BOYERTOWN, PA. — Retail Sites LLC has started construction on Douglass Town Center, a 90,000-square-foot shopping center in Boyertown. The project is located on an 11-acre site at the intersection of Route 100 and County Line Road. Tenants include a 70,000-square-foot Giant Foods Supermarket, a Hallmark Gold Crown Card store, Hair Cuttery and a dry cleaner. This will be Giants second new store in the Route 100 corridor. Three to four additional stores and an out-parcel for a bank or restaurant are also available. Additional improvements include a significant realignment and reconstruction of County Line and Holly Roads.
EXETER, N.H. — The Kane Company has completed the sale of a 2-acre lot located in the Garrison Glen Corporate Park at 7 Continental Dr. in Exeter. The land was purchased by Holding Court, LLC from Garrison Glen, LLC. The new owner plans to develop the property into an indoor tennis facility. Peter Billipp and Lisa Kane of The Kane Company represented the seller and Florence Ruffner of Ruffner Real Estate represented the buyer. The sale price was not disclosed.
MILPITAS AND FREMONT, CALIF. — Newmark Realty Capital Inc. has arranged permanent financing for two multi-tenant, triple-net leased retail properties in the East Bay area. Terri Slocombe of Newmark secured the financing through The Standard for Dempsey Plaza in Milpitas and Irvington Plaza in Fremont. The 16,268-square-foot Dempsey Plaza, which is located at the intersection of Interstate 680 and Landess Avenue, received $1.2 million in permanent financing. Irvington Plaza, a 21,000-square-foot center, received $1.4 million in financing.
SMYRNA, GA. — Westchester, Ill.-based Tri-Land Properties has set a construction date of early next year for its redevelopment of the 152,578-square-foot The Crossings at Four Corners shopping center. The property is located at the intersection of South Cobb Drive and Concord Road in Smyrna. A 92,000-square-foot Kroger Marketplace will anchor the center, which is expected to deliver in early 2011.
ESTERO, FLA. — Fort Myers, Fla.-based J.L. Wallace has finished a 3,773-square-foot SunTrust Bank branch in Estero. The property is located at 3501 Vanderburg Way and includes an elevated entry, concrete roof tile and foam moldings. CPH Engineers worked on the project, and Robert Reid Wedding Architects and Planners provided architectural assistance.
MONTECITO, CALIF. — Santa Monica, Calif.-based J.S. Rosenfield & Co. has purchased the 30-year ground lease from Pacific Capital Bank for the Coast Village Shopping Center in Montecito. The buyer plans to convert the 45-year center into a country market. The 40,000-square-foot is currently 50 percent leased by Von’s, Santa Barbara Bank & Trust, and a variety of restaurants and retailers. The company plans to spend approximately $1 million to preserve and renovate the property. Improvements include replacing the existing roofing, new paint, appropriate landscaping and public eating areas, and new architectural elements, including signage, lighting, awnings, canopies and benches. Completion is expected by year’s end.
NORMAL, ILL. — Five new retail and restaurant tenants have been announced at Constitution Trail Centre, a 350,000-square-foot, open-air shopping center located at the interchange of Interstate 55 and North Main Street in Normal. Discount Tire plans to open a 7,000-square-foot location by this fall. Famous Labels will also soon open a new 11,440-square-foot location. Recently, Wendy’s opened a new “Fresh Brand” concept restaurant within 2,600 square feet of space at the center. Castle Nail Spa will open a new 1,600-square-foot location in late September. Finally, Taco Bell will break ground in spring 2010 for a new 2,900-square-foot restaurant, with completion scheduled for July 2010. Constitution Trail Centre is owned by a partnership between Omaha, Neb.-based Dial Properties; Little Rock, Ark.-based Clary Development Corp.; and principals of Bloomfield Hills, Mich.-based Coral Ridge Cos.
TILDEN TOWNSHIP, PA. — Groundbreaking has occurred for Tilden Ridge Shopping Center, located at the intersection of routes 61 and 78 in Tilden Township. Wal-Mart Supercenter and Lowe’s Home Improvement Warehouse will anchor the center, which will contain an additional 100,000 square feet of retail space. Project completion is slated for fall 2010 or spring 2011. The shopping center is situated adjacent to an already-opened Cabela’s. West Conshohocken, Pa.-based Ironwood Property Group is the developer of Tilden Ridge and Metro Commercial Real Estate is its leasing agent.
EL PASO, TEXAS — Following the announcement that it will open a new location in Harker Heights, Texas, at the end of the month, Furniture Factory Warehouse has announced details of its newest location in El Paso. Scheduled to open in the fourth quarter, the new store will be the furniture retailer’s third in the city. It will total 22,872 square feet and will be located in Sunland Shopping Center. Additional tenants at the center include Kmart, Ross Dress For Less and PetSmart. Todd Wallace and Robert O’Farrell of SRS Real Estate Partners represented the tenant in lease negotiations. Dan Meador of Kite Realty represented the undisclosed landlord.
TORRANCE, CALIF. — The Los Angeles office of Holliday Fenoglio Fowler (HFF) has arranged a $27.5 million refinancing for Torrance Promenade, a 266,847-square-foot retail power center located at 19800 to 20100 Hawthorne Blvd. in Torrance. Tenants of the currently 85 percent occupied center include Trader Joe’s, Office Depot, Marshalls, Same Ash Megastore, Ross Dress For Less, Loehman’s, Tuesday Morning, Party City and Sears Outlet. Tina Derderian of HFF secured the 5-year, 7.25 percent fixed-rate loan for the borrower, Kimco Realty Corp.