DEVON, PA. — WP Realty has broken ground for Phase II of the Devon Village mixed-use project. The Shops at Devon will consist of a 3,300-square-foot restaurant building and a 12,800-square-foot retail building. The Shops at Devon will be connected to Phase I of the project, which totals 80,000 square feet and is anchored by Whole Foods. Ignarri Lummis is the project architect for The Shops at Devon, and Brubacher Excavating is the general contractor.
NEW YORK CITY — CPEX Real Estate and Kalmon Dolgin have brokered the acquisition of a Brooklyn retail property for $1.64 million. The 14,000-square-foot, freestanding building is located at 1760 Eastern Pkwy. The property traded at a 5.53 percent cap rate. The buyer was an undisclosed investment fund. The seller's name was also not released.
WHITTIER, CALIF. — Cole Real Estate Investments has acquired the 686,241-square-foot Whittwood Town Center, located in Whittier where Los Angeles County borders Orange County, from Morgan Stanley in an $83.5 million, all-cash transaction. Completely redeveloped from 2004 to 2006 and 97 percent leased at the time of sale, the community shopping center includes tenants such as Target, Sears, JC Penney, Kohl’s, PetSmart and CVS/pharmacy. Cushman & Wakefield's Marc Renard represented the seller in the transaction, and Cole’s Scott Holmes handled matters on the acquisition side.
BOCA RATON, FLA. — DB Five Grill has sold a 7,683-square-foot Romano's Macaroni Grill restaurant to Cocozella for $3.39 million. The property is located at 2004 Executive Center Circle in Boca Raton. CB Richard Ellis' Dave Donnellan, Bill Strauss and Todd Weintraub brokered the sale.
ALLENTOWN, PA. — A joint venture between The Hampshire Companies and MCB Real Estate has acquired an 84,000-square-foot shopping center in Allentown from an affiliate of The Rosen Group. Airport Plaza Shopping Center is located on more than 11 acres at 1135 Airport Road. Its anchor is a 56,000-square-foot Redner's Warehouse Market. Additional tenants include Rent-a-Center and Enterprise Rent-a-Car. Occupancy was 95 percent at the time of closing. Hampshire represented the buyer in lease negotiations. Gil Neuman of KLNB Retail Sales & Special Assets represented the seller.
HOUSTON — New Tuscany Development has borrowed a $4.8 million loan for the 26,355-square-foot West University Corner. The shopping center, which is anchored by Walgreens, is located near Rice University at 5220 – 5280 Buffalo Speedway in Houston. Nationwide Life Insurance Co. funded the 15-year loan, which retired a maturing CMBS loan. Colby Mueck of Holliday Fenoglio Fowler secured the financing.
MOUNTAIN BROOK, ALA. — Bayer Properties has sold the 115,282-square-foot Cahaba Village shopping center to ING Clarion Partners for an undisclosed amount. Located at 2800-3100 Cahaba Village Plaza in Mountain Brook, the property houses Charles Schwab, LensCrafters and Mountain High Outfitters, among others. Cahaba Village is 98 percent leased. Barry Brown, Ryan Shore and Jim Hamilton of Holliday Fenoglio Fowler represented the seller in the transaction. Bayer Properties will stay on as Cahaba's property manager and leasing agency.
FALLS CHURCH, VA. — Regency Centers has completed work on a 55,000-square-foot Safeway grocery store at the Willston Centre II shopping center in Falls Church. The original 42,491-square-foot store was demolished early this year. Regency Centers has also completed a renovation of the entire property. The 127,449-square-foot center, which was built in 1986, is located at 6118 Arlington Road.
MANCHESTER, MO. —Cole Real Estate Investments has acquired a major portion of Manchester Highlands, a retail center located at the intersection of Manchester Road and Missouri Highway 141 in Manchester. Pace Properties sold the assets for $48.5 million. The acquired portion includes a 29-acre site, which is occupied by a Walmart Supercenter, and a 136,000-square-foot group of junior anchor and in-line space. The acquired property is 98 percent occupied. Pace retains ownerships of two new retail buildings offering a combined 12,000 square feet and two undeveloped out-lots totaling 3 acres. Year-to-date, Cole has acquired more than $1 billion of high-quality commercial real estate, including retail, office and industrial properties across the United States. Scott Holmes of Mid-America Real Estate Corp. represented the buyer; Ben Wineman, also of Mid-America, represented Pace Properties in the transaction.
GLENVIEW, ILL. — Regency Centers has acquired Glen Oak Plaza, a 62,443-square-foot retail center located at Lake Avenue and Waukegan Road in Glenview, for $18 million. The Class A shopping center is anchored by an 11,944-square-foot Trader Joe’s and a 15,754-square-foot Walgreens. Additional tenants include NorthShore University HealthSystem, FirstMerit Bank, Einstein Bros. Bagels, Starbucks and Boston Market. Regency acquired the property from the Adinamis family, a Chicago-area family real estate partnership. Joe Girardi of Mid-America Real Estate Corp. represented the buyer in the transaction.