STONY POINT, N.Y. — Construction is under way for Crossroads at Stony Point, a new shopping center located on Holt Drive in Stony Point. The 92,491-square-foot property will be anchored by an Inserra Shoprite supermarket. Stony Point Liquors has also signed on for space within the center. The developer of Crossroads at Stony Point is Mahwah, N.J.-based Crossroads Cos.
PALMDALE, CALIF. — Macy's Inc. has announced that it will open a Macy's store in Palmdale in the fall. Employing approximately 130 associates, the one-level, 110,000-square-foot store will occupy a former Gottschalks location in the Antelope Valley Mall.
ALPHARETTA, GA. — Flagstar Bank has sold the 34,375-square-foot Crabapple Mercantile Exchange shopping center in a foreclosure deal to a private party for $4 million. The 3-year-old property, which was foreclosed on last year, is located at 12650 Crabapple Road in Alpharetta. Kyle Stonis and Rob Whitmire of Bull Realty brokered the deal. Crabapple Mercantile Exchange was 37 percent occupied at closing
FLORIDA — Deerfield Beach, Fla.-based SIKON Construction has started work on three Target renovations in the Miami area. The company will convert the spaces to Target's P-Fresh concept. The stores are located at 7795 SW 40th St. and 1407 Biscayne Blvd. in Miami and 8350 S. Dixie Highway in Dadeland. These three stores, the first of nine planned renovations, will
EUGENE, ORE. — Pegasus Investments has represented a California-based private investor in its acquisition of a 60,000-square-foot retail building occupied by Dick’s Sporting Goods in Eugene. The off-market transaction, which involved a highly complex loan assumption and seller wraparound structure, was valued at approximately $200 per square foot. Pegasus’ David Chasin and Ken Chasin represented the buyer in the transaction, and GVA Kidder Mathews’ Craig Spinks and Josh Veentjer represented the seller, a family trust. Brad Pepin of Stan Johnson Co. also assisted in negotiating the deal. The freestanding, 100 percent net-leased building is located within the 400,000-square-foot Delta Oaks Shopping Center, which is also anchored by Walmart and The Home Depot.
HELLERTOWN, PA., AND SOUTH PLAINFIELD, N.J. — Marcus & Millichap has completed the sales of two retail centers. The first transaction involved the Shoppes at Hellertown, a 55,480-square-foot property located at 21 Main St. in Hellertown. A Philadelphia-area partnership sold the property to a limited liability company for approximately $7 million. Tom Gorman, Matt Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller. Seth Pollack of Marcus & Millichap's New Jersey office represented the buyer. The second deal involved the $1.08 million sale of a 14,129-square-foot neighborhood shopping center in South Plainfield. Pollack partnered with Lauren Federgreen, also of Marcus & Millichap, to represent the seller, a New York investor. Federgreen also secured the local buyer.
ROCKY MOUNT, N.C. — RCG Ventures has purchased the 93,000-square-foot Tiffany Square shopping center from a private party for an undisclosed amount. Anchored by Ollie's Bargain Outlet and K&W Cafeterias, the property is located adjacent to Golden East Mall in Rocky Mount.
ST. LOUIS — MMG Acquisitions has purchased a 12,750-square-foot freestanding building in St. Louis. Located at 4645 Gravois, the retail property sold for $297,500. Dan Rossini and Chris McKanry of Grubb & Ellis|Gundaker Commercial represented the buyer; Michael Wolken of Coldwell Banker Commercial CRA represented the seller, East Grand Realty Co., in the transaction.
FRISCO, TEXAS — Teachers Insurance and Annuity Association of America has leased 32,746 square feet to buybuyBaby in South Frisco Village. The property is located at 2300 Preston Road in Frisco. Steve Lieberman and David Fazio of The Retail Connection represented buybuyBaby. CB Richard Ellis' Jeff Kittleson represented the landlord.
ATLANTA — Coro Realty Advisors has acquired the 256,712-square-foot Midtown Place shopping center on behalf of JH Holdings from a private buyer for an undisclosed amount. The property, which was built in 1999 by The Sembler Co., is located at the corner of Ponce de Leon and Lakeview avenues in Atlanta. Tenants housed in the center include Borders, Home Depot, Whole Foods, Staples and PetsMart.
