MILWAUKEE — The Redmond Company has been selected for design and construction administration for the renovation of Silver Terrace Shopping Center in Milwaukee. Located at 5803 W. Silver Spring Dr., the 21,000-square-foot project will be completed in phases. Exterior renovations include new storefronts, new masonry, new EIFS and new roofing. Interior upgrades include relocation of existing tenants into new spaces and preparations for a new national tenant on the western end of the property.
Retail
OSSINING, N.Y. — DLC Management Corp. has commenced development of a $6.3 million Walgreens in Ossining. Infill Development, an affiliate of DLC, will construct a 9,483-square-foot, freestanding building on the site of a former strip center at the intersection of Clinton and Croton avenues. Demolition of the existing structure will begin shortly; construction of the new building will be complete by the fourth quarter of 2011. Construction financing is being provided by Hudson Valley Bank.
HOUSTON — West Oaks Mall, a 1 million-square-foot enclosed regional mall that is bounded by Highway 6, Westheimer Road and Richmond Avenue in west Houston, has reached an agreement with Regal Entertainment Group to bring a 14-screen multiplex Edwards Theatre to the property. As the entertainment anchor for the redevelopment of the mall, Edwards Theatre will reposition the mall's west wing by creating the setting for a new interactive pedestrian plaza surrounded by three new restaurants with outdoor café seating. Construction of Edwards Theatre will begin this spring with a projected opening set for fall 2012. West Oaks Mall is owned by a joint venture between New York-based Square Mile Capital Management and Los Angeles-based Pacific Retail Capital Partners. It sits on nearly 92 acres, including several perimeter retail and restaurant buildings, and is anchored by Dillard's, Macy's and Sears.
HELENA, MONT. — On behalf of the developer, The Velmeir Cos., McShane Construction Co. has completed a 14,700-square-foot CVS/pharmacy store at 3095 N. Montana Ave. in Helena. The interior of the single-story retail facility includes retail space, a professional one-hour photo and a fully operational pharmacy featuring a double drive-thru. Detroit-based NORR Architects Engineers Planners was the project designer.
RANCHO CUCAMONGA, CALIF. — Stan Johnson Co. has completed the $3.3 million sale of a 0.76-acre parcel, located at 12035 Foothill Blvd. in Rancho Cucamonga and 100 percent leased by Comerica Bank, to a foreign private investor. The property is situated within the Victoria Commons master-planned project and within 1/8 of a mile from Victoria Gardens regional town center. Stan Johnson’s Brandon Duff and Brad Feller represented the seller, a California private partnership, in the transaction.
ALEXANDRIA, LA. — Walker & Dunlop has provided an $11 million loan secured by MacArthur Village shopping center in Alexandria. The 177,646-square-foot retail center is occupied by Kroger Signature Foodstore, Staples, Texas Roadhouse and Capital One. The loan was structured with a 10-year term and a 30-year amortization. Andrew Coleman and Stephen Farnsworth led the Walker & Dunlop team in the transaction. The borrower was Stirling Properties.
WICHITA, KAN. — The Hampshire Companies has completed the disposition of Marina Lakes Shopping Center in Wichita. Situated on 13.5 acres at 2021 N. Amidon, the 172,041-square-foot retail center is occupied by Radio Shack, Dollar General and Payless Shoes. The buyer, Hobb Partners, plans to redevelop the vacant anchor site into a Walmart Neighborhood grocery store. Hobb Partners, an entity formed by Overland Park, Kan.-based Henzlik-Oliver Real Estate Cos., bought the retail center for an undisclosed price. Tyler Oliver of Henzlik-Oliver Real Estate Cos. represented the buyer in the transaction.
CANTON AND FLINT, MICH. — NAI Farbman has brokered two retail sales totaling 79,000 square feet in Michigan. In the first transaction, Paul DeBono of NAI Farbman represented as receiver for CSS-Ann Arbor Canton LLC in the sale of a 31,000-square-foot property, located at 40150 Ford Road in Canton, to Robert Jacobs. In the second transaction, DeBono represented Comerica in the sale of 48,000 square feet at 3477 Beecher Road in Flint to MGR Inc., which was represented by NAI Farbman's David Lautenbach. Additional details of the transactions were not released.
NEW YORK CITY — A portfolio of former AJ Wright retail properties had gone to market. The properties are located in 11 states, primarily in the Eastern United States. New York City-based Keen Realty Advisors will represent the portfolio's owner, TJC Companies.
CAPE CORAL, FLA. — Plaza Advisors represented an undisclosed seller in the disposition of a Walgreen's location in Cape Coral. Located at the intersection of Pine Island and Burnt Store roads, the 14,820-square-foot retail property sold for $5.15 million. Anthony Blanco, Jim Michalak and Lenard Williams of Plaza Advisors represented the seller; Cassidy Turley BRE Commercial represented the buyer, a private individual, in the transaction.