RUSTON, LA. — Stirling Properties will break ground this fall on a 13,650-square-foot Walgreens store in Ruston. The property will be located at the intersection of North Trenton Street and Reynolds Drive. Completion is slated for the third quarter of next year.
Retail
POTTSTOWN, PA. — Cedar Shopping Centers has held the grand opening of Upland Square in Pottstown. The $106.4 million, 686,000-square-foot shopping center is being developed by a partnership of Cedar Shopping Centers and Tristate Ventures, an affiliate of Fameco Real Estate. Tenants at in the center include Target, Giant Food Stores, Best Buy, Bed Bath & Beyond, TJ Maxx, Staples, Petco, Sleepy’s, Five Below, Books 4 Less, Famous Footwear and others. Most of the stores are scheduled to open in the next month. Cedar contributed approximately $22 million to the project and owns a 60 percent interest. Fameco will lease and manage the project. Currently, the center has 85 percent committed leases and has 485,000 square feet completed. Upland Square is just one of two centers that Cedar and Fameco are working on. The other is The Shoppes at Crossroads in Stroudsburg. The 131,000-square-foot center will be anchored by a 76,400-square-foot Giant supermarket, AT&T Wireless and a Red Lobster. The center is scheduled for completion in October. Cedar is also developing two other supermarket-anchored properties located in Pennsylvania that are scheduled for completion in the next quarter. Blue Mountain Commons in Harrisburg will be anchored by a Giant supermarket, and …
LEVITTOWN, PA. — Three retailers have opened at DLC Management Corporation’s new 468,675-square-foot Levittown Town Center in Levittown. Wal-Mart Supercenter, Ross Dress for Less and Famous Footwear will join a roster of retailers that include KFC/Taco Bell, Sonic, Wachovia and The Home Depot. Other retailers are scheduled to open in the center towards the end of the year.
DALLAS — Centennial Real Estate Co., in partnership with Westmount Realty Capital, has signed a new anchor tenant as part of its renovation of the 145,000-square-foot Spring Creek Crossing in Dallas/Fort Worth. The Asian-concept grocery chain 99 Ranch Market has signed a 60,000-square-foot lease and will be the anchor store for the project. John Zikos and Bryan Cornelius of Venture Commercial Real Estate represented the landlord in lease negotiations.
KATY, TEXAS — Stan Johnson Co. has completed the sale of a ground lease for a freestanding AutoZone location to an individual investor for an undisclosed price. The property is located on 0.77 acres at the corner of Katy Ft. Bend and Franz roads in Katy. Hunter Jaggard and Daniel Herrold of Stan Johnson Co.’s Houston office represented the seller, Gulf Coast Commercial Group. Geoff Hannan of Capital Real Estate Investments represented the buyer, which was participating in a 1031 exchange.
CORVALLIS, ORE. — Regency Centers has leased space to Trader Joe’s, a specialty grocer, at Corvallis Market Center, which is located at NW 9th Street and NW Garfield Avenue in Corvallis. Construction for the 12,000-square-foot store is scheduled to begin in August with completion expected in late 2009. With the addition of Trader Joe’s, the 84,548-square-foot shopping center is 100 percent leased by national merchants.
NEW YORK CITY — Turin, Italy-based Eataly has leased more than 44,000 square feet of ground floor, lower level and rooftop space at 200 Fifth Ave. in Manhattan for its flagship New York City Marketplace. The new eatery will be located in L&L Holdings’ 850,000-square-foot building Flatiron District Building. L&L is completing a $135 million redevelopment program that includes restoration of the property’s façade and infrastructure. Scheduled to open by next summer, the new store will feature a retail center for Italian wine, a culinary educational center and a boutique eateries. Each retail area will be paired with its own dedicated restaurant that will include a wood-fired pizza and pasta bar, a cheese and salami counter, a steak restaurant, a vegetarian restaurant, a crudo and seafood bar and an Italian bar.
FLORENCE AND ERLANGER, KY. — Strategic Storage Trust (SST) has purchased two self-storage properties, located in the Cincinnati suburbs of Florence and Erlanger, for $9.7 million. The two properties go by the Security Self Storage name; they total 1,500 units and 190,000 rentable square feet. The seller was not disclosed. In February, SST purchased three self-storage properties, also located in the Cincinnati/North Kentucky area, for $9.9 million.
FAIRVIEW HEIGHTS, ILL. — Swansea, Ill.-based Holland Construction Services has completed the tenant build-out for a new Ulta beauty supply store. The more than 10,000-square-foot store is located at 6621 N. Illinois St. in Fairview Heights, and it features a salon and a spa.
EAU CLAIRE, WIS. — CB Richard Ellis (CBRE) Capital Markets has arranged a $3.67 million loan for the refinancing of a 220,743-square-foot retail center located in Eau Claire. Occupancy at the center was 98 percent at the time of closing. Baxter Fain and Heather Teverbaugh of CBRE’s Denver office arranged the non-recourse loan, which includes a 10-year term, with a 6.29 percent fixed interest rate and no reserves required. The borrower was a private ownership group and the lender was a correspondent life insurance company.