CORONA, CALIF. — Cypress Equities / SRS Real Estate Partners Managed Services has been designated as property manager for The Promenade Shops at Dos Lagos, a 350,000-square-foot retail lifestyle center located in Corona. The property manager’s turnaround plan includes creating user-friendly public spaces where the community can gather together and relax; providing a variety of everyday retailers, services, unique shops and restaurants to complement the current mix of national and regional fashion and entertainment chains at the center; introducing a new movie theatre operator, Phoenix Big Cinemas, that will deliver top movie selections and state-of-the-art upgrades to the center’s 15-screen theatre; and expanding on the center’s community program of events that includes promotions, activities and everyday entertainment.
HADLEY, MASS. — Supermarket chain ALDI has acquired a 2-acre land parcel within Hadley Corner Shopping Center in Hadley for the construction of a new location. Construction has already commenced, with the grand opening expected in late fall. Matt Halprin of New England Retail Properties represented the seller, Gator Pearson LLC, in the land deal. Tim McNamara of Sullivan Hayes Cos. represented ALDI. Hadley Corner Shopping Center is situated along Route 9. It contains 49 acres of retail space and is anchored by The Home Depot.
HUMBLE, TEXAS — An entity controlled by Fidelis Realty Partners has purchased a 170,000-square-foot retail property for redevelopment from a private party for an undisclosed amount. The property, located at the intersection of Townsen Blvd. and FM 1960 in Humble, formerly housed a Super Kmart. Academy Sports + Outdoors has pre-leased 95,000 square feet of the space. Once construction is completed by next summer, the project will span more than 200,000 square feet.
PETERSBURG AND OAK FOREST, ILL. — Waukesha, Wis.-based The Redmond Company has been selected to complete two bank branch locations in Illinois. Athens State Bank selected Redmond to design and construct its new 4,300-square-foot branch in Petersburg. Located at the corner of State Highway 97 and Boy Scout Trail, the prairie-style building will feature three drive-up lanes and a drive-thru ATM, along with interior amenities. Completion is scheduled for February 2011. Additionally, Redmond recently completed the design and construction of a 3,800-square-foot branch for Oak Forest Banking Center – A Facility of Carlinville National Bank in Oak Forest. The project involved an interior renovation and the addition of drive-thru lanes.
ST. PETERSBURG, FLA. — LA Fitness has leased 46,820 square feet from Regency Centers at Marketplace Shopping Center in St. Petersburg. The property is located at 6802 22nd Ave. North. The space, which is currently under construction, will feature basketball and racquetball courts, a pool, retail space and a juice bar. Delivery is slated for the first quarter of next year. The Shopping Center Group's Rebecca Hallum represented LA Fitness in the lease.
MASSACHUSETTS — Casual Italian restaurant Buca di Beppo has announced plans to open four new locations in the Boston metropolitan area by this fall. The new restaurants will be in Dedham, Lexington, Seekonk and Shrewbury. It is expected that the four restaurants will add more than 275 jobs to the state. Buca di Beppo is owned by Planet Hollywood International.
APPLE VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors has represented the seller in the $2.275 million sale of the fee-simple ownership in the land leased to Red Robin Restaurant located at 18999 Bear Valley Road in Apple Valley. Through a NNN lease, Red Robin occupies the single-tenant, 5,532-square-foot pad building built in 2009 within the Jess Ranch Marketplace Phase III, a power center featuring Best Buy, Bed Bath & Beyond, Cinemark, 24 Hour Fitness and Jack in the Box. Hanley Investment Group’s Edward Hanley and William Asher represented the seller, Houston, Texas-based WRI Alliance Riley Venture III, in the all-cash transaction, and James Kwon of Coldwell Banker Best Realty represented the Corona, Calif.-based private-investor buyer.
NORTH CONWAY, N.H. — Marcus & Millichap has completed the sale of an Applebee's in North Conway for $2.18 million. The restaurant has more than 18 years remaining on its current lease with four 5-year options. It is located at 24 Settlers Green Dr. Robert Horvath and Todd Tremblay of Marcus & Millichap's Boston office procured the buyer, Salinger LLC. The seller was New York City-based DBAPPLEF LLC.
SAN DIEGO — Cassidy Turley BRE Commercial has closed the $1.1 million sale of a 3,000-square-foot retail building located at 1065 14th Street in the East Village area of San Diego. Cassidy Turley’s Danny Fitzgerald, Michael Burton and Robb Frye represented the seller, Peter Manning, in the transaction, and Tomas Schoff of American Dream Homes represented the buyer and majority tenant, Hive Sushi Lounge.
FLAGSTAFF, ARIZ. — Marcus & Millichap has brokered the $3.836 million sale of a 13,695-square-foot Walgreens located at 1025 S. Milton Road in Flagstaff. The single-tenant, net-leased property is situated on the border of Northern Arizona University. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the seller, a limited-liability company, in the transaction.