HOUSTON — Eight Houston area Target stores are being remodeled by Deerfield Beach, Fla.-based SIKON Construction to include Target's P-Fresh concept, which offers many of the grocery products available in Super Target stores. Designed by Minneapolis-based RSP Architects, the construction is slated to begin in December. SIKON has been involved in 20 Target store projects including both new stores and renovations.
FLORENCE, KY. — Neyer Properties has acquired Houston Lakes Retail Center in Florence for $3.25 million. Located at 77-87 Spiral Dr., the 73,145-square-foot property is partially occupied by Havertys, with approximately 50,000 square feet of vacant space. Robert Taylor and Rebecca Wells of Cassidy Turley represented the undisclosed seller in the transaction.
SOUTHFIELD, TROY, DETROIT AND FARMINGTON HILLS, MICH. — Tjader Gerdom of Wixom, Mich.-based Gerdom Realty & Investment has secured locations for four new Advance Auto Parts retail stores in metro Detroit. The lease transactions include a freestanding, 6,200-square-foot build-to-suit at Eight Mile Road and Evergreen Avenue in Southfield; a 6,600-square-foot lease of a former Hollywood Video at 16th Mile and Dequindre roads in Troy; a 6,200-square-foot location, developed by A.F. Jonna, at Eight Mile Road and Schaefer Highway in Detroit; and a 7,600-square-foot location, which was redeveloped by Ari-E Enterprises, on Orchard Lane Road in Farmington Hills. In the Southfield transaction, B. Richardson of Armada Real Estate represented the landlord, and in the Troy transaction, A. Arcori and V. Gjonaj of Signature Associates represented the landlord.
WEBSTER — A 45,000-square-foot Ashley Furniture store has opened at Baybrook Gateway, located at the southeast corner of Interstate 45 and West Bay Area Boulevard in Webster. Clint Schroff of Austin-based Retail Endeavors Group represented Ashley Furniture, while Stephen Swope of Centro Properties Group represented Centro, owner of Baybrook Gateway, in the transaction.
FRANKFORT, KY. — Louisville, Ky.-based RJ Thieneman Realty Group, in partnership with Seay Properties, has acquired Franklin Square, a shopping center located in Frankfort. Situated in the city's retail corridor along Highway 127 near Interstate 64, the 203,000-square-foot center is occupied by Kroger, JCPenney, Office Depot, Pier 1 Imports, Hibbett Sports, Rite Aid, Starbucks, Radio Shack, Kay Jewelers and Chakeres Cinemas. Charter Hall Group, an Australian REIT, sold the property for $16.5 million. Rich Frolik and Christian Williams of CB Richard Ellis represented the seller. Wells Fargo provided acquisition financing.
LAKE CHARLES, LA. — A Phoenix-based limited liability company has acquired a retail center, located at 545 W. Prien Lake Road in Lake Charles. The 17,678-square-foot center sold for $3.9 million or $221 per square foot. The property is occupied by Petco and Portrait Innovations. Barry Wolfe of Marcus & Millichap represented the buyer and the undisclosed seller in the transaction.
PORTLAND — A 4,000-square-foot Hibbett Sports has opened at Northshore Plaza, located at the intersection of Highway 181 and Lang Road in Portland. Dale Davison of Centro Properties Group represented the company, the owner of the retail center, in the lease transaction with Hibbett Sports.
NEW YORK CITY — Thor Equities has acquired a 12,000-square-foot retail condo located in Manhattan's Meatpacking District. The condo comprises the first and basement levels of 411-417 W. 13th St. Thor subsequently leased the space to clothing retailer All Saints Spitalfields. The retailer also leases space from Thor for stores in Manhattan's SoHo District and in South Beach, Miami.
HARRINGTON, DEL. — The Philadelphia office of Marcus & Millichap has completed the sale of a 14,820-square-foot Walgreens located at the intersection of U.S. Route 13 and Clark Street in Harrington. The property traded for $5.49 million at a 7.5 percent cap rate. The buyer was a New Jersey-based partnership completing a 1031 exchange, and the seller was a limited liability company. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller. Brad Nathanson, also of Marcus & Millichap, represented the buyer.
FORT WORTH — John Burke of NorthMarq Capital's Houston office has arranged first mortgage financing of $6.5 million for Stockyards Center, a 102,910-square-foot, grocery-anchored shopping center located at 201 N.E. 28th St. in Fort Worth. A long-term, fixed-rate loan was arranged for the borrower, Houston-based United Equities, through NorthMarq's correspondent relationship with Aetna.