NORTHBOROUGH, MASS. — Construction is under way for Northborough Crossing, a 600,000-square-foot, open-air retail center located in Northborough. The $100 million project is already 90 pre-leased by a tenant roster that includes anchors Wegmans and Kohl's as well as junior anchors Toys “R” Us, Babies “R” Us, Michaels, PetSmart, T.J. Maxx and Golf Town. Completion is expected in fall 2011. New England Developmnent is leading the development team for the project, and Brendon Properties is serving as the local development partner. Northborough Crossing is part of a 174-acre master-planned community that also includes a new apartment community being developed by AvalonBay Communities.
Retail
SEWELL, N.J. — A joint venture between Cedar Shopping Centers and RioCan Real Estate Investment Trust has closed on the $26.3 million acquisition of the Cross Keys Place shopping center in Sewell. The 148,000-square-foot property is fully leased to tenants that include Bed Bath & Beyond, Sports Authority, AC Moore, Old Navy and Petco. The Home Depot shadow anchors the center. The joint venture expects to close shortly on financing for the purchase. It expects the loan to have a 10-year term, a fixed interest rate of less than 5 percent and a 55 percent loan-to-value ratio. Cedar will handle long-term management and leasing of the property. The joint venture has closed on more than $250 million in shopping center purchases so far this year.
KANSAS CITY, MO. — A Chicago-based private investor has acquired a triple-net leased property, which is located at 8350 N.W. Roanridge Road in Kansas City, for $1.6 million. The 1.56-acre parcel contains a 5,738-square-foot building that is long-term leased to Chili's. Randy Blankstein of The Boulder Group represented the buyer; Eric Gonsher of The R.H. Johnson Company represented the seller, a Chili's franchisee, in the transaction.
CLARKSVILLE, TENN. — Clarksville Volunteer Health Inc. has completed the disposition of the former community hospital site, which is located at the intersection of Madison Street and Memorial Drive in Clarksville. Brentwood, Tenn.-based PGM Properties purchased the 15-acre land parcel for $2.25 million. PGM Properties plans to demolish the former hospital and develop Madison Street Commons, a 54,000-square-foot retail center, on the property. The center will be anchored by Publix and offer 18,600 square feet of retail and out-parcel space. Richard Swift of NAI Clarksville represented the seller in the transaction.
ARLINGTON, MASS. — Bierbrier Development has procured a $6.6 million loan for the refinancing of Arlington Village Shops, a 25,000-square-foot retail center located in Arlington. Shawn Herlihy of Goedecke & Co. arranged the financing on behalf of Bierbrier through John Hancock Financial. The center was 90 percent leased at the time of closing by a tenant roster that includes Unleashed by PETCO, Hair Cuttery and The Meat House. The building is also seeking LEED certification.
MARIETTA, GA. — A private New York-based investor has acquired a fee-simple Rite Aid building in Marietta for $3.1 or $218.27 per square foot. Located at 1900 Sandy Plains Road, the property is situated at a signaled intersection across from a Publix-anchored shopping center. The property is secured by a 20-year NNN lease with 15 years remaining. Tim Giambrone of Marcus & Millichap's Atlanta office represented the buyer. The seller was not disclosed.
GARDEN GROVE, CALIF. — Marcus & Millichap has announced the $1.25 million sale of the 7,718-square foot G.I. Plaza, a 13 percent-vacant shopping strip located at 11512 Magnolia Street in Garden Grove. Marcus & Millichap’s Michael Woolbright represented the Los Angeles-based private-investor seller in the transaction, and the brokerage firm’s Ron Duong represented both the seller and the buyer, an Orange County-based investor.
SAN ANTONIO — Rare Hospitality International has purchased 1.71 acres of land from CR1604 Retail, LTD for a Longhorn Steakhouse restaurant at 5706 W. Loop 1604 North in San Antonio. Longhorn will be located in the Shoppes at Culebra shopping center. Hugh Ruggles of Texas/Southwest Group represented the buyer, while P.J. Pfieffer of Birnbaum Property Co. represented the seller.
BRANDON, FLA. — The Asbury Group has purchased the former Brandon Buick Dealership, which is located at 9205 E. Adamo Dr. in Brandon, for $2.8 million. Situated on 4.34 acres, the property consists of a 27,647-square-foot grouping of buildings. Anthony Mazzucca of Sperry Van Ness-Blackpoint Realty brokered the transaction. The seller was not disclosed.
MIAMI — Stiles is developing Publix at 18Biscayne, a Publix-anchored retail shopping center in downtown Miami. Situated on Biscayne Boulevard, the three-story 57,200-square-foot project will include a 49,200-square-foot Publix and 8,000 square feet of retail space. Stiles is providing architectural services for the project through its Architectural Group. Additionally, Stiles Development is overseeing the project, which is being constructed by Stiles Construction. Completion is scheduled for 2012.