OLATHE, KAN. — McShane Construction Co. has recently completed the construction of a 13,255-square-foot CVS/pharmacy retail store in Olathe. Construction of the property began in September 2009 and the location celebrated its grand opening in June. The property features retail space, a L-shaped walk-in cooler and a fully operational pharmacy with a customer drive-thru lane. Cedarwood Architectural Inc. provided architectural services for the project, which was developed by CDI Development.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of an approximately 12,100-square-foot retail building in Brooklyn's Brighton Beach neighborhood for $4.8 million. The two-story property is located at 1113-1123 Brighton Beach Ave. It contains seven spaces, six of which were occupied at the time of closing. Massey Knakal's Brian Hanson and Valentin Presnov represented the undisclosed seller. The buyer was a Russian investor.
EL CAJON, CALIF. — Westfield America LP has purchased the former 85,758-square-foot Mervyn’s building, located at 565 Fletcher Parkway in El Cajon, for an undisclosed amount. The two-story retail building is part of Westfield’s Parkway Plaza regional mall and features four storefront entrances, including internal mall access. Cushman & Wakefield’s Nick Alford and Pete Bethea represented the seller, DDR MDT MV El Cajon LP, in the transaction; the buyer represented itself.
COLORADO SPRINGS, COLO. — Grubb & Ellis|Quantum Commercial Group has negotiated the more than $1.4 million sale of a 9,200-square-foot retail building located at 1795 & 1805 E. Cheyenne Mt. Blvd. in Colorado Springs. Grubb & Ellis’ Candace Seaton represented the seller, Fazio’s, and Phil Hicks of David Hicks Lampert represented the buyer, DCL-Lake LLC. Situated on 37,175 square feet of land, the development consists of the Eye Care Center of Colorado Springs and a space formerly occupied by Blockbuster.
ATLANTA AND ROSWELL, GA. — The Hayman Co. has sold two Georgia shopping centers for $4.26 million to AT Altus Roswell GA. The 38,937-square-foot Crossing at Roswell traded for $2.16 million. The property, located at 690 Holcomb Bridge Road in Roswell, is 33 percent occupied. In Atlanta, Hayman sold the 33,200-square-foot Shops at Cumberland Place, located on Cumberland Boulevard, for $2.1 million. The property is 30 percent occupied. Elliott Kyle of Shane Investment Property Group represented the buyer in both deals. Transwestern's Jon Kleinberg represented the seller.
NEW YORK CITY — A partnership between Acadia Realty Trust, PA Associates and Washington Square Partners (Acadia P/A/T) has commenced construction for the first phase of City Point, a new mixed-use project located on the Fulton Mall in downtown Brooklyn. The first building to be constructed will total four stories and approximately 50,000 square feet. It will contain a mix of retail tenants. Construction is being financed with $20 million in Recovery Zone Facility bonds, which are being provided through New York City Capital Resource Corp. The building was designed by Cook + Fox and Greenberg Farrow. At full build-out, City Point will contain 1.5 million square feet of retail space, commercial space, and affordable and market-rate housing. The City of New York owns the site and is leasing it on a long-term basis to Acadia P/A/T.
AURORA, ILL. — Woodridge, Ill.-based Morgan/Harbour Construction has completed the renovation of USA Athletic Club & Spa in Aurora. Located at 1975 Melissa Lane, the 24-year fitness club features fitness classes, youth programs, personal training and massage therapy. Morgan/Harbour completed a locker room update, which included the replacement of tiles, decks and drains. The club features locker rooms, sauna and steam rooms, indoor and outdoor tracks, and pools. Morgan/Harbour’s Warren Seil served as project manager, while Jay Mumm served as project superintendent.
OAKLAND, CALIF. — The City of Oakland is close to securing a development deal with Kroger to open two 72,000-square-foot grocery stores in underserved areas of east Oakland. For the site at 10700 MacArthur Blvd. in Foothill Square Shopping Center, Foods Co. has signed a letter of intent with Jay-Phares Corp., the property’s developer, and site plans have been submitted to the city for review. At 66th Avenue and San Leandro Street, a former cannery owned by the Oakland Redevelopment Agency would be demolished during the next several months prior to property transfer to Foods Co. Both Kroger stores are expected to open by the end of 2012.
POCOMOKE, MD. — BNB Bannk has sold a 9,489-square-foot Bonanza restaurant to Tres Tacuaches for $950,000. The property is located on 1.6 acres on Route 13 in Pocomoke. Henry Hanna of Sperry Van Ness – Miller Commercial Real Estate represented the seller.
SAN LUIS OBISPO, CALIF. — With an approximately 10-acre land sale, Lee & Associates Central Coast has secured the main anchor tenant, Target, for the 191,025-square-foot Prefumo Creek Commons power center located near Hwy. 101 in San Luis Obispo. Target is now building a 140,000-square-foot store on location, while the local Madonna family builds out the balance of the shopping center. Lee & Associates’ Clarice Clarke and Stephen Leider represented the property owner in the land sale to Target, which anticipates opening the new store in spring/summer 2011. The under-construction Prefumo Creek Commons is situated at the intersection of Los Osos Valley Road and Froom Ranch Way directly across from the Irish Hills Plaza shopping center.