Retail

203,000-SQUARE-FOOT RETAIL PROPERTY SELLS FOR $16.5 MILLION IN KENTUCKY

by admin November 12, 2010

FRANKFORT, KY. — Louisville, Ky.-based RJ Thieneman Realty Group, in partnership with Seay Properties, has acquired Franklin Square, a shopping center located in Frankfort. Situated in the city's retail corridor along Highway 127 near Interstate 64, the 203,000-square-foot center is occupied by Kroger, JCPenney, Office Depot, Pier 1 Imports, Hibbett Sports, Rite Aid, Starbucks, Radio Shack, Kay Jewelers and Chakeres Cinemas. Charter Hall Group, an Australian REIT, sold the property for $16.5 million. Rich Frolik and Christian Williams of CB Richard Ellis represented the seller. Wells Fargo provided acquisition financing.

November 12, 2010

LOUISIANA RETAIL CENTER TRADES HANDS FOR $3.9 MILLION

by admin November 12, 2010

LAKE CHARLES, LA. — A Phoenix-based limited liability company has acquired a retail center, located at 545 W. Prien Lake Road in Lake Charles. The 17,678-square-foot center sold for $3.9 million or $221 per square foot. The property is occupied by Petco and Portrait Innovations. Barry Wolfe of Marcus & Millichap represented the buyer and the undisclosed seller in the transaction.

November 12, 2010

Retail Texas

HIBBETT SPORTS OPENS IN PORTLAND

by admin November 12, 2010

PORTLAND — A 4,000-square-foot Hibbett Sports has opened at Northshore Plaza, located at the intersection of Highway 181 and Lang Road in Portland. Dale Davison of Centro Properties Group represented the company, the owner of the retail center, in the lease transaction with Hibbett Sports.

November 12, 2010

Northeast Retail

THOR ACQUIRES MANHATTAN RETAIL SPACE, LEASES TO ALL SAINTS

by admin November 11, 2010

NEW YORK CITY — Thor Equities has acquired a 12,000-square-foot retail condo located in Manhattan's Meatpacking District. The condo comprises the first and basement levels of 411-417 W. 13th St. Thor subsequently leased the space to clothing retailer All Saints Spitalfields. The retailer also leases space from Thor for stores in Manhattan's SoHo District and in South Beach, Miami.

November 11, 2010

Northeast Retail

MARCUS & MILLICHAP BROKERS SALE OF DELAWARE WALGREENS FOR $5.49 MILLION

by admin November 11, 2010

HARRINGTON, DEL. — The Philadelphia office of Marcus & Millichap has completed the sale of a 14,820-square-foot Walgreens located at the intersection of U.S. Route 13 and Clark Street in Harrington. The property traded for $5.49 million at a 7.5 percent cap rate. The buyer was a New Jersey-based partnership completing a 1031 exchange, and the seller was a limited liability company. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller. Brad Nathanson, also of Marcus & Millichap, represented the buyer.

November 11, 2010

Retail Texas

NORTHMARQ ARRANGES $6.5 MILLION FOR STOCKYARDS CENTER

by admin November 11, 2010

FORT WORTH — John Burke of NorthMarq Capital's Houston office has arranged first mortgage financing of $6.5 million for Stockyards Center, a 102,910-square-foot, grocery-anchored shopping center located at 201 N.E. 28th St. in Fort Worth. A long-term, fixed-rate loan was arranged for the borrower, Houston-based United Equities, through NorthMarq's correspondent relationship with Aetna.

November 11, 2010

Retail Southeast

$197 MILLION RENOVATION COMPLETE AT ORLANDO'S INTERNATIONAL AIRPORT

by admin November 10, 2010

ORLANDO, FLA. — C.T. Hsu + Associates has completed the renovation and rehabilitation of Airsides 1 and 3 at Orlando International Airport in Orlando. The 24/7 airline operations and passenger service continued without interruption during the $197 million renovation project. Project partners include Aviation Authority, Hensel Phelps Construction Co., the airlines and airport tenants.

November 10, 2010

Midwest Retail

REDEVELOPMENT PROJECT UNDER WAY IN CLEVELAND

by admin November 10, 2010

CLEVELAND — The former Lincoln-Mercury Dealership, located at 6700 Rockside Road in Cleveland, is being redeveloped into a retail center named Liberty Commons. The 24,792-square-foot center will be occupied by Panera Bread, Dibellas Old Fashioned Submarines and Key Bank. The center is expected to open in spring 2011. The 4.6-acre property was sold to an undisclosed local developer. Armand Aghajanian of CRESCO Real Estate represented the seller, Liberty Investment Group, in the transaction. The sales price was not released.

November 10, 2010

Retail Western

TARGET BUYS FORMER GOTTSCHALKS BUILDING ALONG MONTEREY BAY

by admin November 10, 2010

CAPITOLA, CALIF. — Terranomics Retail Services has negotiated Target Corp.’s purchase of a 98,120-square-foot former Gottschalks’ store, located at 1825 41st Ave. within the Capitola Mall in Capitola. The sale price was not disclosed. Subsequent to being vacated by Gottschalks in mid-2009, the building returned to the lender after a loan default by the previous owner. Terranomics’ Matt Kircher represented the buyer in the transaction; the seller was LNR Partners LLC.

November 10, 2010

Restaurant Western

FARIS LEE INVESTMENTS HANDLES FAST-FOOD RESTAURANT SALE IN SO. NEVADA

by admin November 10, 2010

LAS VEGAS — Faris Lee Investments has completed the $1.835 million sale of a 2,857-square-foot Jack in the Box, located at 9360 W. Tropicana Ave. in Las Vegas, to San Diego-based A. Mashayekan Trust. The fast-food restaurant property was built in 2002. Faris Lee’s Jeff Conover represented the seller in the all-cash transaction.

November 10, 2010

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