 6717 Richmond Highway in Alexandria. The 14,469-square-foot drugstore sold for $10.57 million or $731 per square foot. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller; Phil Sambazis of Marcus & Millichap's San Diego office represented the undisclosed New York-based buyer in the transaction. David Feldman of Marcus & Millichap's Washington, D.C., office also provided representation.
SMYRNA, GA. — Westchester, Ill.-based Tri-Land Properties has received zoning and financing approval for the redevelopment of The Crossings at Four Corners in Smyrna. The project includes the renovation of 60,000 square feet of retail space and the development of eight outparcels and a 25,000-square-foot pad. Tri-Land has sold 8 acres to Cincinnati-based Kroger Co., which is developing a 96,000-square-foot supermarket at the site. Once completed in mid-November 2011, the center will offer 230,000 square feet of retail space. Construction is slated to begin in January. Chicago-based Cole Taylor is providing construction financing for the project.
PENSACOLA, FLA. — Leon Brockmeier and Matt Reichenthal of Marcus & Millichap's Tampa, Fla., office have brokered the sale of the ground lease of The Shops at Perdido Key, a shopping center in Pensacola. Located at 13390 Perdido Key Dr., the 53,003-square-foot retail center is anchored by a Publix. The asset sold for $7.95 million. Leon Brockmeier and Matt Reichenthal of Marcus & Millichap's Tampa, Fla., represented the seller, a Florida-based limited liability company. The buyer was not disclosed.
SAN ANTONIO — Stephen Berchelmann and Chad Knibbe of Marcus & Millichap's San Antonio office have facilitated the sale of Marbach Plaza, a 105,974-square-foot grocery-anchored shopping center at the corner of West Military Drive and Marbach Road in San Antonio, on behalf of the seller, a limited liability company. A 32,400-square-foot La Fiesta Supermarket anchors the property, which was purchased by a private investor. Vincent Knipp of Marcus & Millichap's Fort Worth office secured the buyer.
BELTON — A 2,590-square-foot Pizza Hut has sold in Belton, 50 miles north of Austin. Brad Bailey and Chase Conway of Marcus & Millichap's Austin office represented the seller, a private investor, while J.J. Taughinbaugh of Marcus & Millichap's Palo Alto, Calif., office represented the buyer, also a private investor. Pizza Hut is located at Neil Street and Interstate 35.
CLEVELAND, TENN. — Baton Rouge, La.-based MD Ruston Properties, on behalf of a special servicer, has acquired Bradley Square Mall in Cleveland. The 406,845-square-foot regional shopping center is anchored by Belk, JCPenney, Sears and Kmart. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle's Atlanta office represented the seller in the transaction. The seller and acquisition price were not released.
YONKERS, N.Y. — Lord & Taylor will open its first new location in a decade within Westchester Ridge Hill, a 1.3 million-square-foot mixed-use project located in Yonkers. The fashion retailer will occupy 80,000 square feet and serve as one of the center's anchors. Forest City Enterprises is currently developing Westchester Ridge Hill. Tenants already signed on include Whole Foods, L.L. Bean, Cinema De Lux, REI and Dick's Sporting Goods.
MESQUITE —An 88,000-square-foot freestanding retail building in Mesquite, which is currently leased to Hobby Lobby and Mardel, has been sold to a New York-based investment group for an undisclosed price. A Dallas-based limited partnership sold the property, which fronts Galloway Road in Mesquite and sits just north of Highway 80. Gavin Kam of Net Realty Advisors and Brad Kam of TKG Property negotiated the transaction.
NEW YORK CITY — Beck Street Capital has disposed of an approximately 5,000-square-foot retail portfolio located in New York City for $34 million. The portfolio comprises six retail condominiums located in Manhattan's West Village at 367-369, 382-384 and 387 Bleecker St. At the time of closing, the portfolio was fully leased to a tenant roster that includes Burberry, Marc Jacobs, Michael Kors, Mulberry and A.P.C. Robert Knakal and James Nelson of Massey Knakal Realty Services represented Beck Street in the deal. The buyer's name was not released.