Retail

RETAIL INCUBATOR PROGRAM LAUNCHED AT LIBERTY CENTER

by admin September 1, 2009

ERIE, PA. — Levin Management Corp. has launched a new program at Liberty Center in Erie that will provide retail business incubator space for retail and professional services startups. Approximately 20,000 square feet is being set aside for the program in various size increments. Flexible, short-term leases will also be offered. The program is part of the ongoing repositioning of Liberty Center that is being undertaken by Levin, the center’s leasing and management agent. Liberty Center totals 227,000 square feet and is located at 3407-3728 Liberty St. Existing tenants at the center include Peebles, Quality Market, Radio Shack, Payless Shoesource, Harbor Freight Tools, Dollar Tree and Blockbuster.

September 1, 2009

TYRONE CORNERS SHOPPING CENTER SOLD

by admin August 31, 2009

ST. PETERSBURG, FLA. — California-based Makabe & Makabe has purchased the 80,703-square-foot Tyrone Corners Shopping Center from an undisclosed seller for $10.5 million. The property is located across the street from Tyrone Square Mall at 2500 66th St. N. in St. Petersburg. Tyrone Corners is anchored by JoAnn Fabrics, HomeGoods, Panera Bread, AT&T Wireless, Keva Juice and Chick-fil-A. Richard Tarquinio and Christina Monacelli of CB Richard Ellis’ Boca Raton, Fla., office and Mark Shellabarger of the firm’s Tampa office represented the seller.

August 31, 2009

Midwest Retail

BURGER TIME TO EXPAND WITHIN MINNESOTA MARKET

by admin August 31, 2009

MINNEAPOLIS — Minneapolis-based Upland Real Estate Group has reached an agreement with Food Shacks Inc. to assist the company in the expansion of its Burger Time brand throughout Minnesota. Burger Time plans to open 40 stores in the next 4 years, which will cost an estimated $32 million. The company is seeking, build-to-suit, freestanding and direct lease deals. A typical Burger Time restaurant totals 620 square feet with a double drive thru and no indoor seating. The company currently has a presence in Minnesota, North Dakota and South Dakota. Two restaurants in St. Cloud, Minn., and the southern Twin Cities suburbs are currently under way. Upland’s Josh Huempfner and Brian Metz are leading the leasing team.

August 31, 2009

Midwest Retail

CBRE BROKERS SALE OF THREE COMMERCIAL PARCELS TO CAR DEALERSHIP

by admin August 31, 2009

CHICAGO — CB Richard Ellis (CBRE) has brokered the sale of three land parcels located at 5345, 5515 and 5555 W. Irving Park Rd. in Chicago. The parcels total 78,931 square feet and also contain a 24,377-square-foot building. Keely Polczynski of CBRE represented the undisclosed owner. Car dealership Perillo BMW acquired the parcels for an undisclosed amount.

August 31, 2009

Northeast Retail

AZARIAN ACQUIRES SHOPPING CENTER, COMPLETES RENOVATION OF ANOTHER

by admin August 31, 2009

NEPTUNE AND ALLENDALE, N.J. — Midland Park, N.J.-based The Azarian Group has acquired Neptune Plaza Shopping Center, a 220,000-square-foot retail property located in Neptune. Situated at 2200 Route 66, the shopping center is occupied by a tenant roster that includes Shop Rite, Marshalls, Home Goods, TD Bank, IHOP and Sally Beauty Supply. The acquisition price and the seller were undisclosed. In addition, The Azarian Group has commenced the renovation and expansion of Allendale Shopping Plaza, located in Allendale. Improvements include 5,000 square feet of new store space, a new parking lot, and exterior, signage and landscape improvements. The center is also being renamed Allendale Town Center. Completion is scheduled for this fall.

August 31, 2009

Retail Southeast

37 ACRES PURCHASED FOR 380,000-SQUARE-FOOT RETAIL CENTER

by admin August 28, 2009

FREDERICK, MD. — Clemson Corner LLC has purchased 37 acres of land for $6.5 million to develop the 380,00-square-foot Clemson Corner Shopping Center. The property will be located at the intersection of U.S. Route 15 and Maryland Routes 26 and 355 in Frederick. PNC Real Estate Finance provided an acquisition loan and will fund construction of the $29.5 million project. Projected anchors include Wegmans, Lowe’s Home Improvement Warehouse and Marshalls. Delivery is expected in spring 2011.

August 28, 2009

Retail Southeast

$4.29 MILLION LOAN SECURED FOR GEORGIA WALGREENS

by admin August 28, 2009

GARDEN CITY, GA. — Brad Cox of Thomas D. Wood & Co. has arranged a $4.29 million loan for a 14,490-square-foot Walgreens in Garden City. The property is located at the intersection of Georgia Highway and Minus Street in Garden City. The 24-year loan carries a 7.15 percent interest rate and a loan-to-value rate of 91 percent.

August 28, 2009

Midwest Retail

MARSHALLS AND DOLLAR TREE OPEN AT MARSHFIELD PLAZA

by admin August 28, 2009

CHICAGO — Retailers Marshalls and Dollar Tree have opened new locations at Marshfield Plaza, a 454,000-square-foot regional shopping center located on Chicago’s South Side. Marshalls will occupy a 26,000-square-foot space and Dollar Tree will lease 10,400 square feet. The two retailers join a tenant roster that includes Target, Jewel-Osco, LA Fitness, Staples and Petco. Other tenants expected to open through the end of the year include Chili’s Grill & Bar, Simply Fashion and City Sports. Situated at the interchange of Interstate 57 and 119th Street, Marshfield Plaza is owned by Beverly Hills, Calif.-based Primestor Development.

August 28, 2009

Northeast Retail

LEGACY PLACE OPENS

by admin August 28, 2009

DEDHAM, MASS. — Legacy Place in Dedham has officially opened. The 675,000-square-foot open-air shopping center is located at the intersection of Routes 1 and 128 and is currently 93 percent leased. Anchor tenants include Whole Foods Market, L.L.Bean, Showcase Cinema de Lux, Borders, and Kings. Showcase Cinema de Lux officially opens tomorrow and other retailers opening this week include Apple, Au Bon Pain, Clarks, Johnston & Murphy, Merrell, Oakley and Pandora. Tenants such as L.L.Bean, P.F. Chang's China Bistro, City Sports, Anthropologie, H&M, The Paper Store, Banana Republic, Gymboree, Collections By Stride Rite, Yankee Candle, Justice, and Ann Taylor LOFT have already opened at Legacy Place. The retail center was developed by WS Development.

August 28, 2009

Retail Southeast

TWO VIRGINIA WALGREENS OPEN DOORS

by admin August 27, 2009

VIRGINIA — Morgan Property Group of Fort Lauderdale, Fla., has opened two Walgreens stores in Virginia. The first store is located at the intersection of Boulevard and Dupuy roads in Colonial Heights, and the Manassas store is located at the intersection of Sudley Road and Sudley Manor Drive. Both free-standing properties contain drive-thru windows.

August 27, 2009

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