RIVIERA BEACH, FLA. — SIKON Construction will soon begin work on the $7 million Publix at Riviera Beach. The 84,600-square-foot property will span three stories and will be located at 252 E. Blue Heron Blvd. in Riviera Beach. The 28,200-square-foot supermarket will sit below two floors of parking. Fisher and Associates designed the property, which is being developed by Brandon Structures. Completion is expected in August 2011.
Retail
PITTSBURGH — CBL & Associates has commenced Phase II construction for Settlers Ridge, a 500,000-square-foot, open-air shopping center located in Pittsburgh. Under construction is 78,000 square feet, which will include anchors Ross Dress for Less and Michaels as well as a junior anchor space and 18,000 square feet of additional small-shop and retail space. Completion is expected in spring 2011.
HARTLAND, WIS. — Dallas-based P. O’B Montgomery & Co. has acquired Cottonwood Plaza Shopping Center in Hartland. Anchored by Piggly Wiggly and Fox Brothers, the 54,693-square-foot retail center is located at 505-517 Cottonwood Avenue. Nick Tortorice of P. O’B Montgomery was the company’s key individual in the acquisition. Financing for the transaction was provided by Protective Life Corp. Additional terms of the transaction were not disclosed.
AURORA, ILL. — Garden Ridge, a décor superstore, is opening a new location at 956 Route 9, the former Expo Design Center, in Aurora. Situated on approximately 3 acres, the 190,000-square-foot store will offer home décor and seasonal décor, including furniture, framed art, mirrors, silk floral, greenery and bedding. Once opened in September, the store is expected to employ approximately 30 full- and part-time workers.
COLUMBUS, GA. — Columbus-based Victory Real Estate Investments has purchased a 10-property shopping center portfolio from Prattville, Ala.-based Newton Oldacre McDonald for an undisclosed amount. Four centers are located in Florida, another four centers are located in Alabama, and the remaining properties are located in Mississippi and Louisiana.
WOODBURY, MINN. — RED Development, through a joint venture with an institutional partner, has acquired Woodbury Lakes Shopping Center in Woodbury. Located at the intersection of Interstate 94 and Hudson Road, the 400,000-square-foot lifestyle center is occupied by H&M, Trader Joe’s, Michaels, DSW, Ann Taylor, Banana Republic and Coldwater Creek. The center will be managed by RED’s property management division, RED Asset Mangement. RED and Opus Northwest built Woodbury Lakes and sold the property to Hartford, Conn.-based Cornerstone Real Estate Advisors in 2006. RED decided to acquire Woodbury Lakes after the property was recently returned the lender. The transaction is RED’s first acquisition as part of its new strategy to acquire completed or nearly completed core shopping centers that are either distressed or require a more hands-on approach to operations. Terms of the sale were not disclosed.
LAGRANGE, ILL. — Palos Heights, Ill.-based Edwards Realty Co. has acquired LaGrange Crossing, a retail center located at the corner of Ogden Avenue and LaGrange Road in LaGrange. The 67,767-square-foot center is occupied by Trader Joe’s, Borders Books & Music, Walgreens, Corner Bakery, Pier 1 Imports, Caribou Coffee and AT&T. Rick Drogosz and Ben Wineman of Mid-America Real Estate Corp. represented the undisclosed seller; the buyer was self-represented. The sales price was not released.
NORTH PLAINFIELD, N.J. — Weichert Commercial Brokerage has completed the sale of a 4.7-acre retail site located at 559 U.S. Highway 22 in North Plainfield. The property currently contains a two-story, 48,165-square-foot retail building that was owned and operated as Ray's Sport Shop up until the time of the sale. The building will be demolished by the buyer to make way for a new 19,629-square-foot service center for the adjacent Nissan auto dealership. Barry Feldman of Weichert represented the buyer and the seller.
OCALA, FLA. — Konover South of Deerfield Beach, Fla., will break ground this fall on the 92,600-square-foot Park View Commons shopping center. The property, which will be anchored by a 45,600-square-foot Publix, will be located at the intersection of Maricamp Road and Southeast 24th Street in Ocala. The plans also call for 25,000 square feet of in-line retail space and three outparcels.
ATLANTA — L&B Realty Advisors has sold the 94,966-square-foot Duluth Station shopping center to Forge Capital Partners for $8.27 million. The property, which is 79 percent leased, is located at 2750 Buford Highway in Atlanta. Tenants in the Publix-anchored center include Great Clips, H&R Block, State Farm and Subway. Jim Hamilton of Holliday Fenoglio Fowler represented the seller.