OVERLAND PARK, KAN. — The scheduled redevelopment of the Cherokee South Plaza shopping center is commencing this month in Overland Park. After obtaining financing in the midst of difficult lending conditions, the developer has commenced the construction process. Tri-Land Properties is handling the renovation of the 118,000-square-foot center, including the demolition of the former Cherokee South Sun Fresh, as well as the construction of three new buildings. Construction of a 15,000-square-foot Walgreens has already begun, with a scheduled opening in October. The remainder of the redevelopment is expected to be complete in December.
Retail
HACKENSACK AND LIVINGSTON, N.J., AND NEW YORK CITY — Livingston-based Jarmel Kizel Architects & Engineers has completed design work for three new restaurants. The first project is a 1,200-square-foot Bocconi Pasta Pronto & More, located at 363 Essex St. in Hackensack. The restaurant opened in June and is a prototype design for three or four more locations that are planned to open in New Jersey. The second project is Carmine’s Livingston, a 7,300-square-foot restaurant located at 405 Eisenhower Pkwy. in Livingston. The completed project consisted of the adaptive reuse of a former stagecoach stop that had later served as a tavern for 40 years until closing 7 years ago. The final project is a 7,300-square-foot T.G.I. Friday’s that will be located at 1780 Gun Hill Rd. in the Bronx, New York City. Completion is scheduled for this summer. Jarmel Kizel is completing the project on behalf of The Briad Group with assistance from Vornado Realty Trust, the owner of the strip center in which the restaurant pad site will be located.
CORPUS CHRISTI, TEXAS — Corpus Christi-based NAI Cravey Real Estate Services has brokered the sale of a 27,000-square-foot outparcel to Jack In The Box. The site is located at 4737 Saratoga Blvd. in Corpus Christi; it is shadow-anchored by a former H-E-B Grocery store that has been recently leased to a charter school. Construction for the restaurant has commenced and completion is expected later this year. NAI’s Lynann Pinkham and Matthew Cravey represented the seller, Saratoga Village Partners, in the land transaction
PEARLAND, LEAGUE CITY AND HOUSTON, TEXAS — The San Francisco office of NAI BT Commercial has completed the sales of three ground leases in the Houston metropolitan area. In the first transaction, a private investor purchased a 2.15-acre ground lease located at 11019 Shadow Creek Pkwy. in Pearland and a 1.84-acre ground lease located at 3140 Gulf Freeway South in League City. The former site contains a Cracker Barrell restaurant and the latter site contains a McDonald’s. The properties traded for a total of approximately $5.94 million. NAI’s Bob Sanner and Rick Sanner represented the same buyer in both transactions, as well as the seller in the first deal. Additionally, NAI’s Andy Bogardus and Chris Sheldon represented both parties in the sale of a 1.5-acre ground lease located in Houston. The property, which traded for $3.5 million, is currently leased to Wachovia. The parties in both transactions were undisclosed.
VIRGINIA — Orlando, Fla.-based Cuhaci & Peterson Architects has been selected to remodel four Food Lion grocery stores in Ettrick and Richmond, Va. The stores span an average of 30,000 square feet. The work will include expanding some of Food Lion’s departments and emphasizing its “Take a Fresh Look” campaign.
INDEPENDENCE, MO. — Hobby Lobby and Christian bookstore Mardel have joined the tenant roster at The Falls, a destination retail center located at the interchange of Interstate 70 and Highway 291 in Independence. Hobby Lobby will occupy a 55,000-square-foot store and Mandel will occupy 25,000 square feet. Both stores are currently under construction, with completion expected by the end of the year. The Falls is a 200-acre development anchored by a 160,000-square-foot Bass Pro Shops Outdoor World with an adjoining 200-room hotel and conference center. The project also contains an 80-acre city park with an 18-acre stocked lake, a 70-foot waterfall and a 2-mile walking trail. Kessinger/Hunter & Co. is overseeing marketing efforts for the project.
NEW YORK CITY — The Brooklyn Navy Yard Development Corp. is seeking proposals to develop a 6-acre site, known as Admiral’s Row, on the western edge of the Brooklyn Navy Yard in Brooklyn, New York City. The request for proposals (RFP) seeks developers interested in building a retail center that will include a large-format supermarket of no less than 40,000 square feet, as well as 20,000 square feet of retail space. According to the RFP, optimal development of the site will also include a minimum of 40,000 square feet of an upper floor to accommodate light industrial uses and could include upper-floor commercial uses.
WESTFIELD, N.Y. — Cedar Shopping Centers has disposed of a 10,125-square-foot CVS/pharmacy, located in Westfield, for approximately $1.6 million. The property was acquired by the company in 2005 from Glitz & Associates as part of a 25-property portfolio. The buyer in this transaction was not disclosed.
ALBUQUERQUE, N.M. — Ed Graf and Ted Sannella of Houlihan-Parnes Realtors has brokered the acquisition of The Ladera Shopping Center in Albuquerque. Located at 3301 Coors Blvd. N.W., the property offers 128,712 square feet of retail space. Built in 1986, the center is currently 95 percent occupied by 23 national, regional and local tenants, including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H&R Block and T-Mobile. The undisclosed buyer assumed the existing financing of $8.96 million at 5.25 percent interest only through the maturity of the loan. Additional details regarding the transaction were not disclosed.
IRVINE, CALIF. — Passionate Pet has signed a 10-year lease for a 23,598-square-foot flex space, which is located at 18871 Teller Ave. in Irvine. The lease is valued at $3.4 million. The tenant will offer a complete selection of pet-related products and pet services, including grooming, dog training, veterinary care, photography, a day camp and a boarding facility. Brian Garbutt of Lee & Associates-Irvine represented the landlord, Greenlaw Partners.