PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has closed on its previously announced sale of five power centers to Cedar Shopping Centers for $134.7 million. The properties include Creekview Center in Warrington, Pa.; Monroe Marketplace in Selinsgrove, Pa.; New River Valley Center in Christianburg, Va.; Pitney Road Plaza in Lancaster, Pa.; and Sunrise Plaza in Forked River, N.J. The portfolio totals 936,000 square feet of retail space. PREIT is also under contract to sell its 50 percent interests in Red Rose Commons in Lancaster and Whitehall Mall in Allentown, Pa., but that portion of the transaction has not closed. To read the original story, click here.
Retail
MCKINNEY — Anna's Linens has signed a lease for 10,000 square feet at Cameron Crossing, which is located at the intersection of highways 380 and 75 in McKinney. David Levinson of The Retail Connection represented the landlord, Covington Cameron Acquisition LLC. Marc Marracco Of The Weitzman Group assisted in the deal.
MONROE, N.C. — RealtyLink LLC has completed the development and disposition of a 4,500-square-foot Verizon Wireless store, which is located on U.S. Highway 74 in Monroe. A Texas-based institutional real estate company acquired the property, which is currently on a 10-year lease with Verizon, for $2.58 million.
MILWAUKEE — Panda Express has signed a lease to open its first free-standing restaurant location in Milwaukee. Located at 1210 Miller Park Way, the 3,035-square-foot restaurant is expected to open in December. John Kardelis of CB Richard Ellis' Milwaukee office represented the tenant. Terms of the lease were not released.
FRISCO — Dallas-based Integral Real Estate Services will break ground today on the 245,000-square-foot Hickory Center at Preston in Frisco. Located at Preston Road and Gary Burns Drive, the regional shopping center is anchored by a 185,000-square-foot Walmart. Scheduled to open in summer 2011, this will be the second Walmart in Frisco
ARLINGTON — The 37,124-square-foot Regions Bank that is within walking distance of Dallas Cowboys Stadium sold. Vincent Knapp of Marcus & Millichap facilitated the sale between the seller, a limited partnership, and an all-cash 1031 exchange buyer.
HENRICO, VA. — DRCC Properties has acquired the former headquarters of Circuit City in Henrico for an undisclosed amount. The sale included the vacant, 288,000-square-foot building known as Deep Run I, as well as 58 acres of land. Deep Run I, which is located at 9950 Mayland Drive, features a full-service cafeteria, approximately 15,000 square feet of data center space and two full-building core atriums. The land purchase includes the 18.5 acres the building is located on and 2 acres leased to a daycare. The remainder of the land is for future development. Eric Robison and Mark Douglas of Thalhimer represented the seller, which was the lender that took the property back from its original owner in 2009.
SUWANNEE, GA. — An affiliate of USAA Real Estate Co. has acquired a grocery-anchored shopping center in Suwannee from an affiliate of Marietta, Ga.-based Columbia Properties. Village Shoppes at Windermere is a 74,403-square-foot retail property. Its anchor is Publix, and the the remaining tenants comprise casual restaurants, salons and professional offices. Occupancy was nearly 100 percent at the time of closing. Columbia Properties will continue to manage the center. The purchase price was not disclosed.
SAN DIEGO — Cresta Verde Inc. has purchased a 6,886-square-foot, multi-tenant retail building, located at 350 University Ave. in San Diego, from Southrail Equities LLC and CAM 350 Group LLC for $4.15 million. Cassidy Turley BRE Commercial’s Chuck Klein and Kevin Held represented both the seller and the buyer in the transaction, with the brokerage firm’s Rick Reeder representing the seller as well.
THE WOODLANDS — A 1,400-square-foot Subway restaurant has opened at Windvale Shopping Center at College Park Drive and FM 1488 Road in The Woodlands. Centro Properties Group owns the shopping center and was represented by its own Crystal Childs in the lease transaction.